Advise me arrange process of legal entities’ and individual entrepreneurs’ state registration in Ukraine (Kiev). State registration is procured by state registrars in the centers of administrative services provision and in notary public offices. Here are approximate steps should be taken in order to register legal entity with foreign share holder (participant).
Step 1 – Legalization of the Articles of association and extract from the register (or another actual document, which contains information re shareholder – full name, business address, full name of the director, highest body of the shareholder). Documents may be submitted as notarized copies.
Issued documents (or taken actions):
- Notarized and apostilled copies of the mentioned documents
Terms: Defined according to internal state of incorporation legislation
Step 2 – Preliminary determination of the LLC name (its originality), legal address and kinds of company activity, taxation system (general or simplified), drafting of the articles of association (statute)
Issued documents (or taken actions):
- Revision of the familiar company names on government site
- Draft of the statute
Terms: 1 business day
Step 3 – Adoption of the decision by shareholder to constitute new LLC in Ukraine, approve its statute, appoint its’ director and representative to support state registration
Issued documents (or taken actions):
- Signed minutes of meeting (should contain some certain wordings according to Ukrainian legislation-will be provided additionally)
- Power of attorney – notarized and apostilled
Terms:
Defined in shareholder’s articles of association or internal state of incorporation legislation
!!! Please be informed that minutes of meeting and statute should contain some certain terms and wordings according to the demands of legislation, that is why examine of the minutes of meeting and statute draft by notary public before its signature is obligatory.
Step 4 – State registration of the legal entity in Ukraine, registration in tax, statistics authorities and PFU (conducted by public notary as single electronic application submitting )
Issued documents (or taken actions):
- Signed and notary certified statute
- Extract from the register with records re state registration, tax, statistics authority, PFU registration
- Application for simplified tax system and/or VAT payer registration
Terms: 1-2 business days according to the legislation, in practice it may take 3-5 days due to delays from tax authorities
!!! Please be informed that in registration application should be indicated full information re foreign shareholder final beneficiary (controller) up to individual (physical entity).
Approximate expenses at notary public office: EUR 30 for the registration and EUR 20 for the certification of each signature, may be expenses for certification of the documents copies (power of attorney, passports)- EUR 3-5 per each document
Step 5 – Company stamp
Terms: 1 business day
Approximate expenses: from EUR 10
Step 6 – Certification of the signatures and stamp on signature examples’ cards for the bank
Terms: 1 business day
Issued documents (or taken actions): cards with signature examples for banks
Approximate expenses: EUR 20 per one signature on one card
Step 7 – Opening of the bank accounts.
Issued documents (or taken actions):
- Filling of the application, copies of the statute, extract from register, signature example cards of the director, KYC questionnaires
- Identification of the director – director should visit bank and communicate with responsible person
!!! Please be informed that Ukrainian banks demand to fill KYC questionnaire in which should be indicated full information re foreign shareholder final beneficiary (controller) up to individual (physical entity).
Terms: depend of bank policy, in most cases – 1-3 business days
Approximate expenses: at chosen bank rates
Step 8 – Submitting of the documents’ package for the directors’ work permission (if director is not Ukrainian citizen)
Issued documents (or taken actions):
Term – 7 business days since submitting the application according to the legislation (in practice it may take up to 20 business days)
Approximate expenses: EUR 120-350 – depends on permission term (from 6 months till 3 years).