Abstract: This article presents modern vectors of reforming the institution of government control of entrepreneurial activity. The work touches on the questions of implementation of the mechanism of “regulatory guillotine”. Analysis is conducted on separate aspects of the legislative bill No.850621-7 “On Government Control (Supervision and Municipal Control in the Russian Federation”. The work illustrates with examples from case law the problematic of requirements set for the subjects of entrepreneurial activity. It reflects the dynamics of legislative initiative in the area of improvements to the institution of government control of entrepreneurial activity. The authors signify the positions of scientific and entrepreneurial communities on this topic. The article employs general scientific methods, analysis, and logical methods of cognition, as well as private scientific research methods (formal-legal, comparative-legal). The key conclusions of this research consist in clarification of the main principles of government control, need for information and digital support of entrepreneurs within the framework of government control; specification of preventative measures in carrying out government control; criticism of implementation of insurance mechanisms as an alternative to supervisory measures.