Conditions for receiving a grant for your own business from the state

For more than 2 years, Ukraine has been actively conducting full-scale military operations to protect its territory from the invaders represented by the Russian Federation.

In practice, this leads to the fact that the country's economy needs to constantly open new enterprises and create jobs to pay taxes to the state budget.

To this end, in 2022, the Ukrainian government launched a new grant program called "Own Business".

What are the conditions for receiving this grant program from the state - we will talk about this issue in this informative article.

How to get financing under the grant program from the state "Own business"?

Potential applicants for this grant program are citizens of Ukraine who want to become private entrepreneurs in the future, active sole traders, and legal entities throughout the territory of Ukraine.

In addition, applicants must meet the following criteria, namely:

• not to have located enterprises, or organizations and not to conduct any economic activity in the temporarily occupied territories of Ukraine;
• not to engage in any type of business activity in any part of the territory of the Russian Federation;
• citizens who plan to receive funding under the grant program should not be subject to any international sanctions by foreign institutions, as well as sanctions by the relevant Ukrainian authorities;
• applicants must not be at the stage of bankruptcy (both pre-trial and judicial rehabilitation, property disposal or liquidation);
• applicants must not be criminally liable for committing corruption crimes provided for by current Ukrainian legislation;
• applicants must not have any debt to the state budget of Ukraine (for example, regarding the payment of tax payments or fees).

What is the amount of funding provided for by the grant program and what are the obligations to the state?

The "Own Business" grant program provides for receiving funding from the state for 50,000 hryvnias to 250,000 hryvnias. However, when receiving funds for the development of one's own business, the grantee has certain obligations.

Yes, the grantee is obliged to:

• create at least one workplace;
• conduct business activities for three years or more;
• properly fulfill their tax obligations to the state, in particular for the employment of workers and others provided for by the current Ukrainian legislation.

Importantly! Funding received as part of the grant program does not need to be returned only if the person complies with the commitments made earlier. Money is returned to the state through the payment of tax payments and the creation of new jobs.

Undoubtedly, receiving funding under the "Own Business" grant program is a desirable task for many Ukrainians who are just planning to start their own business and business.

Specialists from the "Prikhodko and Partners" law office understand this important aspect for citizens of Ukraine in practice and therefore are always ready to provide appropriate legal support for obtaining funding for any grant program, including both state and international.

Do not delay and come to our company for a consultation, because we will be able to achieve the desired result for our clients!