This initiative, part of the "eDozvil" project, is designed to enhance Ukraine's economic efficiency and support its exporters and importers in navigating complex international settlements.
Introduction of the "eDozvil" Service
The Ministry of Economy announced the launch of the "eDozvil" digital service, which allows businesses to submit applications online and receive timely opinions on extending settlement deadlines related to international transactions. The service is currently in its beta testing phase and is slated for a full-scale launch in December 2024.
"The digitization of the extension of the deadline for currency settlements is something that Ukrainian exporters and importers have been asking for for a long time. Now there is no need to go to banks and state institutions: documents can be submitted online in less than an hour. The system will automatically check the application, help correct errors, and save time," stated Yuliya Svyridenko, First Deputy Prime Minister of Ukraine and Minister of Economy.
Project Framework and Partnerships
The "eDozvil" project is implemented in partnership with the Ministry of Digital Transformation of Ukraine and is financed by the European Union through the EU4DigitalUA initiative. Additionally, the project incorporates elements from the FIIAPP program, further enhancing its technological foundation and operational capabilities.
Eligibility and Participation
Who Can Participate?
The service is open to:
- All legal entities engaged in foreign economic activities.
- Non-profit organizations involved in international trade.
Beta Testing Phase
During the beta testing phase, the service is available to the first 100 entrepreneurs who apply. Participants will benefit from:
- Operational Support: Dedicated assistance to resolve any issues encountered during the testing phase.
- Feedback Integration: Entrepreneurs' feedback will be instrumental in refining the service before its official launch.
Features and Benefits
Streamlined Application Process
Entrepreneurs can access the service via the "Action" portal by following these steps:
- Register for the Beta Test: Visit the provided link and complete the registration form.
- Submit an Application: Fill out the necessary details for extending settlement deadlines.
- Receive Instructions: Within 10 working days, applicants will receive an email with step-by-step instructions to begin the beta testing phase.
Time and Cost Efficiency
- Quick Processing: Applications are processed in less than an hour, drastically reducing the time previously required to secure deadline extensions.
- Error Reduction: The automated system assists in identifying and correcting errors, minimizing the risk of application rejections.
Risk Mitigation
- Reduced Delays: Faster processing times help prevent delays in international settlements.
- Lower Fines and Account Blocks: Timely extensions reduce the likelihood of incurring fines or having accounts blocked.
- Accelerated Currency Returns: Quicker completion of international agreements facilitates the faster return of currency to Ukraine.
Applicable Products and Services
The extension of settlement deadlines is available for individual operations involving the export and import of goods that require extended periods for manufacturing or delivery. This includes:
- Industrial Equipment
- Medical and Military Supplies
- Products Ordered Through International Tenders
In the previous year, the Ministry of Economy issued approximately 1,500 conclusions on settlement deadline extensions, and nearly 600 in the first half of the current year.
Additional Services within the "eDozvil" Project
Electronic Compliance Declarations
The first service available through the "eDozvil" project is the declaration of compliance of the material and technical base with labor protection requirements. This service allows businesses to submit compliance declarations online in seconds, a process that previously took up to five days via territorial centers of the State Labor Service.
Unified State Electronic System of Permit Documents
Launched in July, the Unified State Electronic System of Permit Documents enables entrepreneurs to obtain licenses and permits electronically, further reducing bureaucratic hurdles and enhancing operational efficiency.
Strategic Importance of the "eDozvil" Project
Enhancing Economic Competitiveness
By digitizing critical economic processes, Ukraine aims to:
- Attract Foreign Investment: Streamlined procedures make Ukraine a more attractive destination for international investors.
- Boost Export Efficiency: Faster settlement extensions support the growth and competitiveness of Ukrainian exporters.
- Support Economic Stability: Efficient international transactions contribute to the overall stability and resilience of Ukraine's economy.
Facilitating EU Integration
The "eDozvil" project aligns with broader efforts to integrate Ukraine's economic systems with European Union standards, fostering deeper economic ties and facilitating Ukraine's path towards EU membership.
Future Outlook
Following the successful beta testing phase, the "eDozvil" service is expected to:
- Scale Up: Expand availability to all eligible entrepreneurs across Ukraine.
- Integrate Additional Services: Incorporate more functionalities to support various aspects of international trade.
- Continuous Improvement: Utilize feedback from the beta phase to enhance the service's reliability and user experience.
Conclusion
The launch of the "eDozvil" digital settlement service represents a significant advancement in Ukraine's economic infrastructure, demonstrating the government's commitment to leveraging digital technologies to support and expand international trade activities. By simplifying the process for extending settlement deadlines, Ukraine not only enhances its economic efficiency but also reinforces its integration with global markets, paving the way for sustained economic growth and increased foreign investment.
