Ukrainian law on e-residency for foreigners has come into effect.

According to the Ministry of Digitization, foreign IT specialists can become Ukrainian entrepreneurs and pay taxes online after a successful testing of the service and approval of the legal framework. After the system’s full launch, it is expected to attract about 1,000 e-residents.

The project’s launch will allow foreigners to become entrepreneurs in Ukraine in a few clicks, manage their businesses remotely using modern technologies, sign documents with an electronic signature, remotely open and manage bank accounts, and pay taxes on preferential terms.

However, according to the law entrepreneurs who have income sources in Ukraine cannot become e-residents. This means that e-residents must exclusively provide services to clients in countries other than Ukraine. Citizens of Russia and countries included in the FATF gray or black lists are also excluded from this program.