- A newly registered subsidiary has been refused an account by two banks.
- A payment to a foreign supplier has been suspended by the bank's monitoring department.
- An intragroup loan needs to be brought onshore and registered.
- Export proceeds have not been received within the statutory settlement period.
- A group wants to consolidate Ukrainian banking with a single institution.
Overview
Ukrainian banks operate under financial monitoring rules that require them to understand the ownership chain, the source of funds and the commercial rationale of every corporate client. For a newly incorporated company with foreign shareholders and no trading history, that is a demanding standard. Applications are refused not because the client is problematic but because the file does not answer the questions the compliance officer must answer.
We prepare that file. We also advise on the currency control regime that governs what a Ukrainian company may pay abroad and receive, on the registration of cross-border loans with the National Bank, and on the settlement deadlines that apply to export and import contracts and carry penalties when missed.
Typical situations
Scope of work
What we do
The matters we handle within this practice. Engagements are usually a combination of several of them rather than a single item.
01
Bank selection
Guidance on which Ukrainian banks are realistically open to your profile, and what each will require.
02
Compliance file
Ownership structure chart, ultimate beneficial owner evidence, source of funds narrative, business plan and supporting corporate documents.
03
Onboarding
Liaison with the bank's compliance team, response to follow-up questions and attendance at interviews where required.
04
Currency control
Advice on permitted cross-border payments, documentary requirements and the limits applicable to particular transaction types.
05
Settlement deadlines
Monitoring of the statutory settlement periods for export and import contracts and management of extension or exemption where available.
06
Loan registration
Preparation and filing of cross-border loan documentation with the National Bank and advice on interest rate limits.
07
Payment blocks
Response where a payment is suspended by financial monitoring, including preparation of the explanatory file.
08
Account restructuring
Migration between banks, opening of additional currency accounts and closure of legacy relationships.
How we work
From first call to completion
A predictable sequence with a written output at each stage, so that you always know the position and what it will cost to reach the next one.
01
Profile review
We assess the ownership chain, activity and expected flows against the standards banks apply.
02
File preparation
The compliance package is assembled and, where the chain is complex, accompanied by an explanatory memorandum.
03
Submission
Application filed with the selected bank; we handle the compliance dialogue directly.
04
Ongoing support
Currency control advice and assistance when individual transactions attract scrutiny.
Why clients instruct us
Local knowledge, international standards
We work the way our clients' in-house teams and international counsel expect: clear scope, written advice, English-language reporting and no surprises on fees.
- Advice in English, drafted to be usable by a board that does not know Ukrainian law.
- Fee estimates agreed before work begins, with fixed fees where the scope allows.
- A named partner responsible for the matter, not a rotating team.
- Practising in Ukraine since 2003, through every regulatory cycle since.
Questions
Frequently asked
Why do banks refuse to open accounts for foreign-owned companies?
Almost always because the file leaves a question unanswered — an opaque link in the ownership chain, a source of funds that is asserted rather than evidenced, or a business model the bank cannot reconcile with the expected turnover. A refusal is rarely a judgement about the client; it is a decision that the bank cannot justify the relationship on the material before it.
How long does account opening take?
Where the file is complete, one to three weeks. Where the ownership chain runs through several jurisdictions or a beneficial owner is a politically exposed person, six to eight weeks is realistic.
Can the company operate without a Ukrainian account?
Only in a very limited way. Tax payments, salaries and social contributions must be settled from a Ukrainian account, and most local counterparties will not contract with an entity that cannot receive payment domestically.
Are there restrictions on moving money out of Ukraine?
Yes. Ukraine maintains currency control measures, and the permitted categories and limits for cross-border payments have varied considerably since 2022. Dividend repatriation, loan repayment and payment for services are each treated differently, and the rules change — the position should be checked at the time of the intended payment rather than assumed.
Related
Practices that usually come with this one
01
Business Registration
Incorporating a Ukrainian entity is straightforward on paper and unforgiving in practice. We take foreign investors fr…
Read more →04Taxes & Finance
Tax rarely determines whether an investment happens, but it routinely determines what it returns. We advise on the tax…
Read more →10Compliance & Regulatory
Compliance failures in Ukraine rarely announce themselves. They surface during a bank review, an audit or a transactio…
Read more →09Contracts & Deal Support
A cross-border contract that ignores Ukrainian currency control, settlement deadlines and formality requirements will …
Read more →
Next step
Discuss your matter with us
Tell us what you need to achieve in Ukraine. The first consultation is free and confidential — we will tell you candidly whether we are the right firm for the task.