B2B guidebook

The most popular form of running business in Ukraine for foreigners is limited liability company –TOW. If individual person – foreigner, wants to register TOW for his/her name, he/she should deliver the following documents:

1. 1. A notarial power of attorney to sign a company agreement and register all documents are needed to set up a TOW; power of attorney must be translated into Ukrainian language by certified translator and confirmed with Apostille.
   2. KYC procedure request a copy of shareholder’s passport (the passport must be translated into Ukrainian language, signature of the interpreter must be notarized).
   3. TIN card (identification tax number to be obtained in Ukraine); an identification number may be obtained by the authorized person within 3-4 days.
   4. The agreement for the address of the company.
   5. Resolution of setting-up the legal person, including the amount of initial capital, the executive body which will represent the company. In Ukraine there is no requirement of minimum amount of initial capital of TOW.
   6. The articles of association including information of the type of company activity.
   7. Application of legal entity State registration
   8. Contact information (telephone number, e-mail address), if necessary.

If the company’s  shareholder is another company, than set of the incorporation documents is needed from the shareholder’s company, notarized, translated into the Ukrainian language, and the translator’s signature must be notarized.

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A complete set of documents for company registration is forwarded to the Administration Services Centre (within the State administration), appropriate to the company registration address. The processing time of TOW registration is 2-3  weeks.

The process of TOW registration and sending the necessary documents may be entrusted to the legal company through the power of attorney.

 

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The chairman of the Board – at least at the stage of setting up the company – must be a Ukrainian citizen. A foreigner has the right to take this position, but first he must obtain a work and stay permit – this is not possible until such person’s employer (establishing company) is established. The whole registration process of TOW takes several weeks.

Tax system in Ukraine can be grouped as follows:

1. 1. The general tax system
   2. Simplified taxation system or flat tax
   3. Reduced tax rate

The general tax system in Ukraine requires full bookkeeping.

Types of Taxes:

Income tax – the tax base (the amount at which tax amount is calculated) is income i.e. the difference between total revenue and costs.

The tax rate is 18% (as of April 2019). The terms of tax payment depend on the amount of the annual revenues:

1. 1. A) for less than 20 million hryvnia – payment is required once a year in accordance with the annual declaration;
   2. b) over 20 million hryvnia – monthly advance payments must be paid. The advance payment is 1/12 of the tax amount for the previous period.

The dividend tax is 5%.

NDS (VAT) – 20% (except of some cases where the rate may be 7% or 0%). VAT is settled separately from other taxes and the VAT amount is not considered in their calculation.

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The obligation to register a VAT payer arises under the condition that the amount of total revenues (coming from the sale of goods/services being subject to VAT taxation), calculated based on recent 12 months, exceeds 1 million hryvnia (UAH) without VAT. Entity, which is obliged to register as VAT payer must report to the State Tax Authority, appropriate for the company location.

For accounting purposes, the company must hire a person for the accounting/bookkeeping position or sign an agreement with outsourced accounting, which is quite popular in Ukraine. Additionally, when choosing accounting support for the company, it is important to remember that in Ukraine, Chief Accountant is legally and criminally responsible for maintaining the company’s accounting records. When choosing an external company for accounting services in Ukraine, please pay your attention for the following:

• The main indicator of the company reliability is an experienced staff – employee education, certificates of professional development
• It is worth to verify how long the company operates on the market. Does the company have a website? What are the company business practices in customer service? Business of the company should be transparent.
• Opinions / recommendations of other customers. The company must have written opinions of cooperation with clients and a list of customers. Contact those customers and talk to them directly.
• Important role in the choice of company plays the list of services offered. The offer will help you understand what types of accounting services you can obtain and what are the prices.
• Make sure that when there are errors in the documentation of the fault of the Accounting Office, the Accounting Office is obliged to pay the penalties. Such a point should be included in the cooperation agreement.

 

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The employment of Ukrainian citizens is based on the agreement. Agreement must contain the following information: employee’s tax number, list of responsibilities, dates of payment, duration of the contract.

From employees ‘ wages, the employer is obliged to pay 18% individual income tax and 1.5% military tax. These expenses should be increased by social benefits contributions, calculated based on employer’s costs, incurred on the remuneration of employee -22% fixed social security contribution.

In 2019, total taxes are about 41.5%.

