However, that's only for private entrepreneurs and not limited to them! As long as the property is registered with electricity already attached, getting all necessary legal documents will take about 1-2 days. It includes state registration fees too. There's no need to pay any money upfront when obtaining these records because everything from the start until finish comes included free by law under certain conditions like being over 18 years old or living legally here already.
Opening an investment bank account in Ukraine is an excellent option for investing while opening a small business. You can do so by transferring funds from your overseas bank account, converting them into the correct currency, and paying any fees needed there before withdrawing money back home again. As most people would, it is time to make purchases with these profits or deposits more securely than just using cash. Since banks charge higher rates of interest on loans than savings accounts, they also have other advantages, such as accessing capital easier because they offer lower minimum balances requirements than what's typically required elsewhere.
A sole trader is the simplest and least complicated form for running your business. It’s just one person in charge who files taxes themselves when they need to do so (or has an accountant). The advantage here is lower costs because no other employees mean less insurance coverage etc. But there's also a responsibility on top — if something goes wrong, only this individual will take all risks involved!
Starting a small business in Ukraine is not easy. You need to be aware of the involved taxes, including an individual income tax rate and corporate tax rate, which can significantly differ from other countries' systems depending on whether you're operating as an incorporated company or a self-employed person with employees. There are also social security contributions necessary for those who have jobs. Hence, they receive benefits like unemployment insurance after losing theirs, and then we must talk about value-added tax (VAT).
It sounds complicated, doesn't it? Well, don’t worry because all these things will go over perfectly fine once permissions come into play (residence permits if looking set up shop locally while work permits may be required before hiring foreigners.
Call GT Invest and let us help you to start your business here!
