Foreigners can start and run business in Ukraine online: Launch of the uResidency program

27 вересня 2024, 12:20
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Thanks to this program, foreigners can establish their own businesses in Ukraine and pay taxes directly to our state budget, all without needing to travel to Ukraine. The uResidency program is primarily aimed at IT professionals from Asia and Europe who are engaged in software development, computer gaming, educational projects, digital technologies, and more.

The official launch of uResidency was announced at Lviv IT Arena by Mykhailo Fedorov, Vice Prime Minister for Innovation, Education, Science, and Technology Development, and Minister of Digital Transformation.

“Thanks to technology, we are creating products that attract funds to Ukraine and elevate our brand as an innovative state. One such project is uResidency. This revolutionary initiative not only offers foreigners a cool service to conduct small business within Ukraine’s jurisdiction but also supports our national economy. Globally, there are only a few similar projects, but we are already offering e-residency with the most favorable conditions for small businesses. Additionally, uResidency will provide vital support to our economy both during the war and after our victory,” said Mykhailo Fedorov.

uResidency is an ambitious project, which is why we enlisted the support to create it. Thanks to joint efforts, Ukraine continues its digitalization path together with European partners, implementing modern digital solutions that make our digital state stronger

“We are proud to support uResidency - another brilliant example of Ukraine’s digital excellence. Ukraine continues to push the boundaries of what is possible in the digital sphere, despite the severe hardships brought on by Russia’s war of aggression. Through our EU4DigitalUA and DT4UA projects, we are honoured to further empower Mintsyfra in their efforts to bolster Ukraine’s economy during these most challenging times," said Katarína Mathernová, Ambassador of the European Union to Ukraine.

Currently, only a few countries worldwide offer e-residency programs for foreigners, including Estonia, Lithuania, Azerbaijan, and the U.S. state of Colorado. However, Ukraine stands out as the only country where e-residents do not have to pay for registration, make monthly contributions, or deal with hidden fees.

Citizens of India, Pakistan, Thailand, and Slovenia are now eligible to become e-residents of Ukraine, with more countries to be added to the program over time.

Starting a business in Ukraine has never been easier for foreigners. In just a few clicks, via the uResidency app or portal, they can register as a sole proprietor, open a bank account, and receive a Diia.Signature for signing official documents.

Taxes and tax reporting are fully automated. The bank will submit tax returns and pay taxes on behalf of the e-resident quarterly, eliminating the need for hiring an accountant. E-residents also benefit from a reduced tax rate of just 5%.

The first e-residents have already shared their positive experiences, highlighting the program's simple business registration process, full support throughout the e-residency application, favorable tax rates, and absence of hidden fees.

“The uResidency service will help entrepreneurs from all over the world to set up a business in the Ukrainian jurisdiction quickly and conveniently. They don't need to come to us to do this, because the services are available online - from applying for the program to opening an account in a Ukrainian bank and withdrawing funds (without identification, which must be done physically at the Ukrainian consulate in the country of residence). Thanks to uResidency, thousands of foreigners will be able to register a business under special tax conditions in a few clicks right on their smartphones,” said Oleksandr Bornyakov, Deputy Minister of Digital Transformation of Ukraine

The Ministry of Digital Transformation initiated the program, and the Academy of Electronic Governance supported the idea of creating the uResidency in Ukraine and went with us on this journey of 5 years from an idea to a large ambitious program that already has its first participants.

"The e-Governance Academy team has been supporting Ukraine’s digital transformation since 2012. In collaboration with the Ministry of Digital Transformation, we have built a secure digital ecosystem for the country and developed over 50 of its most widely used digital services. Also, our team was instrumental in developing Ukraine’s u-Residency by sharing Estonian best practices. The achievements of our partnership stand as a statement to the united digital power of Ukraine, the European Union, and Estonia," noted Hannes Astok, Executive Director of the e-Governance Academy. 

Learn more about Ukraine's e-residency program on our official website.

The uResidency project is implemented with the support of the European Union within the framework of the EU4DigitalUA and DT4UA projects implemented by the Estonian e-Governance Academy. Communication support for the project is provided by the International and Ibero-American Foundation for Administrative and Public Policy (FIIAPP) within the EU4DigitalUA project.

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