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Ukraine Company Incorporation Services
Located in the heart of Europe with connections to Russia and the Middle East, Ukraine is considered as a strategically positioned country. However, setting up and incorporating a business here can prove to be quite a challenge. While Ukraine may be a large and emerging market, the bureaucracy and red tape involved in setting up a business in the country can prove to be something of a challenge.
Despite the challenges faced however, Ukraine does have potential and opportunities in a broad range of sectors which can be beneficial for some investors depending on the kind of business they are considering.
The Pros of Doing Business in Ukraine
Among the pros involved in doing business in Ukraine are for one, it’s large population and highly educated workforce. This point is beneficial for investors looking to set up a business there, because a large population and educated workforce means it is easier to find skilled workers locally. The country’s labour costs are also low if compared to a lot of other countries.
The country has also signed the free trade agreement with the EU, which means less restrictions if you want to do business with countries that are part of the EU. Since the Euro is widely used, businesses don’t have to deal with currency exchange rates, which enables them to save more money. Always a good thing for businesses.
The Challenges of Setting Up a Business in Ukraine
Among some of the challenges investors will face when trying to begin a business or incorporate a business in the Ukraine include dealing with the country’s political and economic instability. When doing business, dealing with a country that is going through instability is never something you want against you because these factors could greatly affect the success of your business.
The country’s bureaucracy and inefficient tax and legal systems could also prove to be a liability. And then there’s the underdeveloped transport infrastructure, which will cause logistical issues for the relevant businesses. There are also no sufficient laws governing protection of Intellectual Property if compared to countries like Germany or the UK. Without sufficient laws protecting your business IP, there are going to be loopholes which can be exploited.
Setting Up and Incorporating a Business in Ukraine
Unlike other countries, setting up a business in Ukraine may differ slightly because Ukraine does not allow foreign investors to form a partnership in the country, even if it is for business reasons.
Managing a business locally can be challenging enough, but running a business in a new, unfamiliar country can prove to be an even greater challenge. But with the help of our panel of experts at 3E Accounting, we can not only help you establish a successful business but also help to incorporate your business to get it up and running successfully. Contact us today and let’s work together to make your next venture a success.