Opening and Maintaining Bank Accounts for Legal Entities in Ukraine

In the modern world, a bank account for legal entities is an integral part of the financial infrastructure of the company. Conducting business operations, payment of taxes and salaries of employees - all this requires a bank account. Let's look at the key aspects of opening and maintaining a bank account for legal entities in Ukraine.

Why does a company need a bank account?

A bank account for legal entities is a special account designed for financial operations of the company. It not only facilitates financial management, but also ensures transparency and legality of financial operations. Here are some key reasons why a bank account is necessary:

1. Conducting financial transactions: With a bank account, a company can conduct various financial transactions, including transfers, payments to suppliers, and payments for services.

2. Receiving payments: A bank account allows you to receive payments from customers and partners. This is especially important for businesses operating in the sales and service industry.

3. Paying taxes: A bank account is an integral part of paying taxes and fees. This ensures compliance with tax laws.

4. Employee Salary: Bank account is used to pay salaries to the employees of the company. This ensures transparency and legality in this process.

5. Accounting and analysis of finances: All financial transactions carried out through the bank account are recorded, which simplifies the accounting and analysis of the company's financial activities.

How to open a bank account in Ukraine?

Opening a bank account for legal entities in Ukraine is a procedure that requires following certain steps and providing the necessary documents. Here are the main stages of opening an account:

1. Choosing a bank: First you need to choose a bank where the account will be opened. It is recommended to pay attention to the reputation and terms of service of banks.

2. Collecting the required documents: To open an account you will need - Certificate of incorporation of the company 
   - Decision on appointment of the director 
   - Passports of founders and director 
   - Taxpayer identification number of the company
   as well as additional documents that may be requested by the bank.

3. Signing of the agreement: After submitting all the necessary documents and passing the identification procedures, the agreement with the bank on maintaining a corporate account is signed.

4. Receipt of bank details: After successful account opening, the company receives bank details, including account number and bank code.

5. Financial Transactions: The company can now start using the account for financial transactions.
    

Conclusion
 

Opening a bank account is a fairly simple procedure in Ukraine, which takes 1 day. Usually companies open three accounts, in Ukrainian Hryvnia, USD and Euro.  The average price for servicing three accounts in a Ukrainian bank is 350.00 - 700.00 UAH per month or 10.00 - 20.00 USD depending on the reputation of the bank.

Ordering the service of opening a legal entity in Ukraine in the  Trans-Hope, get the opening of a bank account in Ukrainian bank, absolutely free of charge. For more information, contact us: