diff --git a/Makefile b/Makefile
index ddcb92b1e..884b2b628 100644
--- a/Makefile
+++ b/Makefile
@@ -1,7 +1,7 @@
 all: fmt check
 
 # Always keep the last released version here
-VERSION_REPLACES ?= v0.0.2
+VERSION_REPLACES ?= v0.0.3
 VERSION ?= v0.0.1
 export VERSION := $(VERSION)
 
diff --git a/README.md b/README.md
index a7bc46e20..d9c35b315 100644
--- a/README.md
+++ b/README.md
@@ -17,8 +17,8 @@ TARGET_NAMESPACE=YOUR_DESIRED_NAMESPACE make gen-manifests
 
 Deploy vm-import-operator resources:
 ```bash
-kubectl apply -f https://github.com/kubevirt/vm-import-operator/releases/download/v0.0.2/operator.yaml
-kubectl apply -f https://github.com/kubevirt/vm-import-operator/releases/download/v0.0.2/vmimportconfig_cr.yaml
+kubectl apply -f https://github.com/kubevirt/vm-import-operator/releases/download/v0.0.3/operator.yaml
+kubectl apply -f https://github.com/kubevirt/vm-import-operator/releases/download/v0.0.3/vmimportconfig_cr.yaml
 ```
 
 # Import virtual machine from oVirt
diff --git a/manifests/vm-import-operator/v0.0.3/namespace.yaml b/manifests/vm-import-operator/v0.0.3/namespace.yaml
new file mode 100644
index 000000000..fd9fad633
--- /dev/null
+++ b/manifests/vm-import-operator/v0.0.3/namespace.yaml
@@ -0,0 +1,5 @@
+---
+apiVersion: v1
+kind: Namespace
+metadata:
+  name: kubevirt-hyperconverged
diff --git a/manifests/vm-import-operator/v0.0.3/operator.yaml b/manifests/vm-import-operator/v0.0.3/operator.yaml
new file mode 100644
index 000000000..f8b9aaac6
--- /dev/null
+++ b/manifests/vm-import-operator/v0.0.3/operator.yaml
@@ -0,0 +1,195 @@
+---
+apiVersion: apiextensions.k8s.io/v1beta1
+kind: CustomResourceDefinition
+metadata:
+  labels:
+    operator.v2v.kubevirt.io: ""
+  name: vmimportconfigs.v2v.kubevirt.io
+spec:
+  group: v2v.kubevirt.io
+  names:
+    categories:
+    - all
+    kind: VMImportConfig
+    listKind: VMImportConfigList
+    plural: vmimportconfigs
+    singular: vmimportconfig
+  scope: Cluster
+  subresources:
+    status: {}
+  validation:
+    openAPIV3Schema:
+      description: VMImportConfig is the Schema for the vmimportconfigs API
+      properties:
+        apiVersion:
+          description: APIVersion defines the versioned schema of this representation
+            of an object
+          type: string
+        kind:
+          description: Kind is a string value representing the REST resource this
+            object represents
+          type: string
+        metadata:
+          type: object
+        spec:
+          description: VMImportConfigSpec defines the desired state of VMImportConfig
+          properties:
+            imagePullPolicy:
+              enum:
+              - Always
+              - IfNotPresent
+              - Never
+              type: string
+          type: object
+        status:
+          description: VMImportConfigStatus defines the observed state of VMImportConfig
+          properties:
+            conditions:
+              description: A list of current conditions of the VMImportConfig resource
+              items:
+                properties:
+                  lastHeartbeatTime:
+                    description: Last time the state of the condition was checked
+                    format: date-time
+                    type: string
+                  lastTransitionTime:
+                    description: Last time the state of the condition changed
+                    format: date-time
+                    type: string
+                  message:
+                    description: Message related to the last condition change
+                    type: string
+                  reason:
+                    description: Reason the last condition changed
+                    type: string
+                  status:
+                    description: Current status of the condition, True, False, Unknown
+                    type: string
+                type: object
+              type: array
+            observedVersion:
+              description: The observed version of the VMImportConfig resource
+              type: string
+            operatorVersion:
+              description: The version of the VMImportConfig resource as defined by
