Your Business in Ukraine will provide you with clarity on the opportunities and challenges in the Ukrainian legislation landscape. We will guide you through tax issues, currency control restrictions, dealing with licences and permits, protecting minority investors, and a range of other issues; helping you to simplify your day-to-day business decisions.
We will help you find effective practical solutions for your business
Ukraine has introduced a series of legislative changes aimed at simplifying start-up and operation of businesses. In addition, mandatory licensing or other authorisation by state bodies has been abolished in many industry sectors and replaced with a system of silent consent and declarations (i.e. a company may undertake certain types of business on making a relevant declaration to state authorities).
Statutory corporate regulations in Ukraine have changed for the better in recent years. Procedures for starting and winding-up a business and corporate governance have been simplified. Such changes should make Ukraine more attractive for investors.
Ukrainian competition legislation is largely aligned with global regulatory frameworks and seeks to combat anti-competitive activities such as economic concentration, concerted actions, and unfair competition.
As part of government deregulation initiatives since 2015, the list of business activities, subject to licensing has been reduced from about 60 to 30.
The general principles of the Ukrainian tax system, and the taxes and duties levied, are set forth in the Tax Code of Ukraine (TCU) and the Law of Ukraine ‘On Unified Social Security Contributions’.
Taking effect from 1 January 2000, Ukraine implemented the Ukrainian National Accounting Standards (UNAS) which are primarily based on the International Financial Reporting Standards (IFRS) but with certain differences and omissions.
In Ukraine, different regulations apply to land relations depending on the type of land in question. Land is classified according to its designated purpose. Each category has a specific legal status.
On 7 February 2019, the Law of Ukraine ‘On Currency and Currency Operations’, and eight National Bank of Ukraine (NBU) regulations came into force. Their purpose is to liberalise currency regulation and enhance Ukraine’s attractiveness as an investment destination.
One of the key acts regulating legal treatment of goods moving through the customs border of Ukraine is the Customs Code of Ukraine.
Winding up a business in Ukraine can be done through either voluntary or forced liquidation. Ukrainian laws stipulate several legal grounds for initiating liquidation procedures for a business.
Get in touch
We welcome you to our Kyiv and Lviv offices for face-to-face meetings, or for our workshops on topical issues and business events.