The Ukrainian Parliament has adopted law No.1071 amending certain laws of Ukraine which include the development of space activities and the attraction of investments in the Ukrainian space sector. The bill will allow private companies to engage in space endeavours, including launching rockets into space.
At the same time, potentially dangerous activities remain under the control of the government space agency – testing, launching missiles, controlling and returning spacecraft to Earth. The law takes into account international requirements and world best practices.
Among the main changes:
▪ Development and building of rockets by private companies are no longer prohibited.
▪ The burdensome foreign business negotiation process has been replaced with a preliminary notification procedure. Companies no longer need permission from the space agency to communicate with foreign investors.
▪ Entrepreneurs no longer carry an obligation to insure their own space vehicles and only require space liability insurance.
▪ Space rocket testing and launch licenses will be reviewed by the space agency within 90 days.
▪ Permits are not required for safe activities (space research, development, production, repair and maintenance) – a declarative principle is introduced.
The bill has brought Ukraine just one step toward open space. Companies must still go through a number of procedures before meeting with the space agency: authorization for use in airspace; environmental expertise; certification and export control.
The changes introduced by the bill will allow Ukraine to take its proper place in the global space sector, attract investment and develop new projects to compete on the world start-up market.
Follow our Facebook page to know more about space investment
Read more from Noosphere Ventures:
- EOS Data Analytics launched EOS SAT-1, the first satellite of its EOS SAT constellation
- EOSDA And Ursa Space Entered Into An Agreement
- D-Orbit charts ambitious course for space logistics business
- SETS delivered 2nd SPS-25 Hall thrusters system for commercial mission
- D-Orbit wins contract to work on Space Rider reusable space vehicle
- EOSDA Contracted An Agreement With GEOSAT
- Noosphere Ventures LP to sell a major stake in Firefly Aerospace to AE Industrial Partners
- EOS SAT First Satellite Provided By Dragonfly Aerospace
- Firefly Aerospace is one step closer to landing on the Moon
- Firefly Aerospace Conducts First Test Launch of Alpha Launch Vehicle