Currency exchange activities, currency exchange activities license

Registration of a financial company, how to obtain permission - currency exchange activities license?

CURRENCY EXCHANGE ACTIVITIES

Description

BMG has 10 years of experience in providing services for the creation, registration and licensing of currency exchange activities in Ukraine. BMG has successfully implemented more than 1,000 projects, opened more than 100 financial institutions and obtained more than 300 licenses for financial activities, including a currency exchange license.

BMG services for the right to engage in - currency exchange activities:

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    Currency exchange activities license

    Currency exchange activities license - licensed activity of currency exchange of the National Bank (NBU) for foreign exchange transactions.

    Financial company - a legal entity that in accordance with the laws of Ukraine is not a bank, provides one or more financial services and entered in the state register of financial institutions maintained by the National Commission for State Regulation of Financial Services Markets or the National Securities Commission and the stock market.

    Sources of origin of funds for the formation of equity (authorized, additional) capital of a financial institution, payment of a share in the authorized capital (block of shares) of a financial institution - documented [on the basis of official documents, duly certified copies or other sources, if such information is public ( open)] information that allows to make a reasonable conclusion about the availability of sufficient financial opportunities for participants of the financial institution and / or any other person in the chain of ownership of corporate rights of the financial institution to form its own (authorized, additional) capital of financial companies.

    How to organize currency exchange activities?

    In order to create, register, issue a license for currency exchange activities:

    • Registration of a legal entity
    • Bringing to the standards of a financial company
    • Inclusion of the company in the register of financial companies
    • Bringing to the standards of a financial currency exchange company
    • Obtaining a permit – a license to exchange currencies

    Conditions for obtaining a currency exchange activities license

    The National Bank issues a license for currency exchange subject to the following requirements:

    1. Term of activity of the financial company.

    • For the purpose of exchanging currencies in cash, the term of activity does not extend, in other cases – the term of activity of at least one year – for a financial company, in the field of providing residents with the same financial services in the currency of Ukraine. The term is confirmed by a document, as well as other documents confirming the beginning of the actual provision of financial services by the financial company in the currency of Ukraine.

    2. Correspondence of the financial condition of the financial company.

    3. Compliance of the financial company, its managers, owners of significant participation in it with the requirements for business reputation and professional suitability.

    4. Compliance of the ownership structure of the financial company with the requirements.

    5. Submission to the National Bank of a complete package of documents to obtain a permit for currency exchange activities - a license for currency exchange.

    6. Absence:

    • Implementation by a financial company during the last six months preceding the date of receipt of the package of documents and during the period of consideration of the package of documents significant violations of the requirements for the protection of financial companies in Ukraine and / or significant violations of currency legislation the number of structural divisions of the financial company and / or two or more cases of application by the National Bank in the financial company during the year preceding the date of receipt of the package of documents and during the term of consideration of the package of documents. termination of certain types of foreign exchange transactions, suspension of permission – currency exchange license.
    • Implementation by the financial company during the last six months preceding the date of receipt of the package of documents, and during the term of consideration of the package of documents violations of regulations of the National Bank, currency legislation of Ukraine, legislation of Ukraine on financial services regulation, legislation in prevention and counteraction money laundering or terrorist financing and the financing of the proliferation of weapons of mass destruction and / or the existence of two or more cases of use in a financial company during the year preceding the date of receipt of the package of documents and during the review of the package of documents for violation of the above legislation of Ukraine.

    A financial company that has the right to engage in currency exchange activities and has a license - a currency exchange license, providing for the use of cash in national and / or foreign currencies, must during its validity ensure compliance of the premises (its premises and / or premises of their structural units ) the requirements of the legislation of Ukraine, including the requirements of regulations of the National Bank governing the trading of currency values in cash and on the organization of protection of the premises of a financial company in Ukraine, as well as to ensure compliance with the legislation of Ukraine.

    Requirements for financial condition for currency exchange activities

    The financial condition of a financial company must correspond to the volumes and nature planned by it in the business plan for currency exchange activities.

