Volodymyr Gurlov
Managing partner

Don't know how to get the license? I can help you with it!

Legal consultation
HomePublicationsComments on legislationWhat is the process for opening a bank account in Ukraine for business purposes?

What is the process for opening a bank account in Ukraine for business purposes?

Views: 219

Ukraine, with its growing economy and strategic location, has become an increasingly attractive destination for foreign investors and entrepreneurs looking to establish a business presence in Eastern Europe. Opening a bank account in Ukraine for business purposes is a crucial step in this journey, allowing you to manage finances, pay employees, and conduct transactions with ease. 

In this article, we will explore the process of opening a bank account for business in Ukraine, the required documents, procedures, choosing the right bank, and the possibility of doing it without visiting Ukraine. We can also help you not only with information, but by organizing the whole process in Ukraine , including obtaining TIN or choosing the bank for you.

The Documents You'll Need to Open a Bank Account in Ukraine


Before diving into the procedure, it's essential to gather the necessary documentation. The specific requirements may vary slightly from one bank to another, but generally, you will need the following documents:

  • Business Registration Documents: To open a business bank account in Ukraine, you must first register your business with the relevant authorities. This includes obtaining a Tax ID (TIN) and registering your company with the State Register.
  • Passport: As an individual, you will need your passport, and as a representative of the business, you may also need to provide identification documents for the company's founders or directors.
  • Business Charter or Articles of Association: Banks often require a copy of your company's charter or articles of association to verify the legal structure and ownership.
  • Power of Attorney (if applicable): If you are not the sole owner or manager of the business and are acting on behalf of the company, a power of attorney may be necessary.
  • Proof of Address: Proof of your business address, such as a utility bill or lease agreement, may also be required.
  • Business Plan: Some banks may request a business plan outlining your company's activities, financial projections, and expected transactions.

Related article: Why is it worth investing in starting a business in Ukraine?

The Procedure of Opening the Bank Account in Ukraine


Once you have gathered the necessary documents, you can begin the process of opening a business bank account in Ukraine. Here is a general overview of the steps involved:

  • Choose the Right Bank: Research and select a bank that suits your business needs. Consider factors like the bank's reputation, location, fees, services, and online banking capabilities.
  • Contact the Chosen Bank: Reach out to your chosen bank to inquire about their specific requirements and set up an appointment with a business account manager.
  • Visit the Bank (if required): In most cases, a physical visit to the bank may be necessary, especially if you're a new client or if the bank's policies mandate an in-person meeting.
  • Submit Your Documents: Provide all the required documents to the bank's representative. They will review and verify your information.
  • Sign Necessary Agreements: Once your documents are approved, you'll need to sign various agreements and forms, including an account agreement and power of attorney if applicable.
  • Deposit Funds: Depending on the bank's policies, you may need to make an initial deposit to activate your business account.
  • Receive Account Details: Once your account is open, you will receive account details, including your account number and online banking access.
  • Start Banking: You are now ready to start managing your business finances, receive payments, and conduct transactions through your new Ukrainian business bank account.

Our lawyers can prepare the whole procedure beforehand, so the time spent by you will be around few hours instead of days.


Related article
: I want to buy an office in Kyiv: how do I do that?

Can It Be Done Without Visiting Ukraine?


Yes, it is possible to open a business bank account in Ukraine without physically visiting the country, but rarely. You can initiate the process by contacting the bank via email or phone and providing scanned copies of the required documents. The bank may still require notarized copies or additional verification steps, but in many cases, you can complete the process without setting foot in Ukraine.

In most cases concerning the business account - you will need to visit the bank in person. But don't worry, once we’ve managed to organize the whole deal for our client who had only two hours in Kyiv between his flights.

Opening a business bank account in Ukraine is a crucial step for any foreign investor or entrepreneur looking to do business in the country. By understanding the necessary documents, procedures, and the option for remote account opening, you can streamline the process and ensure that your business operations in Ukraine run smoothly. Choosing the right bank that aligns with your business needs is a pivotal decision in this process, so be sure to conduct thorough research and due diligence before making your choice.

If you are interested in opening a bank account for personal or business purposes in Ukraine - contact us. 

Learn more about starting a business in Ukraine.

Learn more about our services for foreign business in Ukraine.


Views: 219
Related materials
All related materials

Topic
related services: Legal services for business in Ukraine

ASK LAWYER A QUESTION