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Important changes in Ukrainian legislation

From the 26th of July 2022, shareholders’ and the company’s directors’ contact information (phone number or email) will be listed in the state record. Any alterations to the company’s information in the state register will immediately be communicated to shareholders and directors using the contact information supplied. Updates to the contact details are not subject to a deadline. As of now, only Ukrainian phone numbers or emails can be used by foreign legal companies.

All shareholders must sign the Shareholder’s Minute of a LLC for changing the company’s director as from the 26th of September 2022. The maximum number of signatures is stipulated, implying that no more than 10 Shareholders who voted in favor of the modification may sign. However, this restriction only applies when 10 Shareholder votes are needed for the decision to be adopted (signing by the Chairman and Secretary of the Meeting shall be avoided in this case).

A termination of the lease agreement (sublease) for agricultural property will be regarded as a substantial transaction starting on the 26th of September 2022. If the lessee of agricultural land is a legal entity, the Shareholders Meeting must give its prior approval in order to terminate the lease (sublease). The transaction is invalid without this approval; however, the corporation may change its Articles of Association to specify that such a transaction is not to be regarded as important.

Starting from the 1st of July 2022 failure to report on the manufacturing and distribution of alcohol, alcoholic beverages, and tobacco products will result in a fine. All companies, including branches and representative offices, are affected. Non-submission, late submission, or submission of a report with incorrect information regarding the volume of production and/or circulation (including import and export) of alcohol, alcoholic drinks, and tobacco products will result in a fine of UAH 17,000.

A foreign company’s website must be translated into Ukrainian as of the 16th of July 2022. Foreign companies that sell goods and services in Ukraine (including branches and representative offices) must convert their websites into Ukrainian to the extent necessary for easy navigation. It is necessary to disclose the website owner’s activity. A fine of UAH 3,400–8,500 will be assessed for noncompliance, and if it is a reoccurring infringement, the fine will be UAH 8,500–11,900.

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