The procedure for acquiring and cancelling the status of an electronic resident has been approved

On September 5, the Cabinet of Ministers of Ukraine approved the Procedure for acquiring and cancelling the status of an electronic resident (e-resident) and regulating the identification of persons who intend to become e-residents. This Procedure also defines the rules for the formation and management of the "E-Resident" information system and access to it by state authorities and tax agents of single tax payers.

The main provisions of this Order are as follows:

1. The status of an electronic resident (e-resident) does not provide any advantages in terms of staying on the territory of Ukraine, the right to temporary or permanent residence in Ukraine, admission to Ukrainian citizenship, recognition as a refugee or a person in need of additional protection, compared to other foreigners in accordance with legislation.
2. Acquisition and cancellation of the e-resident status is regulated by the relevant procedures, which are defined in the Procedure.
3. E-residents have the right to register in Ukraine as natural persons - entrepreneurs and conduct business online. They can open bank accounts and use the services of Ukrainian banks.
4. The procedure for registering e-residents and providing them with qualified electronic trust services will be developed and put into effect after the development and testing of the "E-resident" information system is completed. Work on this system is currently underway.
5. E-residency of Ukraine will not be available to citizens of Russia, Belarus and countries included in the "grey" or "black" list of the FATF (The Financial Action Task Force). Also, e-residents will not be able to provide services to Ukrainian citizens and will work only with other foreigners.

This initiative aims to simplify doing business for foreigners and attract more foreign investments to Ukraine.