Ukraine: starting up a business in one day!

In order to make Ukraine a more attractive place to do business, the government has cut down the time for the incorporation and registration of companies and private businessmen from 5 days to a single day, according to the State Tax Service of Ukraine’s official website.

Entry onto the Unified State Register of Legal Entities and Entrepreneurs (the “Register”) will now occur on the same day that the requisite documents are submitted. Registration with the Ukrainian tax authorities will happen automatically when the Register transfers all necessary information to the relevant authorities.

This means that companies’ founders and private businessmen can get extracts from the Register confirming the incorporation of their business the next working day after submission of documents for state registration.

Simplification of the companies’ registration procedure is in line with the overall deregulation of business activities in Ukraine. It is anticipated that the introduction of the changes above will improve Ukraine’s position in the World Bank’s “Doing Business 2016” report in the category of “Starting Business”.

Source: State Fiscal Service of Ukraine (only in Ukrainian)

Authors:

Graham Conlon, Partner, Graham.Conlon@cms-cmck.com

Tetyana Dovgan, Senior Associate, Tetyana.Dovgan@cms-cmck.com