Registration of financial companies

Registration of financial companies in Ukraine.

Financial services are needed by clients in any city of Ukraine. Therefore, such a company can open up huge opportunities for you. There are not many organizations working in the financial sphere in Ukraine, niches are unfilled, and the demand is growing every year. Therefore, registering a financial company can become a profitable business that will provide you for many years.

However, the registration of financial companies in Kyiv is associated with great difficulties. The current legislation imposes serious requirements on the staff, on the authorized capital, on the shareholders. Many financial companies also need to obtain a license from one of the regulators. Therefore, if you plan to create your own organization, it is better to trust the professionals. On Poshuk.info you can find a law firm that will help with the registration of financial companies in Kiev or any other city in Ukraine.

Which financial company can be registered in Ukraine.

The legislation of our country provides for the possibility of registering one of the seven main types of organizations. You can also get a license to provide several services. The following type of financial company registration is available in Ukraine:

• Factoring. Legal entities of this type are engaged in the redemption of debt for less than the amount of debt, and earn by collecting money from the debtor;
• Leasing. Companies lease property long-term, and after its expiration, the lessee may repurchase it or return it to the lessor. The main income of the leasing company – from the sale of property to the lessee or another company;
• Pawnshop. Financial companies issue loans secured by any property, and in case of refusal of the borrower, resell the goods;
• Credit Union. Specializes in lending to individuals or businesses. Basic income – from interest on loans. Credit unions can also act as depositories, with the appropriate license;
• Insurance Company. Provides life, property or business insurance services;
• Asset Management Company (AMC). Engaged in increasing the assets of individuals and legal entities;
• Mutual Investment Fund (MIF) and Corporate Investment Fund (CIF). Also engaged in increasing the assets of investors. The difference is that mutual funds are managed by AMC, and corporate funds are liquidated after the expiration of the contract.

Many clients need to register a financial institution. The market really lacks quality insurance companies, credit unions with attractive terms, asset management companies. You can choose the most suitable option for yourself and take the most profitable niche.

Requirements for financial companies.

The question of how to register a financial company in Ukraine is extremely common. And indeed, the procedure is very complicated, which requires a lot of time and effort. First of all, you need to know the basic legal requirements. First of all, they concern the authorized capital and assets of a legal entity.

As for the amount of authorized capital, it can vary significantly, depending on which company you register. For example, if you want to start a bank, you will have to pay at least 500 million hryvnias. The company’s share capital is accountable to its customers. To date, the minimum size is as follows:

• UAH 3 million for legal entities engaged in only one type of activity;
• UAH 5 million for companies licensed for two or more activities.

If the legal entity plans to open separate divisions. In this case, it is necessary to contribute capital of at least 7 million hryvnias.

Minimum amounts of financial assets may also be set for the registration of a financial company. For legal entities working in different fields of activity, they are different. In some cases, they are not needed, such as a pawnshop.

Staff requirements.

To successfully register a financial company, you will need qualified staff. In particular, each organization must have a director and a chief accountant who meet certain requirements. Let’s talk about them in more detail.

When registering a financial institution, the founders are obliged to appoint a person who meets the following requirements:

• Higher education. The manager must have a specialized education at the level of a specialist;
• Training courses. Appointment to a managerial position is possible only if the future director has taken the appropriate courses and passed the exam. This must be confirmed by a certificate;
• The total length of service for a person who may be appointed head of a financial company is 5 years. Of these, the director must hold at least 2 years in any managerial position.

To successfully register a financial company, you need to choose a director with a good reputation. A person with an outstanding criminal record for crimes in the economic sphere or for abuse of office may not be appointed. A measure of removal from a similar position should not be applied to a director. In addition, it is not possible to appoint a person who has managed a bankrupt company for the last 5 years.

As for the chief accountant, the requirements for such specialists are less stringent. It is allowed to appoint a person who has a basic higher education to such a position. Required work experience of at least 3 years in a company that provided financial or accounting services. The chief accountant must also take a 72-hour refresher course, pass an examination and obtain a certificate.

It is prohibited to appoint the following persons to the position of chief accountant:

• having an outstanding criminal record for crimes in the economic sphere or for abuse of office;
• deprived of the right to hold similar positions;
• holds a similar position in companies declared insolvent.

Candidates for the position of chief accountant or director of a financial company must meet all of the above requirements. Otherwise, you will be denied registration as a financial company.

How to start a financial company?

Let’s take a closer look at how to start a financial company and what stages to go through. There are four main steps, including:

1. Registration of a legal entity. It is necessary to choose the organizational and legal form, hold a constituent assembly and submit the necessary documents to the state registrar. If the application is approved, the company must be registered with the State Fiscal Service, the Pension Fund and other organizations.
2. Contribution of authorized capital. Requirements for its formation vary depending on the type of company. In some cases, the law allows at least 50% to be paid before obtaining a license, and the remaining 50% no later than 6 months after obtaining the necessary permits. In other cases, you need to contribute 100% of the share capital before obtaining a license.
3. Preparation and submission of documents to the relevant authority for a license. Licensing requirements vary depending on which organization you are registering with;
4. Obtaining financial certificates.

The most difficult step is getting a license. Depending on the type of company, the licensing authority may be:

• National Bank of Ukraine (NBU);
• National Commission for Financial Services (NCFS);
• National Commission on Securities and Stock Markets (NCSSM).

To obtain a license, you must prepare a number of internal documents of the organization, instructions, contracts, etc. It is necessary to conduct a mandatory audit and submit financial statements confirmed by the auditor’s report. If the company exists for less than 30 days and is unable to submit financial documentation, it is required to have a balance sheet, also confirmed by an audit report. The applicant’s equity must also be confirmed.

With Poshuk.info you will find a company that will help with registration.

Self-registration of a financial company is a very complex procedure that requires a lot of time and careful preparation. Due to errors that occur during the creation of the organization, companies have to contact the registrar and the licensing authorities several times. It can take years to register yourself.

To get started faster, it’s best to contact a professional law firm that has experience in setting up a financial organization. The Poshuk.info website will help you find the most suitable option. Just type “register financial companies” or “buy a financial company” in the search bar, and our service will offer you several organizations, from which you will choose the best.

Poshuk.info will save you time. You do not have to look for companies separately, study the conditions, etc. Our search service offers you the best organizations in one place. You will be able to get acquainted with the terms of several companies at once, and make a choice that will satisfy all your requirements and offer services with the best prices.