+                the operator
+              type: string
+            targetVersion:
+              description: The desired version of the VMImportConfig resource
+              type: string
+          type: object
+      type: object
+  version: v1alpha1
+  versions:
+  - name: v1alpha1
+    served: true
+    storage: true
+
+---
+apiVersion: v1
+kind: ServiceAccount
+metadata:
+  name: vm-import-operator
+  namespace: kubevirt-hyperconverged
+
+---
+apiVersion: rbac.authorization.k8s.io/v1
+kind: ClusterRole
+metadata:
+  creationTimestamp: null
+  name: vm-import-operator
+rules:
+- apiGroups:
+  - ""
+  resources:
+  - pods
+  - events
+  - configmaps
+  - secrets
+  - serviceaccounts
+  verbs:
+  - '*'
+- apiGroups:
+  - apps
+  resources:
+  - deployments
+  - deployments/finalizers
+  verbs:
+  - '*'
+- apiGroups:
+  - v2v.kubevirt.io
+  resources:
+  - vmimportconfigs
+  - vmimportconfigs/finalizers
+  - vmimportconfigs/status
+  verbs:
+  - '*'
+- apiGroups:
+  - apiextensions.k8s.io
+  resources:
+  - customresourcedefinitions
+  verbs:
+  - '*'
+- apiGroups:
+  - rbac.authorization.k8s.io
+  resources:
+  - clusterrolebindings
+  - clusterroles
+  verbs:
+  - '*'
+---
+kind: ClusterRoleBinding
+apiVersion: rbac.authorization.k8s.io/v1
+metadata:
+  name: vm-import-operator
+roleRef:
+  kind: ClusterRole
+  name: vm-import-operator
+  apiGroup: rbac.authorization.k8s.io
+subjects:
+- kind: ServiceAccount
+  name: vm-import-operator
+  namespace: kubevirt-hyperconverged
+
+---
+apiVersion: apps/v1
+kind: Deployment
+metadata:
+  name: vm-import-operator
+  namespace: kubevirt-hyperconverged
+spec:
+  replicas: 1
+  selector:
+    matchLabels:
+      name: vm-import-operator
+  template:
+    metadata:
+      labels:
+        name: vm-import-operator
+    spec:
+      serviceAccountName: vm-import-operator
+      containers:
+        - name: vm-import-operator
+          # Replace this with the built image name
+          image: quay.io/kubevirt/vm-import-operator:v0.0.3
+          command:
+          - vm-import-operator
+          imagePullPolicy: Always
+          env:
+            - name: WATCH_NAMESPACE
+            - name: POD_NAME
+              valueFrom:
+                fieldRef:
+                  fieldPath: metadata.name
+            - name: OPERATOR_NAME
+              value: "vm-import-operator"
+            - name: OS_CONFIGMAP_NAME
+            - name: OS_CONFIGMAP_NAMESPACE
+            - name: DEPLOY_CLUSTER_RESOURCES
+              value: "true"
+            - name: OPERATOR_VERSION
+              value: v0.0.3
+            - name: CONTROLLER_IMAGE
+              value: quay.io/kubevirt/vm-import-controller:v0.0.3
+            - name: PULL_POLICY
+              value: Always
diff --git a/manifests/vm-import-operator/v0.0.3/vm-import-operator.0.0.3.clusterserviceversion.yaml b/manifests/vm-import-operator/v0.0.3/vm-import-operator.0.0.3.clusterserviceversion.yaml
new file mode 100644
index 000000000..51a7be5a5
--- /dev/null
+++ b/manifests/vm-import-operator/v0.0.3/vm-import-operator.0.0.3.clusterserviceversion.yaml
@@ -0,0 +1,188 @@
+---
+apiVersion: operators.coreos.com/v1alpha1
+kind: ClusterServiceVersion
+metadata:
+  annotations:
+    alm-examples: |2-
+
+            [
+              {
+                "apiVersion":"v2v.kubevirt.io/v1alpha1",
+                "kind":"VMImportConfig",
+                "metadata": {
+                  "name":"vm-import-operator-config"
+                },
+                "spec": {
+                  "imagePullPolicy":"IfNotPresent"
+                }
+              }
+            ]
+    capabilities: Virtual Machine Import
+    categories: Import,Virtualization, RHV
+  name: vm-import-operator.0.0.3
+  namespace: kubevirt-hyperconverged
+spec:
+  apiservicedefinitions: {}
+  customresourcedefinitions:
+    owned:
+    - description: Represents a virtual machine import config
+      displayName: Virtual Machine import config
+      kind: VMImportConfig
+      name: vmimportconfigs.v2v.kubevirt.io
+      specDescriptors:
+      - description: The ImageRegistry to use for vm import.
