UkraineGeneral informationTotal area: 603,700 sq. kmPopulation: ~48
millionPrincipal cities: Kyiv (Kiev), Donetsk, Zaporizhzhya (Zaporozhye),
Dnipropetrovsk (Dnepropetrovsk), Kharkiv (Kharkov), Lviv (Lvov), Odesa
(Odessa)Official language: Ukrainian (although in business Russian is mainly
used) Neighbouring states: Russia, Moldova, Belarus, Poland, Romania, Slovakia,
Hungary Currency: Hryvnia (UAH)Ukraine has focused long ago on closer
integration with the rest of the world while preserving its traditional links
with the countries of the former Soviet Union. Reflecting its importance and
size, Ukraine is a member of the United Nations, the IMF, the World Bank, the
EBRD, etc.Investment policy and investment possibilitiesForeign ownership of
most types of business is permitted. Foreign investments are welcome,
especially, those ones involving technology transfer and capital. Similar regime
of investment and business activity is applicable to local and foreign
investors. Protection of foreign investments is available under Ukrainian
legislation and international treaties. As of January 1, 2002 foreign investors
can own non-agricultural land in Ukraine. Special economic zones grant
significant tax concessions for investments.Possible business structures and
corresponding regulationsThe corporate and management structure is relatively
flexible. A joint stock company is a legal entity whose capital is divided into
a specified number of shares. There are two types of joint stock companies:
"open" joint stock company and "closed" joint stock company. Shares of joint
stock companies must be registered with the State Commission for Securities and
Stock Exchange.Limited liability companies require less complex structure. A
limited liability company does not have shares. Participants in the company own
a percentage of the companys capital.To establish a presence in Ukraine
representative offices are used although they can be engaged in business
activities. The representative office does not constitute a legal entity.A joint
venture can take the form of a company which has a distinct legal personality or
an un-incorporated entity which does not.Concessions are allowed in certain
fields for the period up to 50 years. Preliminary approval from the Antimonopoly
Committee may be required for certain acquisitions of shares or assets.There is
no ceiling regarding the amount of capital a foreign company invests into a
Ukrainian company. Foreign investments must be registered with the local
authorities.Tax planningUkraine has developed a wide double tax treaty network.
Domestic tax treatment applies to foreign corporations and expatriate personnel.
Dividends, interest and royalties may be freely repatriated. Withholding tax of
15% applies to dividends, interest and royalties, but domestic tax law is
subordinated to international tax treaties.The principal taxes in Ukraine are
corporate profits tax, personal income tax, VAT, payroll taxes, excise tax, land
tax, tax on owners of motor vehicles and import duties. There are also other
taxes and different local taxes that may be levied by the local
authorities.Investment protection & incentivesInvestment incentives are
generally available on an equal basis for both local companies and foreign
investors.In-kind contributions may benefit from certain tax exemptions.
Property (except for goods for re-sale) contributed by a foreign investor to the
statutory fund of a Ukrainian entity can be imported free of import duty.
Exemption from import VAT is available for fixed assets imported into Ukraine as
an in-kind contribution to the statutory fund of a Ukrainian legal
entity.Exemption from import duties is available in respect of goods traded with
ex-USSR countries.Accounting and financial reporting and banking systemThe
banking system consists of the National Bank of Ukraine and commercial banks.
The National Bank of Ukraine (NBU) is the countrys central bank that leads a
uniform monetary policy and performs bank supervisory functions.The law On
accounting and financial reporting provides for National Regulations (Standards)
on Accounting in Ukraine (NR(S)AU) which are intended not to contradict IAS.
Overall, standards combine the concepts found in IAS, but with less
interpretative guidance.Exchange controlExport proceeds in hard currency
received by a Ukrainian company usually are subject to a mandatory 50%
conversion requirement.Payments under foreign trade contracts between a resident
and a non-resident entity should be in foreign currency only.Certain
transactions between residents and non-residents require a license from the NBU.
Foreign loans must be registered with the NBU. Payments in foreign currencies
between residents of Ukraine are prohibited. Ukrainian companies usually must
receive payment for exported goods, and obtain pre-paid imported goods within
the period of 90 days.INTERNATIONAL LAW OFFICES & VERITAS LEGAL ADVISERS,
KIEV-ODESSA, UKRAINEwww.murs.com.uaOdesa65014, Uspenska St., 15/6Ph.: +38 (048)
715 58 55Fax: +38 (0482) 49 69 25veritas@murs.com.uaKyiv01025, Velyka
Zhytomyrska St. 15/8Ph.: +38 (044) 235 73 97Fax: +38 (044) 212 32
50info@murs.com.uaArthur NitsevychCertified attorney-at-lawMaster of science in
accountingDirectorINTERNATIONAL LAW OFFICES & VERITAS LEGAL ADVISERS,
KIEV-ODESSA, UKRAINEwww.murs.com.uaOdesa65014, Uspenska St., 15/6Ph.: +38 (048)
715 58 55Fax: +38 (0482) 49 69 25veritas@murs.com.uaKyiv01025, Velyka
Zhytomyrska St. 15/8Ph.: +38 (044) 235 73 97Fax: +38 (044) 212 32
50info@murs.com.ua
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