Suffice To say, Ukraine is one of the most inexpensive places to register a company. This effectively attracts new businesses, both large corporations, and small enterprises.
If you're interested in registering a company in Ukraine, the costs will be revealed in the text, keep reading.
What's the general registration cost?
The costs for registering a company will largely depend on the business structure you're interested in. Ukraine has a variety of business types. However, the most common for both foreigners and locals alike is the Limited Liability Company.
To register this business as a foreigner, you might incur a cost of USD $600. This figure encompasses all notary charges and the fees for the provision of a business address and a temporary director. Below is a breakdown of all the costs that are associated with company registration and the obtainment of a residence permit.
The fees for registering a Limited Liability Company in Ukraine
- Translation of the passport for Tax ID - $20;
- The notarization of the power of attorney - $25;
- The annual legal address (landlord fee) - $130
- The average seal producer's fee -$20;
- Monthly nominal directors fee - $240;
- Average charter notarization fee -$30;
- Average charter translation fee - $20;
- The charge for e-signature (used for reporting taxes online other than directly at the tax office) - $60.
The fees charged for the provision of a work permit
- The work permit fee according to the law - $470;
- The passport translation fee according to the law - $15;
- The average GMS notarization fee - $25;
- The registration fee according to the law - $25
Fees for obtaining a temporary residence permit (TRP)
- The minimum fee for Visa - $65 (cost varies depending on your citizenship);
- Annual average Medical insurance policy - $60;
- The TRP fee according to the law - $1.50;
- The administrative fee according to the law - $18;
- The TRP issuance according to the law - $14;
- Average passport translation fee - $20.
Mentioned above are the expenses which you can incur to obtain the mentioned documents.
To be able to accomplish the registration processes by yourself you should be able to write, read, and speak Ukrainian eloquently. If you can't, you can always get assistance from verified lawyers in the state.
The cost of getting a verified lawyer in Ukraine is generally $1200. About $500 of this amount will be used in the opening of the company. Another $500 will go to the processes of obtaining a work permit. The remainder will help to get a temporary residence permit.
This fee for the lawyer will be added on top of the expenses to make a total of $2,500.
- A personal monthly minimum wage of $204 – $134 (after-tax salary);
- Social security tax of $37;
- Income tax of $30;
- Military duty of $3.
If you're not able to speak, read, and write Ukrainian, you can always get an accountant who speaks English. But, this will cost you an extra $100 for the monthly reporting services.
If you get a Ukrainian/ Russian speaking accountant, the service will be charged at $60 per month. To avoid these accounting charges altogether, you can independently report your taxes every month. But, you should be knowledgeable of the Ukrainian tax law and language fluently.
Last but not least, you may need to pay a fee for securing a residential address. To find one by yourself can be difficult. Most landlords will not accept you because they don't pay taxes. If they take a foreigner they will risk being investigated and caught by the authorities. To make the process easier, you can pay a registration service fee of $320 annually.
When you register a company in Ukraine, you should expect to pay an amount between USD $2000 and $5000. You can pay the lower value of this range if you do most of the things by yourself. You would also need to receive help from a friend who will register you at their address without charge.
To pay the high-end amount of this range, you would have acquired professional help every step of the way in the registration process. This article is only a highlight of what to expect, to help you start making your budget.