In September, Ukraine launches the full implementation of the uResidency programme — electronic residency for foreigners wishing to do business in the jurisdiction of our country. The implementation of this project will allow Ukraine to receive additional tax revenue from e-residents 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 as part of the EU4DigitalUA and DT4UA projects, and with financial assistance from the Estonian Academy of e-Governance.
“Restoring the country requires attracting investments. The launch of uResidency is one of the steps that will facilitate this. According to estimates, every 1,000 e-residents could bring about $1 million to the Ukrainian economy annually,” stated Ukraine’s First Deputy Prime Minister and Minister of Economy, Yulia Svyrydenko.
uResidency is a special status that allows foreigners to register a business in Ukraine's jurisdiction, earn income outside of Ukraine, and automatically pay taxes in Ukraine. E-residents will benefit from special tax conditions — only 5% of their income. At the same time, tax payments and reporting will be done automatically.
To obtain e-resident status, one does not need to visit Ukraine. A potential e-resident must fill out an application through a mobile app or on the e-residency website, visit a Ukrainian consulate for identification, and open a bank account. Eventually, the identification process will also be digitized and available online.
In the first phase, around 1,000 e-residents are expected to join, focusing on IT professionals from Asia and Europe. Currently, the service will be available for citizens of Slovenia, India, Pakistan, and Thailand, with plans to expand to other countries. Participation in the programme is prohibited for countries recognized as aggressors and/or occupiers of Ukraine.
“I thank the team of the Ministry of Digital Transformation of Ukraine for their work on developing the programme, the members of Parliament who worked on the relevant legislative framework, the Ministry of Finance, the National Bank of Ukraine, and other state bodies that made this tool possible. This is an important step for developing entrepreneurship in Ukraine and supporting our economy with additional revenue,” emphasized Yulia Svyrydenko.
