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Registration of LLCs in 2016. Practical experience of our firm

Since the beginning of 2016, the regulations on registration of legal entities, including limited liability companies (LLC), have undergone significant changes.

Our company has provided many  Clients with legal assistance and support of the LLC registration procedure within the specified period. Most of our Clients request registration services in order to able to obtain a relevant license. Thus, in August 2016, we registered a limited liability company for a Client from Kyiv, who intended to obtain a Security License. And although the authority responsible for licensing of security activity does not impose any requirements to the content of the company’s articles of association, the Client decided to entrust this work to us. So, we provided him with a complex of services: the registration of a LLC, selection of legal address, obtainment of the Security License.

Around the same time, we were also contacted by a Client from the region, who wanted to get a similar set of services. It’s worth mentioning that in prior years the law of Ukraine did not allow us to provide such a complex of services, but during this period we could take advantage of the principle of extraterritoriality for registration of enterprises. This principle allowed us to register a company with a legal address, for example, in the Kirovograd region, at the registration authorities in Kyiv. Although the principle of extraterritoriality has not been abolished, but unfortunately, it was significantly narrowed today.

One of the Clients, who contacted our company in June 2016 for registration of the LLC, intended to establish a public association by this company in the future. However, the company was also supposed to be engaged in the supply and trade of medical equipment, so our specialists took a highly responsible approach to the development of the articles of asociation, prescribing foreign economic activity and other necessary aspects.

We also often receive request for the registration of LLCs from foreign citizens. The main purpose of such registrations, in addition to doing business, is further employment and obtaining a residence permit under a simplified procedure. We provided such services for Clients from the USA, Germany, India, Denmark.

As for the legislative changes in the field of registration of enterprises, the key development is the abolition of the need for notarization of the company’s articles of association, as well as the abolition of the registration fee. Currently, Clients does not receive any documents other than a list. In prior years, we provided the Client with an extract signed by the registrar and the articles of association with a mark, but under the new regulations, these documents are no longer signed by officials. They are just published on the website of the registration authority and are publicly available (you can find the document by the code indicated in the list). Originals shall be deemed to be printed scanned copies of these documents downloaded from the official website of the State Register.

It goes without saying that the new registration procedure was followed by a great surprise and distrust among the Clients in the first quarter of 2016, but now everyone has used to it. The only negative aspect of the innovations is the simplification of raider attacks on companies. Our company’s lawyers believe that in the near future this may become the reason for tightening the procedure for registering companies even more than it was in 2015.

To learn more about the terms and conditions of cooperation with our law firm in terms of the registration of LLCs, click here.

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