Business entities in Ukraine in 2023

pay fee by instalmentsbusiness setup without travelGuaranteed solutions

Healy Consultants will assist our Clients to incorporate the optimal corporate structure in Ukraine. There are several ways of doing business in Ukraine, the most common being the setting up of a limited liability company. Foreign corporations may also decide to set up a representative office. Unlike most other countries, such representative office must register for a tax identification number but can conduct commercial operations.

  • The Ukraine limited liability company (Tovarystvo z Obmezhenoyu Vidpovidalnistyu)

    • This business entity requires only 1 director and 1 individual shareholder to complete Ukraine business setup. While the minimum paid-up capital required is set at €1, we usually recommend our Clients to allocate at least €5,000 (UAH120,000) to ensure completion of Ukraine company setup. Kindly note that Ukraine regulations forbid the appointment of a sole corporate shareholder;
    • All the directors of the company must be allowed to work in Ukraine, which implies that foreigners must obtain a work permit before our Firm can appoint them. If necessary, Healy Consultants can provide our Clients with nominee services for one resident director until they can obtain a work permit or hire a local to assume such role;
    • The Ukraine limited liability company is the most common form of business entity used by foreign investors conducting business in Ukraine as the registration process is simple. There is also no statutory audit requirement, which significantly reduces time required to fill tax returns after Ukraine business setup.
  • The Ukraine joint stock company (Vidkryte aktsionerne tovarystvo)

    • The Ukraine joint stock company (JSC) requires a minimum share capital of €140,000, 50% of which must be paid-up before setup. Our Clients must also appoint at least 1 director of any nationality, but who must be authorized to work in the country. If needed, the company can be listed on the Ukraine Stock Exchange;
    • Post incorporation, all Ukrainian JSCs must appoint a registered auditor and must submit audited financial statements annually.
  • The Ukraine representative office (Predstavnytstvo)

    Foreign companies can set up representative offices in Ukraine. It is important to note that such office can be allowed to run commercial operations, similarly to a branch. The Ukrainian representative office will have to be registered with i) the Ministry of Economic Development and Trade ii) the State Statistics Committee iii) the Pension Fund and iv) the State Tax Inspection.

  • Table of comparison between Ukraine entities

    Ukrainian business entity nameLimited liability companyJoint stock companyBranch/representative
    Also known as:Tovarystvo z Obmezhenoyu VidpovidalnistyuVidkryte aktsionerne tovarystvoPredstavnytstvo
    How long to set the company up?4 weeks16 weeks12 weeks
    How long to open company bank account?4 weeks4 weeks4 weeks
    Legal liability?LimitedLimitedUnlimited
    Wholly foreign owned?YesYesYes
    Minimum share capital?€1€140,000N/A
    File annual tax return?YesYesYes
    Ukraine corporate bank account?Credit AgricoleRaiffeisen Bank AvalDelta Bank
    Does our Client need to travel?NoNoNo
    Non-resident director allowed?NoNoN/A
    Minimum directors allowed?11N/A
    Minimum shareholders?111
    Resident legal representative required?NoNoYes
    Corporate shareholders allowed?YesYesYes
    Standard corporate tax rate?18%18%18%
    Annual financial statements required?YesYesYes
    Statutory audit required?NoYesNo
    Allowed to issue sales invoices in Ukraine?YesYesYes
    Allowed to sign contracts with local entities?YesYesYes
    Allowed to import and export goods?YesYesYes
    Can rent an office in Ukraine?YesYesYes
    Can buy Ukraine property?YesYesYes
    Can own equity in other Ukraine companies?YesYesYes
    Total Ukraine business setup costs in yr. 1?US$10,900US$9,500US$8,800
    Subsequent annual costs (incl. accounting and tax fee)?US$4,750US$4,650US$4,650
    Sample engagement invoice?View invoice PDFView invoice PDFView invoice PDF

Contact us

For additional information on our business setup services in Ukraine, please contact our in-house country expert, Mr. Petar Chakarov, directly:
client relationship officer - Petar
  • Mr. Petar Chakarov
  • Sales & Business Development Manager
  • Contact me!
UCus UMoF UCoC UCB UMFor UMoR Privatbank Prominvestbank Raiffeisen Bank Aval