LETTER OF THE MINISTRY OF JUSTICE OF UKRAINE

of September 20, 2013 No. 533-0-2-13/6.1

(Extraction)

The Ministry of Justice of Ukraine within competence considers the address concerning provision of explanations of some regulations of the legislation of Ukraine and the following is reported.

Concerning "Whether the Company without Appointment of the Director (Other Head) Can Work" and "Whether the Director Can Be the Single Employee of the Company and, in Particular, Keep Financial Accounting"

According to article 62 of the Economic code of Ukraine the company is the independent subject of managing created by competent authority of the government or local government body, or other subjects for satisfaction of public and personal needs by systematic implementation of productive, research, trading, other economic activity according to the procedure, provided by this Code and other laws.

Depending on method of education (organization) and forming of the authorized capital in Ukraine unitary and corporate enterprises are effective.

The unitary enterprise is created by one founder who allocates property necessary for this purpose, creates the authorized capital which is not divided into shares (shares) according to the law approves the charter, distributes the income, is direct or through the head who it is appointed, directs the company and creates its labor collective on the basis of labor hiring, resolves issue of reorganization and liquidation of the company. The companies state, utility, the companies founded on property of consolidation of citizens, the religious organization or on private property of the founder are unitary.

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