Ukraine has begun testing an electronic residency programme for foreign entrepreneurs

Ukraine has started testing the electronic residency programme, as reported by the Minister of Digital Transformation, Mykhailo Fedorov.

This beta test, called uResidency, allows citizens of other countries to register as individual entrepreneurs (FOP) in Ukraine and conduct business from anywhere in the world, paying taxes to the Ukrainian budget.

In the programme, one can apply for residency status, open a bank account, and pay taxes. E-residents will also have mobile banking and a low tax rate of 5% without the need for accounting and reports, according to Fedorov.

The programбу is targeted at small business owners from Asia and Europe, particularly IT specialists and professionals in the creative economy. After beta testing, uResidency will be available to citizens of four pilot countries – India, Pakistan, Thailand, and Slovenia, according to the ministry.

The Ministry of Digital Transformation adds that they have been working on the programme for three years and notes that currently, only a few countries in the world offer electronic residency, such as Estonia. Additionally, they hope that the programme will help revitalize the Ukrainian economy through the taxation of foreign entrepreneurs.