Set up a Company in Ukraine

The state of Ukraine offers plenty incentives for traders who wish to incorporate business here. Advantages like a well instructed workforce and low taxes should convince entrepreneurs to take a chance and establish business in Ukraine. The process of incorporation may seem complex, but it's straightforward and well structured and once completed it can be very rewarding.

Preliminary activities before registering Ukrainian joint stock and limited liability companies
Prior to registering Ukrainian joint stock and limited liability companies the founders must notarize the company's articles of association or the company charter. The next step implies opening a bank account, but before this can be taken care of a person with signature authority must be appointed in order to execute transactions. In order to open this temporary bank account the National Bank of Ukraine requests submission of application for opening the account, original or notarized copy of constituent documents and the founders' decision to grant a power of attorney. After these steps are completed the founders have to pay the registration fee and the company is ready to register at the Registration Office.

Registering Ukrainian limited liability and joint stock companies with the Registration Office
Every company that will engage in commercial activities should register at the Registration Office. In order to do that the applicants must submit copies of the company's charter, the minutes of founders' meeting, the application form, bank document certifying the payment of registration fee. The state registrar requests additional information or, in case of acceptance issues a certificate of registration which becomes the company's incorporation document. By implementing the one stop shop, the state of Ukraine has facilitated registration with the Social Insurance Fund, the Industrial Accidents Fund, Employment Fund and Pension Fund and tax authorities, except for VAT.

Registering Ukrainian limited liability and joint stock companies with the State Tax Authority
Companies with certain annual turnovers have to register for VAT with the State Tax Authority. The process requires an application form and the registration certificate, and may take up to 10 days to complete.

Making a company seal
The state of Ukraine requests seals for all new companies. The founders of a company may find and purchase seals at stationary shops, or may order a customized one. The price varies depending on the complexity of the seal.

Opening a permanent bank account
After the company is registered the temporary bank account can be converted into a fully operational permanent account. In order to do that the company's founders must provide the bank with a set of company documents, including articles of association, charter etc and registration certificate. The tax authorities need to confirm the registration of the bank account.

Setting up an Ukrainian company from abroad
Foreign investment is thoroughly encouraged by Ukrainian authorities. Foreign investors do not require investment permits, and generally there is no difference between Ukrainian companies and foreign companies. A Ukrainian company can be set through an assignee authorized to carry on with the incorporation procedures.

How long does it take to set up a Ukrainian company?
Prior to having a fully legal and operational company, there are a few procedures that need to be completed. However the whole incorporation process is straightforward and does not imply a great deal of work for the incorporators. Registering the company at the Registration Office is finished in 5 days and for VAT in 10. A Ukrainian company is set up in almost a month, but may take less depending on the complexity of activities that the company will engage in.