Registration of a credit union

In accordance with the current legislation, a credit union (CU) is a non-profit organization founded by individuals, trade unions, their associations on a cooperative basis in order to meet the needs of its members in mutual lending and the provision of financial services through the combined monetary contributions of its members.

A CU is a legal entity, or rather, a financial institution that can provide the following types of financial services:

providing loans to its members (farm and private enterprises that are in their ownership);
acting as a guarantor in relation to the fulfillment by a member of the union of obligations to third parties;
attracting contributions (deposits) of its members on contractual terms to deposit accounts;
placement of temporarily free funds on deposit accounts in banking institutions that have the appropriate license (this type of activity of the CU requires licensing), as well as the purchase of government securities;
attracting, on contractual terms, loans from banks, a united credit union, funds from other institutions and for providing loans to its members (this type of activity of the CU requires licensing);
lending to other credit unions;
acting as a member of payment systems;
payment on behalf of its members of the cost of goods, works and services within the framework of the loan;
carrying out charitable activities at the expense of funds specially created for this purpose.

Members of the CC can be citizens of Ukraine and stateless persons who permanently reside on the territory of Ukraine and have a common place of work or study, or belong to the same organization (trade union, other public or religious organization), or live in the same locality. The founders of the CU must be at least 50. The creation of the CU involves several stages:

holding a constituent assembly, at which a decision will be made on the creation of the CU, its Charter, governing bodies will be approved, persons who will carry out the subsequent state registration of the CU, etc., will be authorized;
state registration of a legal entity;
entering the CU in the State Register of Financial Institutions;
obtaining the necessary licenses.

The Finance Business Service company will help you quickly go through all the necessary procedures, including the preparation of documents and communication with officials. The range of services for creating a credit union includes:

Advising on the establishment of the CU;
Help in choosing a name;
Preparation of documents (charter, register of founders, draft minutes of the constituent assembly, certificates, etc.);
Formation and verification of the completeness of the packages required for registration of documents;
Submission of documents to the relevant authorities;
Entering into the state register and obtaining a certificate of registration of a financial institution;
Development of internal regulations and procedures to ensure the efficient operation of the CC;
Assistance in staff recruitment;
Obtaining a license (licenses) from the National Financial Services Commission for certain types of financial services;
Full legal support of the registration process;
Opening a bank account;

The client must provide:

Name of the credit union;
legal address;
Sign of membership in the CC;
Documents of CC members present at the founding meeting: copies of passports and identification codes;
Documents of the director and accountant: copies of passports, work books or employment contracts, documents confirming the required level of qualification and training;
Documents of government officials: copies of passports.
Documents that confirm the right of ownership or use of the premises at the location of the CU
Information about computer equipment, communication tools (telephone, fax, Internet access, e-mail), as well as software and special technical equipment related to the provision of financial services, in accordance with the requirements of the law

Upon completion of the registration process, the client will receive the following documents:

Сharter
Decisions of the meeting of founders (drawn up in minutes) on the creation of the CC, approval of the charter, management bodies, etc.
Register of founders;
Extract from the State Register of Legal Entities and Individual Entrepreneurs (includes registration data, data on registration with tax authorities, statistics authorities, as an ERU payer)
Certificate of registration of a financial institution
Internal documents of the Constitutional Court;
License(s);
Agreement with a bank on opening an account and others.

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