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Kydalov & Partners

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The start of business in Ukraine

Every country seeks to develop and support the business in its territory, because of their economic status, as it is the basis of the state’s economy. Ukraine is not an exception, so the development and support of the business became an important issue for the government. To start business in Ukraine is not so difficult in spite of that fact that the support of the business here is not as good as in other economically developed countries. The main thing should have being said is that you must have a desire and some luck but there are few possible difficulties could be countervail by earning capacity by the profitability of business that is much higher than in other countries.

From the legal point of view the start of business in Ukraine is easier than it seems at first glance. Many of the procedures for business registration have been significantly simplified by the public authorities, paper documents circulation is gradually replaced by electronic one, the duplicate registration operation is removed and the positive experience of the developed European countries is taken. Last years different electronic registers are formed and operate stably, and that’s why the necessity of getting data and documents is significantly simplified.

If a foreigner wants to start business in Ukraine it will not be particularly complex and will not require significant material costs. Thus, the foreign founders, whether they are individual or entity, do not need to be personally present during all legal actions because the registration of the enterprise (company)is provided on the basis of a power of attorney under the legislation of Ukraine. That’s why; if the non-resident does not want to engage in routine work he can give the power of attorney executed by a notary to the lawyer in Ukraine, thereby saving his time and money.

In the recent years, there have been some simplification of the registration procedures. So from January 1, 2014 it is not necessary to apply separately to the registration service and the tax office for registering a new business (legal entity) as a taxpayer during the procedure of registering new business (company) in Ukraine. Nowadays it is enough to submit the appropriate application for voluntary registration as a taxpayer and/or statement by choice according to simplified taxation system during the initial registration of new businesses (company) to the state registrar, which can be the annex to the registration card for the state registration of legal entities. By-turn, the state registrar sends an electronic copy of the application to the appropriate authority of the Ministry of income and fees, and a new company is automatically registered as a taxpayer and entered to the appropriate electronic registers.

Just from January 1, 2014 it is valid the another innovation – the cancellation of the Certificate of single tax payer and the value added tax payer. Instead the Registry single tax payers and payers and the Registry value added tax payer begin to work. The official information from such registers can be accessed free under the submitted application to the authority of the Ministry of income and fees of Ukraine by the taxpayer during two working days following the day of receipt of such a request. The extract from the Register is valid till making any changes in the Registry.

As you can see to start business in Ukraine is not very difficult. All procedures are quite simple and not expensive. However, the success of any business depends on the correctness of the initial steps. That’s why it is better to entrust the registration procedures to the specialist, thereby enlisting legal support and helpful advice for the success of your business in the future.

Author: Kydalov Igor

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Kydalov & Partners
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Publication Date: 21.01.2014
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