Due to the recent changes now it will be possible to register an LLC through online service
On July 9, 2019, the Ministry of Justice of Ukraine announced the launch of a new service for online registration of the Limited Liability Company, provided that the LLC will operate under the model articles of association. During the registration, the company can create a model articles of association by choosing appropriate items in the form or using the standard default articles of association.
A natural person who intends to become an entrepreneur can also be registered online.
Online registration of the LLC shall be started from obtaining an EDS (electronic digital signature), which considered to be the electronic identification of the applicant. To submit the documents required for online registration, the applicant shall register through a personal account on the Online Justice House portal.
It is very convenient that the LLC online registration doesn’t depend on the legal entity’s location within Ukraine.
In order to use the online registration service, one should fill out a questionnaire on the website, which contains tips and does not require scanning of documents, as they are created in the system automatically. These documents shall be certified by the previously obtained electronic digital signature of all founders.
This online service can be also used to submit an application for a simplified system of taxation and value added tax registration.
You can register your LLC online at https://online.minjust.gov.ua/.
How this innovation will affect the entire process?
In general, the LLC registration procedure became easier now. This means that the applicant doesn’t need to spend a lot of time for visiting state registrars. And this is certainly a step forward.
However, a person that intends to register a LLC may face the same problem as before: there is still a risk of the application to be rejected if the documents are filled in improperly.
Yes, you don’t need to spend your personal time in long queues to the registrar anymore. But you still need to properly plan your registration actions in advance, as well as to know the applicable regulations and laws, which will help you get the company you need.
One of the online registration drawbacks is the model articles of association. It does not have sufficient flexibility in the management of the LLC compared to the articles of association specifically developed for the interests of your company. Thus, for example, you will not be able to prescribe the provisions concerning the powers of the CEO, the decision making procedure for the LLC governing bodies and the like. Therefore, before choosing the electronic procedure of registration of a LLC, think about whether you will be satisfied with the result.
It is also worth noting that for online registration you must have an electronic digital signature, which is not yet easy to obtain.
If you don’t want to risk and spend additional time on making changes to your registration documents, you should better preliminary consult on this issue with qualified specialists.
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