Individual NBU license

NBU License Kyiv

Licensing of currency operations

The National Bank of Ukraine carries out the licensing of currency operations by issuing individual and general licenses.

A general license is granted for the entire period of currency regulation to commercial banks, other financial institutions, as well as the national postal operator and allows these entities to carry out currency operations for an extended period.

An individual license is granted to residents and non-residents for a single currency operation.

Our law firm will provide the full range of services necessary for the prompt obtaining of authorization for currency operations in Kyiv.

How to obtain an individual NBU license?

License for currency operations

Residents and non-residents are granted a license for currency operations for the period of time necessary to carry out the declared currency operation.

The following activities with currency valuables are subject to mandatory licensing:

• import/export, mailing, transfer into Ukraine and beyond (except in cases specified by law, for example, if the transaction amount does not exceed the limit set by the NBU);
• receiving and providing loans in foreign currency by residents, the terms and amounts of which exceed the prescribed limits;
• use of foreign currency on the territory of Ukraine as a means of payment or collateral (except payment for goods, works, services in temporarily occupied territory);
• placement of currency in accounts (deposits) abroad (except for some exceptions, for example, for resident individuals while they are abroad);
• investing abroad (exception: the subject of investment is a right or asset acquired by a resident individual by inheritance or by donation). Investments may be made both to obtain material benefit and to achieve social goals.

It is important to know that only one of the parties involved in the operation needs to have the license to carry out the transaction.

Obtaining an individual NBU license

The procedure for licensing, the necessary documents, the cost of the procedure and other conditions are regulated by separate acts of the National Bank of Ukraine and depend on the type of currency operations for which authorization is required.

It should be remembered that obtaining an individual NBU license is only possible before the operation is carried out.

Obtaining this authorization is a rather complex procedure that requires specific knowledge and understanding of all the nuances and subtleties in this field. For example, if you need to pay for the procedure of registering a company’s representative office abroad, many financial institutions may advise you to do this by opening a bank account abroad and issuing an “individual license for placing currency valuables”. In that case you will incur unjustified time and material costs for opening that account. The correct solution would be to obtain an NBU authorization “for the transfer of foreign currency to pay for banking metals and to carry out certain currency operations”. That is why trying to figure out all the licensing conditions for currency operations on your own sometimes does not ensure minimization of your costs for this process.

Entrust the licensing procedure to the legally competent specialists of our company, and we guarantee you:

• detailed and qualified legal consultation;
• full support of the licensing procedure;
• selection of the type of license that will ensure prompt conduct of the currency operation with minimal costs;
• collection and analysis of the necessary document package;
• representation of your interests in all institutions in Kyiv;
• confidence in a swift receipt of the license for currency operations.

Legislation:

Decree of the CMU “On the System of Currency Regulation and Currency Control” 19.02.1993 No. 15-93;

Resolution of the Board of the National Bank of Ukraine “On Approval of the Instruction on the Procedure for Issuing Individual Licenses for Making Investments Abroad” dated 16.03.1999 No. 122.