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Tips for Ukrainian business abroad

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We understand that now some entrepreneurs have moved abroad and have opened or are planning to open their businesses there. So we have prepared some tips to help you not lose your finances and keep your company’s taxes under control.

Corporate security

  • most business processes have gone online and remote, so don’t neglect cybersecurity issues
  • the issue of business inspections, unfortunately, has not lost its relevance, so do not forget that tax and labor checks have been resumed
  • an even more acute issue has become relevant — the inheritance or transfer of corporate rights to management in the event of the death, demise, or relocation of the owner to another country

Tax security

Tax residency

After moving abroad, you can get the status of a tax resident of that country.

So today you need to answer yourself:

  • in which country do I have to pay taxes?
  • exactly what taxes do I have to pay and in what amount?
  • do I really have to pay taxes in several countries at the same time?

 

Double taxation

If you have decided that you have to pay taxes in several countries, please note that there are agreements on the avoidance of double taxation concluded between Ukraine and many countries.

Your residency must be checked taking into account these agreements, in order not to pay taxes on the same income in several countries.

Controlled foreign companies (CFCs)

For those who opened companies abroad, the issue of reporting on controlled foreign companies will be relevant in 2023. So you can already prepare for the CFC reporting period.

Labor safety

  • properly arrange remote work;
  • pay special attention to the registration of conscripts and the correct registration of mobilized persons;
  • pay attention to the preservation and security of access to corporate resources, accounting, and tax systems;
  • ensure that employees who have access to corporate servers have a safe working environment and the ability to ensure their safety.

Restructuring of credit obligations

  • banks are ready to make significant concessions, including overdraft agreements, on the condition of receiving real repayments from businesses — discounting in some cases by more than 60%;
  • the preferential lending program of 5–7–9% with state support continues to operate.

Security of entering the international market

  • Ukrainian entrepreneurs faced difficulties in the field of intellectual property: some discovered that similar brands already exist in other countries, while others were not ready for stricter regulatory conditions of doing business in the IP sphere;
  • check for trademarks in other countries before deciding to enter other markets;
  • Ukrainian business cannot always undergo financial monitoring in other countries — currently, the exceptions are Türkiye and the UAE;
  • when choosing a country for business migration, pay attention to labor and social legislation and how the state controls its compliance.

Recording war crimes against the business (destruction and damage to property)

  • it is better to record it with the help of an expert and conduct construction and technical examination;
  • contact the local self-government bodies with a request to create a commission and record the damage;
  • fixation must take place with the participation of the involved representatives of the State Emergency Service at the request of the injured person.

State programs and grants

Several facts should be kept in mind when working with foreign donors:

  • foreign donors work with “white” and transparent legal structures, so the question of structuring should be dealt with at the very beginning;
  • the movement of assets from donors to Ukraine may have obstacles such as financial monitoring of several countries — therefore, the structuring of agreements with donors must take into account the requirements of international legislation;
  • donors will be very particular about finances and their security — who will manage the funds, how they will be secured, and how effectively and purposefully they will be spent.
Поради для українського бізнесу за кордоном Haluk Bayraktar, CEO of Baykar: “Türkiye and Ukraine are brotherly nations”

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