Opening a bank account for a business - how to pass a bank check the first time

Any business in Ukraine cannot operate effectively without a bank account, which is used for all business payments – settlements with suppliers and customers, payment of taxes and employee salaries. In 2025, and especially in 2026, Ukrainian banks have increasingly started refusing to open accounts for businesses. Financial monitoring requirements have also become stricter.

The situation is different for an individual entrepreneur. An individual entrepreneur (FOP) is not legally required to open a bank account. In practice, however, it is almost impossible to run a business without one. FOPs in tax groups 2 and 3 need to pay taxes and salaries to employees, if any, and make payments to suppliers and customers, much like legal entities. Starting this year, even FOPs in tax group 1 are required to provide cashless payment options.

To open a business bank account, you will need:

For a legal entity (basic package):
• an application to open a current account;
• information from the Unified State Register (if the bank does not retrieve it automatically);
• the company's Articles of Association or confirmation that a model charter is being used;
• an order/resolution appointing the director;
• the director's (authorized representative's) passport and tax identification number;
• an ownership structure chart showing the ultimate beneficial owners;
• a financial monitoring questionnaire (usually including a description of the business activity, expected turnover, sources of funds and main counterparties).

If the company's founder is a foreign individual or a foreign company, the bank will usually require documents with a certified translation and an apostille.

To open an account for an FOP:
• passport or ID card;
• tax identification number;
• an extract from the Unified State Register confirming FOP registration (if it is not retrieved automatically).

The bank will also request a questionnaire containing information about the type of business activity (KVED codes), expected turnover and sources of funds, as well as whether the business has employees.

The procedure for opening a bank account is regulated by the NBU Instruction on the procedure for opening and closing accounts (as amended in 2025) and by Ukrainian Law No. 361-IX “On Prevention and Counteraction to Legalization (Laundering) of Proceeds…”

A bank account can be opened directly at a bank branch or through the bank's mobile application. In recent years, it has also become possible to open an account online through the “e-Entrepreneur” service on the Diia portal. This allows you to choose one of 10 partner banks (PrivatBank, monobank, Oschadbank, Raiffeisen, PUMB, Sense Bank and others). The required data is automatically retrieved from state registers, and the application can be signed using Diia.Signature or a qualified electronic signature (QES).

Why can a bank refuse to open a business account?

- the company is registered, but has no actual business activity;
- the description of expected turnover is approximate or unclear;
- the ownership structure is complex and has no logical explanation;
- the director is young and has no documented professional experience;
- non-residents are among the company's participants, but additional documents have not been provided;
- the KVED codes in the Articles of Association differ from the declared business activity.

This is why we always advise our clients to pay particular attention to two aspects. In our practice, preparing a clear beneficial ownership structure and providing realistic turnover figures are the factors that most often help resolve the issue successfully on the first attempt.

Our practical tips for legal entities:

1. Prepare the ownership structure chart showing the ultimate beneficial owners in advance.
2. Have a 1–2 page business plan ready (there is no need to write a novel).
3. Provide realistic expected turnover figures.
4. Have preliminary agreements with suppliers and customers or letters of intent regarding cooperation.
5. If the founder is a foreign national, prepare certified translations of the documents with an apostille, as well as evidence confirming the sources of funds. This is the most common reason for delays of 1–2 weeks.
We also recommend choosing a bank that specializes in your industry (IT, trade, manufacturing).

Practical tips that work for FOPs:

1. If you register your account through Diia, choose the bank immediately.
2. When indicating expected turnover in the questionnaire, it is better to slightly underestimate it than to overstate it.
3. If you expect to receive payments immediately after opening the account, prepare preliminary agreements or letters of intent from potential customers.
4. If you operate in the IT sector, consider monobank or PrivatBank, where special tariffs with no monthly maintenance fee are often available.
One more important point: do not mix personal and business funds in the same account.

What is bank financial monitoring?

Under Law No. 361-IX, banks are required to monitor financial transactions to combat money laundering, tax evasion and terrorist financing. The verification process for an FOP is generally simpler than for an LLC, but banks may still request additional information or documents.

They may check:
• the description of the business activity and whether it is genuine;
• evidence of business resources (rent, equipment, contracts);
• tax returns;
• statements from other bank accounts (if any).

After the documents required to open an account have been submitted, the bank may request additional documents or information. This is precisely the stage at which many entrepreneurs face delays lasting several weeks or even a refusal to open the account.

This is when it is worth turning to professional legal assistance. Legal support can significantly increase the chances of receiving a positive decision on the first attempt and save the director's time. It also helps clearly define the business model and collect exactly the documents expected by the bank's compliance department.

Professional legal support includes:

• preparing a complete package of documents in accordance with the requirements of the particular bank;
• completing financial monitoring questionnaires;
• communicating with the bank's compliance department;
• responding to additional requests from the bank;
• assistance with opening foreign-currency accounts or accounts for non-residents.

Opening a business bank account is not merely a formal administrative step – it is the first serious compliance check for your business. Proper preparation and professional legal support can help you pass this check quickly and without unnecessary risks.