Currently legislation regarding the regulation of a representative branch of a foreign business entity (hereinafter – «Representative branch») that is not a separate legal entity, is not fully formed, regulations contain a number of flaws or contradictions. Our experts already have experience of registration and legal support of Representative branches and can provide you with consultations concerning peculiarities of:
- business activity;
- cash flows;
- staff accounting.
Registration of Representative branch is a long and expensive process and consists of two stages:
1. Registration of Representative branch by the Ministry of Economic Development and Trade of Ukraine.
The following documents are submitted:
- Application containing information regarding:
- foreign business entity (name, legal form of organization, country of origin, date of foundation, address, telephone number, quantity of employees, banking details, area of activity);
- Representative branch (city in which it will be founded, cities where affiliates will be founded (if any are planned), quantity of foreign citizens which will be employed in Representative branch, purpose of foundation);
- Extract from the Trade register of the country of location of the officially registered governing body of a foreign business entity;
- Certificate from the bank where the account of the foreign business entitiy is opened;
- Power of attorney authorizing to provide representative functions in Ukraine.
The above mentioned documents are to be notarized in their place of issue, and properly confirmed (legalized/apostilled), depending on the international agreements with country where the foreign business entitiy is registered.
The official state fee for registration is USD 2500,00. It is to be paid when applicant submits the set of documents for registration.
If there are no grounds for refusal, the Certificatr of registration is issued within 60 business days from the date of the state fee payment.
2. Opening of the banking account, registration in different state authorities (in case if Representative branch will effect business activity):
- Tax authorities
- Customs authorities
- Migration service
Legal support, accounting and staff accounting of the Representative branch (especially Representative branch providing business activity) have a number of peculiarities already studdied by our experts in practice.
Our Company will provide you with all the necessary related services, taking into account the specifics of the Representative branch activity.