Is it possible to open a business in Ukraine for foreigners?

by Olha Povaliaieva
Friday, September 24, 2021
6 MIN

Why is it profitable to register a company in Ukraine right now? This country is experiencing rapid economic and political growth. The state authorities are changing the legislation, making it more attractive for business. Taxation in Ukraine is quite liberal, working conditions are transparent

Recently, companies and factories have been successfully opened in Ukraine, the owners of which are citizens of other states. Ukraine is a potentially attractive country for almost any business. Agriculture, alternative energy, information technologies, infrastructure, and production attract the special attention of foreign investors in Ukraine. Many foreign companies receive high profits due to the geographical location of Ukraine. This is a new market with low competition and a rapid improvement of the business climate in the country.

The sphere of trade, tourism, provision of services, fast food – everywhere you look, you can meet foreign citizens. They are actively engaged in business activities on the territory of Ukraine. Therefore, they must also pay taxes and be controlled by the state, as well as entrepreneurs who are citizens of Ukraine.

Starting to study the legislative framework, foreign citizens see the law On the legal status of foreigners and stateless persons. They understand from this law that they have the same rights to work as citizens of Ukraine if they have a residence permit. And they come to build an enterprise in Ukraine.

But in practice, they face the fact that it is not so easy to get permits. This is not one or two papers and without knowledge of the Ukrainian language, laws, and other nuances, the process does not take 2-3 days, as usual. If a foreign citizen plans to engage in construction, for example, then he can spend almost six months on it on his own.

GT Invest company will tell you how long the procedure for preparing for business registration can take, and what actions may have to be taken for a successful start of a business in Ukraine for a foreign person. You can easily entrust your turnkey business. We are a comprehensive operator of business processes for foreign investment projects in the territory of Ukraine.

How to pass the procedures required for opening a business in Ukraine in the shortest possible time and with minimal costs?

Step-by-step instructions for registering a business

In Ukraine, foreign citizens can register companies of various kinds, such as PAT-a a public joint-stock company, ODO – a company with additional liability, PE (private enterprise), and LLC (limited liability company).

Most often, citizens of other countries are inclined to open a limited liability company.

Let's start with the main question – a person with non-Ukrainian citizenship cannot just but must register as an entrepreneur on the territory of Ukraine if he wants to conduct his business or legally register for work in the host country.

To do this, you need to follow several rules:

  • stay in Ukraine must be legal;
  • a foreigner needs to get an identification number;
  • a foreigner must stay in Ukraine for at least six months.

When registering an LLC with a solid authorized capital (from €20 million and above), a foreign entrepreneur can become an official large investor, which gives him the right to obtain a permanent residence permit in our country. Domestic entrepreneurs, who are already citizens of Ukraine, do not need this.

Before starting the procedure for registration of a legal entity, you should obtain an identification number or a taxpayer's card. Without it, unfortunately, it will be impossible to issue any document with a notary, without which the registration process will be invalid.

If a foreigner acts as the founder and head of an organization in one person, he cannot apply for a work permit. This can be done only after the organization is registered.

In the meantime, the director of the organization can temporarily appoint someone else who is a citizen of Ukraine. Then the head can be changed and the foreign founder will become the head, after the company is registered and a work permit is obtained.

Build a company in Ukraine!

The most important question that foreign citizens face is how to open a business in Ukraine and what kind of business to do in Ukraine. Have you decided to become an entrepreneur, but you do not know where to start, and how to open a company in Ukraine? At least, you have two ways: try to go through all the stages of opening a company yourself, while visiting more than one instance, standing in queues and collecting an impressive package of documents, or register your company in Ukraine, sitting at home and doing your own business. If you want the registration of the company to take place for you as quickly as possible and without your participation – leave this work to professionals and contact GT Invest. Our specialists will be happy to help you!

The procedure is absolutely transparent and not so complicated at first glance. Nuances arise in the process of real planning of your activities in Ukraine. The complexity of business registration may increase depending on such nuances:

  • Who will be the founder of the LLC?
  • Who will keep the company's accounting records?
  • Do you have a trusted person to keep personnel records in the company: calculating salaries, vacation pay, etc.?
  • Do you need a license or other permits for your activities?

We are ready to help you implement your plans with minimal participation. The company's specialists will help to open the activity to novice entrepreneurs, it can be a pharmacy, a travel company, a construction company, a cafe or a restaurant, a beauty salon. We know all the subtleties of opening different types of new business, and therefore collecting the necessary documents, obtaining licenses and permits will not be a problem for us.

When registering an LLC, foreign citizens do not have to be personally present at the registration, you can only provide a notarized power of attorney. You can issue a power of attorney from any notary in accordance with our sample. When registering, you need to provide a set of documents and get a TIN. In the case of working with our company, we will get the TIN ourselves.

Summing up the above, according to the norms of Ukrainian legislation, the founder, who is not a resident, goes through the same stages when registering an enterprise, bears the same responsibility and has the same rights as a resident of the country. However, there are several additional points that foreigners need to take into account. For example, the need to issue an identification code, have all the documents confirming the legal presence on the territory of Ukraine, and so on. If everything is done correctly and you have the documents issued in accordance with the Law, registration will not take more than a few days.

You can open a business in Ukraine to conduct business here within 1 day. Trust us! Even if the business is opened for a foreign founder.

You will be interested