Finally, what has been long discussed in the Ministry of Digital Transformation has come to fruition — electronic residency (e-residency or uResidency) has become available to citizens of certain countries.
uResidency provides a swift way to establish a business without the hassle of paperwork and bureaucracy from anywhere in the world.
“We have created the best conditions for Ukrainian entrepreneurs — the registration of individual entrepreneurs (FOP) is the fastest in the world, tax payments can be made in just a few clicks, and additional business services are available online. We are now ready to scale this experience to foreign nationals, as becoming an e-resident in Ukraine is easier and more beneficial than starting a business elsewhere, with a tax rate of just 5%,” states Minister of Digital Transformation Mykhailo Fedorov.
To become an e-resident, one only needs to fill out an application in the app or on the uResidency portal. This takes about 5-10 minutes. After a quick verification, the resident will receive a digital signature at the consulate without having to visit Ukraine. From there, they can register an individual entrepreneur (FOP) online, and all subsequent interactions will occur automatically.
As part of the uResidency project, reporting has been fully automated: banks will calculate taxes, submit declarations, and handle all bureaucratic tasks without the need for physical interaction with institutions. Everything happens automatically, without human involvement. Participants in the program will not need to spend money on an accountant or lawyer — the system takes care of all their work, allowing residents to focus on their own business.
The first e-residents have already opened bank accounts and were very pleased with the outcome, Fedorov claims.
The program is currently available to citizens of India, Pakistan, Thailand, and Slovenia. In the first phase, it aims to attract around 1000 e-residents, with plans to include more countries later on.
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