Ukraine tests ‘uResidency’ for foreigners to register as entrepreneurs
Date: 22/01/24
Ukraine’s Ministry of Digital Transformation is testing the ‘uResidency’ electronic residency programme, which will permit citizens of other countries to register and run a business in Ukraine from anywhere in the world. uResidency is expected to stimulate Ukraine’s banking sector, attract investments and strengthen Ukraine’s brand as a digital state. After three years of development, in December 2023 the programme entered the beta-testing phase.
The uResidency programme expects to attract small business owners from Europe and Asia to Ukraine, in particular specialists providing online services in the IT and creative digital sectors.
Foreign entrepreneurs who wish to become to e-residents do not need to go to travel to Ukraine; a one-time in-person registration at the Ukrainian Consulate in their country of residence will be sufficient.
The programme will offer an array of automated online services, from applying for sole proprietorship (FOP) to opening a bank account and paying taxes from abroad. Future e-residents will enjoy the advantages of mobile banking, a low tax rate of 5% and a streamlined accounting process.
Following successful beta testing, the uResidency programme will be made available to citizens of India, Pakistan, Thailand and Slovenia before expanding to other countries.
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