significantly simplified in Ukraine. Minimum amount of authorised capital is 1 (one) hryvnia (less than 0,04 US cents). There is no state fee for LLC formation. By Ukrainian Law LLC dividend payment is possible after the declaration of company's income or profit to the fiscal/tax authorities and the approval of the income statement. Thus, regardless of the tax system, LLC can make dividend payments up to 4 times a year, or one time a quarter. Taxation. LLC can be registered:— as corporate/profit tax (18% rate) with or without VAT (up to 20% rate, depends on product or service) tax payer; — fixed tax rate (in transliteration "yediniy podatok" or "sproschena sistema opodatkuvannia") is a 5% rate from revenue, with or without (on request) VAT registration. United Arab Emirates A Limited Liability Company (LLC) is the most common type of registration in the UAE and is recommended where the purpose of the entity is to make sales within the region. 100% foreign ownership of such an entity is not permitted. Under the UAE Commercial Companies Law (CCL), foreign investors are permitted to hold up to 49 per cent equity ownership in UAE companies and 51 per cent of the equity must be held at all times by one or more UAE nationals. In accordance with Article (218) of the CCL a Limited Liability Company can be formed by a minimum of 2 and a maximum of 50 shareholders whose liability is limited to their shares in the capital of the company. Recent amendments to Article (217) of the CCL that came into force in June 2009 removed the requirement for minimum share capital (previously AED 300,000 in Dubai and AED 150,000 in other Emirates) allowing founders of a limited liability company the freedom to determine the company's share capital which could be less than the earlier prescribed bottom line. Shares of an LLC are not open for subscription by the public. Despite the split in shareholdings, profits may be divided in other ratios agreed upon, taking into consideration efforts of foreign partners in management, provision of technology or expertise. Responsibility for the management of a LLC can be vested in the foreign partner or UAE national partners or a third party. A LLC must appoint a minimum of one manager and up to a maximum of five managers for the business. Managers must be appointed by a Memorandum of Association or