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SwitzerlandNikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the NSSMC licence, including banking and payment rails.
Forex license in Ukraine: NSSMC licence to trade financial instruments.
A forex license in Ukraine is the National Securities and Stock Market Commission (NSSMC) licence for trading in financial instruments, held by a Ukrainian company that deals on own account or brokers for clients. Dealing takes UAH 22 million of capital and the fee is UAH 14,000. The NSSMC decides within six months, or three when no foreign legal entity is in the ownership chain. We file from Kyiv.
30 yrs
of experienceof experience
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated · Reviewed by the Prifinance team
Ukraine in brief
Forex license in Ukraine: one NSSMC licence, with capital set activity by activity.
A Ukrainian forex or CFD broker holds the licence every investment firm holds: the NSSMC's licence for trading in financial instruments under Law No. 3480-IV on capital markets and organised commodity markets. It covers seven activities, sub-brokerage, brokerage and dealing among them. The NSSMC's own definitions draw the line a broker needs. Dealing means entering into derivative contracts on the firm's own behalf and at its own expense, the market maker's model. Brokerage means entering into them at clients' expense, in their name or the firm's. Credits and loans to clients for derivative contracts are an additional service under Art. 44(2) of the Law, allowed only when the NSSMC resolution issuing the licence names it and the register shows it. Licensing Conditions No. 208 of 21 February 2024 set the requirements and, in the NSSMC's words, aim to implement EU legislation. The licence goes to a joint-stock, limited liability or additional liability company and has no expiry date.
Dealing needs UAH 22 million; brokerage needs UAH 4 million where the firm may hold and dispose of client funds and instruments on its own account, and UAH 1.5 million without that right. Client credit adds UAH 2.5 million to the base amount, which we confirm per file. The licence fee is UAH 14,000, and the licence is issued once its payment is shown. The NSSMC decides within six months of the complete electronic filing, or within three when no foreign legal entity is in the ownership structure. Martial law has applied since 24 February 2022. In July 2026 the NSSMC said most of its 40 second-quarter decisions concerned markets operating under it and that it had improved its licensing rules. To our knowledge the NSSMC sets no leverage cap, negative balance rule or CFD risk warning; we confirm the terms of a retail CFD offer with the NSSMC before launch.
One NSSMC licence for trading in financial instruments covers dealing on own account and brokerage for clients. Client credit for derivative contracts is a separate service the licence must name. The licence has no expiry date.
Dealing needs UAH 22 million, brokerage UAH 4 million or 1.5 million, client credit UAH 2.5 million more. The NSSMC decides in six months, three without a foreign legal entity among the owners. Martial law has applied since 24 February 2022.
Dealer or broker
A dealer on its own account, or a broker with the credit service.
The NSSMC licence lists the activities a firm may carry on, and each has its own capital figure. A market maker needs dealing. An agency broker needs brokerage, and client credit for derivative contracts is a separate service that the licence resolution has to name.
A dealer on own account, or a broker with the credit service.
01 - DEALING ON OWN ACCOUNT
The dealer as counterparty
Dealing, in the NSSMC's definition, is entering into derivative contracts on the firm's own behalf and at its own expense: the CFD market maker's model. It takes UAH 22 million of initial capital, the UAH 14,000 licence fee and premises of at least 10 sq. m if the firm does nothing but deal. Under Resolution No. 1221 the firm keeps an asset liquidity ratio of at least 0.5.
Dealing, in the NSSMC's definition, is entering into derivative contracts on the firm's own behalf and at its own expense: the CFD market maker's model. It takes UAH 22 million of initial capital, the UAH 14,000 licence fee and premises of at least 10 sq. m if the firm does nothing but deal. Under Resolution No. 1221 the firm keeps an asset liquidity ratio of at least 0.5.
- ✓Dealing on own account
- ✓UAH 22 million initial capital
- ✓UAH 14,000 licence fee
- ✓Premises from 10 sq. m if dealing only
- ✓Asset liquidity ratio of at least 0.5
- ✓Licence with no expiry date
02 - BROKERAGE WITH CLIENT CREDIT
+UAH 2.5M for creditThe broker with the credit service
Brokerage is entering into derivative contracts at clients' expense, so an STP or agency book belongs here. A broker that may hold and dispose of client funds and instruments needs UAH 4 million, one that may not UAH 1.5 million. Credits and loans to clients for derivative contracts come as an additional service: named in the licence resolution, shown on the register and backed by UAH 2.5 million more capital.
