The Cabinet of Ministers in Ukraine has approved a resolution outlining the process for acquiring e-residency status through online channels. This means that individuals can initiate business operations in Ukraine without the need for a physical presence. Furthermore, they can oversee their business affairs remotely, including tasks such as opening bank accounts and handling tax payments online.
According to Deputy Minister of Digital Transformation Oleksandr Borniakov, e-residency serves as Ukraine’s digital response to globalization. Foreign nationals will have the opportunity to register as individual entrepreneurs in Ukraine, establish bank accounts, and operate their businesses online. The tax payment and reporting process for e-residents will be streamlined, with Ukrainian banks acting as tax agents for these foreign individuals. This initiative is expected to encourage additional foreign investments and facilitate doing business in Ukraine, reducing bureaucratic hurdles.
The recently approved resolution represents a crucial milestone preceding the full-scale launch of e-residency. It covers several key aspects:
- The procedures for obtaining and revoking e-residency status.
- The collaborative development and maintenance of the e-resident system in partnership with the State Tax Service and banks.
- Measures for safeguarding the personal data of e-residents.
It’s worth noting that the complete rollout of e-residency will occur once the information system’s development and testing phases are successfully completed, a process that is currently underway.
However, it’s important to mention that e-residency in Ukraine will not be accessible to citizens of Russia, Belarus, or countries listed in the FATF grey or black lists. Additionally, e-residents will only be allowed to provide services to fellow foreigners and will not be permitted to engage in transactions with Ukrainian citizens.
