Two hundred applications were submitted to a recently launched uResidency program in Ukraine that allows foreigners from some countries to create a legal business entity in the country and more easily contribute to the Ukrainian economy.
The scheme was announced by Mykhailo Fedorov, the Vice Prime Minister for Innovation, Education, Science, and Technology Development, and Minister of Digital Transformation, on his Facebook page on Thursday.
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Residents from the countries of India, Pakistan, Thailand, and Slovenia will be eligible for the new program, according to Federov.
“We plan to attract 1,000 residents to the system,” the minister said.
Fedorov did not report which countries are represented among the first 200 applications or whether these applications were for legal entities or individuals.
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What is uResidency?
uResidency enables foreign freelancers to establish a common legal entity to run a freelance business in Ukraine – a sole proprietorship, also known in Ukraine as FOP. In addition, freelancers gain the opportunity to open a bank account and receive access to other national digital networks, like Diia.Signature. The program is intended to help foreigners contribute to the national economy.
“Thanks to this program, foreigners can establish their own businesses in Ukraine and pay taxes directly to our state budget, all without needing to travel to Ukraine,” The Ministry of Digital Transformation wrote in a press release after launching the program.
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The e-residency program was developed on the basis of other similar programs around the world, like those found in Estonia, Azerbaijan, and Lithuania and the U.S. state of Colorado.
The initiative is largely aimed at IT professionals from Asia and Europe – the program’s website states freelancers – who are engaged in software development, gaming, education, digital technologies, and more.
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Ukraine’s program, unlike others, does not require payment for registration, monthly contributions, or other fees.
“Taxes and tax reporting are fully automated. The bank will submit tax returns and pay taxes on behalf of the e-resident quarterly, eliminating the need for hiring an accountant,” the Ministry’s press release said.