Operation of the business during martial law – legislative requirements that remained unchanged

Requirement to prolong documents

Currently, there are no legislative changes which provide for automatic prolongation of the validity of work permits and temporary residence permits in Ukraine. The documents are valid within the period specified therein.
Now prolongation of work permits for citizens of Russia and Belarus require getting relevant permission from the Security Service of Ukraine by the Employment Service, so the procedure takes more time.

Requirement to cancel documents

Work permits and temporary residence permits in Ukraine should be cancelled and returned to the relevant state authorities in case of their expiration or termination of the employment relations.

Obligation to hold annual general meeting of LLC shareholders

In accordance with the law, the annual general meeting of the shareholders should be held within 6 months of the year following the reporting year. The legislation establishes a list of issues that are mandatory for consideration at the annual general meeting of LLC shareholders.

Requirement to approve significant transactions

Any company’s transaction which exceeds 50 percent of the net assets of the LLC according to the last approved financial statement should be preliminary approved by the general meeting of the shareholders, unless otherwise stipulated by the company’s charter.

Prolongation of the contracts. Postponement of the obligations

Current legislation does not provide for automatic prolongation of contracts as well as the postponement of the obligations due to the inability to perform.