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

The Cabinet of Ministers adopted a resolution defining the mechanism for obtaining e-residency status online. The Government Portal reports.

It regulates

– The mechanism of acquiring and canceling the e-resident status;

– The procedure for establishing and maintaining the e-resident system together with the State Tax Service and banks;

– Protection of personal data of electronic residents.

From now on, foreigners do not need to be present in person to start a business in Ukraine. You can also manage your own business and open bank accounts remotely.

The mechanism of tax payment and reporting will also be convenient. This function will be performed by the Ukrainian bank where the foreigner has opened a current account. That is, the financial institution will act as its tax agent.

After the development and testing of the information system is completed, the service will be fully launched.

E-residency is not available to citizens of russia, belarus, and countries on the Financial Action Task Force (FATF) “gray” or “black” lists.