Is it compulsory for non-governmental organizations to have a bank account?

No, it is not mandatory.

• Ukrainian legislation does not contain any requirement for NGOs to open a bank account.

1. Restrictions in the absence of an account:

• If an organisation operates without a bank account, it can only conduct cash transactions.
• At the same time, there are restrictions on the amount of such transactions per day established by law.

2. When should I open an account?

• It is recommended to open an account if:
• the organisation accepts charitable contributions or donations;
• You need to make non-cash payments (for example, receive grants, purchase equipment, etc;)
• you need to ensure transparency of financial transactions.