Amendments to Ukraine's Regulation on the Procedure for Issuing Individual Licenses for Investing Abroad, which were approved by the Resolution of the National Bank of Ukraine (NBU) dated 25 September 2013, No. 379, provide the new definition of investing abroad, expand the list of documents that should be provided for license's issuance, and change the license revocation procedure.
New definition of investing abroad
"Investing abroad" is now defined as a currency operation that involves a "contribution of currency values into investment objects abroad aimed at receiving profit or at achieving social effect."
Investments abroad may be in the form of the creation of a foreign legal entity, the purchase of foreign issuers' corporate rights and securities, the acquisition of ownership rights to real property located outside of Ukraine, and in other forms not prohibited by laws of Ukraine.
Updated list of documents required for filing
The list of documents that the applicant is required to submit to the NBU for obtaining the license was extended from three to ten items.
In particular, specific documents and detailed information are required to be submitted with respect to: the ownership rights of the non-resident seller of an investment object; information about foreign tax authorities overseeing the activities of a foreign entity; information and compliance of foreign accounts used with Ukrainian banking standards; valuation reports regarding an investment object, etc.
The NBU is also permitted to request from the applicant any further supporting documents which it deems necessary.
Notification obligation cancelled
License holders are no longer required to notify the NBU of the actual performance of investments for which the relevant license was obtained.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
