The Ministry of Digital Transformation has begun closed beta testing of the uResidency e-residency program, with the help of which foreigners can register a private entrepreneur (PE) in Ukraine from anywhere in the world, Deputy Prime Minister for Innovation, Development of Education, Science and Technology, Minister of Digital Transformation Mykhailo Fedorov has said.

"At uResidency, all services are automated and are provided online: from applying for status to opening a bank account and paying taxes. Future e-residents will also have advantages such as mobile banking, low taxation of 5% and the absence of accounting and reporting," he said.

Foreign entrepreneurs who want to become an e-resident do not need to go to Ukraine: to obtain the status, it is enough to undergo one-time offline verification at the Ukrainian consular office in the country of residence, the Ministry of Digital Transformation said.

Individual entrepreneurs registered in uResidency will pay tax within the limit of private entrepreneurs of the third group – 5% of the amount with an income totalling 1,167 minimum wages (≈ EUR 200,000), Deputy Minister of Digital Transformation Oleksandr Borniakov said.

According to him, the program expects to attract small business owners from Europe and Asia to Ukraine, in particular, IT specialists and specialists from the creative economy sector who provide online services.

After successful beta testing, uResidency will be available to citizens of India, Pakistan, Thailand and Slovenia. The list of countries will gradually expand, the Ministry of Digital Transformation said.

Fedorov recalled that the ministry had been working on the creation of the program for three years and was finally launching beta testing. According to him, now only a few countries in the world offer electronic residency.

"The program will become a powerful source for restoring our economy thanks to the taxation of foreign entrepreneurs. It will also popularize the brand of Ukraine as a digital state. We have already shown the world that digitalization and the creation of convenient services is our superpower. uResidency will only strengthen this status," Fedorov said.

Earlier, Fedorov said that e-residency will be launched in the first quarter of 2024, while e-Excise will be launched only from 2025. On the sidelines of the Diia Summit, he said that the regulatory framework for launching the project is ready.