It usually takes 1 week for setting up a company in Ukraine. However, the registration with the Tax Authorities takes around 2 weeks.
Ukraine is a sovereign state in Eastern Europe. It is bordered by countries like Russia, Hungary, Romania, Poland, Slovakia as well as the Black Sea and Sea of Azov.
Ukraine is located strategically at the crossroads of Russian, European and Asian markets making it a gateway to venture into the nearby markets.
It has diverse economic sectors such as Agri-Business, Energy, Transport, IT, etc. It also has a very large heavy-industry base and is one of the largest refiners of metallurgical products in Eastern Europe. The country is also well known for its production of high-technological goods and transport products, such as Antonov aircraft and various private and commercial vehicles.
Ukraine’s standard corporate income tax rate is 18% and general VAT rate is 20%. There are also certain transactions subject to 0% and 7% VAT rates as well. Tax registration as a VAT payer is compulsory if the volume of an entity's taxable transactions exceeds UAH 1 million for the past 12 consecutive months. Until 2021, tax holidays are available to taxpayers with annual income less than UAH 3 million, provided they meet certain requirements.
The time required for formation of a company in Ukraine is much lower as compared to other countries.