Ukraine Geography, Politics, Economy, and Culture

Located in Eastern Europe, Ukraine is on the Black Sea, with Russia to its East. The country’s economy formed the core of the former Soviet Union’s powers (after Russia) with its fertile land accounting for more than a quarter of the agricultural output in the region. Following its independence, Ukraine has had a complicated relationship with its former rulers with both economic ties, as well as military conflicts with Russia compromising much of its recent history.

Although the second largest in the Soviet era, Ukraine’s economy has fallen to less than 40% of its pre-independence level. Transportation and spacecraft are two of their biggest exports with Antonov airplanes and KrAZ trucks exported to many countries. Most Ukrainians are Orthodox Christians, with many ethnic groups represented, and with Ukrainian as its official language. Other languages used include Russian and Hungarian.

May 1Labor Day
May 2Orthodox Easter Day
May 3Orthodox Easter Day holiday
May 9Victory Day / Memorial Day
May 10Victory Day / Memorial Day observed
June 20Orthodox Pentecost
June 21Orthodox Pentecost holiday
June 28Constitution Day
August 24Independence Day
October 14Defenders’ Day
December 25Catholic Christmas Day
  • DAT/ДАТ (Державне акціонерне товариство / Derzhavne aktsionerne tovarystvo)
  • FOP/ФОП (Фізична особа підприємець / Fizychna osoba pidpryyemets)
  • KT/КТ (Командитне товариство / Komandytne tovarystvo)
  • PT/ПT (Повне товариство / Povne tovarystvo)
  • TDV/ТДВ (Товариство з додатковою відповідальністю / Tovarystvo z dodatkvoiu vidpovidalnistiu)
  • TOV/TOB (Товариство з обмеженою відповідальністю / Tovarystvo z obmezhenoiu vidpovidalnistiu)
  • PP/ПП (Приватне підприємство / Pryvatne pidpryyemstvo)
  • VAT/ВАТ( Вiдкрите акцiонерне товариство / Vidkryte aktsionerne tovarystvo) or PAT/ПАТ (Публічне акціонерне товариство / Publichne aktsionerne tovarystvo)
  • ZAT/ЗАТ (Закрите акцiонерне товариство / Zakryte Aktsionerne Tovarystvo) or PrAT/ПрАТ (Приватне акціонерне товариство / Prytvatne aktsionerne tovarystvo)
  • AT/АТ (Акціонерне товариство / Aktsionerne tovarystvo)
  • Corporate Tax: 18%
  • Income Tax (Lowest Marginal Rate): 0%
  • Income Tax (Highest Marginal Rate): 18% (common rate), 20% (some activities)
  • VAT/GST/Sales Tax: 20% (standard rate), 7% or 0% (reduced rates)
  • PrivatBank (Local Bank)
  • Oschadbank (Local Bank)
  • Ukreximbank (Local Bank)
  • Raiffeisen Bank Aval (Local Bank)
  • Ukrgasbank (Local Bank)
  • Alfa Bank Ukraine (Local Bank)
  • UkrSibbank (Local Bank)
  • First Ukrainian International Bank (Local Bank)
  • Sberbank (Local Bank)
  • Crédit Agricole (Local Bank)
  • OTP Bank (Local Bank)
  • Ukrsotsbank (Local Bank)
  • Pivdennyi Bank (Local Bank)
  • Prominvestbank (Local Bank)
  • Citibank (Local Bank)
  • Other commercial banks (Commercial Bank)
  • A-Bank (Commercial Bank)
  • Arkada Bank (Commercial Bank)
  • Bank Lviv (Commercial Bank)
  • BTA Bank (Commercial Bank)
  • Credit Dnipro Bank (Commercial Bank)
  • Credit Europe Bank (Commercial Bank)
  • Creditwest Bank (Commercial Bank)
  • Deutsche Bank (Commercial Bank)
  • First Investment Bank (Commercial Bank)
  • Idea Bank (99.5% ownership in Getin Holding S.A.) (Commercial Bank)
  • ING Bank Ukraine (Commercial Bank)
  • KredoBank (99.6% ownership in PKO Bank Polski) (Commercial Bank)
  • Marfin Bank (Commercial Bank)
  • Megabank (Commercial Bank)
  • Piraeus Bank (Commercial Bank)
  • Pravex Bank (subsidiary of Intesa Sanpaolo) (Commercial Bank)
  • ProCredit Bank (Commercial Bank)
  • SEB (Commercial Bank)
  • Tascombank (Commercial Bank)
  • Universal Bank (Commercial Bank)
  • VS Bank (Commercial Bank)
  • VTB Bank (Commercial Bank)

Aadmi can support you with your expansion to Ukraine. Our team of experts in country manage every aspect of your expansion from incorporation, accounting, legal, and even administrative concerns.  Matched with Global People Strategist’s powerful labor compliance software, your company is in good hands.

Contact us today for more information about how your company can benefit from using Aadmi as your global expansion partner.

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