Opening a business in Europe for Ukrainians

Tips for Ukrainians Who Want to Start a Business in Europe

Opening any business requires careful planning, flexibility, and consideration of many factors. Especially when starting a business in another country as a Ukrainian citizen.

Which European Country Is Best for Ukrainians to Start a Business?

The choice of a country to do business in Europe depends on various factors, including the scale, goals of the entrepreneur, and the industry’s specificity.

1. If the main goal is to obtain EU citizenship in the future, consider countries offering residency programs for investments, such as Malta, Portugal, Cyprus, Greece, Spain, and others. It is important to note that these programs usually require a significant investment, and the requirements may include a clean criminal record, residency duration, medical insurance, language proficiency, etc. Conditions and requirements may change, so it is recommended to consult immigration professionals or lawyers for the most up-to-date information.
2. If you want to start a business in Europe with a small capital, optimal options are neighboring countries of Ukraine, such as Poland, Bulgaria, Romania, the Czech Republic, and Slovakia. These countries provide an attractive business environment, lower startup costs, and relatively low bureaucratic levels.
3. For entrepreneurs, it is crucial to secure favorable conditions for tax obligations, minimize bureaucracy, and ensure financial transparency. The lowest corporate income tax rates are in Hungary and Bulgaria, at 9% and 10%, respectively.

Choosing the Form of Ownership

Before engaging in entrepreneurial activities, carefully choose the form of ownership. The right decision in this matter will help avoid unplanned expenses and risks. Different forms of ownership provide different levels of liability, tax obligations, and management structures.

Sole proprietorship and Limited Liability Company (LLC) are the most suitable forms of ownership for small and medium-sized businesses, while Joint-Stock Company (JSC) is suitable for large businesses.

Sole Proprietorship

The simplest form of ownership suitable for individuals running a business independently. The sole proprietor receives all profits after taxes and bears full responsibility for the business’s obligations.

Limited Liability Company (LLC)

An LLC protects the assets of its shareholders by separating personal liabilities from the obligations created by the company. In Europe, creating this type of ownership often requires preparing founding documents, contributing a minimum share capital, and registering with the Trade Register. Usually, the management of an LLC is in the hands of its members (directors and shareholders).

Reducing capital requirements for companies of this type has become a common practice in many European countries. For example, in the Netherlands, only 1 euro as share capital is sufficient to register a company.

Joint-Stock Company (JSC)

A more complex form of ownership suitable for large enterprises. The share capital is divided into a specific number of shares, and JSC participants are liable for the company’s obligations within the value of their shares.

What Documents Do Ukrainians Need to Start a Business in Europe?

When studying the process of opening a business in Europe, it is important to carefully determine the list of required documents that the future company owner will need to provide. Each European country has unique requirements for business registration. However, the general algorithm includes steps such as:

• Registering a legal entity;
• Registering as a taxpayer;
• Opening a bank account.

To successfully complete all stages of business creation in Europe, the following documents will be needed:

• Resume;
• Photos;
• Business visa;
• Office lease agreement;
• Recommendation letters (optional);
• Copies of the foreign and internal passports of the founder;
• Business plan.

For a faster completion of all necessary procedures, you can seek assistance from specialists. Consideration can also be given to the possibility of organizing a turnkey business, purchasing an existing one, or a franchise.

Med Invest Group offers a unique opportunity to acquire a ready-made business with a well-known brand in Poland. We propose investing in the opening of medical centers serving tourists and immigrants from the CIS countries. By turning to us, you gain the following advantages:

• Ready management system for the enterprise;
• Effective business conduct standards;
• Access to a database of qualified medical specialists;
• Established customer base;
• Centralized management and administration by the managing company;
• Quick start and clear terms of the investment agreement;
• Guarantee of return on investment in less than 5 years.