How to open business in Ukraine for expats?

“Sell a man a fish, he eats for a day. 
Teach a man how to fish, you ruin a 
wonderful business opportunity”
 
Karl Marx

Time passes and everything around is changing, information is getting older and I get new and new questions regarding legal aspects every single day. 

I decided to write separate articles on how to get a work or residence permit, how to purchase real estate and open business in Ukraine and other aspects of law.

Today we are talking about opening business in Ukraine. 

Why is it so relevant now? 

Did you know that the investment attractiveness of Ukraine is increasing since 2017, and it was reinforced in 2019 as a result of the last election and Ukrainian government change.  

More and more companies in Ukraine are getting capital from such counties as:

  • the USA, 
  • Germany, 
  • France, 
  • South Korea, 
  • Switzerland, 
  • Great Britain, 
  • Japan.

Investments from different parts of the world are beginning to flock to Ukraine, and from here many entrepreneurs have a question: “What are the conditions that government of Ukraine offers to foreigners who want to start a business”?

In this article I will try to explain you everything step by step.

Who can open a business in Ukraine?

Any foreign citizen can carry out any legal business activity, but under one condition. It is necessary to confirm the legality of staying in Ukraine. How to do this? You just need to prove it with one of these documents:

  • Passport that is valid and duly executed;
  • Temporary Residence permit;
  • Permanent Residence Permit;

If legality is confirmed, let’s start following the steps. 

How foreigner can be registered as an entrepreneur in Ukraine?

At its core, registration of a foreigner is no different from the registration of a citizen of Ukraine. The procedure of registration should look like this:

1. A foreign citizen registering for entrepreneurial activity must obtain a taxpayer registration number from the tax authorities.

2. According to the address of residence in Ukraine, a foreigner must provide the registration service with documents according to the following list:

  • Filled in the form of a card for state registration of a business entity.
  • A copy of the registration certificate of entry in the state register of individuals – taxpayers (obtained in paragraph 1)
  • A receipt on payment of the registration fee for the state registration of an individual entrepreneur.
  • If you are not an adult, but you are over 16 years old, the written consent of the parents (guardians) is required.

3.After accepting the documents, the registrar sets the date of receipt of the certificate of the entrepreneur.

F. A. Q. 

How long does registration take? – Obtaining a taxpayer code takes about 5 business days, and registration of an entrepreneur takes about 2 days. Total business registration takes no more than a week.

Can I be the director of my business?– Unfortunately, you can’t.  In order to be a director of your company, you must obtain a work permit.

Is personal presence necessary?– No, but it is necessary to draw up a power of attorney in the name of the person who will be engaged in the registration, as well as approve the candidacy of the director.

P. S.: Registration of foreign citizen as an entrepreneur looks like a simple process, but it is still scrupulous. 

Therefore, if you have any questions you can watch video series at our youtube channel, where professional lawyer gives an interview with useful information for young businessmen who want to open business in Ukraine. 

Hope to be comprehensive. Good luck with business in Ukraine!

Visit our YouTube Channel here.

I’m a fellow traveller and explorer of Ukraine. Based in Kyiv. Feel free to reach out to me with any questions. I’m very friendly and always open to discussing new projects, interesting ideas or opportunities to be part of Ukraine.
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