Ukraine is a country of opportunities for many types of business. This includes a convenient geographical location, a favourable legal framework, a fairly loyal market and attractive prices. And also, a loyal attitude towards non-residents, which creates even greater economic attractiveness. All of this encourages foreigners to start their own business in Ukraine and bring taxes to our budget. This process is called business immigration.

This process means that a foreigner can enter and stay in the country without any problems in order to set up and/or manage a business. However, sometimes such trips can be too long or time-limited (when obtaining a visa) and the question arises whether a foreigner should obtain a temporary residence permit (three years or more).

GROUNDS FOR OBTAINING A TEMPORARY RESIDENCE PERMIT

There are two reasons why a foreigner can obtain a temporary residence permit in Ukraine, namely

  • On the basis of a work permit;
  • On the basis of investment in the country's economy in an amount equal to or greater than one hundred thousand euros (EUR 100,000).

For many foreigners, obtaining a residence permit on the basis of employment is a more realistic option to start doing business in Ukraine. Why? Well, probably because they would first like to study the Ukrainian market, because an investment of EUR 100,000 or more is somewhat complicated. Subsequently, the foreigner registers a company with a smaller authorised capital, on the basis of a work permit, and receives a three-year residence permit. And during these 3 years, he has the opportunity to develop his business and gradually prepare a package of documents for immigration.

However, it is worth noting that such a process can be very complicated for a foreigner who is not sufficiently informed about Ukrainian legislation. Therefore, it is worth seeking qualified legal assistance immediately.

WHAT DOES THE LAW SAY?

The Law of Ukraine "On the Legal Status of Foreigners and Stateless Persons" (2012) tells us that according to Article 3, part 12 – a foreigner can indeed obtain a temporary residence permit in two cases: either he/she is a beneficial owner (controller) or a founder or participant of a legal entity registered in Ukraine and whose data is included in the Unified State Register of Legal Entities. Second, it is again an investment of at least one hundred thousand euros.

The Law also establishes a list of documents for obtaining a residence permit, namely:

  • Application of a foreigner.
  • A valid health insurance policy.
  • A written obligation of a legal entity to notify the central executive body that implements the state policy in the field of migration (immigration and emigration), including combating illegal (irregular) migration, citizenship, registration of individuals, refugees and other categories of migrants defined by law, of the loss of the status of a foreigner or stateless person as a founder and/or participant and/or beneficial owner (controller) of this legal entity.
  • Other documents, depending on the form of investment (data on the legal entity in which the foreigner is a founder or participant, a copy of the customs declaration, a bank account statement, a statement of the securities account in Ukraine), which must be certified by an authorised official of the legal entity.

IS IT WORTH STARTING A BUSINESS OR GETTING A JOB TO OBTAIN A TEMPORARY RESIDENCE PERMIT IN UKRAINE?

Definitely yes. Ukraine is a promising country for setting up and running a business. And despite all the issues and complexities of the legislative field in the immigration procedure, it can be greatly simplified by seeking professional legal support and entrusting this matter to experienced specialists.

The lawyers of EVROVECTOR Law Firm will be able to help foreigners or stateless persons to obtain a temporary residence permit on the territory of Ukraine on a legal basis, taking care of all the main processes. Therefore, you should not be afraid to immigrate to Ukraine and start your own business here, because many well-known businesses and corporations started their activities in Ukraine.