Business news from Ukraine


Azerbaijan’s Buta Airways low cost carrier will operate flights to Kyiv at Boryspil International Airport from January 22, 2020, the airline’s website said. Earlier the airline operated flights to the capital of Ukraine at Kyiv Zhuliany Airport.
As part of the airline’s winter schedule for 2019/2020, which is valid until March 27, Buta Airways flights on the Baku-Kyiv-Baku route are operated three times a week on Tuesdays, Wednesdays, and Fridays. According to the same schedule, it is planned to continue flights in the summer schedule of 2020.
“Flights to Boryspil are carried out by most Ukrainian and foreign carriers, which will allow Buta Airways passengers to plan more convenient connections with other airlines,” the airline said.
Passengers who have already purchased tickets will be notified in accordance with the airline’s procedure by the phone numbers indicated when purchasing the ticket.
Buta Airways is the first low cost airline in Azerbaijan, a structural unit within Azerbaijan Airlines (AZAL), founded in December 2016. The first flight was performed on September 1, 2017. The airline fleet consists of modern Embraer aircraft. The airline is based in Baku, at Heydar Aliyev International Airport.

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The Ukrainian low cost airline SkyUp Airlines (Kyiv) will launch direct flights from Kyiv to Pisa (Italy) from April 1, 2020.
According to the press service of the airline, flights will be operated twice a week on Wednesdays and Saturdays.
The cost of a one-way ticket without baggage is from UAH 1,667.
SkyUp Airlines LLC was registered in Kyiv in June 2016. The founder is ACS-Ukraine LLC of Tetiana and Yuriy Alba, who also own the JoinUp! tour operator.
According to the unified register of legal entities and individual entrepreneurs, the ultimate beneficiaries of SkyUp are Oleksandr (50%) and Yuriy (50%) Alba.
The company began charter flights from the end of May 2018.

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The Antimonopoly Committee of Ukraine (AMCU) is considering a repeat application of OH Holding Limited (Nicosia, Cyprus) for permission to acquire a share in Kyiv-based LLC Luxoptica Holding’s charter capital, which ensures over 50% of votes in the company’s highest governing body.
The committee in November 2019 began consideration of the relevant case on concentration, the AMCU said.
“OH Holding Limited and LLC Luxoptica Holding earlier lodged a similar application with the committee, after which the concentration case was opened in September this year. However, the applicants withdrew their applications and the case was closed,” it said.
Luxoptica is one of Ukraine’s largest optic chains, it has been operating on the market since 1994. According to the information in the state register, the final beneficial owners are Oleh Kalashnikov and Nadiya Shalomova. Other owners are Olena Biletska, Volodymyr Kononenko, Vitaliy Cherepanov, Inna Alter, Oleksiy Svystun, and Valeriy Devko.



The total absorption in the high-quality office real estate market in Kyiv in July-September 2019 increased by more than 70% compared to the same period in 2018 and amounted to near 46,000 square meters, according to a press release of Colliers International (Ukraine), the international consulting company.
“In general, during the first nine months of 2019, the volume of transactions amounted to about 131,000 square meters, which already exceeds the results of entire 2018. According to the results of the third quarter, IT industry companies (48%) had the main share of the total absorption, as well as companies from industry and energy (33%),” Colliers said.
According to the company, new offer in the third quarter amounted to 10,000 square meters, or some 15% of the declared for commissioning in the second half of 2019.
According to Colliers, developers announced five facilities with a total area of about 57,000 square meters for going live by the end of 2019.
“A significant part of the office space under construction already has signed preliminary lease agreements. This trend is one of the indicators of increased demand and the formation of the landlord market. Given the shortage of high-quality office space, the vacant space of facilities with a good location and concept is quickly absorbed by the market,” Colliers said.
According to company analysts, rental rates in Kyiv offices in the third quarter remained at the level of the previous quarter. In particular, the range of base rental rates in Class A business centers amounted to $22-30 per square meter, in the class B centers it is $14-21, and in the class C centers it is $9-13.
Modest growth is projected during the first half of 2020.

