Registration of a pawnshop

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On this page you can acquaint yourself with such services as:

Registration of pawnshop, registration offices pawnshop, introduction of the financial services commission in the register of pawnshop, registration of the pawnshop in the financial services commission.

The COLARES Law Company offers the services of the establishment and registration of a pawnshop, beginning with the establishment of a legal entity (entities) and ending with the registration in the Register of financial institutions of the State Commission for Regulation of Financial Service Markets, including pawnshop branches.

The registration of a pawnshop has two stages:

  1. the registration of a pawnshop as a legal entity (company);
  2. the registration in the Register of financial institutions of the State Commission for Regulation of Financial Services.

The registration of a pawnshop as a legal entity. The registration of a pawnshop as a legal entity is possible provided that all the founders are engaged in business activities jointly and are jointly liable for the obligations by all their property. A person may be a member of only one pawnshop.

The name of the legal entity must include the name (s) of one or more of its members, the words “general partnership” with the words “& CO” and the words “pawnshop property”.

The registration of a pawnshop as a financial institution. The registration of a pawnshop as a financial institution is the procedure of the registration of a pawnshop in the Register of financial institutions, as well as obtaining a certificate of the registration of a financial institution. The State Commission for Regulation of Financial Service Markets of Ukraine (Natskomfinuslug) registers the pawnshop.

The pawnshop is a financial institution, whose activity is only the provision of financial credits to individuals at their own risk from their own or borrowed funds, on the security of property for a specified period or at interest, as well as the provision of related pawnshop services.

The pawnshop has the right to provide the following range of financial services and other related services, such as:

  1. valuation of mortgage assets;
  2. financial credits from the borrowed funds;
  3. financial credits from own funds
  4. providing intermediary services for insurance of the object of the loan on the basis of an agency agreement with the insurance company;
  5. disposal of pledged property in accordance with applicable law and / or the terms of the contract.

Provision of financial loans from borrowed funds is a type of activity subject to licensing. The funds attracted owned by the pawnshop include funds received from individuals – members of a pawnshop, legal entities on a repayable basis, as well as funds received from credit institutions in accordance with the credit agreements.

To register the pawnshop in the Register of financial institutions, the pawnshop must meet the following requirements:

  • be established only in the form of a general partnership;
  • incorporation documents must contain a complete list of financial services and related services the pawnshop plans to provide its customers;
  • have internal rules and regulations of financial services, approved in accordance with the established procedure;
  • the availability of special technical equipment, recording and accounting system (equipment for evaluation of the property, the necessary software and computer equipment, communication equipment , etc.) to perform activities in the financial service industry and to provide the relevant accounting of business transactions according to the legislation of Ukraine on time;
  • have its own or rented premise (room) of not less than 5 square meters, for the implementation of financial service activities and related services, and a separate room for the storage of the property mortgaged, which must have the necessary security (i.e. security alarm system and / or appropriate protection);
  • the declared authorized capital must be formed in accordance with the law and the constituent documents as on the date of the application for submitting the  information about the institution to the State Register of financial institutions;
  • the authorized capital of a pawnshop must be not less than UAH 200 000 as on the date of the application for submitting the  information about the institution to the State Register of financial institutions;
  • the head of the financial institution and the chief accountant must meet the relevant professional requirements.

The registration of a pawn shop as a financial institution will be performed in case of compliance with all requirements aforementioned.

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