Business welcomes the new procedure for opening and closing of bank accounts

10/ 01/ 2020

Since January 3, 2020, the NBU has simplified the procedure for opening and closing of bank accounts. The regulation concerns opening special accounts following the requirements of the new Bankruptcy Code of Ukraine (for example, to repay the debt of a debtor – an individual) and closing bank accounts of the individual entrepreneurs.

Besides, comes into force the regulation that bans spending money from business accounts on personal, non-business related, needs. At the same time, it will be possible to transfer funds from the business to the personal account, however, only after paying all taxes and fees.

Banks will also be able to certify the power of attorney of an individual entrepreneur independently with no require to use notary services.

Igor Gotsyk Advocacy team leader of the European Business Association
Experts from the business community were involved in the development of these regulations. We expect they will help to reduce bureaucratic procedures, create equal rules, where legal players can have a feeling of protection. It is one of the basic principles for further development of the business as well as a country. Therefore, business welcomes these optimizations of work in the banking sector.

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