Tuesday 27 February 2024

What Is Required To Start A Company In Ukraine?

Establishing a company in Ukraine provides you with many opportunities and setting up an office abroad can be a big step for your business. If you are considering this option you should start from checking the mandatory procedures and possible hurdles in the process of registering your company. In this article we will take you step by step through the process of starting a business Ukraine, which will help you evaluate the time and cost of registering an office abroad.

What Is Required To Start A Company In Ukraine

Paying the registration fee and sending the required documents to the Register Office

Before you send your application to the Register Office, start from paying registration fee at the bank. The registration fee is flat and it costs UAH 170. Keep the receipt and attach it to your application as a confirmation of the payment. The application sent to the Register Office should consist of: properly filled application form, original of the decision of a launch of the company, a company’s charter in two copies and the above mentioned bank receipt.

In certain cases additional documents may be required, such as a confirmation of the company’s right to occupy the premises, which are used for the purpose of running the company’s registered office, however these additional documents are subject to the legal status of the registering entity and special requirements of the Registration Office, so they should be checked individually with the Register Office.

The registration procedure is free of any additional charge, as long as you pay the registration fee. It takes about 6 working days to complete this part of the registration procedure.

A VAT number and a seal

You should register your company as a VAT taxpayer if your company’s revenue in last 12 months amounts to or exceeds  UAH 300,000 in total, excluding VAT. The registration is free of charge and takes about 10 days to complete. You can then order a company’s seal, it will cost you UAH 190-250, depending on the number of characters used in the seal.

Opening bank account and notifying the authorities

The last step on the way to starting a business in Ukraine is to open a business bank account. Remember to provide your bank with documents, which will allow the bank to identify the owners of the company. Additional documents are subject to individual requirements of the bank.

The next important step is to notify the District Tax Inspectorate of your new business bank account; you have three days to do so, counting from the day you have opened the bank account. It takes about two days to receive an answer from the tax inspection and the entire procedure is free of charge.

To summarize, it takes minimum 21 working days to register a company in Ukraine, but be prepared for unforeseen drawbacks and a few days more. The cost of registering varies and depends on additional fees charged by your bank and the cost of preparing the seal, but it will cost you no less than UAH 360 to complete the process.

Written by Marta Gromadzka, a blogger, a copywriter, a marketing specialist.