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By 2021, the first Ukrainian innovation park, UNIT.City (a project of UFuture), will be built at 20%, and the amount of investment in it will reach 245 million euros.
“UNIT.City must integrate into the international innovation ecosystem. To do this, we are ready to actively invest in the project, attract global technological leaders, and interact with global financial institutions. The park has reached a new level and is an understandable partner for key industry players,” Vasyl Khmelnytsky, Founder of UFuture, said.
Today, about EUR50 million have been invested in the innovation park and 36 thousand square meters of infrastructure have been built. Three campuses, an IT-school for gifted youth, UNIT Factory, coworking Chasopys.UNIT, a free sports complex and several cafes have been opened. By the end of this year, EUR70 million will be invested in the construction of two business campuses and the first phase of UNIT.Home with a total area of 60 thousand square meters. The construction of five new business campuses, the second phase of UNIT.Home, and a school (with a total area of 110 thousand square meters) is planned to start next year with EUR125 million of investments. Thus, a fifth part of the territory of the innovation park will be built.
According to UNIT.City’s CEO Dominique Piotet, in 2020, comfortable conditions for 150 resident companies as well as for education of more than 1,200 students will be created in the innovation park. Partnership with two of the world’s leading universities is planned. Five venture capital funds, eight laboratories, and ten accelerators are expected to operate in UNIT.City next year. The top manager hopes that international events such as Web Summit, IT Arena, CES, and Davos will be held at UNIT.City in 2020.
“My goal is to ensure that in 2025, when 90% of UNIT.City is built, the world appreciates Ukraine no longer for outsourcing, but for the high quality of innovations, startups. I would like the world to perceive our ecosystem as a place where ideas grow into world-famous companies. Where billion-dollar unicorn startups appear. I would like the next Tesla or iPhone to be born here in UNIT.City,” Dominique Piotet said.
The symbol of the “New Era” of the innovation park’s development is the opening of the unique “Beacon” art object at UNIT.City square. With the onset of darkness, light gradually rises along the two sides of a 60-meter factory pipe lighting a bright beam at the top. The diameter of its base is 3.5 m, and the length can reach 100 meters.
Inside the art object, a dome screen and a projection system were installed by a Ukrainian company, developer of visual solutions and technologies for planetariums and museums, Front Pictures. The image on the screen is being created by four projectors under the control of the Screenberry media server. The planetarium can be controlled remotely through the application on the tablet. “Beacon” was designed by a British artist, Sebastian Kite. The concept of the project was implemented by UDP development company.

UFuture is a holding company of Ukrainian entrepreneur Vasyl Khmelnytsky that integrates his business and impact-investment projects. The Company has a diversified portfolio of assets in real estate, industry, infrastructure, renewable energy, pharmaceuticals, and IT. As of today, UFuture’s assets are estimated at $550 million with total capitalization of the businesses invested in exceeding $1 billion.
UNIT.City is Ukraine’s first innovation park. It is the location where matchless infrastructure and all-inclusive ecosystem enable high technology, innovative and creative businesses to happen and flourish. The goal is to become the center of innovations and a one-point entry into Ukraine for investors, partners and new technology from all over the world. The mission of UNIT.City is to create a unique innovation platform where advanced companies, start-ups and mavens get an opportunity to cross paths and work together ramping up their growth.

