Solutions from Ukraine: parliament takes first step in supporting veteran entrepreneurs with draft law

On October 29, the Verkhovna Rada of Ukraine adopted the draft law on veteran entrepreneurship in the first reading, which will help create conditions for starting and developing businesses among veterans.

The Ministry of Veterans Affairs of Ukraine reported that.

What is the problem?

As mentioned in the explanation, Ukraine experienced its most significant challenge in February 2022 when, after nine years of aggression from a more vital terrorist state, the latter launched a large-scale invasion of Ukraine.

Ukraine's armed forces are courageously resisting the Russian onslaught; however, for a full-fledged victory, the state needs economic resources, and defenders loyal to the Motherland need the support of their country and new opportunities.

What is the solution?

For this reason, a decision was made to draft the Law of Ukraine "On Veteran Entrepreneurship."

It was developed by people's deputies with the participation of the Ministry of Veterans Affairs, the Ukrainian Veterans Fund, public organizations, and veterans.

This document defines the concept of "veteran entrepreneurship," lays down the principles of state policy in this area, and provides for the types and forms of support for veteran businesses.

The draft law's main goal is to create conditions for starting and developing entrepreneurship among veterans and to increase its competitiveness.

How does it work?

Yuliia Kirillova, Deputy Minister of Veteran Affairs, highlighted the significance of this decision by emphasizing how the law will provide opportunities for veterans to utilize their potential in the business sector.

"Now the final text is being prepared for the second reading, and I am sure veteran entrepreneurship will be established at the state level. Our veterans deserve it, and they will prove that they can raise the country's economy to a new level with their ideas and entrepreneurial spirit," she said.

According to the project, the focus is on veteran entrepreneurs and self-employed individuals who are war veterans, their families, and the family members of deceased veterans and defenders.

It also includes legal entities in which veterans or family members of deceased veterans hold at least 60% of corporate rights or make up more than 60% of the members.

State support covers financial, informational, consulting, and educational assistance, including:

• support for innovation, science, and industry;
• aid to veterans engaged in export;
• training, retraining, and advanced training of management personnel.

Financial support measures include offering grants and loans, subsidizing loan interest rates, and compensating leasing payments.