    The business plan of a financial company must be drawn up taking into account the requirements of the NBU Regulations. Calculations of income and expenses in the business plan must be reasonable. The National Bank has the right to require the financial company to submit additional documents to substantiate the calculations provided for in the business plan.

    The National Bank has the right to recognize the financial condition of a financial company as non-compliant if the data of the financial company's business plan and / or financial statements indicate that there are no resources proportional to its volume and nature of activities for proper currency exchange activities.

    To obtain a license to exchange currencies, a financial company must ensure the availability of minimum equity:

    1. For the implementation of foreign exchange transactions related to the provision of loans (loans) and / or raising financial assets - in the amount of 100 million hryvnias.

    2. For carrying out currency operations on transfer of means which do not provide use of cash in national and foreign currencies - in the amount of 10 million hryvnias.

    3. To trade in currency values in cash or to carry out other currency transactions involving the use of cash in national and / or foreign currencies, if:

    • The financial company has no more than 50 currency exchange offices where relevant currency transactions are carried out (trading in currency values ​​in cash or other currency transactions involving the use of cash in national and / or foreign currency) – in the amount of 5 million hryvnias.
    • The financial company has more than 50 currency exchange offices where relevant currency transactions are carried out (trading in currency values ​​in cash or other currency transactions involving the use of cash in national and / or foreign currency) – the amount of minimum equity is determined at the rate of 5 million hryvnias plus 5 million hryvnias for each next 50 currency exchange offices in which the specified currency operations are carried out.

    4. For other currency transactions in the amount of 15 million hryvnias.

    Requirements for the size of the minimum equity capital are not included in the case of a financial company carrying out two or more types of foreign exchange transactions.

    A financial company applying for a currency exchange license must have sufficient funds to fulfill the business plan in the first year of its currency exchange activity, but not less than UAH 1 million.

    A financial company is obliged, on the grounds and in accordance with the procedure, to disclose / confirm information about the sources of origin of funds for the formation of equity capital, payment of a share in the authorized capital (block of shares) of a financial company.

    Goodwill requirements for the purpose of currency exchange activities

    A financial company, its managers, owners of significant participation in it:

    • Should not be objects of the application of sanctions by foreign states (except for the state, carries out armed aggression against Ukraine), interstate associations, international organizations or Ukraine (the requirement is applied during the period of validity of the sanctions and three years after the lifting of sanctions).
    • Should not be included in the list of persons associated with the implementation of terrorist activities or against whom international sanctions have been applied (the requirement applies during their stay on the list and for three years after the person is removed from the list).
    • Should not allow the facts of providing false information to the National Bank or other state bodies (the requirement is applied within three years from the date of establishing the fact of providing such information).
    • The heads of a financial institution, individuals – owners of significant participation in a financial institution should not have a criminal record.

    The head of a financial company must meet the following requirements for professional suitability and business reputation:

    1. Have:

    • Higher education.
    • Work experience in managerial positions for at least two years.

    2. Not have:

    • Arrears in taxes and fees.
    • A financial obligation overdue for more than 30 calendar days, the amount of which exceeds UAH 150,000, to any bank or other legal entity or individual (individual – entrepreneur, self-employed person).
    • Work experience as a manager in a legal entity determined to be bankrupt or in respect of which bankruptcy proceedings have been initiated (the requirement applies within three years from the date of initiation of bankruptcy proceedings).
    • Work experience in a managerial position, in management and / or control bodies or the position of an official in charge of financial monitoring or performing the duties of these persons in a legal entity to which sanctions were applied by foreign states (except for the state, carries out armed aggression against Ukraine), interstate associations , international organizations or Ukraine (the requirement applies during the term of the sanctions and three years after the lifting of the sanctions).
    • Work experience in a managerial position, in management and / or control bodies or a position of an official in charge of financial monitoring or performing the duties of specified persons in a legal entity, which was included in the list of persons associated with the implementation of terrorist activities or against whom international sanctions were applied (requirement applies during the period of being on the list and for three years after the person is removed from the list).

