Registration of a pawnshop in Ukraine

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COST AND TERM

Cost of registration service is 15 000 USD.

The cost does not include the official fees.

Application review term equals to 30 days from the moment of application submission to the State Commission for Regulation of Financial Services.

What we do
  • provide advices to Client on all matters related to preparation of documents that are required for the pawnshop to be included in the State register of financial establishments (hereinafter - the Register);
  • prepare documents and submit them to the state authorities;
  • obtain Financial establishment registration certificate.

REQUIRED DOCUMENTS

  • copy of charter documents (notarized);
  • state registration certificate;
  • copies of documents that prove ownership or renting of a premise in which a pawnshop is located (notarized);
  • copies of diplomas and extracts from employment histories of a pawnshop manager and chief accountant (if there is a case of professions combining it is required to provide orders of appointment on and dismissal from a certain position);
  • copies of professional development program completion for managers and accountants of financial institutions.
  • information about availability of a separate premise for storage of collateral and required means of security in particular burglar alarm and security guards. Such information shall include: total area of occupied premise in square meters; total area of occupied premise used for storage of collateral; who guards the premise and/or which burglar alarm system is used.
  • information about special technical equipment, accounting or registering system (equipment for collateral evaluation, software, computer devices, means of communication) that will be used in a pawnshop.
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IMPORTANT TO KNOW

To obtain status of a financial institution a pawnshop must comply with the following requirements:
  • be created as a full partnership;
  • create interior rules and regulations related to financial services provision by a pawnshop which are accordingly approved;
  • obtain special equipment, accounting and registration systems (including equipment for collateral evaluation, software, computer devices, means of communication, etc.) which are required to provide financial services, appropriate and timely auditing of financial and commercial transactions in accordance with legislation;
  • have personal or rented premise that has an area of at least 5 square meters and is intended to be used for financial service and related services of a pawnshop provision including a separate premise for storage of collateral and required means of security, in particular burglar alarm and/or security guards;
  • charter documents of a pawnshop must include exhaustive list of financial services and related services of a pawnshop that are planned to be provided;
  • charter capital that is stipulated by charted documents must be formed in accordance with the legislation and charter documents as of the date when application of information inclusion into the State Register of Financial Institutions is submitted;
  • capital of a pawnshop must not be less than 200000 UAH as of the date when application of information inclusion into the State Register of Financial Institutions is submitted.

Manager and chief accountant must meet the professional requirements in particular the following:


Requirements for a pawnshop manager:
  • complete higher education (specialist’s or master’s degrees);
  • completed professional development program and pass exam on experience compliance with professional requirements which is a part of typical professional development program for managers based financial institution’s type of activities and attested by the State Commission for Regulation of Financial Services. The course cannot be less than 72 hours;
  • not less than 5 years of total employment history;
  • for the last 5 years not to be a manager, financial director or chief accountant of a financial institution that went bankrupt, was forcibly liquidated or faced measures of influence from an authority that regulates financial services market in the form of removal of managers from their positions and appointment of temporary administration body;
  • have no outstanding conviction for intentional crimes, commercial crimes and malfeasances as well as not being deprived of ability to occupy certain positions and conduct certain activities.

Requirements for a pawnshop chief accountant:

  • complete or basic higher education level (specialist’s, master’s or bachelor’s degree);
  • completed professional development program and pass exam on experience compliance with professional requirements which is a part of typical professional development program for chief accountants based financial institution’s type of activities and attested by the State Commission for Regulation of Financial Services. The course cannot be less than 72;
  • have work experience as a chief officer on positions related to financial and auditing activities or experience of financial and accounting activities in financial market services, not less than 2 years and in particular not less than 1 year of financial services market employment;
  • for the last 5 years not to be a manager, financial director or chief accountant of a financial institution that went bankrupt, was forcibly liquidated or faced measures of influence from an authority that regulates financial services market in the form of removal of managers from their positions and appointment of temporary administration body;
  • have no outstanding conviction for intentional crimes, commercial crimes and malfeasances as well as not being deprived of ability to occupy certain positions and conduct certain activities.

TYPICAL PROCEDURE OF SERVICE PROVISION

When term, cost and procedure of pawnshop registration are agreed Client provides us the required documents, signs documents prepared by the firm. At the same time agreement of legal services provision is signed and prepayment is made. The firm begins the service provision.

Within the agreed term we pass a registration certificate to our Client.

During passing of the certificate a work completion certificate is signed.

Registration of a pawnshop service procedure may be changed to a more suitable one at your request.

To receive any additional information and order "Registration of a pawnshop" service – contact our legal experts.

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