Ukraine will launch an electronic residency system that will allow foreign entrepreneurs to do business in the country without a physical presence. Find out who will be able to apply for E-Residency and what opportunities will be available to foreigners

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The Verkhovna Rada of Ukraine has supported the draft law on electronic residency, which will give foreigners the opportunity to do business in Ukraine online. What is E-Residency and how does it work, we explain below.

What do you know about E-Residency Ukraine?

E-Residency is a special status for foreign nationals that will allow them to do business in Ukraine without a physical presence, or rather online.

What opportunities do foreigners get after the introduction of E-Residency?

Yes, foreign citizens will be able to:

- obtain e-residency status;

- register as a sole proprietor of the 3rd group without a physical presence in Ukraine

- pay a single tax in the amount of 5% of their income,

- open an online bank account for business activities.

It is worth noting that taxation and reporting for e-residents will be automated. This will help to fill the state budget of Ukraine and develop the digital brand of the state.

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How does the E-Residency system work? 

According to MP Yaroslav Zhelezniak, after the adoption of this bill, Ukraine expects an influx of 1000 e-residents in the first year.

He explained how it will work:

1. A specialist registers with Diia and undergoes a financial and security check.

2. If everything goes well, he or she becomes an e-resident - in fact, an electronic single tax payer in Group 3 without VAT and receives an EDS (electronic digital signature).

3. Opens a bank account remotely. The bank will be the tax agent for the e-resident.

4. Works and pays tax - 5% of income within the limit of the sole proprietorship of group 3. Over the limit - 15%. But only for external contracts for the export of services.

5. All documents are in electronic form, all correspondence with the State Tax Service is online, and all payments are non-cash.

It should be noted that the list of countries whose citizens are allowed to become e-residents is determined by the Ukrainian government. The list of such states whose citizens or residents may obtain e-resident status cannot include the aggressor state and/or the occupying state in relation to Ukraine, as well as states included in the FATF list of high-risk countries (jurisdictions).

Who will not be able to obtain e-resident status?

• Citizens of Ukraine;

• foreigners who have the right to permanent residence in Ukraine or are tax residents of Ukraine;

• stateless persons;

• persons receiving income originating from Ukraine for goods, works, services (except for passive income);

• persons who are citizens (subjects), residents or persons whose place of permanent residence (location, registration) is in states (jurisdictions) not included in the List of states whose citizens or residents may obtain the status of an electronic resident (e-resident).

We remind you! Foreign nationals may visit Ukraine during martial law, but to enter the country, they must obtain a visa in accordance with the purpose of the trip. For more information on the types of Ukrainian visas, how to confirm the purpose of the trip and where to apply for a visa to enter Ukraine, please click here.

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