How to start a business in Ukraine

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How to start a business in Ukraine

According to the world bank statement, business in Ukraine is booming. This was shown by a recent spike in the annual economic growth rate of the country.
 
Any experienced businessmen would spot a ripe opportunity here. Ukraine is slowly becoming one of the most profitable business centers in the world. For more insights on how to launch a business in Ukraine, please continue reading.
 
Who can register a business in Ukraine?
Ukraine is open for business with both citizens and foreigners. Over the past years, a larger number of companies run by both locals and foreigners have been formed in the country. These enjoy a great market and lower competition in the state.
 
While the Ukrainian legislation allows both residents and foreign citizens to conduct business in the country, they can only do so if they meet all the enacted legal requirements for the registration and running of the companies.
 
Employment of foreign citizens in Ukraine
If you're a foreigner who just started a business in Ukraine, you should know the peculiarities of hiring foreign workers into Ukraine. 
 
One of the most important things that a foreign citizen should get to work in Ukraine is a work permit. This applies to both employees and the owner of the company if he/she is a foreigner.
 
In the event that the founder of the company is a foreign citizen, he/she may not be able to make an application for a work permit in Ukraine personally. This is because such documents should be filed on behalf of an already registered entity.
 
What then happens is, the founder can be replaced by another person. A new head of the company may be appointed from among the Ukrainian citizens. The appointment will be temporary and will last only until the founder has obtained their work permit. The work permit will allow them to take back the company and start managing it personally.
 
Registering a company in Ukraine
There are a variety of company types that exist in Ukraine. However, the limited liability company is considered the best, especially for foreign businesses.
 
Using the lawyers in the state, you can always get help in the registration processes. They will assist you to obtain a tax ID number, organize bilingual statutory documents, facilitate the registration, give full legal accompaniment at tax and notary inspection.
 
Furthermore, you may get additional services such as searching for a director for the company and a business address whenever they are required.
 
Permanent residence
One of the special benefits of opening a foreign business in Ukraine is that you can always apply for a permanent residence if your share capital is above $100,000 USD.
 
Necessary documents
If you're a foreign citizen who wishes to register a company in Ukraine, you're obliged to provide certain specific documents. The documents may depend on whether the founder is an individual or a legal entity.
Documents required from foreign individuals who want to start a business in Ukraine are;

  • The founder's passport;
  • His/her tax ID number;
  • A list of the types of activities intended;
  • Contact details such as phone numbers and home address of the foreigner;
  • A power of attorney for the registration documents plus the signing of the charter for the entity in question.

 
A foreign entity should submit:

  • A copy of the tax ID number and passport of the Chief Accountant Director;
  • A notarized copy of the statute of the foreign legal entity;
  • A notarized copy of the document that confirms the registration;
  • A notarized copy of the document that certifies the authority of an official;
  • A notarized document revealing the power of attorney to sign statutory documents and to also perform other actions;
  • A document that confirms the location of the legal entity.

 

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