Company registration in Ukraine
Every entrepreneur or investor is interested in the most efficient implementation of a business project, and everyone is looking for their own ways. For some, this is a reduction in the tax burden; for others, the production of popular goods or cheap labor. All these opportunities are available in Ukraine. This East European country with large territories and industrial capacities has a huge growth potential.
In recent years, the government has been creating conditions for businesses, both regional and foreign, by attracting foreign investment. Many capital owners from the USA, Europe, the Arab Emirates, and other countries create joint ventures and arrange the export of agricultural and industrial goods. In Ukraine, it is profitable to engage in farming, the production of metallurgical products, consumer goods, and food products. The information technology sector is highly developed. Local IT specialists have high qualifications, so many outsourcing companies work here.
Another nice bonus is cheap labor. Here you can find qualified workers of almost any specialty. More than 50% of the population has higher education. In addition, the opportunities for relocation of the whole family are immense: renting or purchasing real estate is much cheaper than in European states, and the cost of education in private schools and higher schooling institutions is low. Many goods and services in Ukraine are more affordable than in Europe and the USA. Living here is, therefore, financially advantageous.
The legislation allows company registration in Ukraine for foreign citizens in any sector of the economy. You can set up a representative office and branch of a foreign establishment in any region. There are no strict regulatory measures and requirements to have an office. You can choose any organizational and legal form without restrictions: a limited liability company, partnership, joint-stock company, or register as a private entrepreneur.
Why do you need to incorporate a firm in Ukraine?
The advantages of Ukraine company registration register are large production capacities and qualified human capital. The country is a world leader in producing iron ore, steel, and agricultural products. Over 40 international agreements on conducting foreign economic activity, including the EU countries, have been signed.
Industrial parks supported by the state fund for regional development are being created. Startups in some sectors of the economy are exempt from paying VAT and other taxes. The priority areas for investment are the agro-industrial complex and industry. Agricultural producers enjoy tax benefits and reduced land tax rates.
Personal income tax is 18%, much less than in many European countries. Ukraine has some double tax treaties that allow a foreign citizen with a business here to choose where to pay taxes–in their country or Ukraine.
Another nice thing is that you can register a company in just two days. There are many electronic services. Reports to government agencies, for example, submitting taxes electronically without visiting the Tax Office in person and without sending papers. Accounting and tax accounting is quite simple here for companies operating in unregulated economic sectors.
Another advantage of Ukraine company registration is the ease of opening a business bank account. The country offers streamlined procedures for setting up bank accounts, allowing entrepreneurs to quickly access banking services for their newly registered companies.
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Benefits of www.fintecharbor.com among registration agents in Ukraine
Fintech Harbor has extensive experience in company formation in Ukraine for foreign investors. We provide services from A to Z quickly through reliable local partners. We carefully monitor changes in local legislation regarding incorporation and taxation to offer our customers the most favorable conditions.
In the beginning, we will meet with you to discuss your goals and objectives and suggest the most suitable form of commercial enterprise organization. After that, our specialists will help collect the required documents package. Please note that you must translate all papers for government agencies into Ukrainian and notarize them. We will also help you with this.
Our counselors will check the firm’s name in the state register and record the registration of a new enterprise. You will receive a package of constituent documents for your establishment within a week. If necessary, we will help to register with the tax office and obtain a certificate of a single taxpayer or VAT ID. We guarantee information and consulting support before, during, and after registration at the most reasonable prices.
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Popular types of business registration in Ukraine
A foreigner can start commercial activities as a limited liability company or private entrepreneur. Let’s consider which strategy is the best to choose and what pitfalls may arise in each case.
Advantages of opening a limited liability company (LLC):
- You may enter into contracts with large international companies.
- There is no requirement for a minimum authorized capital.
- You become the sole owner of the firm.
- You can subsequently apply for a residence permit in the country.
- If necessary, you can sell corporate rights and shut your business down.
A limited liability company must have a legal address. Usually, you can register an enterprise at the residency place of one of the founders or rent the address from our law firm. Bookkeeping and reporting are a little more complicated than for a private entrepreneur. Still, a qualified outsourced accountant can solve this problem and submit all the required reports for a small fee.
Steps to register a company in Ukraine
First, you need to select the legal form for the business. Ukraine company registration cost depends on the chosen type (LLC, PJSC, FOP). It is best to pick a limited liability company, as the country has a number of laws to protect the founders. Local legislation requires that a foreign citizen who wants to incorporate a company in Ukraine first receive an identification code and a taxpayer card. You can do this at the local tax administration. With an identification number, it will be possible to draw up a single document at a notary and go through the registration process. To get this document, you must visit a government agency and complete a personal identity checkup.