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In 2019 Ukraine is required to implement new international tax rules at the legislative level in accordance with its obligations . How not only to lose from their introduction, but also to win – will be discussed by representatives of the authorities, consultants and business at the National Forum “INTERNATIONAL TAXATION: TRANSFORMATION OF BUSINESS” in Kiev on September 20 .
The new government’s strategies and first steps towards changing the rules of international taxation, combined with best-in-class consultancy practices, will be on the focus of the International Forum for International Taxation: BUSINESS TRANSFORMATION 20 September at the Park Inn Hotel in Kiev .
Due to loopholes and inconsistencies in national and international tax law, companies reduce or evade income tax liabilities, which causes Ukraine to lose budget revenues. Ukraine has announced changes to all 77 tax treaties it has signed. Recall that on February 28 this year, the Verkhovna Rada ratified the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) .Thus , the new Parliament will immediately submit bills to counteract the erosion of the tax base and profit under taxation.
2020 or 2021? What and when does the President, the new Verkhovna Rada and the Government implement the world transparencies of business in Ukraine?
What to change this autumn in the legislation of Ukraine with regard to strengthening the control of international transactions?
What should business do for normal operation in the new global transparency?
When and how is the automatic information exchange system operating in Ukraine?
What will be the strength of TP control in 2019-2020?
How to minimize risks in the new conditions?
How to protect business from the pressure of controlling bodies and avoiding penalties?
Forum Speakers :
Gabriela Miranda , Project Manager in Ukraine , Eurasia Program, OECD
Sergey Verlanov , Chairman of the DPS
Danylo Getmantsev , Member of Parliament of the 9th convocation , President of the Association of Tax Advisers
Elena Makeeva , Chairman of the Board of Directors Audit firm ” Aksenova and partners ”
Geneva Group International, Deputy Minister of Finance (2015-2016), Advisor
performing duties of head of DFS
Anna Sergiychyk, Manager of RoyaltyRange
Maksym Lavrynovych, Managing Partner, Lavrynovych & Partners Law Firm
Dmytro Savchuk , Associate Partner, Lavrynovych & Partners Law Firm
Tetyana Ostrykova , Member of Parliament of Ukraine, 8th convocation, eepert in international taxation
Nina Yuzhanina , Member of Parliament of Ukraine, 9th convocation
Alexander Lepetyuk , Acting Director of the Department of Transfer Pricing and International Taxation of the State Tax Service of Ukraine
Lyudmila Palamarchuk , Director of the Department , Ministry of Finance of Ukraine
Oleksiy Zadorozhny, Head of the Department of Profit Tax Methodology of the Department of Methodological and Rulemaking Work of the State Fiscal Service of Ukraine
Yevhen Kozlov, Senior Project Manager, Reform Support Office at the Ministry of Finance of Ukraine
Evgeniya Abrosimova , Partner, Head of the Transfer Pricing Department of Audit- Invest I
Ivan Shynkarenko, Partner, KM Partners
Oleksandr Shemyatkin , Partner, KM Partners
Vyacheslav Kruglyak , Head of the Transfer Pricing Audit Department of the State Fiscal Service of Ukraine
Tatiana Savchuk, auditor of ID Legal Group . Head of ID Legal Transfer Pricing Practice
Tatiana Kamenska , Chairman of the Audit Chamber of Ukraine
Irina Sivolap , Head of the Interaction Department for Transfer Pricing of the State Fiscal Service of Ukraine
Olga Yelchenko , managing partner of “Audit- Invest ”
Andrey Segal , lawyer, contract partner of AMBER Law Firm
Victoria Fomenko , partner, head of the practice of tax and customs law international law firm « INTEGRITES »
CEOs, CFOs, heads of financial and tax services, chief accountants and heads of legal departments of leading Ukrainian and international companies.
by phone: +380 (44) 394 88 83, +380 (93) 029 84 07 , or e- mail :
The Forum is held with the participation of the Verkhovna Rada Committee on Tax and Customs Policy, the Ministry of Finance of Ukraine and the State Tax Service of Ukraine. Partners of the Forum are: – RoyaltyRang e – Strategic Partner; Audit- Invest is a partner; Forum partners -, ID LEGAL GROUP , UK ” Amber “, Law firm EUCON , Law firm “KM Partners” , Integrites , OOO “Borey”. Information partners – Interfax-Ukraine – General News Partner; Ukraine Business Review; Ukrainian News Agency, Observer , ACC , MaxEvents , TAX Link .
Organizers Forum: Journal “Rating. Business in official numbers, Market.Info Agency .

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