On April 1, Ukraine introduced a new law on e-residency, which allows foreigners, in particular IT specialists, to become entrepreneurs in Ukraine and pay taxes to the state budget.
News were announced by the Ministry of Digital Transformation of Ukraine. The Ministry of Digital Transformation of Ukraine, in cooperation with the National Bank of Ukraine, the Ministry of Foreign Affairs, the Ministry of Justice, the Ministry of Internal Affairs, the Security Service of Ukraine and the State Tax Service, are working on a regulatory framework that will allow the project to be launched at full capacity.
The government also approved a service that will allow foreigners to apply for e-resident status.
After successful testing, the government plans to attract about 1,000 e-residents and obtain permission from the National Bank of Ukraine, which will allow the project to be fully launched. It is possible for e-residents to transfer funds to their own account abroad in foreign currency. A nice bonus of the project is that it will not only increase Ukrainian budget revenues, but will also help popularize Ukraine as a global IT brand and increase positions in international rankings, including Doing Business.
The new law will allow foreigners to become entrepreneurs in Ukraine in a few clicks, remotely manage their business, sign documents with an electronic signature, remotely open and manage bank accounts, pay taxes on preferential terms.
According to the law, persons with income in Ukraine are prohibited from becoming e-residents. This means that e-residents can only offer their services to foreign clients. According to representatives of the Ministry of Digital Transformation, citizens of the Russian Federation and countries on the “gray” or “black” list of the FATF will not be able to become e-residents.