To employ foreigners, employment permission issued by the territorial authorities of the National Employment Service must be obtained.

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Such permits are issued for the specific positions (according to occupations classification), after a positive analysis of the documents provided by the employer.

The list of documents required to apply for a work permit in Ukraine:

• the employer’s application to obtain a work permit (on the specific form).
• a copy of the foreigner passport with translation into Ukrainian language, certified according to the established procedure
• one photograph of size 3.4 × 4.5cm
• copy of the employment agreement
• the original confirmation of payment for the issuance of application amounting 400% of minimum wage. Payment must be made after receiving a positive decision of issuing the work permit. The permit can cover the period from 6 months to 3 years.

You can order legal or accounting company to obtain a work permit for a foreigner. Time of obtaining a work permit in Ukraine is 5 days (depends on the committee).

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Segments of digital and telecommunications technology in Ukraine are now among the most dynamically developing markets. Thanks to the planned economy, Ukraine has gained strong scientific potential, particularly in technical education. These circumstances explain to a large degree the dynamics of that sector development.

The domestic, IT services market in Ukraine is not large, about 1 billion dollars, the reason of that is not a low level of using software but rather a significant number of “pirated versions”. In recent years, Ukrainian IT companies have taken an important place in the market of outsourcing services in Europe. IT services export in 2017 exceeded $3 billion, the actual number is much higher. More than 80% of the services is provided to companies in the United States.

Given these characteristics, experience and outsourcing capabilities, the Ukrainian IT market may be of interest to Polish IT companies, as well as companies from other industries to make small orders, to create websites, etc.

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There are more than 100 000 IT professionals working in Ukraine, and their number is constantly growing. It is expected that in 2020 in Ukraine will work 200 thousand highly skilled professionals. In addition, many IT professionals work as freelancers. 13 Ukrainian outsourcing companies are in TOP 100 of the largest Ukrainian companies. Ukraine ranks 7th in the TOP 50 of the countries – software producers. IT services are placed in private sector, there is no monopoly, corruption is very limited, therefore prices are competitive.

Ukraine becomes a place where research and development centres of the largest technologically advanced corporations feel comfortable (Cisco, Oracle, Rakuten, Samsung and others), currently there are more than 100 centres of this type.

IT companies are located mainly in major cities: Kiev, Kharkov, Lviv, Odessa.

With a population of 42 million Ukraine has 7.8 million fixed line telephones, 16.5 million internet users and 56 million mobile numbers.

Value of telecommunication services in the year 2016 amounted more than $2 billion. The level of “penetration” of internet services in Ukraine is already approaching the European average and is 65% (72% average in European Union).

The largest IT companies include: EPAM, Luxoft, Eleks, N-IX, Miratech, Intetics, SoftServe, Softjourn, Sigma Software, TEAM International Service, Program Ace, Global Logic.

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Ukraine has a favourable geographical location and a fairly well-developed transport infrastructure:

• 20.9 thousand km of railway lines;
• 164 thousand km of hard-surface roads;
• 4.8 thousand km of oil pipelines;
• 1 thousand km of pipelines for the ammonia transport;
• 1.6 thousand km of operational shipping routes with an access to Azov Sea and Black Sea;
• 40.1 thousand km of gas pipelines;
• 14 international airports

Ukrainian infrastructure allows to transport more than 1.6 billion tonnes of cargo and 2.5 billion passengers (excluding urban transport) yearly. The average cost of transport per 100 km is 11.2 USD per tonne in road transport, 4.5 USD per tonne for river transport and 7.8 USD per tonne for railway transport.

Passenger railway transport is supported mainly by Hyundai’s high-speed trains. From Kiev you can get to almost all cities within 4-6 hours i.a. to Odessa, Lviv, Dnipropetrovsk, Kharkiv, Tarnopol, Zaporoze, Kherson, Curvy Corner. Except of fast daytime trains, there is a fairly large number of night trips.

Despite the relatively large number of roads, their quality, apart from several highways, leaves a lot to be desired. Passenger and freight transport is licensed type of activity.

The air and rail transport markets are monopolized and access to it is difficult, but due to its large scale it is interesting from the of components and railway materials supplies point of view. Rail transport is represented by the state-owned company – monopolist “Ukrzaliznytsya”. Air services are covered by private companies such as UIA, Dniproavia, Pegasus and others, international carriers are represented on international flights.

