Ukraine launches uResidency program following Estonia's example
Ukraine has developed its own version of Estonia's e-Residency project aiming to attract foreign investments and bring the country closer to the EU's digital market. The scheme has been created with the e-Governance Academy (eGA).
The uResidency program will help foreign entrepreneurs, particularly small business owners in Asia and Europe, a press release said. It will allow clients to register and run their businesses on favorable terms using "convenient" electronic tools.
The program will allow Ukraine to attract additional investments, fill the state budget, and stimulate the banking sector by expanding digital products to foreign markets.
Initially, the scheme is focused on IT professionals and specialists providing online services in the creative economy.
The program's work started before Russia's full-scale invasion and was finalized within the EU4DigitalUA and DT4UA projects implemented by eGA. Estonia has been advising Ukraine on digital transformation since 2012.
In collaboration with the Ministry of Digital Transformation it has helped develop over 50 of its most widely used digital services, said Hannes Astok, executive director of the e-Governance Academy.
"Our team was instrumental in developing Ukraine's u-Residency by sharing Estonian best practices. The achievements of our partnership stand as a testament to the united digital power of Ukraine, the European Union, and Estonia," he said in a statement.
Currently, citizens of India, Pakistan, Thailand, and Slovenia can become e-residents of Ukraine. The Ministry of Digital Transformation will gradually expand the list of countries.
"uResidency will help tech entrepreneurs from all over the world to set up a business in Ukraine quickly and conveniently," said Oleksandr Bornyakov, deputy minister of digital transformation of Ukraine.
"They don't need to come to Ukraine because everything is online, from applying for the program to withdrawing funds to their account. Thanks to uResidency, thousands of foreigners will be able to run their own business under special tax conditions with a few smartphone taps."
Estonia was the first country to offer e-Residency, starting in 2014. It offers a government-issued digital identity that gives global entrepreneurs remote access to its state services.
e-resident entrepreneurs contribute over €11 million to Estonia's economy annually by using local business services, the scheme says.
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Editor: Helen Wright
