Submitting a CFC message

Services for CFC Controllers: Reporting to the Tax Authority

Today in Ukraine, there are specific requirements regarding Controlled Foreign Companies (CFCs). For instance, a resident must submit a special document to the regulatory authorities—the CFC notification. This is required for individuals who are or cease to be controlling persons (controllers) of a foreign company.

Contact GLS Law Company if you need to submit a CFC notification to the regulatory authorities. Our lawyers will consult you on this service, prepare, and submit the necessary documents, providing support at all stages of the procedure.

Who Needs to Prepare the CFC Notification

If you are a controller of a foreign entity, you should prepare a CFC notification under the following conditions:

• Your share in the company exceeds 50%.
• You own more than a 10% share, while there are other tax residents of Ukraine in the structure, whose total share is at least 50%.
• You directly control the company’s activities. For example, you are responsible for the bank account, hold a general power of attorney, negotiate on behalf of the company, etc.

Note that both individuals and legal entities can be CFC controllers.

When to Submit a CFC Participation Notification

You need to prepare a CFC participation notification for the regulatory authorities if you own a foreign structure as a result of:

• its establishment;
• acquiring a share of its stock;
• directly controlling its activities.

When a Notification on Ceasing Participation in a CFC Is Required

If you have ceased to be a controller of a foreign structure, you also need to prepare a corresponding notification and provide it to the regulatory authorities. Ownership status is annulled under conditions such as:

• the foreign organization is dissolved;
• you have sold a certain share of your stake;
• you no longer exercise direct control over the foreign structure’s activities.

How We Help with Submitting the CFC Notification

Contact our experts if you need to submit a CFC notification to the regulatory authorities. Our experts will answer all your questions and take care of filling out the document directly. During this procedure, we will specifically mention all the necessary information in the notification, including:

• Detailed identification details about the tax payer—the controller of the foreign structure, including full name, passport details, etc.
• The name of the structure, the country of its registration, tax addresses and numbers, and various additional information.
• The CFC status, which can be either an organization or a different type of structure, like a trust (does not have the status of a legal entity).
• The type of control over the CFC—direct or partial.
• Your ownership share in the company.
• The date when control over the CFC began or ended.

Our experts can also check the accuracy of the CFC notification you have previously prepared, and provide professional consultation on any questions.

Nuances of Submitting the CFC Notification

If you own a share in a controlled foreign company, the notification should be promptly prepared and sent to the regulatory authorities. This procedure is allocated no more than 60 days. Violating this term may lead to the tax authorities imposing fines or other sanctions.

You can avoid this by turning to GLS Law Company for services. We will promptly prepare the necessary documents about controlled foreign companies: the notification will be correctly filled and sent to the regulatory authorities in a timely manner.

How to Order the CFC Notification Submission Service

You can seek assistance from the legal agency GLS Law Company in several ways. If you are interested in submitting a CFC notification, leave a request on our website. In it, you should specify your name and contact phone number, after which our specialist will contact you for a personal consultation.

You can also contact us by phone or email. Our agency’s lawyers will answer any questions you have about the notification for a controlled foreign company. The price of the service is determined individually, as the cost can vary depending on the complexity of the task and other factors.