November-December 2013
NEWSLETTER

The National Bank of Ukraine Introduces Changes to the Procedure
on Issuance of Individual Licenses for Making Investments Abroad

On 25 September 2013, the National Bank of Ukraine (the "NBU") adopted amendments (the "Amendments") to the Procedure on Issuance of Individual Licenses for Making Investments Abroad (the "License") approved by Resolution No. 122 dated 16 March 1999, as amended.

The Amendments supplemented the list of documents required to obtain the License, the most significant of which are the following:

  • documents evidencing title of the non-resident seller to an investment object or proper registration of an investment object depending on the type of the particular investment object;
  • certificate of good standing issued by the Ukrainian tax authorities to an applicant, provided that amount of planned investment abroad exceeds the equivalent of EUR 10,000 per one calendar year in respect of one recipient of the investment;
  • valuation report issued by a certified appraiser regarding market value of an investment object, considering that investment amount set forth in the application for obtainment of the License shall not exceed such market value, unless the securities or corporate rights are acquired within their nominal value, in which case filing of the valuation report is not required;
  • statement by an applicant attesting compliance of the investment with certain requirements of Ukrainian law.

Furthermore, the list of the documents required for obtainment of the License is not exhaustive. The NBU has been empowered to request any additional reasonably required document from an applicant, in which case the established 25-day term for consideration of the application is suspended and is renewed only after the NBU receives the requested document.

One of the significant changes introduced by the Amendments is that now the licensee is not obliged to notify the NBU on actually made investment for which the License has been obtained. However, according to the Amendments, a copy of the License is sent by the NBU to the relevant tax authority where the licensee is registered for further monitoring.



For further information please contact
senior partner Armen Khachaturyan and associate Olena Mykhalchuk

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