It has diverse economic sectors such as Agri-Business, Energy, Transport, IT, etc. Agri-Business accounts for 40% of the total exports. The development in the IT sector is rapid and received more than 2.8 billion in 2016.
Location and Transit
Ukraine has a conducive access to the Sea route for transport of goods to other countries across the globe. Additionally, it has seven major ports, 200 merchant ships, and a substantial spread of roads and railways. Further, Ukraine maintains a free bilateral trade agreement with Hungary and enjoys good trade relations with other European nations.
Tax Holiday is introduced for certain sectors such as Agriculture, Investmen Funds, etc. as well as businesses with an annual turnover of less than UAH 3 Million. Additionally, small businesses enjoy 0% taxation for a period of 5 years (10 years for the hospitality sector).
The time required for formation of a company in Ukraine is much lower as compared to other countries.
REQUIREMENT TO OPEN A COMPANY
Minimum 1 Shareholder (Any Nationality).
Minimum one Director.
The Director is required to have a work permit No minimum capital requirement, a company can be formed with a minimum share capital of UAH 1.
No requirement to appoint a Company Secretary.
The company should have a local registered address.
Application for State Registration of the company and choosing the legal entity.
The decision of the owners for the formation of the company.
Memorandum and Articles of Incorporation/Company Charter/Company Constitution.
Application for voluntary registration of a Taxpayer.
Power of Attorney (if a representative will perform the registration).
Tax Certificate issued in Ukraine and Passport of the Foreign Citizen.
Assistance in Company Setup
Opening of a Corporate Bank Account
Provision for a Registered Office
Taxation & DTAA Analysis (If required)
Obtaining Tax Residency Certificate (TRC) (if applicable or required)
Post Incorporation Services (If required)
It usually takes 1 week for setting up a company in Ukraine. However, the registration with the Tax Authorities takes around 2 weeks.