Publication date: 06.08.2024
I am studying in the third year of the State University of Economics and Technology.I specialize in contractual, economic and corporate law, in particular, I provide consultations and write articles.
Opening a corporate account in Ukraine for non-residents has a number of advantages and opportunities. This allows legal entities registered abroad to effectively conduct business in Ukraine. Here are more details about the possibilities that such an account opening opens up:
Question
What functions does a corporate account perform?
Answer
A non-resident can open a current account in a Ukrainian bank for various financial transactions. Including for the purpose of using the account for accepting and making payments, managing finances and accounting for transactions.
Question
What role does the account play in export-import transactions?
Answer
A non-resident can use the account to process export and import payments. Bank accounts make it easier to manage documentation related to foreign trade, such as contracts and invoices.
Cases in which it is necessary to open an account:
Opening a corporate bank account in Ukraine for non-residents is an important element for many business situations. Let's consider in more detail in which cases and why it may be necessary:
- Doing business in Ukraine
Financial operations: To effectively manage finances, pay suppliers, receive payments from customers and carry out other financial operations, it is necessary to have a corporate account in Ukraine.
Settlements with counterparties: Having an account allows settlement with Ukrainian partners, which simplifies interaction and reduces transaction costs.
Bookkeeping: The corporate account facilitates bookkeeping and financial reporting in accordance with Ukrainian standards.
- Investments in Ukraine
Transfer of funds: To invest in Ukrainian projects or companies, foreign investors need to have an account for transferring investment funds and receiving profits.
Investment management: A corporate account allows you to conveniently manage capital, receive dividends and other financial income.
- Tax optimization
Tax optimization: Having an account in Ukraine, the company can conduct financial transactions taking into account tax benefits, such as reduced rates or special tax regimes offered by Ukrainian legislation.
Avoidance of double taxation: Having an account helps to comply with double taxation agreements, which is important for foreign companies. In particular, proper processing and documentation of financial transactions can help reduce tax liabilities.
Documents for opening a corporate account:
In order to open a corporate account in Ukraine, non-residents usually need to provide a number of documents. Here's an extended explanation of each:
- Company charter: The company charter is the main document regulating its internal structure and activities. It includes information about the name of the company, its legal address, purpose of activity, management structure, rights and obligations of participants, etc. The presence of the charter confirms the legitimacy of the company and determines its organizational and legal form. To open an account, the document must usually be translated into Ukrainian and notarized (if required by the bank).
- Passport of the director and other authorized persons of the company: Copies of passports of persons who have the right to sign and conduct financial transactions on behalf of the company. It can be the director, financial director or other authorized persons. Passport data is necessary to identify the persons who have the right to manage the account and to ensure the security of financial transactions.
- Account opening decision: An official decision or protocol adopted by the company's governing bodies (usually a general meeting of shareholders or the board of directors) confirming the intention to open a corporate account with a specific bank. This documents the legitimacy and authorization of the account opening process, and also identifies the persons authorized to carry out account transactions.
- Power of attorney for a representative of a law firm (if a law firm is used to open the account): If the account is opened through a law firm or representative, a power of attorney is required, authorizing them to act on behalf of the company. This is a document that confirms the authority of a representative or law firm to perform all the necessary actions for opening an account, in particular, submitting applications and documents to the bank.
The procedure for opening a corporate account for non-residents:
Opening a corporate account by a non-resident in Ukraine is a complex process that includes several key stages. Below is a detailed procedure that may vary depending on the specific bank and its requirements, but generally includes the following steps:
- Choosing a Bank: Researching the different banks that offer services to non-residents. It is important to choose a bank that has experience working with foreign companies and offers the required range of services. Comparison of account maintenance conditions, commission rates and other fees.
- Preparation of documents: Preparation of the necessary documents is critical for successful account opening.
- Filling out the application: Filling out the application for opening a corporate account, which contains information about the company, its activities, authorized persons and other important details. Submission of all prepared documents together with the application.
- Verification of documents: The Bank verifies submitted documents for compliance with requirements and legislation. This may include verifying the legitimacy of the company, authorized persons, as well as the legal address.
- Signing the contract: After a successful verification, the bank prepares a contract for opening and maintaining an account. The client and the bank sign an agreement that defines the terms of account maintenance. The terms of the contract may include commissions, methods of accessing the account, rights and obligations of the parties.
- Account Activation: Some banks may require an initial deposit to activate an account. After activating the account, the client gets access to the account to manage finances, including the ability to make transfers, receive payments and perform other operations.
Lawyer services when opening a corporate account:
Here are the types of legal services that can help:
- Lawyer consultation and legal analysis of the situation:
Needs Assessment: Lawyers online can help you determine which types of accounts (checking, currency, deposit, etc.) best suit your business needs.
Legal status: Checking and confirming the legal status of your company to ensure that it meets the bank's requirements.
- Preparation of documents:
Verification of documents: Verification of all documents that will be submitted to the bank, such as the company's charter, registration certificate, passports of authorized persons and the decision to open an account.
Legal translations: Organization of translation of documents into Ukrainian and their certification, if necessary.
- Lawyer services online when filling out applications and contracts:
Preparation of the application: Assistance in filling out the application form for opening an account in accordance with the bank's requirements.
Review of contracts: Review and explanation of the terms of the bank account contract, including the terms of service, fees, rights and obligations of the parties.
- Legal services to support negotiations:
Negotiating with the bank: An attorney will assist in negotiating with the bank regarding account terms that may be specific to your company.
Dispute Resolution: The lawyer help to resolve any issues or disputes that arise during the process.
Conclusion
The assistance of a lawyer when opening a corporate bank account can be very useful, as the legal aspects can be complex and require precision. A lawyer advice can provide comprehensive support at all stages of opening an account in order to avoid legal mistakes in the future when conducting business in Ukraine.
