Foreigners have already submitted 200 applications for e-residency — expert

Foreigners have already submitted more than 200 applications for e-residency in Ukraine, and they are currently undergoing verification. Moreover, the first nine e-residents have already opened bank accounts.

Yaroslav Polyakhovych, head of the expert group on the implementation and development of e-residency at the Digital Economy Directorate of the Ministry of Digital Transformation, told Hromadske Radio:

«We have received just over 200 applications, which are being checked at various stages. However, we already have the first nine e-residents, some of whom have opened bank accounts. In other words, the process has officially begun.»

The Ministry of Digital Transformation is trying to estimate how much revenue e-residency will bring to the Ukrainian budget. Preliminary surveys show that, on average, potential e-residents earn about $40,000 annually. Polyakhovych explains that one e-resident could generate around a thousand dollars in taxes. If the products and services provided are in demand, the Ukrainian budget could benefit by millions of dollars, depending on the number of e-residents. For instance, the market potential in Asian countries is measured in tens of millions of people.

«Our surveys indicate that, on average, potential e-residents earn about $40,000 per year. If we even capture half of that income, it would amount to about a thousand dollars per e-resident in taxes. If our product and services are in demand—and we are doing everything to make them attractive and to grow the number of e-residents—then the budget could be filled with millions of dollars. This depends directly on the number of e-residents. The potential of the market, particularly in Asian countries, is measured in tens of millions of people», — said Polyakhovych.

So far, the project has launched in four countries, with the greatest interest coming from Asia, especially India and Pakistan. This is because Asian entrepreneurs are seeking ways to enter European markets. To do business there, they need to be legally registered, and Ukrainian jurisdiction provides a solution for them.

Polyakhovych also noted that there are plans to further expand the list of countries interested in e-residency.

«We have launched in four countries, and we see the greatest interest coming from India and Pakistan, particularly Pakistan. This is because many Asian entrepreneurs are looking for ways to enter European markets, where they need legal registration. Ukrainian jurisdiction offers them a way to resolve this issue. That’s why we’re currently focused on India and Pakistan. In the future, we plan to expand the list of participating countries», — said Polyakhovych.

The e-residency product is free and free of bureaucracy. It does not require filing reports or tracking tax deadlines—this is handled by the bank as the tax agent. E-residents are also attracted to the ease of remote registration, but most of all, they value the banking system and the availability of online banking, which allows them to conduct business online.

«We have combined European international experience with our own technology to create a free product, unlike most countries where this service is paid. We’ve eliminated bureaucracy—there’s no need to submit reports or monitor tax deadlines, as the bank acts as a tax agent and handles everything. Registration is remote, meaning you don’t need to physically come to Ukraine; you can register as an entrepreneur online using our modern services. But the key factor that interests potential e-residents is our banking system and the availability of online banking, which enables them to truly do business online», — said Polyakhovych.