    Issuance of a license for currency exchange

    The decision to issue a license for currency exchange or refusal to issue it, revoke (annul) a license for currency exchange - currency exchange activities are made by the Board of the National Bank, and the decision to suspend, renew a license for currency activities - by the Board of the National Bank or the Supervision Committee.

    The decision of the National Bank to issue a currency exchange license or to refuse to issue it, as well as to stop, renew, revoke (revoke) a currency exchange license is mandatory.

    The National Bank issues a license to the applicant to exchange currencies by entering an account about this in the electronic register within three working days from the date of the decision by the Board of the National Bank to issue a license for exchanging currencies.

    A currency exchange license comes into effect from the date the license issuance account is entered in the electronic register.

    The National Bank has the right to refuse to issue a license for the exchange of currencies of a financial company if:

    1. The submitted documents contain incomplete, inaccurate information or do not meet the requirements of the legislation of Ukraine, the regulations of the National Bank, including the requirements of the NBU Regulation.

    2. Documents, information, explanations were not submitted to the request of the National Bank, left in accordance with the NBU Regulation.

    3. The National Bank has documented information on:
    The financial company, during the last six months preceding the date of receipt of the package of documents, and during the period of consideration of the package of documents, of significant violations of the requirements for organizing the protection of the premises of a financial company in Ukraine and / or significant violations of the requirements of foreign exchange legislation in an amount of 50 or more percent of the number of currency exchange offices of a financial company and / or two or more cases of application by the National Bank to a financial company during the year preceding the receipt of the package of documents, and during the period of consideration of the package of documents of measures of influence for violation of the requirements of foreign exchange legislation in the form of a fine, restriction, suspension and termination of certain types of currency transactions, suspension of a license for currency exchange - a financial company that applies for a license in the event of an expansion / change in the list of currency transactions that this financial company plans to carry out nannews company.

    The implementation by a financial company during the last six months preceding the date of receipt of the package of documents, and during the period of consideration of the package of documents of facts of violation of the requirements of regulatory legal acts of the National Bank, currency legislation of Ukraine, legislation of Ukraine on regulation of financial services markets, legislation in the field of prevention and countering the legalization (laundering) of proceeds from crime, or the financing of terrorism and the financing of the proliferation of weapons of mass destruction and / or the presence of two or more facts of use in a financial company during the year preceding the date of receipt of the package of documents, and during the period of consideration of the package of documents of measures impact for violation of the aforementioned legislation of Ukraine - for a financial company, apply to the National Bank for a license to exchange currencies in cases not related to the expansion / change of the list of currencies of their operations.

    4. The financial condition of the financial company does not meet the established requirements.

    5. The financial company and / or at least one of its managers and / or at least one of the owners of significant participation in the financial company do not meet the established requirements.

    6. The ownership structure of the financial company was recognized by the National Bank as non-transparent.

    7. The financial company, which intends to obtain a license for currency exchange, has committed significant violations of financial obligations during the last year preceding the date of receipt of the package of documents in relation to any bank or other legal or natural person (individual - entrepreneur, self-employed person).

    8. The financial company did not comply with other requirements of the NBU Regulation.

    Registration of a currency exchange office

    A financial company licensed to carry out activities for the exchange of currencies / trading currency values in cash have the right to open foreign currency exchange offices on the territory of Ukraine - registration of a currency exchange office in accordance with the procedure established by the National Bank.

    A financial company that has received a license to carry out foreign exchange transactions involving the use of cash in national and / or foreign currencies, which plans to open a structural unit (registration of a currency exchange office), which will require an increase in the minimum equity capital of a financial company, submits documents no later than one a month before the opening of new exchange offices in the National Bank.

    Structural divisions of a financial company, currency exchange offices carry out currency transactions in accordance with the provisions governing the conduct of currency transactions, and within the powers granted by a financial company - a legal entity.

