A large number of foreigners are interested in starting a business in Ukraine, even though the country is still at war. Learn more about the main features and benefits of registering a business in Ukraine

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According to statistics from the State Enterprise National Information Systems, as of early fall 2023, despite the war, more businesses are opening in Ukraine than closing.

In recent years, Ukraine has welcomed many foreign entrepreneurs who have chosen Ukraine to start and develop their businesses. But at the same time, when a foreigner comes to the country, he or she faces many issues. First and foremost, it is the lack of quality communication in their native language and legislative nuances. As a result, the question arises: how exactly to register a business?

Why do foreigners open businesses in Ukraine despite the war?

One of the main advantages of starting a business in Ukraine is that most of the stages of the company registration procedure, such as obtaining a TIN, preparing constituent documents, notarization, registering an LLC, and obtaining a work permit, can be done even without the physical presence of a foreigner in Ukraine. To do this, you just need to issue a notarized power of attorney to a specialist who will help the foreigner go through the entire procedure. However, it is important to note that without the physical presence of a foreigner in Ukraine, a person can be registered only as a founder of a company.

Also, an important nuance is that a foreigner who establishes a company with an authorized capital of more than $100,000 has grounds for obtaining a permanent residence permit in Ukraine.

What should a foreigner know before starting a business in Ukraine?

Citizens of other countries should take into account the following when starting a business:

▶ To set up an LLC (the most common and universal format of a legal entity), a foreign national must obtain an individual taxpayer identification number. This number must be obtained once, as it is assigned to a person for life, and it is currently impossible to register a company without it.

▶ In order for a foreigner to be officially employed in Ukraine, he or she must obtain a work permit. After obtaining the permit, a foreigner can officially become a director of a company.

▶ When a foreigner is both a founder and a director of an LLC, he or she cannot apply for a work permit, as such documents can be submitted on behalf of a registered legal entity. In this case, a citizen of Ukraine can become the head of the LLC, and when the business owner obtains a work permit, the head can be changed.

▶ The procedure for registering a company in Ukraine requires translation into Ukrainian and apostille of documents issued in another country, as incorrect translation and lack of legalization of documents may have negative consequences for the business founder.

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Is it difficult to register a foreign business in Ukraine?

The procedure for registering a company in Ukraine for foreigners is largely no different from the procedure for registering a company by Ukrainian citizens. Moreover, registration is a fairly simple and quick process that can take as little as one day. And this point can be considered an attractive advantage of starting a business in Ukraine. 

However, there are some nuances for foreigners. And the best way to avoid all the pitfalls in order to start a business in Ukraine quickly and easily is to contact qualified lawyers who will help a foreigner register a company in compliance with all legal aspects.

On the Visit Ukraine website, you can order a legal consultation, as well as full legal support on starting a business in Ukraine. Our qualified specialists can help you with:

– registering a business in Ukraine;

– doing business in Ukraine and entering the Ukrainian market;

– registration of LLCs and sole proprietorships in Ukraine;

– preparation of all necessary documents for registration of an LLC or a sole proprietorship;

– obtaining an individual tax number;

– choosing the optimal form of organization, business registration, as well as choosing the form of the company's activity;

– preparation of the company's constituent documents;

– immigration to Ukraine on the basis of business, etc.

In addition, you can contact our lawyers to get full legal support for foreign business in Ukraine.

You can order the necessary service by following the link. Our lawyers can make the process of starting your business in Ukraine quick and easy! 

We remind you! The government has authorized the insurance of investments of both Ukrainian and foreign companies against military risks. According to the adopted draft law, the Export Credit Agency (ECA) is authorized to insure against risks associated with armed aggression, hostilities and terrorism. Read more about how this works in our previous article.

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