Business closure in Ukraine
Our attorneys supervised process of dissolution of representative offices of foreign companies from Europe and Asia. We successfully fulfilled a number of projects related to termination business activities of LLCs that were fully or partially founded by foreign companies and individuals.
We rendered services related to business closure to transnational corporations and leading law firms of Ukraine.
Usually business termination procedure in Ukraine takes up to 1 year.
- provide legal advices on procedure and peculiarities of business termination in Ukraine;
- draft documents for initiation of dissolution (liquidation) procedures and organize translation of documents that are provided by clients;
- file drafted documents with the governmental bodies: representative offices of foreign companies and limited liability companies undergo different liquidation procedures;
- supervise consideration of documents, organize communication between client’s accountants and controlling authorities;
- submit and receive all the required certificates and informational forms, watch over continuity of business liquidation process;
- if required, we render services of nominal manager and nominal owner provision.
List of documents that are required for initiation of liquidation procedure in Ukraine depends on the form of business activities.
Dissolution of LLC in Ukraine requires provision of:
- decision of founders about closing of firm and appointment of liquidator;
- power of attorney for employees of our firm which includes power to perform all actions related to closure of LLC in Ukraine;
- original of firm’s registration certificate and other registration documents;
- information about bank accounts and other information requested by lawyers of our law firm.
When liquidating representative office of a foreign company in Ukraine, it is required to provide:
- minutes (protocol) of parent company by means of which it appoints liquidator;
- original of representative office registration certificate;
- other information requested by our lawyers.
Additional information about the service
There are significant differences between procedure of liquidation of representative office of foreign company and limited liability company in Ukraine.
When closing LLC our attorneys begin the process with submission of documents to local district administration. After this they initiate and supervise the process of audit conduction by the controlling authorities (tax bodies, pension fund, unemployment office and others) that are supposed to confirm absence of firm’s debts owed to the state.
Upon completion of the mentioned audits the law requires a number of primary documents of the firm that can confirm the fact to be provided for storage in archives.
Only after this the firm can be finally closed and deregistered from all the state registers.
This procedure takes about six months. There may be some delays at the stage of audit conduction by controlling authorities if they detect violations of Ukrainian legislation in force.
Liquidation of foreign company’s representative office in Ukraine occurs as follows.
First of all our attorneys request controlling authorities to provide confirmation on lawfulness of business conduction and absence of debts. After this it is necessary to get official confirmation from Ukrainian customs about lawfulness of conduction of foreign trade activities by the rep office.
All powers concerning termination of business in Ukraine are exercised by our attorneys based on power of attorney issued by parent company or the firm itself.
Liquidation procedures in Ukraine do not require significant expenses. Major expenditures include services of notary and translator.