The road transport market is more competitive, has many operators – large, medium and small companies. This sector is much more attractive in terms of market entry.

With a large transport infrastructure, logistic centres are poorly developed, which can be a prospective investment subject.

Order in Progress Holding a list of Ukrainian road transport operators.

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Ukrainian energy sector is one of the most important components of the Ukrainian economy and represents: 3% of the employment which means 0.5 million employees, the sector produces approximately 8% of GDP (162 billion hryvnias).

The energy sector of Ukraine was established under the socialist economy and was based on low, subsidised energy prices. Ukraine is ranked 28th in the world in terms of energy consumption, while being ranked 55th in terms of economy size. This indicates a low level of efficiency in the energy sector. Ukraine has a sufficient amount of its own energy resources, it’s ranked 7th in the world in terms of coal reserves, 12th in terms of uranium reserves and 29th in terms of gas reserves.

At the same time, the import share of energy resources remains high, Ukraine imports 33% of total gas demand, 100% of nuclear fuel, 27% of carbon, 19% of oil and gas and 77% of petroleum products.

The “traditional energy” sector is dominated by state monopolies and large private corporations, belonging to the oligarch groups.  The main operators in the market are the state-owned enterprises “Ukrenergo”, “Naftogaz Ukraine”, “Energoatom”, “Ukrgaz”, “Ukrgazdobycha”, the largest private energy company is DTEK. Regional private energy companies are distributing electricity and providing it to the final recipients : «Kharkovenergo», «Kievenergo», etc.

Since 2014, Ukraine has launched a programme to increase energy independence by increasing its own resources, improving energy efficiency and changing the structure of the energy balance by increasing the share of renewable energy resources up to 12% in 2020. This has changed the structure of the sector and created the preliminary conditions and opportunities for small and medium enterprises to enter the market.

Ukraine has committed itself to the implementation of EU energy legislation and legislation, which makes the market more transparent and understandable for EU companies.

Ukraine’s fuel and energy sector is actively modernised and is interesting in terms of investment and supply of equipment, technology, design solutions, etc.

The renewable energy sector is particularly important and perspective. The sector’s attractiveness results from Europe’s highest sale prices of renewable energy.  “In this segment, there are currently a lot of SMEs providing engineering services, equipment, technology, assembly work contractors, etc. Group of companies, having the leading position in these markets includes «ZolotoieSiechenie», Mast-Ipra, Monopolia, Ocean Solar Solution, Alternative Energosystems and others.

The entry into the renewable energy market is significantly different: it is more transparent, there is no monopoly domination and government regulations are based on fairly simple and understandable principles.

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In Russian Federation (FR) economic activity may be carried out under the following legal form:

• Private Entrepreneur – economic activity (IP)
• Limited liability company (ООО)
• Joint Stock Company (AO)

A popular form of conducting business in FR is to establish OOO – a limited liability company. The establishment of the OOO is done by signing the company agreement. It is necessary to notarize the signing of the statute. General Director is a person who manages the company. The business owner may be one individual or legal person. Minimum share capital of the OOO must be at least 10 thousand roubles. Once the company has been established, bank account must be opened.

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A company in FR can be set up by foreign entity – it is then OOO with foreign investments. Foreign entities must submit more documents to establish OOO. The share capital must be brought in cash, min 10 000 roubles. Regarding dividends – tax for the foreign entity is 15% (for a company with Russian capital 13%). Companies with foreign capital are not allowed to maintain a simplified accounting, only full accounting is allowed.

To register ООО, the following documents are necessary:

• Classification of economic activity codes (KWED). Application Form no P 11001.
• Shareholders memorandum to establish OOO.
• Confirmation of tax payment for the OOO registration. The cost is 4000 roubles.
• Statement about switching to simplified taxation system (only if the type of business is appropriate for simplified taxation)
• Guarantee letter from the company premises owner (in original).
• Document confirming payment of initial capital

The process of OOO establishment takes one month. After receipt of the documents (TIN certificate, OGRN = register of companies) you must submit an application to the Federal Statistical Service and receive a certificate of OOO registration. You must register in Social Security Fund and in the Pension Fund.

