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Understand the Jurisdictions Setup Requirement Before Proceed Your Register Company in Ukraine
Why Register a Company in Ukraine?
Situated in the central part of Eastern Europe, Ukraine is the country that sits at the crossroads of major transportation routes from Europe to Asia. Bordered by the Black Sea, Poland and Russia, Ukraine is currently the second largest country in Europe with a population of 4.2 million. The strategic location and huge market are among the important factors that boosted Ukraine’s economy. Its vibrant investment climate marked by good business environment has further positioned this country as one of the hotbeds for foreign investment.
How to Register a Company in Ukraine?
Ukraine’s strategic location between two big economic blocs, the European Union and the Eurasian Economic Union, has cemented its role as one of the economy powerhouses in the region. In fact, many people see it as one of the preferred destinations to start their business. On top of that, Ukrainian government welcomes foreign investment in the country by offering the ease of incorporation in the country.
Let us have a look at how to register a company in Ukraine.
- Decide the business typesThree business types available in Ukraine:
- Limited Liability Company (LLC) – This type of company is the most common and one of the most popular business types in Ukraine. At least one person is required for the registration. The partners of such a company do not own shares but a percentage of the company’s capital.
- Joint Stock Company (JSC) – This type of company requires two or more natural persons (or legal entities) to become partners that can be residents or not. The share capital of a Ukrainian joint stock company could be divided into shares of equal nominal value. The liability of the members is limited to respective investment.
- Representative Office – Foreign business entities that carry out foreign economic activities in Ukraine are eligible to register their representative offices in Ukraine. The registration has to be carried out by the Ministry of Economy of Ukraine within 60 days since the submission date of necessary documents for registration.
- Name the businessDo a name search for the proposed company name to check the availability. The next step after you decide the business name will be reserving this name in the State register.
- Prepare all the documents needed The information needed when registering at the Registration Office is as follow:
- The approved company name
- A valid and registered office address in the Ukraine
- Two copies of the application forms
- Two copies of charter (or articles of association)
- Minutes of founders’ meeting (where the decision of incorporation was taken)
- Bank document ( payment evidence of registration fee and depositing the share capital)
- Register at the State Statistics Committee.
- Register for specific taxesIn Ukraine, any company that is performing commercial activities must be registered for specific taxes. It is compulsory to submit the specific documents at the State tax Authority to apply for a VAT number.
- Get a company stampA company stamp is necessary in every business activity.
- Corporate Bank AccountA temporary bank account was used to deposit the share capital. After the aforementioned steps, the bank [where the temporary bank account was open] must notify the District Tax Inspectorate regarding the opening of the account. District Tax Inspectorate will register the bank account and notifies the bank within 3 days from the notification. The bank will be able to transform the temporary account into a permanent account where the business can begin its commercial activities.
On a final note
As one of the most populous nations in Europe, Ukraine promises tonnes of opportunities to foreign investors. You can always consider Ukraine as one of the ideal revenues to expand your business as well as to traipse into the huge European markets.
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