uResidency program: the first users registered as sole proprietors and opened accounts

The Ministry of Digital Transformation shared with UNN the first results of the uResidency program, the experience of other countries, and plans for the future, including expanding functions for e-residents and attracting new countries.

We conducted research to understand which countries are interested in e-residency. We targeted exactly those countries for which the e-residency service is relevant, so we want to attract 1000 e-residents in the first year

According to them, a beta version of the program was launched in December 2023.

"As of today, we do not just have requests from potential e-residents, we have users of the program, that is, e-residents, some of whom have already registered as individual entrepreneurs and opened current accounts with Privatbank," the ministry added.

The agency explains that Pakistan, India, and Thailand were the first three countries to be targeted by the uResidency program due to the high demand identified in surveys and research.

Due to the full-scale invasion, the ministry considered options for European countries where consulates could effectively verify e-residents while performing other important tasks, such as helping Ukrainian IDPs.

"Slovenia, which has not experienced a significant flow of Ukrainian refugees, has proved to be an ideal choice that meets both of these important needs," the ministry added.

The Ministry also announced new features that e-residents can expect. The ministry also told what new features e-residents can expect.

"Of course, we are planning to expand our capabilities. However, our first priority is to carefully study the experience of the first 1,000 e-residents. Their feedback will be important for identifying areas for improvement and for better understanding the specific needs and challenges faced by our users. This will help us create a more efficient and convenient service that meets the real needs of e-residents," they emphasized.

Among the future benefits of the program are planned:

• Remote identification of e-residents; 
• Expanding the list of countries whose citizens will be able to participate in the program; 
• Increasing the number of partner banks;
• Additional benefits for e-residents based on their requests.

"We are now considering expanding the list of banks to provide services to e-residents, and we are open to dialogue with potential partners," the ministry added.

When asked which countries served as examples for the Ministry of Digital Transformation during the development of the program, they answered: 

"The idea of the uResidency program first emerged in 2019, inspired by the experience of Estonia with their e-Residency program. We started by analyzing the legal framework to build a concept of what the Ukrainian version of uResidency might look like.

There are currently 3 countries in the world that provide e-residency: Estonia, Lithuania and Azerbaijan. We have become the 4th country. While working on our own e-residency program, we researched what other countries offer in this area. Our analysis focused on five key criteria: the cost of services, additional or hidden fees, taxes, the ability to open a bank account, and online identification.

Optional

uResidency is an electronic residency program in Ukraine. It allows foreigners to register a business in the Ukrainian jurisdiction from anywhere in the world. They do not need to come to us to do this.

To obtain e-residency status, they only need a smartphone, a passport, and 15 minutes to complete offline verification at the Ukrainian consulate in their home country.

Then everything is online-from opening a bank account to withdrawing money. uResidency also has no hidden fees.

Recall

Ukraine has launched the first international digital product uResidency and more than 200 foreigners have already registered in the program.