Features of the establishment and registration of the credit union
Establishment and registration of the credit union is a complicated process which requires a professional approach, as any deviation from the legal requirements to create a credit union will lead to rejection to register it and all the effort and money will be wasted in vain.
The legislation establishes the following steps to create the credit union as a credit institution:
1. The decision on the establishment of the credit union.
This decision is taken at the general meeting of the founders of the credit union and issued in the relevant protocol (minutes of the meeting). It should be mentioned that the founders of the credit union can only be individuals or trade unions (their associations), that is neither legal entities nor individual entrepreneurs cannot be the members (founders) of credit unions. In addition, the number of founders of the credit institution must be at least 50 people, all the founders must either have the same place of work (studying), or belong to a trade union or any other religious or social organization or reside in the same region (the village , town, district or region).
2. Registration of the credit union as a legal entity.
The registration of the credit union as a legal entity is conducted in the department of state registration of legal entities and individual entrepreneurs at place of residence. An extract of the registration of the credit union with information about its registration in the tax authorities and the Pension Fund is usually issued within three working days after filing the necessary documents to the relevant department of registration (articles of association, the minutes of the meeting on the establishment of the credit union, the payment document on payment of registration fees, etc.).
3. Registration of the credit union in the State Register of financial institutions.
The State Commission for Regulation of Financial Services Markets of Ukraine conducts the registration of the credit union as a financial institution provided that it complies with the established requirements, in particular, if the institution has its own premises, management, software, it makes share payments and mandatory payments, and it has developed and adopted all the necessary internal regulations.
Certificate of the registration of the credit union in the State Register of financial institutions may be issued within 35 calendar days after filing the necessary documents to the State Commission for Regulation of Financial Services Markets of Ukraine (relevant application, a copy of the articles of association and minutes of the meeting, a copy of an extract from the Unified State Register, etc.)
In order to avoid cases of refusal to register a credit union, or registering it in the State Register of financial institutions, lawyers of COLARES are always ready to assist you in the preparation of the necessary documents and registration as a credit union and other financial institutions.