UAH 4M with client assets, UAH 1.5M without; client credit adds UAH 2.5M and must be named in the licence.
- ✓Brokerage at clients' expense
- ✓UAH 4M with client assets
- ✓UAH 1.5M without them
- ✓Credit service named in the licence
- ✓UAH 2.5M more for client credit
- ✓Sub-brokerage to pass orders on
Costs and timelines are confirmed for your case before any work begins. Any annual NSSMC charge is confirmed in the quote as well.
Why Ukraine
A licence with no end date and client credit written into it.
Ukraine prices entry in hryvnia, names the credit service in the licence itself and sets no end date; the open question for a founder is the profit tax rate.
✓
Credit tied to the register
Each investment firm's additional services must be entered on the NSSMC's register of professional market operators, so a Ukrainian broker may lend to its clients for derivative contracts only once the service is on it.Lending only once the register shows it.
✓
No expiry date
The NSSMC states that a licence for professional activity has an unlimited term. A Ukrainian licence carries no renewal date to plan around.The licence term is unlimited.
✓
Lower capital for an agency book
Brokerage without the right to hold and dispose of client funds and instruments needs UAH 1.5 million, and UAH 4 million with it, against UAH 22 million for dealing. The model decides the line, and we settle it before any capital is paid in.UAH 1.5M or 4M against 22M.
✓
Filing in one electronic cabinet
Applications go in as electronic documents through the applicant's personal cabinet in the NSSMC's integrated information and communication system. The NSSMC notifies its resolution within three working days of adopting it.Online filing; notice within 3 working days.
✓
Rules written with the EU in view
Licensing Conditions No. 208 aim, in the NSSMC's words, to implement EU legislation, and Resolution No. 1221 of 29 September 2022 sets prudential ratios. Monthly returns cover regulatory capital, capital adequacy, liquidity and operational-risk coverage.Licensing Conditions No. 208 of 2024.
✓
Warning: 18% or 25% profit tax
Since 1 January 2025 Ukraine taxes the profit of a financial institution other than an insurer at 25%, against the 18% base rate. Whether an NSSMC-licensed investment firm counts as one is confirmed per structure, and we model both rates until it is.Profit tax of 18% or 25%.
How it compares
How Ukraine differs from other routes.
Inside the EU, a Polish or Cypriot market maker holds €750,000 of initial capital under MiFID II and can passport into other member states; Georgia's NBG asks GEL 500,000 of a brokerage company. For UAH 22 million of dealing capital, Ukraine gives a licence without a passport, decided in three or six months depending on the owners.
Ukraine vs other jurisdictions
| Feature |  Ukraine | Other jurisdictions |
|---|---|---|
| Market-maker capital | UAH 22M for dealing | €750,000 Poland, Cyprus · GEL 500,000 Georgia |
| Decision period | 6 months · 3 without foreign legal entities | 2 months Poland · 45 working days Georgia |
| Retail leverage | No NSSMC cap known · client credit licensed | 30:1, 100:1 experienced tier Poland · 30:1 to 2:1 Cyprus |
| Profit tax | 18% · 25% if a financial institution | 19% Poland · 15% Cyprus (2026) · 0% retained Georgia |
Market-maker capital
UkraineUAH 22M for dealing
Other jurisdictions€750,000 Poland, Cyprus · GEL 500,000 Georgia
Decision period
Ukraine6 months · 3 without foreign legal entities
Other jurisdictions2 months Poland · 45 working days Georgia
Retail leverage
UkraineNo NSSMC cap known · client credit licensed
Other jurisdictions30:1, 100:1 experienced tier Poland · 30:1 to 2:1 Cyprus
Profit tax
Ukraine18% · 25% if a financial institution
Other jurisdictions19% Poland · 15% Cyprus (2026) · 0% retained Georgia
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Ukraine | NSSMC · trading in financial instruments | 18% · 25% financial institutions | UAH 22M dealing, UAH 14,000 fee, 3-6 months |
 Poland | KNF dom maklerski | 19% CIT · 9% small | IFD €75k-€750k, 2-month clock |
 Cyprus | CySEC CIF | 15% CIT (2026) | IFD tiers, EU passport |
 Georgia | NBG brokerage company | 0% · 15% distributed | GEL 500k capital · 45 working days |
UkraineLicense typeNSSMC · trading in financial instruments
Taxation18% · 25% financial institutions
RequirementsUAH 22M dealing, UAH 14,000 fee, 3-6 months
PolandLicense typeKNF dom maklerski
Taxation19% CIT · 9% small
RequirementsIFD €75k-€750k, 2-month clock
CyprusLicense typeCySEC CIF
Taxation15% CIT (2026)
RequirementsIFD tiers, EU passport
GeorgiaLicense typeNBG brokerage company
Taxation0% · 15% distributed
RequirementsGEL 500k capital · 45 working days
Rest of Europe
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Before you apply
Forex license requirements in Ukraine: what the NSSMC checks.Ukraine forex license requirements.
