Ukraine launches electronic residency program

Ukraine has launched the e-residency program uResidency, according to Digital Transformation Minister Mykhailo Fedorov, who announced it at the IT Arena conference in Lviv.

The project is designed to help foreign entrepreneurs establish businesses in Ukraine and pay taxes here without having to physically visit the country, as all services are available online.

"This is a revolutionary project that not only offers foreigners a great service for doing business in Ukraine but also supports the Ukrainian economy. There are only a few similar projects in the world. We are already offering e-residency with the most favorable business conditions. In addition, uResidency will be a source of support for our economy both during the war and after our victory," Fedorov said.

According to Fedorov, several foreign entrepreneurs are already participating in the uResidency project. The program is currently available to citizens of India, Pakistan, Thailand, and Slovenia.

The beta testing phase will last for a year, during which they aim to attract over 1,000 e-residents and then expand the program to other countries.

Fedorov added that uResidency offers the most convenient way for foreigners to register and conduct business.

Residents will pay a 5% tax on profits. Registration will be done online through a mobile app and web portal.

PrivatBank has become the first partner bank for the uResidency program, according to the bank’s press service.

"It will be as easy for residents of the program to open an account at PrivatBank as it is for a Ukrainian entrepreneur. The capabilities of Privat24 for business will allow us to scale modern, customer-oriented digital banking services to foreign markets," said PrivatBank board member Yevhen Zaihrayev.