Registration of the Credit Union in Lviv

Registration of a credit union in Lviv

The credit union opens new prospects for the business of its co-founders. That is why such an organizational and legal form has become so popular today. OLSON Law Firm provides detailed consultations and helps to register a credit union in Lviv. understanding of all processes of registration of legal entities.

What is a credit union?
A credit union is established by individuals in order to combine personal finances into a single system that will meet the needs for credit services of each member of the union. The authorized capital is 100% formed from the contributions of all those who joined the organization.

Such a financial institution, in accordance with the Law on Credit Unions and the terms of the License, cannot be profitable. That is, the organization has the right to provide credit services only to other credit unions, or its co-founders. Accordingly, the percentage for the use of financial services in this case is close to the cost of service. The fee is charged only for rent and maintenance of premises, technical equipment, security and salary. .

Advantages for co-founders:

• Low interest rate for the use of credit funds.
• Open and transparent lending process without pitfalls. It is unlikely that a person will be confused in terms or difficult terms.
• Opportunity to receive services with a real individual approach to each consumer.
• The co-founders receive detailed explanations about their deposits and loan terms. At the same time, they have the opportunity to immediately get help with drawing up a business plan and advice on other financial issues.
• Services are provided quickly, as a much smaller number of papers are issued than in banking institutions.

Conditions for registration of a credit union
To register a credit union in Lviv, you need to go through 4 stages. First of all, you should seek the help of specialists from the law firm "OLSON". Our specialists will study your question and provide advice. After an in-depth analysis of the peculiarities of your situation, they will form a further course of action. Next, it is necessary to go through the procedure of state registration of a legal entity. The third step is to enter a new financial institution in the state register. The final stage is to obtain the appropriate type of License for further activities.

Important requirements:

• The joint capital can be any, but the number of co-founders must be more than 50 people,
• The co-founders must be united on one or more grounds: belonging to one territorial community, common place of study, trade union, religious or public organization.
• Available legal address,
• Management is carried out by at least 5 people, the credit committee should be from 3 people.,
• In the supervisory board - from 3 people.
• Special requirements are placed on the education and work experience of the Director and the Chief Accountant.

It will take up to 2 months to register.

To get advice and services on registration of a credit union - call!