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E-residency: Soon foreigners will be able to open a business online and pay taxes in Ukraine

The Cabinet of Ministers of Ukraine has adopted a resolution defining the mechanism for obtaining e-resident status by a foreigner online. This is reported by the Ministry of Digital Transformation.

“E-residency is our digital response to globalization. Foreigners will have the right to register in Ukraine as individual entrepreneurs, open bank accounts and conduct their business online,” said Deputy Minister of Digital Transformation Oleksandr Bornyakov.

According to him, the mechanism for paying taxes and reporting for e-residents is also convenient: this will be done by a Ukrainian bank in which an e-resident has a current account, because he acts as a tax agent for such a foreigner.

The regulation governs:

       1    mechanism for obtaining and canceling e-resident status;
       2   the procedure for the formation and maintenance of the "E-Resident" system together with the State Tax Service and banks;
       3   protection of personal data of electronic residents.

System start

A full-fledged e-residency will be launched after the completion of the development and testing of the information system. This system is currently under development.

The e-residency of Ukraine will not be available to citizens of Russia, Belarus and countries included in the "gray" or "black" list of the FATF. Also, e-residents will not be able to provide services to Ukrainian citizens, that is, they will only work with other foreigners.

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