In a first of its kind initiative, the Ministry of Digital Transformation of Ukraine is launching a project that allows global entrepreneurs to legally set up and run their businesses online through electronic residency in Ukraine, the embassy of Ukraine in New Delhi said on Monday.
Here's what u need to know
uResidency is a government-backed program offering e-residency to foreign freelancers in the IT and creative sectors. With a focus on simplifying administrative processes, fostering global business opportunities, and providing favorable tax conditions, the project enables remote workers to thrive in a dynamic and supportive environment.
Freelancers from India will be among the first to benefit from this program — from software engineers and web developers to business analysts and marketing specialists.
What are the advantages of uResidency?
It provides a favorable income tax rate of just 5% on earnings up to $200K, ensuring efficient financial management and increased profitability;
a streamlined approach to business operations. The partnered bank handles tax filing, accounting, and reporting, eliminating bureaucratic complexities and paperwork burdens.
E-residents will enjoy transparency with no hidden fees or unexpected costs, allowing them to focus solely on their business goals;mobility and digital convenience are key features.
Through this program, users will seamlessly manage their business operations, including signing contracts remotely using e-signatures. All without the need for physical documents or debit cards. Participants in the uResidency program will get access to the app and conduct their entire entrepreneurial activities directly from their smartphones; location-independent business.
E-residents will be able to work from any location while maintaining a professional edge with uResidency's recognized legal status, which instills confidence and credibility among clients worldwide.
It is pertinent to note that the first e-residents of India have finished beta testing, acquired their e-residency status, and are now geared up to conquer the European IT market.
There are four steps that need to be followed to become a uResident- Apply on the website or mobile app, Await review of the application, Visit the Consulate of Ukraine in the Republic of India to finalize the procedure, Receive an e-signature, establish the business, and open a bank account online.
uResidency program is launched by the Ukrainian government and implemented by the Ministry of Digital Transformation of Ukraine. The project is implemented with the support of the European Union within the framework of the EU4DigitalUA and DT4UA projects implemented by the e-Governance Academy (Estonia).
Communication support for the project is provided by the International and Ibero-American Foundation for Administrative and Public Policy (FIIAPP) within the framework of the EU4DigitalUA project.
