On August 25, President of Ukraine Volodymyr Zelenskyy signed the Law of Ukraine “On Veteran Entrepreneurship.”
The law provides a clear definition of veteran entrepreneurship, establishes the principles of state policy in this area, and sets out mechanisms of state support.
Veteran entrepreneurship is defined as independent, initiative-driven, systematic, and risk-based economic or professional activity carried out by entities of veteran entrepreneurship with the aim of achieving economic and social results, including generating profit.
Entities of veteran entrepreneurship include:
- veterans registered as individual entrepreneurs;
- self-employed persons or legal entities in which veterans are owners (holding at least 100% of the authorized capital or where all members are veterans).
Key areas of state policy established by the law:
- introduction of incentive mechanisms;
- involvement of veteran-owned enterprises in state and regional procurement through reserved contracts (up to 5% of the budget);
- provision of support in the form of loans, interest compensation, state guarantees, financial aid (repayable and non-repayable);
- granting the right to lease state and municipal property without auctions;
- organizing training for veterans and demobilized persons to start businesses;
- simplification of permitting procedures and supervision;
- stimulating the implementation of innovations and new technologies;
- facilitating access of products to foreign markets;
- engaging international financial organizations in investment projects;
- granting priority for development in new markets;
- monitoring the effectiveness of support measures considering the economic situation;
- creating conditions for work in industrial parks and technology parks.
The law also introduces a special regime of economic support for veteran entrepreneurship, which provides preferential measures for veteran business entities, in particular: participation in state and municipal support programs, access to subsidies and grants, preferential lending conditions, and participation in specialized tender procedures.
You can learn more about the Law of Ukraine “On Veteran Entrepreneurship” by following the link.