A beta test of uResidency, an electronic residency program for foreign entrepreneurs, has been launched in Ukraine. The head of the Ministry of Digital Development, Mikhail Fedorov, announced this in his telegram channel.
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What does this give to foreign citizens
This initiative opens the way for foreign citizens who can register a private entrepreneur and manage their business from anywhere in the world, paying taxes to the Ukrainian budget .
The entire process in uResidency is fully automated and available online: from applying for status to opening a bank account and paying taxes.
Read : Soon foreigners will be able to open a business online and pay taxes in Ukraine
E-residents will receive benefits such as mobile banking, low taxation (5%) and no need for accounting and reporting.
It is expected that this program will become a source of recovery for the Ukrainian economy, attracting foreign entrepreneurs through taxation and innovative services.
What is e-residency
This is a special status for foreigners to do business in Ukraine online without physical presence. Foreigners will be able to obtain e-resident status, register as a group 3 individual entrepreneur, pay a single tax of 5% of the amount of income, and open an online bank account for business activities.
E- Ukrainian residency will not be available to citizens of Russia, Belarus and countries included in the FATF “gray” or “black” list. Also, e-residents will not be able to provide services to Ukrainian citizens, that is, they will only work with other foreigners.