The Cabinet of Ministers issued a resolution setting new terms and conditions for licensing the private universities on June 30.
According to the resolution, which will take effect on October 4, applicants are now required to submit a detailed concept of the new university to the Ministry of Higher Education, Science and Innovation.
The institution must have a starting authorized capital of at least $2 million in equivalent, which includes the material and resource base and software directly related to the educational process. As the number of students increases, the authorized capital must increase proportionally.
New universities will also have to deposit reserve funds in commercial banks worth of at least $350 thousand (the draft resolution proposed $300 thousand).
In line with the new requirements, the area of buildings and structures intended for the educational process must be at least 5,000 sq. m. The owner (s) is required to provide documents of ownership for facilities or a lease agreement for a minimum of 5 years.
It separately stressed that during the first 5 years from the date of foundation, at least 80% of the annual net profit must be directed to the development of the main activities of the educational institution. In subsequent years, this share should not be less than 50%.
Private universities must also send information about all diplomas issued to graduates to the database of the Ministry of Higher Education. Violation of the requirement is shall be deemed grounds for cancellation of the license.
The resolution will take effect after three months after the official publication. Universities who who have obtained a license before this deadline must bring their activities in line with the new requirements by January 1, 2026.
