The National Bank of Ukraine has simplified the foreign exchange control for service-traders via Internet

July 8,the NBU decided to say “no” to bureaucracy and to meet those who are doing business via Internet.

Usually, when making transactions in banks, residents are obliged to submit copies of contracts with non-residents, certificates and other documents confirming the performance of works, services provision, transfer abroad of intellectual property, etc. Now, to meet the requirements and at the same time to avoid wasting time on paperwork, residents can use documents used in international practice, provided that these documents meet certain requirements.

More specifically, the contract may be replaced by the documents that are properly executed, containing sufficient information about the parties to a contract; the conditions of the obligations taken, acceptance of the offer. Such documents include, for example, the public offer, invoice, etc.

That document, chosen by the parties as a confirmation of contractual obligations between them, shall be submitted to the bank for foreign exchange control, and this very document is the base to count the term of payments.

Residents are free to submit simple (not notarized) copies of the documents to their banks.

Simultaneously, banks decide independently whether to ask the Ukrainian translation of the contracts or not.

New rules deal with the following spheres:

Freelance exchanges (programmers, designers, copywriters, translators);

Direct sales (programmers, designers, copywriters, translators);

Application stores (programmers), flows (photographers, illustrators, operators);

Trading platforms (masters, mediators from the sale of goods Made in Ukraine);

Advertising intermediaries (site owners, bloggers) etc.