Approaching the launch of e-residency: soon foreigners can start a business and pay taxes in Ukraine online

The Cabinet of Ministers of Ukraine has adopted a resolution defining the mechanism for obtaining e-residency status online. To start a business in Ukraine, one does not need to be present in person. Similarly, one can manage their business remotely, open bank accounts or pay taxes online.

"E-residency is our digital response to globalisation. Foreigners will have the right to register as individual entrepreneurs in Ukraine, open bank accounts and run their businesses online. The mechanism for paying taxes and reporting for e-residents is also convenient: this will be done by the Ukrainian bank where the e-resident has a current account, as it acts as a tax agent for such a foreigner. Thanks to this project, we will open the door for additional foreign investment and provide a mechanism for doing business in Ukraine without bureaucratic barriers," said Deputy Minister of Digital Transformation Oleksandr Borniakov.

The adopted resolution is an important step before the full launch of e-residency. The resolution regulates

a mechanism for acquiring and cancelling e-residency status;

the procedure for creating and maintaining the e-resident system jointly with the State Tax Service and banks;

protection of personal data of e-residents.

It should be reminded that e-residency will be fully launched after the development and testing of the information system is completed. The development of this system is currently underway.

The e-residency of Ukraine will not be available to citizens of russia, belarus and countries included in the FATF grey or black list. Apart from that, e-residents will not be eligible to provide services to Ukrainian citizens, that is will work only with other foreigners.