uResidency: Ukraine has allowed foreigners to open businesses in the country online

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In September, Ukraine will start the full launch of the uResidency program – electronic residency for foreigners who want to do business in the jurisdiction of our country.

This was reported by the press service of the Ministry of Economy, noting that that the implementation of the project will allow Ukraine to receive additional revenues from e-resident taxes and new opportunities for attracting investments.

uResidencyis a special status that gives foreigners the right to register a business in the jurisdiction of Ukraine, receive income outside of Ukraine and automatically pay taxes in Ukraine. Special tax conditions will apply to e-residents – only 5% of the income. At the same time, tax payment and reporting takes place automatically.

In a few days, we will launch electronic residency, like in Estonia, but with better conditions. We are entering another level of competition with other countries, we will present it in the IT arena, the minister announced.

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What is the registration procedure?

You do not need to visit Ukraine to get e-resident status. A potential e-resident must fill out an application via a mobile application or on the Ukrainian e-residency website, visit a Ukrainian consulate for identification, and open a bank account. Later, the identification procedure will also be digitized and available online.

Who can get this status?

At the first stage about 1,000 e-residents are expected to be involved. uResidency focuses on IT professionals from Asia and Europe. Currently, the service will be available to citizens of Slovenia, India, Pakistan and Thailand, with further expansion of the program to other countries. At the same time, participation in the program is prohibited for countries recognized as an aggressor state and/or an occupying state in relation to Ukraine.

The program is implemented by the Ministry of Digital Transformation of Ukraine with the support of the European Union within the framework of the EU4DigitalUA and DT4UA projects and with the financial support of the Academy of e-Government of Estonia.