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Faster Registration Of New Businesses In Ukraine
Looking to register a business in Ukraine? Recent legislation changes have drastically reduced the set up time.
The new business registration process in Ukraine has sped up dramatically, with the exchange of information between the state registrar and the tax authority now taking place in two hours, and the complete LLC registration process taking 24 hours, instead of the former three to five working days.
The much shorter time frame was legislated in a joint order by Ukraine’s Ministry of Justice and the Ministry of Finance, and came into force on 17 October 2015.
It’s hoped the 24 hour turnaround will increase transparency of procedures, and make the country’s business environment more attractive for legal entities and private entrepreneurs.
The swifter exchange data between state authorities (including fiscal authorities) applies to legal entity registration and the introduction of any statutory changes to the legal entity.