The NSSMC licenses on documents filed electronically, read against Licensing Conditions No. 208 and the Procedure of Resolution No. 982 of 21 October 2021.
01
Company - a Ukrainian joint-stock company, limited liability company or additional liability company, which holds the licence in its own name.
02
Activities - dealing for a market maker, brokerage for an agency model and sub-brokerage to pass client orders to another investment firm for execution, each named in the licence.
03
Capital - UAH 22 million for dealing, UAH 4 million for brokerage with the right to hold and dispose of client funds and instruments, UAH 1.5 million without it (Licensing Conditions No. 208, Part II, Chapter 3, Clause 1).
04
Client credit - credits and loans for derivative contracts only where the licence resolution names the service and the register shows it (Art. 44(2) of the Law), with UAH 2.5 million added to the base capital (Licensing Conditions No. 208, Part II, Chapter 3, Clause 1).
05
Product scope - derivative contracts as Art. 7 of the Law defines them; on 5 October 2021 the NSSMC approved an explanation of which of them are financial instruments, and each CFD and FX product is mapped to it before filing.
06
Foreign founders - the foreign company's decision to take part, its home-state authority's written permission or an assurance that none is needed, a register extract and the auditor's report on the last full year, notarised, legalised and translated into Ukrainian.
07
Qualifying holdings - NSSMC approval under the Regulation of 14 November 2025 on ownership structure and qualifying holdings in professional market participants.
08
Premises - own or rented non-residential space of at least 20 sq. m, or 10 sq. m for a firm that only deals or only gives investment advice.
09
Internal control - compliance, risk-management and internal-audit units with a staff list for each; the exact requirement for a trading licence is confirmed against Licensing Conditions No. 208.
10
AML - primary financial monitoring as a professional capital-market participant, supervised by the NSSMC, with reports to the State Financial Monitoring Service.
01
JSC, LLC or additional liability company.
02
Dealing, brokerage, sub-brokerage named.
03
UAH 22M dealing; UAH 4M or 1.5M broker.
04
Client credit: +UAH 2.5M, in the licence.
05
Products mapped to Art. 7.
06
Foreign founders' legalised papers.
07
NSSMC approval of qualifying holdings.
08
Premises of 20 sq. m or 10 sq. m.
09
Compliance, risk, internal audit.
10
AML as a primary monitoring entity.
Reflects the NSSMC's pages for investment firms and for foreign-owned applicants and its licensing service card, as of October 2026. Each point is checked against the current text of Licensing Conditions No. 208 before filing.NSSMC pages and licensing service card, as of October 2026.
Verify it yourself
Official sources
Regulator pages, legal texts and public registers the figures on this page are based on.
- RegulatorNSSMC - For investment firms (activities, additional services, initial capital)nssmc.gov.ua
- FeesNSSMC - Administrative service: issue of a licence for professional activity in capital marketsnssmc.gov.ua
- RegulatorNSSMC - Foreign market participants (licensing of foreign-owned applicants)nssmc.gov.ua
- LawTax Code of Ukraine, Section III (profit tax) - State Tax Servicetax.gov.ua
- GuidanceNational Bank of Ukraine - FX restrictions easing package of May 2024 (dividend repatriation)bank.gov.ua
How it works
From the choice of activities to the NSSMC's resolution and the fee.
01
Activities and capital
We map each CFD and FX product to dealing, brokerage or the credit service and size the capital from the result: UAH 22 million for dealing, UAH 4 million or UAH 1.5 million for brokerage.Products mapped, capital sized.
02
Company and founders
The Ukrainian company is formed, the capital paid in and the premises secured. A foreign founder's documents go through notary, legalisation and translation in parallel, and we start them first.Formed, capital paid, papers legalised.