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        REGULATORY ACTS REGULATORY ACTIVITIES

        Legal and regulatory framework

        01.  Law of Ukraine: On Financial Services and State Regulation of Financial Services Markets

        02.  Regulation: On the State Register of Financial Institutions

        03.  Law of Ukraine On Currency and Foreign Exchange Transactions

        04.  Regulations on the procedure for issuing licenses to non-bank financial institutions, postal operators to carry out foreign exchange transactions

        PROCEDURE FOR ESTABLISHING A FINANCIAL COMPANY

        Stages of creating a financial company

        01.  Registration of a financial company

        Preparation of statutory documents, approval of the position of director, registration of a legal entity

        02.  Bringing to standards

        Formation of authorized capital, personnel training, audit, development of rules and regulations

        03.  Entry into the Register

        Preparation of a package of documents, submission to the Commission, consideration of documents, entry into the Register

        04.  Obtaining a license

        Development of rules and contracts, audit, preparation of documents for a license, submission to the commission, issuance of a license for financial services

        WHAT CONDITIONS MUST BE FULFILLED

        Requirements for setting up a Financial Company

        регистрация финансовой компании

        ORGANIZATIONAL AND LEGAL FINANCIAL COMPANY

        Financial companies can be created in any organizational and legal form, if the laws on the regulation of certain types of financial services do not contain special rules and restrictions.

        Special rules are created for: Pawnshops – in the form of a complete society; Credit unions – a legal entity whose members are at least 50 individuals; Insurance companies – in the form of a joint stock company or an additional liability company; Banks – in the form of a joint stock company and others …

        Statutory documents must comply with the requirements of financial companies.

        SIZE OF AUTHORIZED CAPITAL OF THE FINANCIAL COMPANY

        For most financial companies, there is a regulatory minimum size of the authorized capital, which must be formed exclusively in cash.

        For pawnshops – at least UAH 500 thousand or at least 1 million – if branches are opened.

        For a financial company – at least UAH 3 million.

        For a financial company combining several types of activities – at least UAH 5 million.

        For the provision of certain types of financial services, separate requirements may be set.

        The financial company must have a transparent ownership structure in which the ultimate beneficiaries and owners can be identified. The ultimate beneficiaries, owners must have confirmation of the origin of the funds.

        FINANCIAL COMPANY ROOM

        The main requirement for the premises of financial companies is the presence of their own or rented premises, in a non-residential fund at the location of a financial institution specified in the Unified State Register of Legal Entities.

        The premises must be equipped with appropriate computer equipment, which makes it possible to ensure compliance with the requirements for the submission of information to the National Bank of Ukraine / National Commission on Securities and Stock Market, established by the legislation governing the provision of financial services, and communications (telephone, Internet, electronic mail).

        For certain types of financial services, their requirements for premises may be set.

        For pawnshops, there is a place in the room for storing pledged property. A special place of storage of pledged property is a separate room or a separate territory, a place with limited access, which must meet the requirements established by law, be located at the location of the pawnshop or its separate subdivision or at another address and be equipped with the necessary means that must ensure the safety of the pledged items and the maintenance of the pledged items in good condition.

        A credit institution must have a separate private or rented non-residential premises with limited access and a safe for storing money (funds) and documents, which makes it impossible to damage them.

        Insurance companies must own or use premises, namely the non-residential part of the internal volume of the building, limited by building elements, with the ability to enter and exit, which is used exclusively by this applicant in the implementation of insurance activities, at the location.

        Credit unions are required to have a separate room with limited access and a safe for storing money (funds) and documents, which makes it impossible to damage them.

