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25 May 2011

Ukrainian representative office of IPS Visa will change its legal status

The Ukrainian representative office of the international payment scheme  Visa, that was opened in Kyiv in 2002, will change its legal status for the company with limited liability. It was announced by  Jean Mark Tonti, Visa Director General  on development of business in the countries of CIS  and Southern-Eastern Europe, at the press-conference that was held in Kyiv on  May  24, 2011. As Mr.Tonti  informed, company’s statutory fund  has already been formed, but its size was not disclosed. The change of legal status of Visa representative office is related to expansion of sphere of company’s activity.

Staff of Visa representative office 2 years ago counted 14 employees,  at present it was increased to 24 persons.  Having started its work in the new status, the staff of the company will  rise, as Visa is planning to develop directions, related to introduction of new technologies, such as contactless  and mobile payments, electronic commerce and other innovative projects.

New   Visa subsidiary will execute now the functions of regional office for the countries of the CIS (except for Russia) and SSE. It will start its work in July.

Last year Visa passed the same procedure in Russia, transforming the Russian representative office into a commercial company. As the Russian market   develops actively and  its geography is vast, authorities  of  Moscow office from now  on  cover only  the region of Russia, although, as it was  marked at the press-conference, the Kyiv and Moscow offices will collaborate very closely, so as  new technologies, for example, such as  instant  money orders, do not know boundaries.


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