Progress Holding will establish company in Russia for you

Each company is obliged to keep accounting records. In accordance with the law, General Director is responsible for accounting. There are more than a dozen different types of taxes In FR. Below table shows the main taxes:

TAX	DATE	RATE
CIT	2019	20%
PIT	2019	13%
VAT	2019	20%

Source: CBR

There are a lot of companies providing accounting services in FR. The cost of service ranges from several thousand to tens of thousands of roubles per month. The price depends on the number of documents and the number of services provided.

The most important dates for reporting and paying taxes are:

1. 1. VAT – payable after end of the quarter, till 20th day of the following month.
   2. CIT – income tax-with quarterly advance payments, payable till 28th day of the month following the end of quarter.
   3. Tax advances are paid (by company and individual entrepreneurs), no later than April 25th, July 25th, October 25th
   4. Taxes on UTII are paid (by company and individual entrepreneurs) for each quarter on April 25th, June 25th, October 25th and January 25th.
   5. NDFL – on the first business day after the income has been paid.
   6. Insurance contributions paid to the Federal Tax Service (for FIU, FSS, MHI) – no later than 15th day of the month following the month of income calculation

Most commonly visas are issued for 90 days.

A visa and a migration card are required to allow foreigner to sign an employment contract. A foreigner who has arrived in FR on a visa basis, is obliged to obtain a work permit.

The employer must apply for a permit to employ foreigners at the FR Ministry of Internal Affairs and obtain permission to employ foreigner. The permission is issued for a period of 3 years.

Set of documents required for obtaining the work permit according to the law (ст. ст. 65, 327.3 Labour Code FR):

• proof of identity;
• work book for CIS citizens;
• certificate of compulsory insurance, pension insurance, except of cases stipulated by law (if the foreigner is registered to work for the first time, employer issues certificate for him);
• permit for temporary residence (visa);
• voluntary medical insurance policy covering FR territory or an agreement of paid medical services providing;
• education documents;
• in certain cases, certificate of no criminal record is required;
• temporary residence permit;

The amount of financial burden associated to payment of wages:

• Pension Fund 22%;
• Insurance Fund (ФСС) 2.9%;
• Health Insurance Fund (ФФОМС) 5.1%
• Accident Fund 0.2%
• PIT 13% for Russian citizens and 15% for foreigners

Investment climate in Russia in first quarter of 2018 can be described as stable, with conditions to improvement. The rating agency Standart & Poors upgraded the rating to BBB-, and Moody’s to BA1, increased the rating prospect from negative to stable. The Central Bank of Russia set a base rate of 7.5%. These factors have a positive impact on investment attractiveness in Russia.

Main indicators

INDICATOR	DATE	RATE / VALUE
EUR/RUB FX rate	04.04.2019	73,41
Inflation	06.03.2019	5,20%
Unemployment rate	20.03.2019	4,90%
Central Bank Reference Rate	22.03.2019	7,75%
GDP growth (p.a.)	02.04.2019	2,70%
Average salary	31.01.2019	RUB 43 030
Minimum salary	31.01.2019	RUB 11 163

Source: Based on CBR

Ask Progress Holding and find out more about how to start working on the Russian market

Under the current situation, retail trade and construction can be an attractive investment sector. That covers also tourism, as well as investments in hotel infrastructure, especially in the 4 and 5 stars segment in Moscow and St. Petersburg. According to forecasts, the number of tourists will increase to 2019.

Favourable market conditions include the following factors:

• Rising population income, since 2019
• Low competitiveness of goods and services
• Growing middle class
• Housing ownership increase
• Death rate reduction

Pharmaceutical industry is another interesting sector. Russia is ranked 6th among developing countries in Europe in terms of investment attractiveness in this sector as well as in the renewable energy sector. Investors in Russia should pay attention to the fast-growing IT and telecommunication technologies in Russia. It should be noted that investors in Russia can co-operate, for example, with European innovative companies in the manufacturing of products which meet the needs of the consumer in Russia.

 

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The main principle of market entry is the assessment of your goods or services in terms of price versus quality. If the quality of a product or service meets local requirements, a competitive price will be the next important step. Next assurance regular delivery and maintenance of constant quality. On the Russian market it is better to apply the strategy – the existing product is a new market. This strategy means the introduction of the existing product to a new market. To successfully implement the strategy, you should confirm the presence of potential consumers, establish sales channels of marketing products and develop a set of marketing activities to promote them.

