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Nonresident Legal Entities to Open Accounts with the Ukrainian Banks

28 December 2018                                                                                                         

 

Nonresident Legal Entities will be able to open accounts with the Ukrainian banks. 

 

This option is provided by the Law of Ukraine On Currency and Currency Operations (hereinafter referred to as the “Law on Currency”) that will enter into effect on 7 February 2019 and the Law of Ukraine On Amendments to Certain Laws of Ukraine on Promoting Foreign Investment.

 

According to the aforesaid laws, the banking services market of Ukraine will become open to new entities i.e. nonresident legal entities that were granted the right to open accounts with the Ukrainian banks and transact FX operations on such accounts.

 

The Law on Currency guarantees nonresidents all right presently provided to residents in terms of FX operations.

 

In order to implement mentioned laws the NBU has drafted and seeks public opinion on the NBU Board Draft Resolution On Amendments to Some Regulations of the National Bank of Ukraine (hereinafter referred to as the “Draft Resolution”).

 

Specifically, the Draft Resolution suggest a new wording and amendment to the title of the Instruction On the Procedure for Opening, Usage and Closing of Accounts in Domestic and Foreign Currencies[*].

 

The revised document will be supplemented with procedures for:

      opening current accounts/deposits and escrow accounts to nonresident legal entities

      opening and closing correspondent account of resident and nonresident banks

      opening current accounts for a trustee under the trust agreement.

 

Furthermore, the Draft Resolution will set out specifics for transacting individual operations of banks’ customers.

 

Regulatory Impact Analysis of this Draft Resolution.

 

You are welcome to send comments and suggestions for the draft before 28 January 2019 at the NBU’s postal or e-mail address.

 

Postal address: 1601, Instytutska St. Kyiv, 9, Payment Systems Department of the National Bank of Ukraine

 

Email: 22SPRA@U1H0.

 



[*]Approved by NBU Resolution No. 492 dated 12 November 2003 registered with the Ministry of Justice of Ukraine under No. 1172/8493 on 17 December 2003 (as amended).

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Last modification   28.12.2018