Nikolai 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's decision, including banking and payment rails.
Get an investment license in Ukraine.
One regulator for the whole capital market: the National Securities and Stock Market Commission licenses every professional activity in Ukraine - the investment firm's trading in financial instruments, the asset management company, the custodian, the exchange - under the Law on Capital Markets and Organized Commodity Markets as restated by Law No. 738-IX, in force since 1 July 2021. The investment-firm floors are printed in hryvnia on the NSSMC's own page: UAH 1.5 million for brokerage, portfolio management, advice or placement without touching client assets, UAH 4 million once the firm may hold client money and instruments, UAH 22 million for dealing, underwriting or guaranteed placement. An asset management company needs UAH 7 million under the Law on Collective Investment Institutions. The Commission publishes no statutory decision period and no fee schedule - both are confirmed with the licensing department - and the regime names no investor-compensation fund for investment-firm clients. Corporate tax is 18%.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Ukraine in brief
Seven sub-types, three hryvnia floors and no printed clock.
Ukraine licenses investment business under the Law on Capital Markets and Organized Commodity Markets - Law No. 3480-IV of 23 February 2006, rewritten by Law No. 738-IX of 19 June 2020 and in force in that form since 1 July 2021. The NSSMC is the single licensing authority for professional activity on the capital markets. Trading in financial instruments is the investment-firm licence, issued in seven sub-types: sub-brokerage, brokerage, dealer activity, portfolio management of financial instruments, investment consulting, underwriting or placement with a guarantee, and placement without one. Investment advice is a licensed sub-type; there is no lighter adviser register. Asset management of institutional investors is a separate licence for an asset management company under Law No. 5080-VI on Collective Investment Institutions, and an AMC may not combine it with any other professional activity except mortgage-cover management. The licensing conditions for trading are NSSMC Decision No. 208 of 21 February 2024.
The floors are printed in hryvnia on the NSSMC's investment-firm page. UAH 1.5 million for sub-brokerage, brokerage, portfolio management, investment consulting and placement without a guarantee, where the firm may not receive or dispose of client money and instruments; UAH 4 million for sub-brokerage, brokerage or portfolio management once it may; UAH 22 million for dealer activity, underwriting or placement with a guarantee; a further UAH 2.5 million where the firm will lend to clients. An AMC needs UAH 7 million of authorised capital and a reserve fund of 25% of it, built from at least 5% of net profit a year. Two things the page omits: the statutory decision period, which the Commission does not publish, and the licence fee, which sits in its administrative-services table and is confirmed with the licensing department before filing. In 2025 the NSSMC delivered 2,444 administrative services, 1,848 of them paid. Corporate tax is 18%. We run the file from Kyiv.
One regulator, seven sub-types: the NSSMC licence for trading in financial instruments under Law No. 738-IX (in force 1 July 2021) - UAH 1.5 million without client assets, UAH 4 million with them, UAH 22 million for dealing and underwriting; the AMC at UAH 7 million under Law No. 5080-VI.
18% CIT under art. 136.1, no passport, no published clock or fee, no compensation fund. 41,167,335 people at the last official count. Built end to end from Kyiv.
The two builds
The investment firm - or the asset management company.
One NSSMC licence for trading in financial instruments at UAH 1.5 million, UAH 4 million or UAH 22 million by sub-type and client-asset rights, and a separate AMC licence at UAH 7 million under Law No. 5080-VI that cannot be combined with it. We fix the sub-types before the file.
The NSSMC investment firm - or the UAH 7 million AMC.
01 - INVESTMENT FIRM
The trading-in-financial-instruments licence
The NSSMC licence for brokerage, sub-brokerage, dealer activity, portfolio management, investment consulting and underwriting or placement - UAH 1.5 million where the firm never holds client money or instruments, UAH 4 million where it may, UAH 22 million for dealing, underwriting or guaranteed placement, and UAH 2.5 million on top if it lends to clients.
