The law on e-residency came into force in Ukraine

On April 1, the law on e-residency came into effect, allowing foreigners to do business in Ukraine.

Source: Ministry of Digital Transformation

"The law on e-residency came into force today. The project will soon be tested for government agencies. And after all the necessary additional regulatory framework is approved, foreign IT specialists will be able to become entrepreneurs in Ukraine and pay taxes to the state budget. And this is all online."

The Ministry of Digital Transformation added that they are currently working with the NBU, the Ministry of Foreign Affairs, the Ministry of Justice, the Ministry of Internal Affairs, the Security Service of Ukraine, and the State Tax Service on the regulatory framework that will allow the project to be fully launched. In addition, the authorities will test a service that will allow foreigners to apply for e-residency status.

The launch of the e-residency project will allow foreigners to

- become entrepreneurs in Ukraine in a few clicks;

- manage their business remotely using modern technologies;

- sign documents with an electronic signature;

- open and manage bank accounts remotely;

pay taxes on preferential terms.

"According to the law, entrepreneurs who have income in Ukraine cannot become e-residents. This means that e-residents will provide services exclusively to other foreigners. Citizens of Russia and countries on the FATF's "gray" or "black" list will not be able to become e-residents," the Ministry of Digital Transformation said.

Direct speech by Deputy Minister of Digital Transformation for IT Development Oleksandr Borniakov: "After the testing is completed, we plan to attract about 1000 e-residents. We are waiting for the last permission from the NBU, which will help launch the project in full. This is an opportunity for e-residents to transfer funds to their own account abroad in foreign currency. The project will bring additional revenue to the Ukrainian budget. It will also help to popularize Ukraine as a global IT brand and increase our position in international rankings, including Doing Business."

Author - Serhii Kolomiets, 02/04/2023