KIEV, Oct. 23 – In Ukraine last year, thanks to reforms in starting a business, the registering of property and paying of taxes, climbed by 15 positions in the World Bank's Doing Business rating, although the country is still behind most other countries, being 137th, between Lesotho and Philippines.

According to the annual report published on Tuesday, Ukraine made starting a business easier by eliminating the minimum capital requirement for company incorporation as well as the requirement to have incorporation documents notarized. Ukraine made property transfers faster by introducing an effective time limit for processing transfer applications at the land cadastre in Kiev.

Ukraine made paying taxes easier by implementing electronic filing and payment for medium-size and large enterprises, reads the report.