The NSSMC licence for brokerage, sub-brokerage, dealer activity, portfolio management, investment consulting and underwriting or placement - UAH 1.5 million where the firm never holds client money or instruments, UAH 4 million where it may, UAH 22 million for dealing, underwriting or guaranteed placement, and UAH 2.5 million on top if it lends to clients.
- ✓Seven sub-types under one licence
- ✓UAH 1.5 million - no client assets held
- ✓UAH 4 million - client money and instruments held
- ✓UAH 22 million - dealing, underwriting, guaranteed placement
- ✓+ UAH 2.5 million where the firm lends to clients
- ✓Premises of 20 sq m · 10 sq m for dealing or advice only
02 - ASSET MANAGEMENT COMPANY
UAH 7 million authorised capitalThe asset management company
Asset management of institutional investors - collective investment institutions and pension assets - under a separate NSSMC licence: UAH 7 million of authorised capital, a reserve fund of at least 25% of it built by annual transfers of at least 5% of net profit, state ownership capped at 10%, and no combination with other professional activity except mortgage-cover management.
Asset management of institutional investors under Law No. 5080-VI - UAH 7 million, a 25% reserve fund, no combination with brokerage or dealing.
- ✓Separate licence - Law No. 5080-VI
- ✓UAH 7 million authorised capital
- ✓Reserve fund 25% · 5% of net profit a year
- ✓State ownership capped at 10%
- ✓No combination with brokerage or dealing
- ✓Asset-liquidity ratio 0.5 (Decision No. 1221)
Costs and timelines are confirmed for your case before any work begins. The NSSMC's fee sits in its administrative-services table; we confirm the charge with the licensing department before filing, and capital, premises and certified staff are itemised in your quote.
Why Ukraine
One regulator, printed floors and a market of 41 million.
Ukraine sells a single regulator with hryvnia floors you can read off its page - and asks you to accept a clock it does not publish.
✓
One licensing authority
The NSSMC licenses investment firms, AMCs, custodians, exchanges and clearing houses alike; even a bank's investment services carry its licence. One counterpart for the whole file.Every licence at the NSSMC.
✓
Floors printed in hryvnia
UAH 1.5 million, UAH 4 million and UAH 22 million, set by whether the firm holds client assets and whether it deals or underwrites - read off the NSSMC's investment-firm page, not a consultant's deck.UAH 1.5M, 4M, 22M.
✓
41,167,335 people
The State Statistics Service's count at 1 January 2022. It publishes no later official estimate, and we print none.Count of 1 January 2022.
✓
Advice is a licence
Investment consulting is a sub-type of the same licence at UAH 1.5 million, and premises of 10 sq m are enough for an advice-only or dealing-only firm.UAH 1.5M, 10 sq m.
✓
A regulator that kept working
The NSSMC publishes no martial-law restriction on licensing; its own release of 16 January 2026 records 2,444 administrative services in 2025, up from 1,617 in 2024.2,444 services in 2025.
✓
The clock warning
The Commission publishes no statutory decision period and no fee schedule, and the regime names no investor-compensation fund for investment-firm clients. Ukraine is chosen for the market, not for a timetable.No period, no fee published.
How it compares
How Ukraine differs from other routes.
The honest comparison: hryvnia floors and no published clock - against Poland's two-month statute, Romania's six months and Armenia's unpublished floor.