03
Electronic filing
The application and the documents the licensing conditions require go in through the personal cabinet in the NSSMC's integrated information and communication system.Through the personal cabinet.
04
NSSMC review
The NSSMC adopts a resolution to issue or refuse the licence within six months, or three if no foreign legal entity is in the ownership structure, and notifies the applicant within three working days.Six months, or three without foreign entities.
05
Fee and licence
The applicant submits the payment document for the UAH 14,000 fee and the licence is issued. Additional services, client credit among them, go on the register, and monthly returns to the NSSMC follow.UAH 14,000 paid, licence issued.
Quick facts
RegulatorNSSMC · Kyiv
LawNo. 3480-IV · Licensing Conditions No. 208
Dealing capitalUAH 22 million
Broker capitalUAH 4M with client assets · UAH 1.5M without
Client credit+UAH 2.5 million · named in the licence
Licence feeUAH 14,000
Decision6 months · 3 without foreign legal entities
Plan for6-9 months with a foreign parent · 4-6 without
The NSSMC's six months, or three without a foreign legal entity in the ownership chain, run from the complete filing. Company formation, paid capital, staff and, for a foreign parent, legalised documents come first, so we plan for 6-9 months with a foreign parent and 4-6 months without one.
On the ground in Ukraine
Run from our Kyiv office.
Prifinance - Ukraine
Kyiv · Ukraine
Kyiv, Ukraine
01
The Ukrainian company
A JSC, LLC or additional liability company with its initial capital paid, set up for the activities the licence will name.JSC, LLC or ALC, capital paid.
02
Foreign founders' papers
The home-state permission or assurance, the register extract and the audited accounts, notarised, legalised and translated into Ukrainian.Permission, extract, audit, legalised.
03
The electronic filing
The application through the NSSMC's personal cabinet, with the documents that Licensing Conditions No. 208 require.Through the NSSMC's personal cabinet.
04
Controls and premises
Compliance, risk-management and internal-audit staff, premises of at least 20 sq. m and AML procedures for primary financial monitoring.Three control units, 20 sq. m, AML.
We also have offices in
Vilnius
Lithuania
Gedimino pr. 2
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of forex brokers in Ukraine.
A Ukrainian broker pays profit tax at 18%, or at 25% if it counts as a financial institution, and dividends to a foreign parent carry 15% unless a treaty sets a lower rate.
Base rate 18%
Ukraine's profit tax has a base rate of 18% under Art. 136.1 of the Tax Code (No. 2755-VI of 2 December 2010), as the State Tax Service restated in a note of 21 January 2026.Tax Code Art. 136.1.
25% for financial institutions
Law No. 4015-IX of 10 October 2024 set 25% from 1 January 2025 for the profit of a financial institution other than an insurer (Art. 136.1-1); banks pay 50% for 2026. Whether an NSSMC-licensed investment firm falls under the 25% rate is confirmed per structure.Since 2025; fit confirmed per structure.
15% on dividends abroad
A Ukrainian company withholds 15% from dividends it pays to a non-resident (Art. 141.4.2), unless a tax treaty in force sets less. Treaty relief needs a residence certificate and beneficial ownership (Art. 103.2).Lower under a treaty.
Dividends and the NBU
Currency rules decide when dividends can leave. Resolution No. 18 of the National Bank of Ukraine (NBU) of 24 February 2022, as eased by Resolution No. 56 of 3 May 2024, let dividends for periods from 1 January 2024 go abroad from 13 May 2024, up to EUR 1 million a month checked through the NBU's E-Limits system, but not dividends from earlier retained earnings. We confirm the limit in force before a dividend plan is final.EUR 1M a month since May 2024; checked first.
Advance tax on dividends
A company that pays dividends makes an advance profit-tax payment at the base rate, credited against the year's profit tax (Art. 57.1-1). For a financial institution it is computed at 25%. It is not a tax on repatriation.At the base rate, credited.
Fees paid to foreign introducers
The same 15% applies to brokerage, commission or agency fees that a non-resident earns from Ukrainian residents for services provided in Ukraine. Whether a foreign introducer's fee falls under it turns on where the service is provided, which we confirm per structure.15% withheld for services in Ukraine.
