How to Quickly Open an LLC in Ukraine

When starting your own business, among other important issues, you need to determine what form the new company will take. In Ukraine, most businessmen currently prefer to register a limited liability company, better known by the abbreviation LLC.

However, not every business can be conducted under the auspices of an LLC, so before opening an LLC in Ukraine, you should think in advance about what specific types of activities the legal entity being created will provide. Along with this, you should immediately choose one of the taxation schemes and determine other important points.

Taxation Scheme for LLC

Ukrainian tax legislation provides for two taxation schemes for business entities – general and simplified. The first is suitable for everyone without exception, regardless of the company's form, its types of activities, etc. The disadvantages of this system are only the financial reports, which must reflect every step, as well as rather high taxes.

The simplified system involves a small tax with a constant fixed amount and a minimum of financial reports, which is why the cost of accounting services for such a legal entity will be minimal. But the simplified system has a number of restrictions on the number of people that can be hired, as well as on the volume of annual revenue.

If suddenly during the work process the entrepreneur realizes that he needs to switch to another taxation system, this can be done very simply. It is enough to submit a corresponding application to the tax inspector at the end of the next quarter with a request to transfer to the desired taxation system. After that, from the new quarter, you can work according to the chosen scheme.

Key Registration Steps

The registration of an LLC is handled by a state registrar, whose offices are present in all regional centers. It is to him that you should submit documents for registering an LLC, filling out a special form, providing data on the director and founders, attaching copies of the minutes of the founding meeting, etc.

After receiving and checking the necessary information, the state registrar will send it to the statistics authorities, the pension fund, the tax service, etc. As soon as all controlling bodies have registered the new business entity, the state registrar will enter the data on the LLC into the Unified State Register (USR) and provide its representatives with an extract from the USR, which replaces the previously used certificate of state registration form.