Setting up a Business in Ukraine

Overview by Globlatrade.net:

Legal Forms of Companies

Types of Companies and Capital (Max/Min) Number of Partners/Shareholders and Liability Registration Fees
Private Limited Company
 
 
The minimum authorized capital required to set up a Private Limited Company is 100 times the minimum monthly wage, i.e. approximately 4,100 USD today.
Minimum 2
 
 
For certain important decisions, a majority of more than 50% of the votes is required, for example for the expulsion of a partner. However, all other decisions are adopted by simple majority.
Authentication of the company's premises (if necessary): UAH 350. Open a bank account for initial capital: UAH 0-100. Register at the Registration Office: UAH 170. Register at the State Statistics Committee: UAH 25.94. Register VAT at the State Tax Authority and obtain a VAT number: UAH 17. Approval of Ministry of Internal Affairs to prepare a company seal: UAH 81. Prepare a seal: UAH 60-180.
Public Limited Company
 
 
1,250 times the minimum monthly wage (which is the equivalent today of about 51,000 USD).
Minimum 2
 
 
The vote takes place according to the principle of "one share, one vote". For certain important decisions (for example the modification of the company articles), the agreement of three quarters of the shareholders is necessary. For less important decisions, a simple majority is enough.
Authentication of the company's premises (if necessary): UAH 350. Open a bank account for initial capital: UAH 0-100. Register at the Registration Office: UAH 170. Register at the State Statistics Committee: UAH 25.94. Register VAT at the State Tax Authority and obtain a VAT number: UAH 17. Approval of Ministry of Internal Affairs to prepare a company seal: UAH 81. Prepare a seal: UAH 60-180.
 
 

Business Setup Procedures

Administrative Formalities
A new business, with foreign participation, has to be registered with the administration of the district where its headquarters will be set up.
Besides documents concerning the company setting up, for registration purposes, the foreign partner must provide a whole list of documents and notably a registration certificate, a Ukrainian bank certificate garanteeing that the company can honor its commitments. These documents must be authenticated by a notary, legalized by the Ministry of Foreign Affairs, and the Consulate of Ukraine, all in the country of origin of the company setting up, and translated into Ukrainian.
The time for legal registration is currently 5 working days after the sending in of the whole file. The foreign investment itself must be registered within 3 working days of the contribution deposit.
The Competent Organization
The formation of a company with foreign shareholding has to be registered with the local administration where the headquarter of the company being formed is situated.
It is also necessary to register with the Minisry of Foreign Relations and Trade.
Time Necessary for Registration
Maximum 1 to 10 days.
Registration Costs
UAH 170 for the legal registration and approximately UAH 6,000 from the opening of an account to the registration with the State Statistics Commission.
 

Recovery Procedures

Bankruptcy Laws
The law on the restitution of the debtor's solvency or the declaration of bankruptcy came into force in Janunary 2000.

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