It’s easier for foreigners to start business in Ukraine

Recently, the Ministry of Justice issued a clarification, which contained legitimate grounds for simplifying the procedure for registration of individuals-entrepreneurs for foreigners, reported. Previously, domestic business had difficulties in co-operating with foreigners as with individuals-entrepreneurs (FOP).

Thus, it is necessary that a foreigner individual-entrepreneur is legally residing in Ukraine and registered as an entrepreneur here in order to conclude an agreement with a company. That is, a person with foreign citizenship had to receive a temporary residence permit, and when opening FOP, indicate the data in the column “place of residence/location of individual-entrepreneur”.

The registrars interpreted the requirement to indicate the place of residence in accordance with the provisions of the Law of Ukraine “On freedom of movement and free choice of place of residence in Ukraine”, whereby data on the place of residence of foreigners to be entered in a number of documents: temporary residence permit, permanent residence permit, refugee certificate, etc.

Instead, the Ministry of Justice in its explanation indicates that the “residence” of a foreign person can be confirmed by another document: information from the State Register of Rights to Real Estate, rental agreement etc.

Therefore, foreigners no longer need a residence permit in order to register FOP in Ukraine, but they only need to obtain an individual tax number, as well as provide a rental agreement, data from the State Register of Rights to Real Estate, which confirms property rights to real estate.

In addition, it became known that according to the results of 2017, the net inflow of foreign direct investment into the domestic economy amounted to 2.3 billion dollars, which is by 29.4% less than the results of 2016 – then the figure amounted to 3.27 billion dollars. Such information is reported by the press service of the National Bank, Hyser informs.

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Тема : Новини