Ukraine vs other jurisdictions
| Feature |  Ukraine | Other jurisdictions |
|---|---|---|
| Regime | Law on Capital Markets (738-IX) - NSSMC | Act on Trading Poland · Legea 126/2018 Romania |
| Capital | UAH 1.5M / 4M / 22M · AMC UAH 7M | €75k / €150k / €750k Poland and Romania |
| Scope | Domestic market, no passport | 30 EEA states Poland, Romania · none Armenia |
| Timeline | No clock published · no stats | Poland 2 months · Romania 6 months (art. 16(1)) |
Regime
UkraineLaw on Capital Markets (738-IX) - NSSMC
Other jurisdictionsAct on Trading Poland · Legea 126/2018 Romania
Capital
UkraineUAH 1.5M / 4M / 22M · AMC UAH 7M
Other jurisdictions€75k / €150k / €750k Poland and Romania
Scope
UkraineDomestic market, no passport
Other jurisdictions30 EEA states Poland, Romania · none Armenia
Timeline
UkraineNo clock published · no stats
Other jurisdictionsPoland 2 months · Romania 6 months (art. 16(1))
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Ukraine | Investment firm - NSSMC | 18% CIT (art. 136.1) | UAH 1.5M-22M, premises 20 sq m, AMC UAH 7M |
 Poland | Dom maklerski - KNF | 19% CIT · 9% small | Art. 98 €75k-€750k, 2-month clock, fee to €4,500 |
 Romania | S.S.I.F. - ASF | 16% CIT · no micro regime | Art. 12 Law 236/2022 €75k-€750k, FCI €20,000 |
 Armenia | Investment company - CBA | 18% CIT · confirmed per case | Capital per Reg. 4/01 · no published floor · 13 names on register |
UkraineLicense typeInvestment firm - NSSMC
Taxation18% CIT (art. 136.1)
RequirementsUAH 1.5M-22M, premises 20 sq m, AMC UAH 7M
PolandLicense typeDom maklerski - KNF
Taxation19% CIT · 9% small
RequirementsArt. 98 €75k-€750k, 2-month clock, fee to €4,500
RomaniaLicense typeS.S.I.F. - ASF
Taxation16% CIT · no micro regime
RequirementsArt. 12 Law 236/2022 €75k-€750k, FCI €20,000
ArmeniaLicense typeInvestment company - CBA
Taxation18% CIT · confirmed per case
RequirementsCapital per Reg. 4/01 · no published floor · 13 names on register
Before you apply
Requirements for the Ukrainian licence.Requirements for the licence.
The NSSMC reviews under Decision No. 982 of 21 October 2021 and the Licensing Conditions in Decision No. 208 of 21 February 2024, and takes the file through its online information system. The checklist below is what a passing application contains.
01
Ukrainian legal entity - the investment firm is a legal entity licensed by the NSSMC; the admitted company forms are not published on the NSSMC's pages, so the form is fixed with the licensing department before incorporation.
02
Capital - UAH 1.5 million without client-asset rights, UAH 4 million with them, UAH 22 million for dealer activity, underwriting or guaranteed placement, plus UAH 2.5 million where the firm will lend to clients.
03
Sub-types - each of the seven (sub-brokerage, brokerage, dealer, portfolio management, investment consulting, underwriting or placement with a guarantee, placement without) named in the application, since the floor follows the highest one.
04
Premises - one or several non-residential premises of at least 20 sq m in total, or 10 sq m where the firm does only dealer activity or only investment consulting.
05
Certified specialists - staff on the NSSMC's register of certified specialists for the licensed activity.
06
Asset-liquidity ratio - the Decision No. 1221 ratio held at its 0.5 minimum since 1 October 2023, for investment firms and AMCs alike.
07
AMC capital and reserve - UAH 7 million of authorised capital, a reserve fund of at least 25% of it from annual transfers of at least 5% of net profit, and state ownership of no more than 10%.
08
No combination - an AMC's licence cannot sit beside any other professional activity except mortgage-cover management; brokerage or dealing needs its own entity.
09
Electronic filing - the application goes through the NSSMC's information system, with the fee confirmed from the administrative-services table before submission.
10
The unwritten items - foreign-ownership limits, director minimums, client-asset segregation rules and fit-and-proper tests are not published on the NSSMC's pages; we take them from Decision No. 208 and the licensing department before drafting.
01
Ukrainian legal entity.
02
Capital per sub-type.
03
Seven sub-types named.
