REGISTRATION OF A 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.

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.

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.

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.

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).

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.