For the first time in Eastern Europe: a law on e-residency has been launched in Ukraine. What does it suggest

April 1, 2023 e-residency law comes into force. This innovation will allow foreigners to do business in Ukraine.

This was reported by the press service of the Ministry of Digital Transformation of Ukraine. The authorities are protesting the service with which foreigners will be able to apply for e-resident status.

“Soon the project will be tested for government agencies. And after the approval of all the necessary additional regulatory framework, foreign IT specialists will be able to become entrepreneurs in Ukraine and pay taxes to the state budget. And this is all online,” the message says.

So far, the team of the Ministry of Digital Development, in cooperation 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, is working on developing the legal framework necessary for the successful launch of the e-residency project. The authorities are also testing a service that will allow foreign citizens to apply for e-resident status.

“Upon completion of the testing phase, it is planned to attract about 1000 e-residents. To launch the project fully, it is necessary to obtain the latest permission from the National Bank of Ukraine. One of the main opportunities for e-residents will be the transfer of currency to their accounts abroad. As part of the project, additional revenues for the Ukrainian budget can be expected. Besides, the project will promote Ukraine as a leading global IT brand and strengthening the country’s position in international rankings, including Doing Business,” said Alexander Bornyakov, Deputy Minister of Digital Transformation for IT Development.

Launch of the e-residency project will allow foreigners to quickly become entrepreneurs in Ukraine and manage your business remotely using modern technologies. In addition, they can sign documents with an electronic signature, open and manage their bank accounts, and pay taxes on special preferential terms.

According to the legislation, entrepreneurs who receive income in Ukraine cannot become e-residents. Thus, e-residents will be able to provide services only to other foreign citizens.

Citizens of Russia and countries included in the “gray” or “black” list of FATF, will not be able to become e-residents.

As GLOBAL HAPPENINGS reported, taxation for individual entrepreneurs will be changed in Ukraine until July 1. For them, the preferential tax rate of 2% will be canceled, in addition, documentary checks and fines will be returned.

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Source: Obozrevatel

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