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of July 30, 1996 No. 10-114/10-5121

About forming of authorized funds

The main state tax authorities of Ukraine report that the procedure for forming of authorized funds and investment companies is established by Regulations on investment funds and investment companies which are approved by the Presidential decree of Ukraine of 19.02.94 N 55/94 (with changes and amendments), namely:

- the authorized capital of investment fund is created at the expense of fees of founders in the form of means, securities which are acknowledged such the Law of Ukraine "About securities and stock exchange", real estate, at the same time the share of real estate in authorized fund shall not exceed 25 percent (the Art. 7);

- the authorized capital of investment company which performs general investments is created according to the procedure which is established by the Law of Ukraine "About economic societies" (the Art. 18).

According to Art. 13 the Law of Ukraine of 19.09.91. "About economic societies" deposits of participants and founders of society can be at home, constructions, the equipment and other material values, securities, property rights, money, including in foreign currency.

Thus, the company - the investment company - has the right to create authorized capital fees in the form of the computer equipment, furniture and other material values.

It should be noted that in request the procedure for forming of authorized capital of investment company is mistakenly identified with procedure for forming of authorized capital of investment fund.

At the same time we report that determination of legitimacy of issue of permission to investment funds and investment companies to implementation of transactions with securities is within the competence of State commission on securities and the stock market.


First Deputy chief A. Shitr


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