With the ongoing conflict with Russia and a high level of corruption, doing business in Ukraine is unlike anywhere else in Europe, so GO SLOW!

Here are some helpful guidelines:

• Check if the Ukrainian party is registered as a legal entity or entrepreneur (otherwise they cannot effectuate or receive payment).
• Meet with your Ukrainian partner (and inspect their office/place of doing business) before you sign any agreements.
• Know your agent! Trust is not enough (background research in state registers on company legal status, bankruptcy status, debtor status, enforcement proceedings status, etc.).
• Enter into several small contracts instead of one large, long-term transaction.
• Start small (test) and gradually increase (re-invest profits).
• Register Ukrainian presence only when absolutely necessary.
• Always hire a good lawyer to draft/review your agreement to make sure it complies with Ukrainian laws (i.e., do not use standard global forms).

Last, but not least, it is highly advisable to have a person or highly trustworthy contract in Ukraine at all times, monitoring the progress of your transaction.

Here is a longer article on setting up operations in Ukraine