04
Premises 20 or 10 sq m.
05
Certified specialists.
06
Liquidity ratio 0.5.
07
AMC UAH 7M and reserve.
08
AMC stands alone.
09
Filed electronically.
10
Unwritten items confirmed.
Reflects the Law on Capital Markets and Organized Commodity Markets as restated by Law No. 738-IX, Law No. 5080-VI and NSSMC Decisions No. 982, 208 and 1221 as of 2026; capital tiers as printed on the NSSMC's investment-firm page.Law No. 738-IX, Law No. 5080-VI, Decisions 982, 208, 1221 - as of 2026.
How it works
From first call to the NSSMC register.
01
Sub-types and tier
The seven sub-types chosen, client-asset rights decided, capital fixed at UAH 1.5 million, UAH 4 million or UAH 22 million - in writing before drafting.Fixed in writing.
02
Company and premises
Ukrainian entity, capital paid, 20 sq m of non-residential premises and certified specialists in place.20 sq m leased.
03
The application
The Decision No. 982 file, complete at submission through the NSSMC's information system, fee confirmed beforehand.Complete at submission.
04
NSSMC review
Question rounds on an unpublished clock - the Commission processed 7,024 document packages in 2025 and prints no per-licence statistics.Clock unpublished.
05
Licence and launch
Register entry, asset-liquidity ratio live, depository and banking relationships open.Register entry.
Quick facts
RegulatorNSSMC
LicenceTrading in financial instruments
No client assetsUAH 1.5 million
Client assets heldUAH 4 million
Dealing · underwritingUAH 22 million
AMC capitalUAH 7 million
Statutory clockNot published
Corporate tax18%
The NSSMC publishes no decision period and no per-licence processing statistics - the honest plan is a file complete at submission and a timeline confirmed with the licensing department, not a number from a brochure.
On the ground in Ukraine
Run from our Kyiv office.
Prifinance - Ukraine
Kyiv · Ukraine
Kyiv, Ukraine
01
Company and capital
Ukrainian entity, hryvnia capital paid at the tier the sub-types demand, premises of 20 sq m leased before filing.Tier and premises set.
02
The NSSMC file
Drafted to Decision No. 982 and the Decision No. 208 Licensing Conditions, filed through the Commission's information system and defended through the question rounds.To Decisions 982 and 208.
03
Certified bench
Directors and certified specialists sourced for the licensed activity, with the asset-liquidity ratio modelled from day one.Specialists sourced.
04
Register and launch
Entry in the register of professional participants, depository and banking relationships sequenced with the licence - with our Prague office behind Kyiv.Prague behind Kyiv.
We also have offices in
Tallinn
Estonia
Roseni 13
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 investment firms in Ukraine.
A flat 18% under art. 136.1 of the Tax Code - with the VAT and withholding articles confirmed for your structure.
Corporate tax 18%
Art. 136.1 of the Tax Code sets the base rate at 18 percent - the figure to model for an investment firm or an AMC.Art. 136.1.
Banks pay more
Art. 136.1-1 sets a higher rate for banks, 25%; the article is written for banks, not for a non-bank investment firm.Art. 136.1-1.
VAT - confirmed
The rate sits in art. 193 and the non-VAT status of securities operations in art. 196 of the Tax Code; we confirm both for your service set in the quote.Art. 193, confirmed.
Dividend withholding
Art. 141.4 governs payments to non-residents; the withholding rate is confirmed per structure and modelled before any dividend.Art. 141.4, per structure.
No sector levy
No financial-sector levy on investment firms is published; the NSSMC's 1,848 paid services brought over UAH 38.2 million to the state budget in 2025.None published.
The AMC reserve
An AMC sets aside at least 5% of net profit a year until its reserve fund reaches 25% of authorised capital - a line in the model before any dividend.5% a year to 25%.
