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Frequently Asked Questions
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1. What form of registration to choose for doing business in Ukraine?
Ukrainian Civil and Commercial Codes provide for different types of legal entities for business
registration. To conduct business in Ukraine, foreign investors may choose one of the following types of legal entity:
- company with full liability;
- company with combined liability;
- company with additional liability;
- limited liability company (LLC);
- joint stock company (JSC)
the most common vehicles for conducting business activities in Ukraine are: joint stock companies (JSCs) and
limited liability companies (LLCs).
LLC appears to be more popular than JSC, due to the various establishment and operations. Read more
2. How to be legally employed in Ukraine?
The Resolution of the Cabinet of Ministers of Ukraine "On the Procedure for the Issuance,
Prolongation, and Annulment of Work Permits for Foreign Citizens and Stateless Persons dated 8 April 2009 (the Work Permit Resolution),
provides that, as a general rule, any foreign national intending to be employed in Ukraine must,
before his/her commencement of such employment, apply for and obtain a work permit, unless otherwise provided by an applicable international
agreement of Ukraine. Although, it is not clearly envisaged in the law, the foreigners employed by the Representative Offices are
not allegeable for the work permits. Instead, they must obtain the service cards from the Ministry of Economy of Ukraine with a term of
validity of up to three years. Read more
3. How to transfer foreign currency from Ukraine abroad?
The Currency Decree sets forth the general rule that any transfer abroad of foreign currency from Ukraine requires an individual license of the NBU, subject to an exhaustive list of exemptions provided in the Currency Decree. Such exemptions include:
- transfer of foreign curency abroad by a Ukrainian
resident individual within the limit determined by the NBU;
- transfer of foreign currency abroad by a Ukrainian resident or non-resident individual, within the limit of the amount previously imported into Ukraine by such resident or non-resident on a legal basis;
- payment in foreign currency abroad by a Ukrainian resident (legal entity or individual) in discharge of a contractual obligation in such foreign currency to a nonresident in settlement for goods, services, works, intellectual property rights, or other property rights acquired or received by such resident from such nonresident (N.B.: an acquisition of securities or other "currency valuables" does not fall within this exemption);
- payment of interest under a loan or income earned (e.g., dividends) from a foreign investment in foreign currency abroad;
- repatriation from Ukraine abroad of the amount of a foreign investment in foreign currency previously made in Ukraine upon the termination of the relevant investment activity;
- payment in foreign currency abroad to the European Organization for the Safety of Air Navigation as a fee for the services on aircraft navigation.
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