diff --git a/pkg/compiler/analysis.go b/pkg/compiler/analysis.go
index b15e81513..899d9e35f 100644
--- a/pkg/compiler/analysis.go
+++ b/pkg/compiler/analysis.go
@@ -36,26 +36,46 @@ func (c *codegen) getIdentName(pkg string, name string) string {
 }
 
 // traverseGlobals visits and initializes global variables.
-// and returns number of variables initialized.
-func (c *codegen) traverseGlobals() int {
+// and returns number of variables initialized and
+// true if any init functions were encountered.
+func (c *codegen) traverseGlobals() (int, bool) {
 	var n int
+	var hasInit bool
 	c.ForEachFile(func(f *ast.File, _ *types.Package) {
 		n += countGlobals(f)
+		if !hasInit {
+			ast.Inspect(f, func(node ast.Node) bool {
+				n, ok := node.(*ast.FuncDecl)
+				if ok {
+					if isInitFunc(n) {
+						hasInit = true
+					}
+					return false
+				}
+				return true
+			})
+		}
 	})
-	if n != 0 {
+	if n != 0 || hasInit {
 		if n > 255 {
 			c.prog.BinWriter.Err = errors.New("too many global variables")
-			return 0
+			return 0, hasInit
+		}
+		if n != 0 {
+			emit.Instruction(c.prog.BinWriter, opcode.INITSSLOT, []byte{byte(n)})
 		}
-		emit.Instruction(c.prog.BinWriter, opcode.INITSSLOT, []byte{byte(n)})
 		c.ForEachPackage(func(pkg *loader.PackageInfo) {
-			for _, f := range pkg.Files {
-				c.fillImportMap(f, pkg.Pkg)
-				c.convertGlobals(f, pkg.Pkg)
+			if n > 0 {
+				for _, f := range pkg.Files {
+					c.fillImportMap(f, pkg.Pkg)
+					c.convertGlobals(f, pkg.Pkg)
+				}
 			}
-			for _, f := range pkg.Files {
-				c.fillImportMap(f, pkg.Pkg)
-				c.convertInitFuncs(f, pkg.Pkg)
+			if hasInit {
+				for _, f := range pkg.Files {
+					c.fillImportMap(f, pkg.Pkg)
+					c.convertInitFuncs(f, pkg.Pkg)
+				}
 			}
 			// because we reuse `convertFuncDecl` for init funcs,
 			// we need to cleare scope, so that global variables
@@ -63,7 +83,7 @@ func (c *codegen) traverseGlobals() int {
 			c.scope = nil
 		})
 	}
-	return n
+	return n, hasInit
 }
 
 // countGlobals counts the global variables in the program to add
diff --git a/pkg/compiler/codegen.go b/pkg/compiler/codegen.go
index b1ae269e4..384c19197 100644
--- a/pkg/compiler/codegen.go
+++ b/pkg/compiler/codegen.go
@@ -1495,8 +1495,8 @@ func (c *codegen) compile(info *buildInfo, pkg *loader.PackageInfo) error {
 	// Bring all imported functions into scope.
 	c.ForEachFile(c.resolveFuncDecls)
 
-	n := c.traverseGlobals()
-	if n > 0 {
+	n, hasInit := c.traverseGlobals()
+	if n > 0 || hasInit {
 		emit.Opcode(c.prog.BinWriter, opcode.RET)
 		c.initEndOffset = c.prog.Len()
 	}
diff --git a/pkg/compiler/init_test.go b/pkg/compiler/init_test.go
index 4327855e2..dd74639ad 100644
--- a/pkg/compiler/init_test.go
+++ b/pkg/compiler/init_test.go
@@ -3,6 +3,8 @@ package compiler_test
 import (
 	"math/big"
 	"testing"
+
+	"github.com/stretchr/testify/require"
 )
 
 func TestInit(t *testing.T) {
@@ -88,3 +90,18 @@ func TestImportOrder(t *testing.T) {
 		eval(t, src, big.NewInt(3))
 	})
 }
+
+func TestInitWithNoGlobals(t *testing.T) {
+	src := `package foo
+	import "github.com/nspcc-dev/neo-go/pkg/interop/runtime"
+	func init() {
+		runtime.Notify("called in '_initialize'")
+	}
+	func Main() int {
+		return 42
+	}`
+	v, s := vmAndCompileInterop(t, src)
+	require.NoError(t, v.Run())
+	assertResult(t, v, big.NewInt(42))
+	require.True(t, len(s.events) == 1)
+}