In order to run a business in Ukraine, you will need to open a bank account, which will enable you to keep the finances of your company and make transfers and payments.
Opening a bank account in Ukraine takes a lot of time and a great number of formal procedures. Apart from IT-Rex, we recommend that you contact a law firm. You can learn more about business legal services in Ukraine from the “Business legal services” article.
Choosing a bank for opening an account in Ukraine
You are going to need to register a legal entity to manage the business and open a bank account in Ukraine. You can learn more about how to incorporate a company in Ukraine in the article “Incorporation of Business in Ukraine”.
Choose a bank in Ukraine with regard to the rates and terms of services.
Documents for opening an account
Once you’ve chosen the bank to open an account in Ukraine, you will need to prepare all the documents:
- The statutes of the entity certified by a notary.
- Extract from the USREOU (Unified State Register of Enterprises and Organizations of Ukraine), the ID number of the legal entity.
- Information about LLC owners-beneficiaries.
- Protocol of the founders’ meeting.
- Order appointing the Manager.
- Notary card with samples of director’s signatures and a stamp for an LLC non-resident.
Lawyers will help you draw up the documents properly. You can contact expert companies such as Pravova Dopomoha or Rezultat for legal support. You will need to fly to Ukraine for 1–2 business days to register the documents.
Filling in an application form and bank agreement
A bank employee will help you to fill in a simple application form for opening a bank account. The bank signs an agreement with you to deliver banking services.
You must have a national currency account in UAH for internal payments and transfers. If you are planning to receive transfers in a foreign currency, make sure you open an additional foreign currency account.