License for currency exchange for a financial institution
Cost of services
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What we offer
- provide consulting concerning compliance of financial institution, its head (Director General, General etc.) and the chief accountant with legal requirements;
- assess documents that are planned to be submitted to the National Bank of Ukraine, and we make a conclusion concerning their legal correctness and compliance of persons with conditions;
- assist in writing a business plan, a questionnaire of financial institution, and other documents, if required;
- analyze the financial and auditing reports before they are signed at an auditing company;
- prepare the package of documents and provide it at the National Bank of Ukraine for consideration and for getting a currency exchange license;
- control passing of documents in consideration at the National Bank of Ukraine.
Documents for obtaining a license
Documents submitted to NBU for currency exchange license obtainment:
- Application;
- Business plan (for 3 years minimum);
- Questionnaire of non-bank financial institution;
- Extract from the Register of Financial Institutions;
- Copy of the charter;
- Copies of financial services licenses;
- Financial statements;
- Audit report;
- Extract from the Register of Auditors;
- Bank statements from banks, which provide services for accounts of financial institution;
- Certificates about sources of income;
- SFS Certificate of No Outstanding Tax Liability;
- Credit reports;
- Documents confirming the availability of premises;
- Information on ownership structure of financial institution;
- Certificates of No Criminal Record;
- Documents confirming the business reputation and professional aptitude of the senior management;
- Copy of payment receipt for the currency exchange license.
Service packages offers
- Oral consulting on the conditions for obtaining a license for services in foreign exchange transactions
- Consulting on licensing terms of currency exchange
- Advising on current requirements and the procedure for submitting reports to the NBU and other regulatory authorities
- Oral consulting on the terms of providing services for foreign exchange transactions
- Consulting on licensing terms of currency exchange
- Advising on current requirements and the procedure for submitting reports to the NBU and other regulatory authorities
- Registration of a legal entity
- Preparation of documents for obtaining a license and submission of documents to the NBU WITHOUT GUARANTEE OF THE RESULT
- Registration with the State Financial Monitoring Service
- Providing contacts of independent auditors for the preparation of financial statements
- Oral consulting on the terms of providing services for foreign exchange transactions
- Consulting on licensing terms of currency exchange
- Advising on current requirements and the procedure for submitting reports to the NBU and other regulatory authorities
- Registration of a legal entity
- Preparation of documents for obtaining a license and submission of documents to the NBU WITH GUARANTEED RESULTS
- Registration with the State Financial Monitoring Service
- Providing contacts of independent auditors for the preparation of financial statements
Legal advice on obtaining a currency exchange licence for a financial institution
Obtaining a currency exchange licence for a financial institution is a lengthy and complex procedure with many nuances. If you want to understand it, we recommend ordering a special kind of consultation with us - Road Map. In the framework of her lawyer will answer you in detail on the following questions:
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What algorithm of actions will be optimal to achieve your goal;
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How your business will start in Ukraine;
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What the risks are and how they can be avoided.
The expert will also answer your other questions about currency exchange license.
The cost of the Road Map starts at 500 USD.
Non-bank institutions additionally pay for the following service:
- documents review by the National Bank of Ukraine (binding official payment to the state, which amounts to UAH 10,130).
As the need arises and for a separate charge we register a financial institution (register in the Register of Financial Institutions), as well as accompany changes in a financial institution. More detailed information can be obtained at the following link.
Why us
We are ready to help you!
Contact us by mail [email protected] or by filling out the form:The National Bank has the right to require from a non-bank institution the submission of additional documents, information, explanations of documents submitted to the National Bank, which are necessary in order to make a decision on currency exchange license issuing.
Non-bank institutions must submit to the National Bank electronic copies of the documents together with hard copies.Answers to frequently asked questions
Is it possible for an ordinary company to get a license for currency exchange?
No, it is not. The company should be included to the Register of Financial Institutions.
Are there any requirements for the head of a financial institution or other persons?
Yes, there are requirements not only to the financial institution and its head, but also to the owners of a significant share in respect of business reputation and professional aptitude.
For what term is a currency exchange license issued?
Currency exchange licenses remain in force without limit of time.
Why do I need a copy of payment receipt for the service of documents review by NBU?
A copy of the payment document must be submitted together with the package of documents, because without it the documents will be returned for revision.
Requirements for issuing a currency exchange license for financial institutions
In 2021, there were changes regarding the size of the authorized capital for such financial institutions: regardless of the number of divisions, the authorized capital should be UAH 5,000,000.It should be noted that for successful obtainment of currency exchange license there should be no any:
- within 6 months prior to the day of documents submission or during their review:
- material violations of the requirements of securing of financial institutions premises;
- statutory non-compliance;
Within the last year prior to the day of documents submission or during their review:
- 2 or more application of enforcement actions by the National Bank, such as: penalty, restriction, suspension or termination of certain types of currency transactions;
- revocation of license.
If you want to know more about the currency exchange licensing for financial institutions obtainment or order a license - call us!
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