National Bank of Ukraine simplifies opening of bank accounts in Ukraine

The National bank of Ukraine (hereinafter - the NBU) amended its Instruction on the procedure of opening, use and closing of bank accounts for foreign businesses in Ukraine. The amendments are dated 01.04.2019.

In the past foreign legal entities could only open investment bank accounts in Ukraine which for majority of business wasn’t the right option. As of now the situation is changed.

Under current regulations it is possible to open:

• current accounts (which can also be used for investment purposes);

• escrow accounts.

In order to open current account (a regular account for day to day transactions and investments) a foreign business through its representative has to provide the following documents:

• application to open bank account in Ukraine (the application has to state the purpose of account opening e.g. investment, commercial activities, transactions that are not related to commercial activities);

• copy of apostilled or legalized company registration certificate from the country of company origin;

• copy of apostilled or legalized power of attorney which grants the right to open bank account to a representative/ other documents which certify the right to open bank account without power of attorney (also duly certified).

• agreement with the bank.

If foreign company provides employment in Ukraine and is considered a single social contribution payer then in order to open the account, a corresponding certificate has to be provided.

Unlike Ukrainian documents, which can be certified by a bank clerk, foreign documents are to be provided as notarized copies.

The list of documents is not limited to those listed above (even though in most cases they should be sufficient). In some cases additional documents may be requested by a bank to verify:

• identity;

• purpose of activities;

• financial situation.

As for escrow accounts they require the same documents as regular accounts. The only difference is form of application and agreement with a bank.

Amendments also influence procedures of bank accounts opening for:

• foreign individuals;

• representative offices of foreign companies in Ukraine;

• international organizations;

• other entities.

If your company needs to open bank account in Ukraine, our law firm can assist in the process.