Anyone can register a limited liability company, but it is important to take into account some peculiarities of Ukrainian legislation. Find out what you need to register an LLC in Ukraine and how to do it quickly and correctly

Legal assistance in starting a business in Ukraine

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A limited liability company is a common format of a legal entity that can be opened by individuals, sole proprietors, other legal entities, and even non-residents of the country. 

As a rule, an LLC is registered when the company's founders are several persons, as well as in cases where the company plans to reach high turnover or attract investments. In addition, some types of business in Ukraine require this particular format of legal entity, i.e., registration of a sole proprietorship is not enough.

To register an LLC, you can use the services of qualified lawyers or do everything yourself. Below is a step-by-step guide on how to open a limited liability company.

How does the LLC registration process work in Ukraine?

To register a limited liability company, you need to take nine consecutive steps, taking into account some important nuances.

1. Choose a company name 

It is necessary to exclude any coincidences with the names of other companies already registered under the Unified State Register. 

2. Determine the NACE

You are not limited in choosing the number of codes and areas of activity, but you need to specify the main one - it is the one you expect to receive the majority of income. You can pre-enter codes that may be potentially interesting for you in the future - this is completely acceptable and will not entail any sanctions.

3. Determine the legal address

This is actually an open contact for government agencies and partners to contact you. If the address is incorrect or you do not have access to it, you will not be able to receive correspondence from government agencies, contractors, and others in a timely manner. You may even have your tax invoice registration suspended because the business entity is not at its official place of registration.

4. Determine the authorized capital 

This amount creates a so-called airbag that allows you to pay off your liabilities if the company's operations are suspended for any reason. You can contribute money, securities, and any valuable property to the authorized capital if it has undergone an independent monetary valuation. 

5. Hold a meeting of the founders 

At the meeting, the following items must be discussed and approved: the name of the LLC, its legal address, the amount of the authorized capital, and the contribution of each of the founders. In addition, you should decide who will be the manager, create and approve the charter of the limited liability company. Following the meeting, the minutes are drawn up and signed in several copies. 

6. Submit an application for state registration of a legal entity

The application is to be filled out in person and signed. The signature may be made by one of the founders of the LLC. Documents for registration of legal entities should be submitted in the region of the founder's residence. Registration takes from 3 to 7 days. Today, LLCs can also be opened online using a special online service from the Ministry of Justice of Ukraine.

7. Choose a taxation system 

After registration, a legal entity becomes a member of the general taxation system. However, along with the application for registration, you can also submit an application for switching to the simplified taxation system.

8. Open a bank account

After registering an LLC, you need to open a bank account, which can be either in hryvnia or in multiple currencies.

9. Obtain an electronic digital signature

You will need it when submitting company reports. It can be obtained free of charge from the State Tax Service (CSC of the State Tax Service of Ukraine). In addition, many Ukrainian banks also provide the service of obtaining an EDS for legal entities. The LLC seal is not mandatory. 

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Peculiarities of LLC registration in Ukraine

According to Ukrainian law, an LLC is considered effective from the moment of its registration in the Unified State Register of Legal Entities and Individual Entrepreneurs of the Ministry of Justice of Ukraine. Information on registration can be found in an extract from the USR, which is public information.

Scanned copies of statutory documents are posted in the state register. They can be accessed via the website of the Ministry of Justice using the code provided in the description of the documents submitted to the state registrar.

Although the extract is now fully used instead of the certificate of registration, sometimes an extract from the Unified State Register may be required. It can be obtained on the website of the Ministry of Justice by paying the established registration fee in advance.

Thus, as soon as the company's registration record appears in the Unified State Register of Legal Entities (USR), the LLC's director is able to sign the first contracts, sign orders, and openly and publicly conduct other activities necessary for business development.

For assistance in determining the appropriate NACEs, taxation system and other important aspects, we recommend that you seek advice from qualified specialists. Our lawyers will answer all questions regarding the opening of an LLC, its further functioning, and, if necessary, provide full legal support of the registration process and help you to correctly fill out the application for registration and obtain the necessary documents. This is much faster, more convenient, and most importantly, safer, because in order to register a business correctly, you need a full understanding of Ukrainian legislation.

You can order a legal consultation or full legal support for starting and running a business in Ukraine on the Visit Ukraine website. Our specialists provide comprehensive business registration services in Ukraine for Ukrainians and foreigners.

We would like to remind you that starting a sole proprietorship also requires a comprehensive approach, taking into account the smallest details. Read what you need to start a sole proprietorship in Ukraine and how to do it the easiest way in our previous article.

Want to know more? Read the latest news and useful materials about Ukraine and the world in the News section.

Ihor Usyk is the Head of Legal Department at Visit Ukraine

If you want to start your own business in Ukraine, you can get advice from my colleagues.
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