Ukraine has launched an electronic residency program to make it easier for foreigners to start a business.

Diia has launched the uResidency electronic residency program, which allows foreigners to register and conduct business in Ukraine remotely, Minister of Digital Transformation Mykhailo Fedorov said.

“We have created the best conditions for Ukrainian entrepreneurs – the fastest business registration in the world, tax payment in a few clicks, and additional business services are available online. Now we are ready to scale this experience to foreigners,” he noted.

According to him, becoming an e-resident in Ukraine is easier and more profitable than opening a business anywhere in the world, since the tax rate is only 5%. Obtaining e-resident status can be accomplished in the Diia application or on the uResidency portal, which takes 5-10 minutes. After verification, the resident receives a Qualified Electronic Signature at the consulate without having to visit Ukraine and can open an FOP online. As for reporting, the bank calculates taxes, submits the declaration, and handles all the bureaucratic work.

The program is currently available to citizens of India, Pakistan, Thailand, and Slovenia.