Tax summary
Profit tax18% base · Art. 136.1
Financial institutions25% since 1 January 2025
Dividends to non-residents15% · lower by treaty
Advance payment on dividendsAt the base rate · credited
Fees to foreign introducers15% for services in Ukraine
*As of 2026 per the Tax Code of Ukraine (Arts. 57.1-1, 136, 141), Law No. 4015-IX and the State Tax Service's rate table. Group and founder-level outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Ukrainian company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed broker.
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Ukraine · NSSMC
Get your forex license in Ukraine with expert support.
Full-service assistance - from mapping your products to dealing, brokerage and client credit to the Ukrainian company, the foreign founders' documents and the NSSMC filing - run through our Kyiv office.
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Is Ukraine the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
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Request a free conclusion →FAQ
Founders' questions on the NSSMC, client credit and the clock.
Does Ukraine have a forex licence?+
Not under that name: in Ukraine a firm that enters into derivative contracts with clients holds the NSSMC licence for trading in financial instruments, as a dealer on its own account or as a broker for clients, and adds client credit as a separate service that the licence resolution names.
Can a foreign company own a Ukrainian investment firm?+
Yes. A foreign founder files its decision to take part, its home-state permission or a written assurance that none is needed, a register extract and its auditor's report, all notarised, legalised and translated. The NSSMC then has up to six months instead of three, and approves qualifying holdings under its Regulation of 14 November 2025.
How long does a forex license in Ukraine take?+
The NSSMC decides within six months of the complete filing, or within three when no foreign legal entity is in the ownership structure, and notifies the applicant within three working days. With the company, capital, staff and documents built first, we plan for 6-9 months with a foreign parent and 4-6 without.
What does a forex license in Ukraine cost?+
The NSSMC licence fee is UAH 14,000, paid before the licence is issued. Capital is the larger sum: UAH 22 million for dealing, UAH 4 million or UAH 1.5 million for brokerage, and UAH 2.5 million more for client credit. Any annual NSSMC charge and our own fees are confirmed in the quote.
Can a Ukrainian broker offer leverage to clients?+
Yes, as a licensed service. Credits and loans to clients for derivative contracts are an additional service under Art. 44(2), allowed when the licence resolution names it, with UAH 2.5 million more capital. Firms other than banks also file a monthly certificate of their standards for margin operations.
What did Licensing Conditions No. 208 change?+
NSSMC Resolution No. 208 of 21 February 2024 set new licensing conditions for trading in financial instruments, which the NSSMC says aim to implement EU legislation. Existing firms got 12 or 18 months to bring their ownership into line, and in April 2024 the NSSMC named updated operating rules and contract requirements as its next step.
Which reports does a Ukrainian investment firm file?+
A Ukrainian investment firm sends the NSSMC monthly administrative data by the last day of the following month, irregular data within three business days and off-exchange securities trades within three working days. Interim financial statements go in with the March, June and September data, and annual statements with the February data.
What premises and staff does the NSSMC expect?+
Premises of at least 20 sq. m, owned or rented, or 10 sq. m for a firm that only deals or only advises. We plan compliance, risk-management and internal-audit units with named staff; that requirement and the number and residence of directors are confirmed per case against Licensing Conditions No. 208.
Ukraine or Poland for a CFD broker?+
Poland, for EU reach: a dom maklerski passports into other member states after notifying the KNF, the KNF has two months to decide and the licence fee is capped at €4,500, with €750,000 of capital for own-account dealing. Ukraine suits a broker whose clients are in Ukraine, with capital in hryvnia and client credit written into the licence.
Why Prifinance for Ukraine?+
From Kyiv we start with your product list and work out which products need dealing, which need brokerage and whether the licence resolution must name client credit. That answer shapes the Ukrainian company and the NSSMC file, and a foreign founder's papers are notarised, legalised and translated while the company is formed.
A forex licence?+
Not by name; the NSSMC trading licence.
Foreign owners?+
Yes, with legalised home-state papers.
How long?+
3 or 6 months; 4-9 planned.
Cost?+
UAH 14,000 fee; UAH 22M for dealing.
Leverage?+
As a licensed credit service.
Conditions No. 208?+
New licensing rules from 2024.
Reports?+
Monthly data, quarterly statements.
Premises and staff?+
20 sq. m; staffing confirmed per case.
Or Poland?+
Poland for the EU; Ukraine for Ukraine.
Why you?+
Kyiv office, products mapped first.
Client notes
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the National Securities and Stock Market Commission (NSSMC) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.