Ukraine launches an e-residency program, giving foreign entrepreneurs the opportunity to quickly open a business with minimal bureaucracy and a low tax rate of 5%.
Electronic residence of Ukraine
Launch of the uResidency program
The Ministry of Digital Transformation of Ukraine has brought to life the long-awaited electronic residency project (e-residency or uResidency). This initiative allows entrepreneurs from certain countries to open a business in Ukraine remotely, without the need for physical presence and paperwork.
Benefits for Entrepreneurs
Mikhail Fedorov, head of the Ministry of Digital Development, emphasizes the uniqueness of the Ukrainian system: “We have developed optimal conditions for entrepreneurs. Registration of a private entrepreneur in Ukraine is the fastest in the world, tax payments are made in a few clicks, and additional business services are available online. Now we are ready to offer These opportunities are for foreigners, because obtaining e-residency in Ukraine is simpler and more profitable than opening a business anywhere else, with a tax rate of only 5%.”
Process of obtaining e-residency
To become an e-resident, just fill out an application in the mobile application or on the uResidency web portal. The procedure takes about 5-10 minutes. After a quick data check, the future resident receives a qualified electronic signature (QES) at the consulate, without the need to visit Ukraine. Then you can remotely register a private entrepreneur, and all subsequent operations will be carried out automatically.
Business process automation
As part of the uResidency project, reporting is fully automated: the bank independently calculates taxes, submits declarations and takes care of all bureaucratic procedures without physical interaction with government agencies. All processes occur automatically, without human intervention. Program participants do not need to hire an accountant or lawyer - the system does all their work, allowing the resident to focus on developing their business.
First results and prospects
According to Fedorov, the first e-residents have already opened bank accounts and were satisfied with the result. The program is currently available to citizens of India, Pakistan, Thailand and Slovenia. At the initial stage, it is planned to attract about 1,000 e-residents, with the subsequent expansion of the list of participating countries.
Glossary
- Ministry of Digital Transformation of Ukraine, the government body responsible for the digitalization of the country
- uResidency - Ukrainian e-residency program for foreign entrepreneurs
- FOP - Individual entrepreneur, registration form for individual entrepreneur in Ukraine
- CEP - Qualified electronic signature, digital analogue of a handwritten signature
- Mikhail Fedorov - Minister of Digital Transformation of Ukraine, initiator of the electronic residency program
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Discussion of the topic – E-residency in Ukraine: a revolution for foreign business with 5% taxes
Ukraine has launched an electronic residency program for foreigners, allowing them to quickly open a business without bureaucracy and pay only 5% taxes.
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Isabella
Wow, this is simply amazing! 🚀 Electronic residency in Ukraine opens up enormous opportunities for entrepreneurs from all over the world. Particularly impressive are the automation of reporting and the low tax rate. I wonder how this will affect the Ukrainian economy?
Hans
I agree, Isabella! This is truly a revolutionary approach. I was especially interested in the opportunity to obtain a CEP at the consulate without having to visit Ukraine. This will save a lot of time and money for foreign entrepreneurs.
Sophie
Sounds very tempting! 😍 The automation of all processes is especially attractive. But I'm a little confused by the limited list of countries. Hans, when do you think this program will be available in more countries?
Hans
Sophie, I think it's a matter of time. They're currently testing the system in a limited number of countries, but if all goes well, I'm sure the list will quickly expand. The main thing is to demonstrate the effectiveness and safety of the system.
Grzegorz
Guys, you are too enthusiastic. All these newfangled things are just a way to collect more data about people. And why do we need these electronic residences? We lived without them before and will continue to live without them. Just an extra headache.
Isabella
Grzegorz, I understand your concern, but technology does not stand still. This project can really help many entrepreneurs start a business with minimal costs. And enhanced data protection is already a standard in such systems.
Juan
I'm joining the discussion! 🤔 I’m interested in how this will affect competition in the Ukrainian market? Will the influx of foreign entrepreneurs lead to problems for local businesses?
Sophie
Juan, great question! I think this can, on the contrary, stimulate development. An influx of new ideas and investment can create new jobs and opportunities for collaboration. Plus, it could help Ukraine integrate more quickly into the global economy. 🌍💼