Growing your company means entering new markets, some of which operate based on a new and foreign set of rules specific for the particular country. Ukraine is no different – the legal system of Ukraine is complex and requires an educated and qualified professional to interpret it and supervise your business start up in Ukraine to make sure you did not breach any laws. On top of that, you also need an advisor, who will introduce you to the specifics of Ukrainian market and suggest the best moment to start developing your business.
Look for the Premises for Company’s Office First!
If you have already decided that you want to do businesses in Ukraine your first step should be to look for premises for your company’s office. The reason for doing so first is the requirement you might stumble upon when you are trying to register your company: although it is no longer necessary to provide a confirmation of the right to use the premises intended as the company’s headquarter, in some cases the registration office requires such a confirmation as an additional document attached to the registration form. In order to avoid the future problems, it is best to start from looking for the premises for company’s office first. If you are going to rent the space for your business start up in Ukraine, you should be able to attend to that personally with no extra help needed, however if you are thinking about buying a real estate for business, you should consult a legal advisor in order to process the transaction and avoid problems stemming from local laws and regulations regarding selling grounds and real estate properties to non-residents.
Company Formation and Fees.
The main body for registering legal entities and individual entrepreneurs in Ukraine is known as Companies Registrar. In order to be registered in Companies Registrar you need to provide few documents, including a completed application form, confirmation of paid registration fee, decision of establishing the company and the company’s charter. The next thing to consider is whether your business start up in Ukraine should be registered as a VAT payer. There is a certain revenue, which indicates that the company should be registered as a VAT payer – it is a profit of UAH 300,000 or more gained in last 12 months. But if you make smaller profits you can still register your company as a VAT payer because of certain benefits that come together with it. The best way to establish whether your company should be registered as a VAT payer and what advantages this option holds is to consult a legal advisor, who should be able to help you make the decision. The body registering tax payers and VAT payers is known as State Tax Authority.
Open a Bank Account!
Once you are registered in Companies Registrar and you are officially a VAT payer you can take the next step and open a permanent bank account for your company. The process of registering a company in Ukraine is standardized, however it is known to sometimes cause problems to foreign entities. Make sure that you understand all the guidelines and provide all necessary documents and if you need help, contact a professional legal consultant.
Written by Marta Gromadzka, a blogger, a copywriter, a marketing specialist.