Ukraine: at a glance
Area: 603, 700 km2
Population: 42 million
Main economic features:
large developed consumer market
highly educated and competitive manpower costs
good natural resources
open and export-oriented economy
WTO member
FTA with EU, EFTA, Montenegro, Canada, Israel and Turkey
strategic location at the crossroads of European and Asian trade routes:
# 1 Route between Europe, Asia and the Middle East
# 2 in Europe rail freight volumes
# 6 in the World rail freight volumes
3rd in food production worldwide
world largest exporter:
#1 sunflower oil,
#2 grain,
#4 barley and corn,
#6 wheat and soybean
#7 poultry and honey,
#9 eggs.
over 100 companies on the Fortune 500 list are clients of Ukrainian IT firms
# 20th A.T. Kearney Global Digital Services locations in 2019
# The Global Outsourcing 100 included 17 Ukrainian tech companies in the annual ranking of the best suppliers of IT services in the world in 2019
Videos to watch:
Ukraine. Open for you - www.youtube.com/watch?v=jdSQuanI8Z8&t=27s
Ukraine. Open for IT - www.youtube.com/watch?v=bSRgoA09oMg
Invest Ukraine - Open for U – Energy - www.youtube.com/watch?v=Hnp_4DiQaeY&t=65s
Grow in Ukraine! Agriculture sector open for U – www.youtube.com/watch?v=iC-MY9GyO6E
Transport Ukraine Open for U - www.youtube.com/watch?v=qXMbWjg9bVM
How to start your business in Ukraine
Ukraine company registration process takes from 2 to 5 days.
Registration at the Registration Office (www.kap.minjust.gov.ua/)
Registration VAT at the State Tax Authority (www.tax.gov.ua/en/)
Preparation of a Company seal
Opening a bank account
If you intend to establish a company in Ukraine with a help of law firms please check this list – https://cutt.ly/7rNVBNE
Public procurement in Ukraine
Ukraine and Singapore are the parties to the Agreement on Government Procurement (within the framework of the World Trade Organization). The agreement provides suppliers a guarantee of non-discrimination regarding procurement.
Key sectors of Ukrainian economy: Food Production and Agriculture; IT, Manufacturing, Infrastructure, Transport logistics; Energy.
ProZorro is a centralized, electronic open-source database enabling public procurement in Ukraine.
Please check ProZorro website to find:
The website does not give you access to participate in tenders posted.
To participate in procurements, bidders must use authorized electronic trading platforms. Regardless of the platform used, the tender data will be identical.
Platforms with English interface:
Taxation in Ukraine
Main taxes in Ukraine
|
Type of tax |
Tax rate |
|
Corporate tax |
18% |
|
Insurance companies |
0%, 3% |
|
Book publishing |
10%, 18% |
|
Lottery |
30% |
|
Value Added Tax (VAT) |
|
|
Tax on goods and services |
20% |
|
Tax on medicines and medical products |
7% |
|
Export goods and services |
0% |
|
Personal income tax |
18% |
|
Royalty income |
18% |
|
Interest income |
18% |
|
Real estate tax |
|
|
Sale of house, apartment, or their parts, etc (one item per year) if owned by a taxpayer for longer than 3 years before disposal |
0% |
|
Sale of more than 1 real estate item per year |
5% |
|
Sale of real estate objects by non-resident individual |
18% |
|
Military tax |
1,5% |
Individual or legal entity that meets certain legal requirements can choose the simplied tax regime. Simplied tax regime provides for a simplied accounting and reporting. There are four groups of simplied tax payers:
private entrepreneurs only – I and II group;
legal entities and private entrepreneurs – III group;
agricultural producers – IV group.
|
Group |
Maximum annual income |
Maximum number of employees |
Rates |
|
I |
UAH 300 thousand ( 12 000 USD) |
0 |
up to 10% of the minimum amount of cost of living (approx. USD 7 in 2019) |
|
II |
UAH 1.5 million (60 000 USD) |
from 0 to 10 |
up to 20% of minimum salary (approx. USD 30 in 2019) |
|
III |
UAH 5million (200 000 USD) |
- |
3% of gross income (for VAT payers) 5% of gross income (for VAT non-payers) |
|
IV |
Without limits |
- |
0.19-6.33% of the normative monetary value of the area of agricultural lands and/or water resources |
Useful links
Exporters and Investors Council (EIC) under the Ministry of Foreign Affairs of Ukraine was established in 2013 in order to safeguard national interests in Ukrainian export promotion and attraction of foreign investments to Ukraine.
EIC is a platform, which unites Ukrainian producers, exporters and leading business associations providing necessary support in promoting their goods and services abroad and entering new markets, as well as attracting foreign investors and companies to Ukraine effectively using diplomatic tools, resources and networks.
The Head of the Council is the Minister for Foreign Affairs of Ukraine.
More information - https://rei.mfa.gov.ua/en
Business opportunities in Lviv Region
Investment opportunities in Kryvyi Rih
InvestUkraine – www.ukraineinvest.com
Ministry for Development of Economy, Trade and Agriculture of Ukraine - www.me.gov.ua/?lang=en-GB
State Service of Ukraine on Food Safety and Consumer Protection - www.consumer.gov.ua/
Ministry of Infrastructure of Ukraine - www.mtu.gov.ua/en/
Ukrainian Chamber of Commerce and Industry – www.ucci.org.ua/en/
European Business Association - www.eba.com.ua
American Chamber of Commerce in Ukraine - www.chamber.ua