Rule on using funds in individual entrepreneurs' accounts cancelled

Published 29 January 2020. Some rules have changed since; ask us for the current position.

Since 17 January, the rule on how individual entrepreneurs (FOP, фізичні особи-підприємці) may use their accounts has been cancelled. Entrepreneurs had protested against, and struggled to understand, the requirement to use FOP current accounts only for transactions unrelated to personal needs and the right to transfer funds to a personal account only after paying all taxes and duties. This decision will make life much easier for the business community. At the same time, the rule that personal accounts may not be used for business activity remains in force.