The uResidency e-residency program collected more than 200 applications from foreign citizens in just one week after its launch, reported Minister of Digital Transformation of Ukraine Mykhailo Fedorov. He noted that during the first year it is planned to attract about 1,000 residents.
The uResidency program provides foreigners with the opportunity to register a business in Ukraine without the need for physical presence, to pay taxes under a simplified system with a fixed rate of 5%, and to conduct automated reporting. The process of obtaining e-resident status is free.
“We have launched the first international uResidency digital product and are already receiving applications from future residents. In total, more than 200 applications from foreigners have been received”, – wrote Fedorov.
He added that the program is initially available to citizens of India, Pakistan, Thailand and Slovenia, and will be expanded to other countries in the future.
The e-residency program opens up significant opportunities for foreign entrepreneurs. They can register a business, open accounts and use all the advantages of Ukrainian online services. This greatly simplifies the process of doing business in Ukraine for foreigners and helps attract additional tax revenues to the country’s budget. According to forecasts, e-residents can generate additional income for the budget of Ukraine in the amount of $1 million per year.
The Ministry of Digital Transformation is actively working on the development of this program, taking the example of Estonia, where e-residency brought significant revenues to the budget. In 2021, Fedorov stated that for 6.5 years of existence, e-residency in Estonia brought in €63 million, of which €17.5 million – in 2020 alone.
The legislative basis for launching the program was laid on October 6, 2022, when the Verkhovna Rada adopted the draft law on e-residency.
