In September, Ukraine will start a full-fledged launch of the uResidency programme — electronic residency for foreigners who want to do business in the jurisdiction of our country. Implementation of the project will allow Ukraine to receive additional income from e-resident taxes and new opportunities for attracting investments.
The programme is being implemented by the Ministry of Digital Transformation of Ukraine with the support of the European Union within the EU4DigitalUA and DT4UA projects and with the financial support of the e-Government Academy of Estonia.
“Recovery of the country requires attracting investments. The launch of uResidency is one of the steps that will contribute to this. According to estimates, every 1,000
e-residents can bring about $1 million a year to the Ukrainian economy,” Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine, said.
uResidency is 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. In addition, tax payment and reporting is done automatically.
You do not need to visit Ukraine to get e-resident status. A potential e-resident must fill out an application through a mobile application or on the e-residency website of Ukraine, visit a Ukrainian consulate for identification and open a bank account. Later, the identification procedure will also be digitized and available online.
At the first stage, it is expected to involve about 1,000 e-residents. 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 programme to other countries. At the same time, participation in the programme is prohibited for countries recognized as an aggressor state and/or an occupying state in relation to Ukraine.
“I thank the team of the Ministry of Digital Transformation of Ukraine for their work on the development of the programme. To the MPs who worked on the relevant legislative framework. To the Ministry of Finance, the National Bank of Ukraine and other state authorities, thanks to which this tool became possible. This is an important step for the development of entrepreneurship in Ukraine and the support of our economy with additional revenues,” Yuliia Svyrydenko emphasized.