LIMITED LIABILITY COMPANY IN UKRAINE - BASICS
The following are some of the basics one should know about the Ukrainian limited liability company before taking any steps towards its incorporation in Ukraine.
The number of Shareholders is limited to ten; once they become eleven or more, an Ukrainian limited liability company has to be converted into a Joint Stock Company (JSC). The existing Shareholders have a pre-emptive right to buy another Shareholder's shares. The General Shareholders' Meeting is the highest governance body of any Limited Liability Company, its resolutions are adopted with sixty percent shares majority.
As of April 01, 2012 the minimum charter capital of an Ukrainian limited liability company is approximately United States Dollars One Hundred Thirty (US$130.00), however most of the time this should needs to be higher - for various regulatory purposes.
Every Ukrainian Limited Liability Company must have at least one Director who is responsible for its functionality. For a newly-registered company, a foreigner cannot become the director if she/he has not yet obtained the permit to be employed in Ukraine. In such cases an Interim Director is assigned till the non-Ukrainian director obtains the Work Permit and the director switch occurs legally.
UKRAINIAN WORK PERMIT
To be employed by an Ukrainian company your non-Ukrainian personnel is going to need a local Work Permit. It entitles you to get a multi-entry visa from the Ukrainian embassy, which in turn allows staying in the country for more than six (6) months. The Work Permit, also known as Employment Permit, alongside with the Temporary Residence Permit entitles you traveling in and out of Ukraine without any restrictions whatsoever. We can assist you obtaining this Work Permit, Temporary Residence Permit, Interim Director etc.
Currently (as of April 2012) the applicable tax is 21% on profit, which is going to be gradually reduced to 19% on January 01, 2013 and 16% on January 01, 2014. Value Added Tax (VAT) is 20%.
Registration of an Ukrainian limited liability company takes up to three weeks after all required documents are delivered in Kyiv.