Tax summary
Corporate tax18% (art. 136.1)
Banks25% (art. 136.1-1)
VATArt. 193 · confirmed per case
Dividend withholdingArt. 141.4 · confirmed per structure
Licence feeConfirmed before filing
*Figures as of 2026 per Ukrainian law and tax.gov.ua. 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 firm.
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Ukraine · NSSMC
Launch your investment firm in Ukraine with expert support.
Full-service assistance - from the Ukrainian entity and premises to the NSSMC licence, certified specialists, the asset-liquidity ratio and ongoing compliance - run through our Kyiv office.
Get a consultation →Free legal opinion
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.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Ukrainian investment licence, answered.
Which licence does an investment firm need in Ukraine?+
The NSSMC licence for professional activity in trading in financial instruments under the Law on Capital Markets and Organized Commodity Markets as restated by Law No. 738-IX, in force since 1 July 2021, in seven sub-types from sub-brokerage to underwriting. Asset management of institutional investors is a separate AMC licence under Law No. 5080-VI.
What capital is required?+
UAH 1.5 million for sub-brokerage, brokerage, portfolio management, investment consulting or placement without a guarantee where the firm may not hold client money or instruments; UAH 4 million where it may; UAH 22 million for dealer activity, underwriting or guaranteed placement; plus UAH 2.5 million if the firm lends to clients. An AMC needs UAH 7 million.
How long does the NSSMC take?+
The Commission publishes no statutory decision period for the licence. It reports 2,444 administrative services in 2025 in aggregate, with no per-licence statistics, so we confirm the timeline with the licensing department and build the file complete at submission.
What does the licence cost?+
The fee sits in the NSSMC's administrative-services table. In 2025 the Commission's 1,848 paid services brought over UAH 38.2 million to the state budget. We confirm the charge for your sub-types with the licensing department before filing and print it in the quote.
Is there a lighter adviser regime?+
No. Investment consulting is a licensed sub-type of trading in financial instruments, at the UAH 1.5 million floor where no client assets are held, with premises of 10 sq m sufficient for an advice-only firm. Custody, research, FX and corporate advice are ancillary services that need no separate licence.
What premises and people are required?+
One or several non-residential premises of at least 20 sq m in total - 10 sq m for a firm doing only dealer activity or only investment consulting - and staff on the NSSMC's register of certified specialists. Director minimums and residency rules are not published on the NSSMC's pages and are settled with the licensing department.
Can the licence be combined with fund management?+
Not in one entity. An asset management company holds a separate licence under Law No. 5080-VI at UAH 7 million and may not combine it with any other professional activity except mortgage-cover management, so a group runs the AMC and the investment firm side by side.
Is there an investor-compensation fund?+
The regime names none for investment-firm clients. What it does prescribe is prudential: an asset-liquidity ratio under Decision No. 1221 at 0.5 since 1 October 2023 for investment firms and AMCs, and client-asset rights that set the capital floor.
Ukraine or Poland for a new firm?+
Poland prints a two-month clock, a fee capped at €4,500 and a 30-state passport at 19% CIT for 37.35 million people; Ukraine prints hryvnia floors from UAH 1.5 million at 18% for a market last counted at 41,167,335, with no passport and no published clock. Warsaw for the EU; Kyiv for the home market.
Why Prifinance for Ukraine?+
A Kyiv office and a file built to Decision No. 982 and the Decision No. 208 Licensing Conditions, with the capital tier read off the NSSMC's own page and the fee and clock confirmed with the licensing department before you sign. Our Prague office stands behind Kyiv for banking and group structuring.
Which licence?+
NSSMC trading licence.
Capital?+
UAH 1.5M/4M/22M.
How long?+
No published clock.
Fee?+
Confirmed before filing.
Adviser regime?+
No - licensed sub-type.
Premises and people?+
20 sq m, certified staff.
With fund management?+
Separate AMC entity.
Compensation fund?+
None published.
Or Poland?+
EU clock vs home market.
Why you?+
Kyiv office, Prague behind.
Client notes
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