In accordance with order of National Bank, foreign companies have a possibility to open account in Ukrainian banks.
Non-Ukrainian physical and legal representatives can now also use this service. This also includes foreign investment funds and firms that manage assets on behalf of these funds.
As of 2019, the automatic exchange of data on the financial statements of non-resident persons in accordance with Common Reporting Standard has already been fully implemented in almost 100 countries.
However, Ukraine is still postponing the start of the exchange of tax data indefinitely, despite the fact that back in 2017 a “road map” was developed for the implementation of this procedure. Therefore, so far in Ukraine, automatic exchange does not work, which is definitely a plus for non-residents.
Previously, the legislation of Ukraine allowed non-residents to get bank accounts, however, more for investing in the Ukrainian economy and with a limited field for carrying out their own activities. That was until 2019. Now, in accordance with the NBU decree, foreign organizations have a possibility to get account with bank institution of Ukraine in order to conduct their commercial deals.
In addition, taking into consideration such a fact that rules for opening accounts on the Baltic territories and the CIS states have been tightened and complicated, Ukrainian banks have become much more attractive to foreigners.
During several past years, demand of non-residents for foreign currency deposits has increased. Thus, getting a bank account for purpose of storing and exaggerating equity is becoming more common. In addition, a legal entity needs a Ukrainian account in order to get loans, settle accounts with counterparties and pay salaries.
Opening procedure depends on the purpose for which it will be used in the future.
If we are talking about increasing capital, then it is advisable to open a deposit account. Non-resident also is allowed to open an investment-type account to conduct transactions that relate to investing in Ukraine.
In addition to fact that opening procedure itself has become available, following are also positive innovations:
You can open an account in the currency of Ukraine, euros, Russian rubles and US dollars.
In addition, non-Ukrainians are not limited in how many accounts can be opened in one or in different banking institutions.