        PERSONNEL OF THE FINANCIAL COMPANY

        There are the following professional requirements for financial companies:

        1. Requirements for the manager and chief accountant
        2. Professional requirements for specialists (for the securities market)
        3. Requirements for the person responsible for financial monitoring

        The head of a financial company that provides the following financial services: lending, leasing, factoring, insurance, currency exchange, money transfer, construction financing, guarantees and sureties, are subject to the following requirements:

        1. have a higher education master’s degree or equivalent;
        2. undergo advanced training and pass an examination for the compliance of knowledge with professional requirements according to the standard training program for managers;
        3. have at least five years of general work experience, of which at least two years of work as a manager, in particular, at least one year as a manager in the financial services markets (for the chairman of the board of a credit union and a pawnshop manager – at least one year of work as a manager)
        4. have an impeccable business reputation.

        The chief accountant of a financial company that provides the following financial services: lending, leasing, factoring, insurance, currency exchange, money transfer, construction financing, guarantees and sureties, are subject to the following requirements:

        1. have a higher education at least a bachelor’s degree;
        2. undergo advanced training and pass an examination for the compliance of knowledge with professional requirements according to a standard training program for chief accountants;
        3. have at least three years of work experience as a manager in the field of financial and / or accounting activities or work experience in the financial services markets in positions related to financial or accounting activities;
        4. have an impeccable business reputation.

        Banks, participants in the securities market are set their own requirements.

        Financial companies are subjects of primary financial monitoring, for this purpose the following requirements are set for the position of the person responsible for financial monitoring: have an impeccable business reputation, have a higher education, at least a year’s work experience in the field of preventing and combating the legalization (laundering) of proceeds from crime, take refresher courses and pass an exam according to the standard refresher training program for the subjects of primary monitoring.

        For financial companies, participants in the stock and securities market, additional professional requirements may be set. So for an asset management company, in order to obtain a license for asset management, it is necessary to have at least 3 certified asset management specialists.

        REGULATORY FOR REGISTRATION OF A FINANCIAL COMPANY

        Financial companies providing the following financial services: lending, leasing, factoring, insurance, currency exchange, money transfer, construction financing, guarantees and sureties, impose the following requirements:

        1. The constituent documents must contain an exhaustive list of types of financial services that the financial company will provide as an exclusive type of its activity, including taking into account the restrictions on the combination of certain types of financial services. The constituent documents of a financial institution – must meet the requirements of a special regulatory legal act, according to which such a legal entity was created.
        2. A financial company has an internal document governing the procedure for the provision of financial services and model contracts with consumers of financial services must comply with the requirements of the law.
        3. Availability of an accounting system that meets legal requirements.
        4. Availability of accounting and recording systems (software and special technical equipment), which must comply with the requirements established by law, and provide for the maintenance of accounting transactions for the provision of financial services to consumers and reporting.
        5. Formation of the financial company of the authorized capital in cash, as well as the compliance of its size with the requirements of the legislation.
        6. Compliance of the manager and chief accountant with the Professional requirements for managers and chief accountants of financial institutions.
        7. The presence of the conditions necessary for the provision of financial services to consumers, namely: own or rented premises at the location of the applicant, indicated in the Unified State Register; appropriate computer technology, which makes it possible to ensure compliance with the requirements for the presentation of information established by the legislation governing the provision of financial services, and communication facilities (telephone, Internet, e-mail).

        WHAT IS NECESSARY TO START REGISTRATION OF A FINANCIAL COMPANY

        To get started, you must provide:

        1. Information about the Founders and ultimate beneficiaries.
        2. Data about the Premises (physical address where the company will be located).
        3. Information about the Manager, Chief Accountant, Responsible for financial monitoring (may be the person of the Director / Chief Accountant): passport, code, diploma, work book.
        4. The planned name of the Company.

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            WHY CHOOSE US?

            About us

            We know that the result is important to you, not the process. More than 10 years of work in the market, more than 1000 successfully implemented projects, we know how to get the desired result on time

            Experience

            More than 10 years of experience, more than 1000 successful projects throughout Ukraine

            Professionalism

            We employ practicing specialists with at least 5 years of work experience

            Guarantee

            We guarantee in the contract the implementation of a project

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