With a population of more than 42 million people, Ukraine offers a large consumer base and a growing economy. Moreover, the country has been implementing various reforms to improve the business climate and attract foreign investors. In this article, we will guide you step by step on how to start a company in Ukraine.
1. Choose a Business Structure
Before you can start a company in Ukraine, you need to decide on the legal form of your business. The most common business structures in Ukraine are:
1.1. Limited Liability Company (LLC)
LLC is the most popular business structure in Ukraine. It provides limited liability protection for its owners, which means that the owners are not personally liable for the company's debts and obligations. LLCs are easy to set up and require a minimum of one shareholder and one director.
1.2. Joint Stock Company (JSC)
JSC is a company whose capital is divided into shares. JSCs are more suitable for larger companies that intend to raise capital through public offerings. The minimum number of shareholders for a JSC is two.
1.3. Sole Proprietorship
A sole proprietorship is the simplest form of business structure. It is suitable for small businesses and self-employed individuals. In a sole proprietorship, the owner is personally liable for the company's debts and obligations.
2. Choose a Name for Your Company
After choosing the legal form of your business, you need to choose a name for your company. The name should be unique and not similar to any other registered company names in Ukraine. You can check the availability of your chosen name on the website of the Ministry of Justice of Ukraine.
3. Register Your Company
To register your company in Ukraine, you need to follow these steps:
3.1. Obtain a Tax Identification Number (TIN)
Before you can register your company, you need to obtain a TIN from the State Fiscal Service of Ukraine. The TIN is a unique identification number assigned to taxpayers in Ukraine.
3.2. Register Your Company with the Ministry of Justice
To register your company, you need to submit the following documents to the Ministry of Justice:
- Application for registration of a legal entity;
- Charter (the founding document of the company);
- Minutes of the founders' meeting;
- Receipt for the payment of the state duty.
3.3. Register with the State Fiscal Service
After registering with the Ministry of Justice, you need to register with the State Fiscal Service of Ukraine. You need to submit the following documents:
- Certificate of state registration of the legal entity;
- TIN certificate;
- Application for registration as a taxpayer.
4. Open a Bank Account
To operate your business in Ukraine, you need to open a bank account. You can choose any bank that operates in Ukraine. You need to provide the bank with the following documents:
- Certificate of state registration of the legal entity;
- TIN certificate;
- Charter of the company.
5. Obtain Licenses and Permits
Depending on the type of business you intend to run, you may need to obtain licenses and permits from the relevant authorities. You need to check the requirements for your specific business with the Ministry of Economic Development and Trade of Ukraine.
6. Hire Employees
If you intend to hire employees, you need to follow the labor laws and regulations in Ukraine. You need to register your employees with the State Employment Service of Ukraine and obtain the necessary work permits for foreign employees.
