Insight
UKRAINE Online Licences
incomplete and will lead to your application being rejected. Te practice of first licences have shown that the regulator is very attentive to all formalities with the documents. For instance, the first ten applications were all returned without consideration due to technical deficiencies in the documents.
Te application and supportive documents should be submitted either personally in the regulator’s office, by post-delivery, or online. Te latter option is associated with certain additional barriers relevant to the use of e-signatures in Ukraine, thus in practice the personal submission remains the most widely used application mechanism.
Review process
Te regulator will assess your application and make a decision on issuing or rejecting to issue the licence within 15 working days. During the first five working days the regulator may return the application if it has formal deficiencies (e.g., lack of documents or information).
The licence fees amounts are connected to the amount of the statutory minimum salary and their US$ (or other currency) equivalents and also depend on the currency fluctuations. In terms of minimum salary, as of March 2021 it equals to UAH6,000 (ca. US$ 215). It is normally made higher every six month (the information about the minimum salary is publicly available). Accordingly, you should monitor the respective financial data to find the most cost-efficient moment for to apply.
Upon the decision on issuing or rejecting the licence, the regulator will notify you within five working days. If rejected, you will be informed the reasons of such
P64 WIRE / PULSE / INSIGHT / REPORTS
decision. Te law does not preclude to re-apply for the licence in case the application was rejected any time after correction of deficiencies in application documents. Te decisions on rejection may be also challenged to the competent Ukrainian court (though in practice it is commonly easier to resubmit a corrected application).
Te original copy of the licence will be passed to you after the respective licensing fee payment for the first year is made.
Licensing fee payment
Your licensing fee for the first year is due 10 business days after the regulator notifies you about the issued licence.
Licence fees are payable in equal annual instalments (which means you should make five equal instalments annually). Your annual fee is due no later than 30 days before the beginning of each subsequent year of validity of the licence.
Te licence fees amounts are connected to the amount of the statutory minimum salary and their US$ (or other currency) equivalents and also depend on the currency fluctuations. In terms of minimum salary, as of March 2021 it equals to UAH6,000 (ca. US$ 215). It is normally made higher every six month (the information about the minimum salary is publicly available). Accordingly, you should monitor the respective financial data to find the most cost- efficient moment for to apply.
Te yet existing specific rule is that until the day the state online monitoring system (a state-owned software tool allowing the regulator to conduct a real-
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