If the company has already analysed the market and decided to supply the products, the question arises how to present the product to customers. That means, how to get the market to keep it. There are 3 main options for a market entry strategy: an export strategy, divided into direct and indirect export, a common business strategy and a direct investment strategy. If your company decides to enter the Russian market, it is recommended that you register your company in Russia – OOO or AO. It is important to create a company website. It is necessary to prepare the company’s offer and presentation. Communication via e-mail is commonly used, however personal meetings are very desirable and recommendations of other companies is crucial.

Comparing to other industries, agriculture in Russia is growing rapidly. Last year, exports of agricultural products reached record-breaking level. However, the further development of the sector depends to a large extent on the pace of innovation development and the competitive position in the world markets. In 2016 agriculture was one of the fastest growing sectors in Russia, increased by 4.8%. In 2015, agricultural production volume increased by 2.6% and GDP decreased by 2.8%. State aid, reduced imports and increased export became decisive factors of the statistics change. In 2016 agriculture received about 222 billion roubles from the federal budget. Due to sanctions, imports of food to Russia decreased by 6% in 2016. The country has therefore introduced an import replacement policy. Imports fall for the third year in a row: In 2014, imports fell by 8% and in 2015 -almost half.

The largest Argo holding companies in Russia are: Group Agro-Bielogorie, Cargill, Rusagro, Cherkizovo, Group EFKO, Mirotorg, Group Sodruzestvo.

In Czech Republic there are several  legal forms of running business. The most popular incorporation forms are:

• Partnership
• Limited Liability Company (SRO)
• Joint stock company (AS)

 

The most popular form of conducting business for SMEs is SRO due to its full functionality and limited requirements. SRO may appoint one founder (natural person or legal entity) or an association of up to 50 people. SRO with one shareholder can not appoint or be the sole shareholder of another SRO. The minimum capital is 1 CZK (5 eurocents). SRO is directed by the management

A joint-stock company (AS) requires at least two shareholders of natural persons or a minimum of one shareholder of a legal entity. Requires appointment, management and supervisory board. The minimum capital is CZK 2 million.

Please ask  Progress Holding for more information .

Foreigners can set up limited liability companies without any restrictions

SRO incorporation

The new company must register with the Commercial License Office. In order to register in the Office, it is necessary to submit:

 

• Lease address agreement
• Confirmation of registration fees

 

Within 90 days of registration with the Commercial License Office, the Company should apply to the Commercial Register where the following documents should be submitted:

• Application.
• Statute – Article of Association
  
• Document confirming the right to economic activity in the Czech Republic
  
• Confirmation of the registered capital from the administrator
  
• Confirmation from the bank about the deposit made to pay the capital
  
• List of management board members with signed management representations to perform their functions on the company’s management board and to file them in the Companies Register (Commercial Register)
  
• Certificates of non-criminal record from shareholders and management.
  
• Submitting an application to the National Court Register, hereinafter the National Court Register

 

Within 15 days of registration, shareholders should submit, at the competent office of the company, with the Tax Office, an application for registration of income tax, payroll tax and VAT.

 

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In Czech accounting is described in ,,Accounting Law,,(Act on Accounting No. 563/1991 Coll., as amended)

Accounting should reflect all operations and present a reliable state of economic activity, i.e .:

• All business transactions must be documented.
  
• All business transactions must be entered into accounting books and journals.
  
• The company must prepare and submit a financial report and an annual report in the commercial register.
  
• All accounting documents must be kept in files.

 

Fixed assets up to CZK 40,000 are included once as a costs, depreciation is calculated over this amount from 36 to 600 months. If the expected turnover is higher than CZK 1,000,000 over 12 consecutive months, VAT registration is obligatory. It also means that you should submit a VAT report quarterly or even monthly if the company’s turnover exceeds CZK 10,000,000 within 12 months.

 

Taxes as at 2019 are:
PIT – personal income tax = personal income tax 22%
CIT – corporate income tax = 19%
Pension funds and investment funds are taxed at 5%
VAT – basic 21%, food, drinks 15%, books and food for children 10%

Fees related to wages constitute around 44%, including employee 11%, employer 34%

Other top taxes:

Road tax
Property tax
Environmental tax

Employing people and managing payroll accounting is one of the most difficult parts of accounting in the Czech Republic, due to many regulations (which change almost every year) and it is best to leave an accountant with experience.
The employment of foreign workers is even more complicated due to work permits and visas for third-country nationals and the registration of a labor office for EU citizens. Foreign companies wishing to employ employees in the Czech Republic should register their company in the Czech Republic as an employer – this process may take a month before a foreign company is registered in all administrative authorities.

