Ukraine is a fast-emerging powerhouse financial market, and everyone wants to get in on the ground floor. Investments are a great way to make passive income, but in an unfamiliar market, it can be hard to know where to start. Many people are wondering how to start investing in Ukraine, and that is what we are here to answer today by giving you some tips to get started.
Open a Ukrainian Investment Account
One way you can learn about how to invest in Ukraine is by opening an investment account. You can do so even as a foreigner, and this is a relatively risk-free way compared to others to learn the ropes.
This account will be where you pay for your investments, where funds are transferred to and from your investments, and all other transactions that are related to investments. Be aware that this type of account is solely for investing and cannot be utilized for other purposes.
How to start an investment by opening a Ukrainian bank account is not dissimilar to how things are done in your native country.
How to Open a Ukrainian Investment Account
Before you learn how to start investing, you must first pass the first hurdle of opening the account. Most banks will need the following documents:
- Your passport
- Residential permit or documents if applicable
- Ukrainian tax number if applicable
- Filled out a bank application form
- Servicing agreement.
Be aware that some other documents may be required, but these are the basics to have ready.
How to Start to Invest
Once you have that out of the way, the next step is to learn how to start an investment. There are portfolios to choose from, and the bank will assign you a personal financial advisor upon your request. However, there are many business people who choose to invest independently, and this can also be done.
You can use your newly opened Ukrainian account to transfer funds to pay for investments from abroad and vice versa. There are other legally outlined criteria on starting an investment that define is and isn't allowed and certain restrictions.
What to Keep in Mind
It's important to know how to begin investing, but it's also important to know what to keep in mind about your investment and how to start it. Paying the correct amount of taxes and doing so on time is one of these criteria.
If you invest in a company, it is also wisest to go through your investment account and use the funds there. That account will be solely responsible for your money-making investment ventures in Ukraine.
How to begin to invest in Ukraine can be a long process, especially if you plan on obtaining a Ukrainian tax number. It can also be hindered by making mistakes in your prepared paperwork. Hire a savvy lawyer to look over your documents to make sure everything is above board and in accordance with the law.
You may also enlist the help of trusted representatives who are Ukrainian locals if you have the connections. Know that without the proper documentation or missing paperwork, the process could be prolonged and delayed.