Offshore companies filled investment funds

A foreign company can be used as a convenient investor in a Ukrainian project, fund or corporate structure. A properly documented investment connects the source of capital, agreement, bank payment and further distribution of profit in one clear scheme. For the business owner, the result is to choose a suitable investment instrument and prepare documents for the movement of capital in advance.

Investment funds in Ukraine: market structure in 2026

According to the NSSMC, as of 31 March 2026 there were 1,841 collective investment institutions operating in Ukraine. The total assets of operating CIIs amounted to UAH 698.89 billion, and net asset value was UAH 581.03 billion. During Q1, the assets of operating CIIs increased by UAH 29.69 billion, or 4.44%.

Venture funds remain the main part of the market: 1,756 operating venture CIIs held assets of UAH 686.27 billion, which represented 98.19% of the total CII assets. Closed non-venture funds formed 1.76% of assets, while open and interval funds together represented a small part of the market.

As of 31 March 2026, open CIIs had UAH 237.69 million of assets; by nominal value, resident individuals prevailed among investors. Interval CIIs had assets of UAH 78.80 million, and here too the main share belonged to resident individuals. Thus, a public retail segment exists, while the main amount of market capital is concentrated in closed venture structures.

Bankers generally do not consider public investment funds their competitors in the fight for depositors. Indeed, what trust and guarantees can be discussed if an offshore company from a “banana republic” is often also listed among the founders of an AMC-CII managing an investment fund? With such an approach, it will take a long time to win depositors.

Objectively, most existing CIIs are now scheme companies used for tax optimisation, and not for attracting funds from real depositors. This is indirectly confirmed by the weak advertising policy and by statistics showing that investors’ money comes directly from offshore companies — cheap and effective.

In principle this is legal, but if the company is not purely a scheme company, such an approach causes some surprise — image is more valuable. Direct work with offshore companies is suitable if short-term goals are pursued. In this case, the source of money does not matter: so far in Ukraine there is a loyal attitude to the source of incoming payments from abroad and little concern about public disclosure of an investment from a “banana” republic. From this it follows that more than 90% of existing CIIs in Ukraine are scheme companies that in practice have nothing in common with traditional investment activity.

Even the UAIB recognises that if the current high growth rates of household investment in CIIs continue, redistribution of savings between banks and investment funds will happen no earlier than in 5–10 years, and only if there are no major scandals on the CII market.

For more details about tax optimisation schemes using CII-AMC, see the TAXC Limited review —  Tax minimisation in real estate and securities transactions.