Another feature of the legislation is that a foreign entrepreneur who has recently arrived in the land cannot immediately become a new company director. First, you need to get a work permit. If such a permit is missing, it is necessary to find a local citizen who will be listed as a director of the firm. You can appoint a director temporarily, and after receiving an employment ticket, you can make changes to the composition of the management and submit an application to the state registrar. This procedure usually takes no more than one business day.
For fintech legal advice, it is recommended to consult with a knowledgeable legal professional who specializes in Ukrainian business law and regulations. They can provide guidance on the specific legal requirements and considerations for fintech companies operating in Ukraine. It is crucial to ensure compliance with applicable laws and regulations to avoid any legal issues or penalties.
Although foreign citizens have a lot of freedom and can work in almost any sector of the economy, there are still some minor restrictions. For example, a foreigner cannot work as a notary, a patent attorney, or an auditor. In addition, you can not purchase agricultural land on private property, but you can rent it. Suppose a foreign capitalist sets up an enterprise with an authorized capital of more than $100,000. In that case, they officially receive the status of a major investor and can apply for a permanent residence permit.
Stages of business incorporation in Ukraine:
- Getting a personal taxpayer identification code for an owner.
- Choosing the name of the company and checking it in the state register.
- Drawing up the charter and submitting a package of documents.
- Receiving a company identification code (EDRPOU number) from the Unified State Register of Enterprises and Organizations.
- Registering with the tax administration and the pension fund.
- Getting a single tax or VAT payer certificate for a company.
- Opening a local bank account in national currency and, if necessary, a foreign currency (euros, dollars, or any other).
The bundle of papers demanded by the state authorities of Ukraine is similar to other countries. As usual, you need to supply copies of the passport of the founders, a document confirming residence, personal taxpayer ID, and a certificate of absence of a criminal record. Our qualified lawyers will prepare the remaining applications.
After the organization is officially enlisted in the Unified State Register, a record appears available for public viewing. Suppose you know the company’s identification number, full name, last name, and director’s first name. In that case, you can get a detailed extract about the company with the same legal force as a document with a seal and signature.
Reviews
Many thanks to the Fintech Harbor lawyers who helped to register the company in Ukraine. Everything went very quickly and smoothly. We spent a minimum of time and were able to start working officially.
Our holding is expanding in Eastern Europe, and we wanted to set up an official representative office in Kyiv. We contacted Fintech Harbor and received full assistance in this matter.
I am very grateful for the high-quality advice on tax issues. Ukraine is indeed an attractive country, but I did not know at all what to expect in terms of taxation. Lawyers helped me choose the best scheme for structuring the business and arranging food exports.
FAQ
How do I check if a company is incorporated in Ukraine?
All data on legal entities and private entrepreneurs registered in the country are available for public access. Information is available on the official state resource of the Ministry of Justice https://usr.minjust.gov.ua/ua/. The website of Ukraine business register works in Ukrainian, Russian, and English. You can check your counterparty and get a short free reference or pay a small commission of around $3 and get all the detailed information.
The free certificate includes details about the name of the particular establishment, the surname of the director, the types of activities, and the registration date. You can also discover if a firm has a tax debt and the type of taxes it is subject to. The extract contains the address of the business and the method of communication. Usually, there are telephone numbers and e-mails.
A paid statement is a detailed written document that comprises the entire history from the beginning of the party’s registration. You will receive facts about the founders, the types of activities of the tax office in which the company is registered, and find out if there were any changes.
The free certificate includes details about the name of the particular establishment, the surname of the director, the types of activities, and the registration date. You can also discover if a firm has a tax debt and the type of taxes it is subject to. The extract contains the address of the business and the method of communication. Usually, there are telephone numbers and e-mails.
A paid statement is a detailed written document that comprises the entire history from the beginning of the party’s registration. You will receive facts about the founders, the types of activities of the tax office in which the company is registered, and find out if there were any changes.
Can I start a business in Ukraine?
Yes, you can establish a business in this country regardless of your citizenship and residence address. Opening a corporate bank account also requires personal presence. However, you do not have to permanently reside in this land if you do not want to. If you are planning to acquire citizenship, you can invest $100,000 in the authorized capital of the firm and become a major investor. We will help you choose the best form of doing business and taxation in this country.
Is Ukraine good for business?
Yes, it is an attractive country for commercial activities. There are many opportunities in many areas of the economy. Of course, it has its peculiarities, as elsewhere. Therefore, qualified legal assistance is needed at the registration stage and in managing a company. The government has done a lot in recent years to minimize corruption and improve business transparency. Now there are many digital services available that greatly facilitate the workflow. Also, a reasonable standard of living and comfortable conditions in large cities make it a pleasant place to live.
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