The Ministry of Digital Transformation has announced a project of e-residency – electronic citizenship of the country, through which foreigners will be able to conduct business in Ukraine from abroad. If implemented, this project should enable foreigners to:
- remotely create and manage businesses in Ukraine;
- sign documents by electronic signature;
- Get access to banking services, online payments and work with vendors.
The Cabinet of Ministers is planning to approve the pilot project by the new year. It will describe in detail the procedure for obtaining the status and regulation of work of state bodies with non-residents, as well as the peculiarities of working with banks. Estonia is already employing a similar system for many years, and has seen growth in new foreign-owned businesses because of it.
During the Business without Paper Forum, which was organized by LIGA: LAW and electronic document circulation service “In Time”, Alexander Bornyakov, Deputy Minister for Digital Transformation, announced that about 20 electronic services will be available by next year. In fact, the Ministry of Finance has already initiated the launch in Ukraine of a digital driver’s license and a digital student ID. In addition, this agency predicts the introduction of blockchain and the promotion of cryptocurrencies.
New initiatives to digitalize the Ukrainian economy are sorely needed, as businesses are still spending large amounts of time managing paper documentation. The new administration in Ukraine seems to be motivated to make such changes.