Highly qualified employees are available in the Czech Republic. The employment costs are as follows:

• The average salary in the Czech Republic is 33 840 CZK (01.2019).
  
• The minimum wage is EUR 518,97 per month (01.2019).
  
• Minimum living costs, according to government statistics is 12 600 CZK per month.

The Czech Republic is a developed market, the rating agencies rate the Czech Republic highly, the Standard rating and Poor ‘s is  AA- a Moody’s A1. The interest rate on loans for SME enterprises ranges from 2-3% p.a. The reference central bank interest rate is 0.75% (2018).

 

Basic ratios in Czech

pozycje	date	ratio
EUR/CZK	04.04.2019	25,68
inflation	31.02.2019	2,70%
unemployment	28.02.2019	3,20%
GDP growth	31.12.2018	2,80%
FDI per capita in  2013	2013	9383 EUR

Source : Central Bank of Czech

 

In the period 1993 – 2014, ie from the transformation, direct foreign investments in the Czech Republic amounted to EUR 100 billion, of which mainly in production 33.4%, financial sector 25.4%, trade hotels and restaurants 11%. The largest money was put by investors from: Germany 23.9%, Austria 13.2 and the Netherlands 12.6%. Nearly 100,000 companies with foreign capital are registered in the Czech Republic.
In summary, the climate for investment is good, law and stable economy.

In the area of ICT, there are many investors who have settled in the Czech Republic, including Microsoft, Skype, DHL, Tieto, RedHat, SolarWinds and IBM, AVG and AVAST. There are a few countries in the Czech Republic where Google competes with the local search engine www.seznam.cz. Google is ranked first, but the local operator is just behind it www.seznam.cz

A popular form of running a business in Lithuania is an individual enterprise. At least 1 owner is required. There is no requirement for a minimum capital.

 

Another form of running a business in Lithuania is a limited liability company (UAB). It is the form most often chosen for small and medium-sized enterprises – SME’s. At least 1 shareholder is required. Minimum share capital for UAB is  Lt 10,000 (around EUR 2,900), of which Lt 2,45 thousand must be paid in cash, the remaining amount can be paid in kind.

Shareholders are not responsible for the  liabilities of UAB.

For registration UAB the following documents are required:

• company agreement or company  deed,,
  
• articles of association, (original or copy certified by a notary public),
  
• statement of one of the Lithuanian banks confirming the payment of the initial capital of the company,
• company address in Lithuania,
• passports of the shareholders

Incorporation takes around 6 days.

 

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The standard CIT rate in Lithuania is 15%. Small enterprises with annual income not exceeding EUR 300,000 and employment of up to 10 people can benefit from a reduced CIT rate of 5%.
The basic VAT rate is 21%. Reduced rates 9% (heat energy, books), 5% (medicines) and 0% (selected goods and services).

Companies with foreign shareholders  are required to register as a VAT payer when starting a business in Lithuania.

For the purposes of bookkeeping, you can use the services of numerous companies subscribing to this type of services. The monthly  cost of accounting is about 90 EURO.

 

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Cost related  salary (social security and tax)  in Lithuania is approx. 28%.
The minimum salary in 2018  is EUR 400.
The average monthly gross salary is approx. EUR 840.

A foreigner who wants to work in Lithuania must obtain a work permit. In order to employ a foreigner, the employer must apply to the local employment office and register the vacancy

 

A list of documents necessary to hire a foreigner for a contract of employment can be found on the Lithuanian Labor Exchange website (link below)

https://www.ldb.lt/

There is a freedom of entrepreneurship . Foreign entities may open branches and representative offices, there are no restrictions on ownership or control.
There are no special regulations for foreign investors or an obligation to report their activities. However, investments in certain areas of the economy are subject to restrictions (this applies to sectors related to security and defense, activities in areas related to human life and health and potentially dangerous are licensed, non-Lithuanians generally can not buy agricultural land or forests).

 

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