Open currency exchange in Kyiv

Currency exchange is a profitable business that quickly pays for itself. Opening a currency exchange office does not require large premises or extra sophisticated equipment. But this does not mean that registering a currency exchange office is a simple thing.

Since we are talking about opening a financial institution, this implies clear requirements to the founding documents, authorized share capital, logistics and even the personnel of the office.

Today, we will tell you about the key aspects of opening a currency exchange office in Kyiv, taking into account the changes in the licensing authority - since 2020 Exchange Licenses and all other Financial Licenses are issued by the NBU.

Our company provides services for the registration of various types of financial institutions for over 14 years, and can guarantee you the successful receipt of a license. Read more in our article or contact our specialists for a personal consultation.

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Requirements of the licensing authority for a currency exchange office

In order to get started, a currency exchange office must obtain an appropriate Financial License for currency exchange activities and obtain the status of a financial institution. To do this, your registered company must meet certain requirements established by the NBU. Here are some of them.

Requirements for the premises of the currency exchange office.

The premises of the currency exchange office (a financial institution may have several, they are registered as structural units) should be located in the nonresidential fund and have an area of not less than 5 sq. m. 

The right to use or own the premises must be confirmed by the appropriate documents.

The currency exchange office may also be opened in a prefabricated modular structure, but in this case you must ensure its compliance with the security and safety standards.

The premises of the currency exchange office shall have certain equipment:

  • safe;
  • video and audio recording system;
  • computer and Internet connection;
  • printer;
  • devices that verify the authenticity of banknotes;
  • cash register;
  • software.

Please note! The currency exchange office will require an agreement with a security company or a security alarm system.

Requirements for the currency exchange personnel.

The head of a financial institution that obtains a Currency Exchange License must have:

  • a higher education;
  • an impeccable business reputation;
  • at least two years of work experience in a managerial position.

However, a person cannot be a director if he or she:

  • has arrears in payment of taxes or fees;
  • has overdue financial liabilities (more than 30 days) of more than UAH 150,000;
  • has experience as head of a financial institution that is declared bankrupt, etc.

When preparing documents for obtaining a license, documents confirming the business reputation and professional suitability of the director must be also submitted.

Important!

In 2021 the requirements for the amount of the authorized share capital of financial institutions opening currency exchange offices have been updated. Irrespective of the number of branches, the authorized share capital shall not be less than UAH 10,000,000.

In addition, it is necessary to take into account the procedure for forming authorised capital. The fund can not have more than 25% of financial investments in the structure, at the same time there must be available funds to cover the costs declared in the business plan in the first year of activity.

You may also like: Audit Report for a Financial Institution

Legal services for opening a currency exchange office in Kyiv

To open a currency exchange office in Kyiv, you must not only meet the requirements of the licensing authority, but also to correctly prepare a package of documents for submission to the NBU, which must include:

  • Business plan for at least 3 years (see an example here);
  • Non-banking institution questionnaire;
  • Financial statements;
  • Auditor’s report;
  • Statements of sources of income, etc.

Our experts will help you not only to develop and prepare all the above documentation, but also offer the following services:

  • Consultation regarding the procedure of obtaining a Currency Exchange License in Kyiv;
  • Consultation regarding the licensing requirements for opening a currency exchange office;
  • Analysis of the Client’s situation and the material and technical and documentary base available to open a currency exchange office in Kyiv;
  • The step-by-step instruction (the “RoadMap”) for opening a currency exchange office in Kyiv in the Client’s situation;
  • Preparing the documents for obtaining a license and their filing to the NBU;
  • Support of consideration of your documents in the NBU;
  • Registration with the financial monitoring service;
  • Assistance with organization of receipt of audit’s report.

The main challenging issues in the registration of the currency exchange office will be the verification and approval of candidates for the owners, as well as the formation of the authorized share capital. Our lawyers will help you to pass these stages without problems and unnecessary worries.

Check the cost of obtaining a Currency Exchange License in Kyiv here. The price will depend on the amount of legal services you need. You can choose a package of services suitable for you or contact our specialists for a personal package of services.

Do you want to open a currency exchange office in Kyiv? Don’t hesitate to contact us! We offer a guaranteed result and simple solution.

Didn’t find an answer to your question?

Everything about the Currency Exchange License in Ukraine here.

Publication date: 12/10/2021

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