+        displayName: ImageRegistry
+        path: imageRegistry
+        x-descriptors:
+        - urn:alm:descriptor:text
+      - description: The ImageTag to use for vm import.
+        displayName: ImageTag
+        path: imageTag
+        x-descriptors:
+        - urn:alm:descriptor:text
+      - description: The ImagePullPolicy to use for vm import.
+        displayName: ImagePullPolicy
+        path: imagePullPolicy
+        x-descriptors:
+        - urn:alm:descriptor:io.kubernetes:imagePullPolicy
+      statusDescriptors:
+      - description: The deployment phase.
+        displayName: Phase
+        path: phase
+        x-descriptors:
+        - urn:alm:descriptor:io.kubernetes.phase
+      - description: Explanation for the current status of the vm import deployment.
+        displayName: Conditions
+        path: conditions
+        x-descriptors:
+        - urn:alm:descriptor:io.kubernetes.conditions
+      - description: The observed version of the vm import deployment.
+        displayName: Observed vm import Version
+        path: observedVersion
+        x-descriptors:
+        - urn:alm:descriptor:text
+      - description: The targeted version of the vm import deployment.
+        displayName: Target vm import Version
+        path: targetVersion
+        x-descriptors:
+        - urn:alm:descriptor:text
+      - description: The version of the vm import Operator
+        displayName: Vm import Operator Version
+        path: operatorVersion
+        x-descriptors:
+        - urn:alm:descriptor:text
+      version: v1alpha1
+  description: VM import operator provides ability to import virtual machines from
+    other infrastructure like oVirt/RHV
+  displayName: VM import operator
+  install:
+    spec:
+      clusterPermissions:
+      - rules:
+        - apiGroups:
+          - ""
+          resources:
+          - pods
+          - events
+          - configmaps
+          - secrets
+          - serviceaccounts
+          verbs:
+          - '*'
+        - apiGroups:
+          - apps
+          resources:
+          - deployments
+          - deployments/finalizers
+          verbs:
+          - '*'
+        - apiGroups:
+          - v2v.kubevirt.io
+          resources:
+          - vmimportconfigs
+          - vmimportconfigs/finalizers
+          - vmimportconfigs/status
+          verbs:
+          - '*'
+        - apiGroups:
+          - apiextensions.k8s.io
+          resources:
+          - customresourcedefinitions
+          verbs:
+          - '*'
+        - apiGroups:
+          - rbac.authorization.k8s.io
+          resources:
+          - clusterrolebindings
+          - clusterroles
+          verbs:
+          - '*'
+        serviceAccountName: vm-import-operator
+      deployments:
+      - name: vm-import-operator
+        spec:
+          replicas: 1
+          selector:
+            matchLabels:
+              name: vm-import-operator
+              operator.v2v.kubevirt.io: ""
+          strategy: {}
+          template:
+            metadata:
+              labels:
+                name: vm-import-operator
+                operator.v2v.kubevirt.io: ""
+            spec:
+              containers:
+              - env:
+                - name: DEPLOY_CLUSTER_RESOURCES
+                  value: "true"
+                - name: OPERATOR_VERSION
+                  value: v0.0.3
+                - name: CONTROLLER_IMAGE
+                  value: quay.io/kubevirt/vm-import-controller:v0.0.3
+                - name: PULL_POLICY
+                  value: Always
+                - name: WATCH_NAMESPACE
+                - name: POD_NAME
+                  valueFrom:
+                    fieldRef:
+                      fieldPath: metadata.name
+                image: quay.io/kubevirt/vm-import-operator:v0.0.3
+                imagePullPolicy: Always
+                name: vm-import-operator
+                resources: {}
+              securityContext:
+                runAsNonRoot: true
+              serviceAccountName: vm-import-operator
+    strategy: deployment
+  installModes:
+  - supported: true
+    type: OwnNamespace
+  - supported: true
+    type: SingleNamespace
+  - supported: true
+    type: AllNamespaces
+  keywords:
+  - Import
+  - Virtualization
+  - oVirt
+  - RHV
+  labels:
+    operated-by: vm-import-operator
+  links:
+  - name: VM import operator
+    url: https://github.com/kubevirt/vm-import-operator/blob/master/README.md
+  - name: Source Code
+    url: https://github.com/kubevirt/vm-import-operator
+  maintainers:
+  - email: kubevirt-dev@googlegroups.com
+    name: KubeVirt project
+  maturity: alpha
+  provider:
+    name: KubeVirt project
+  replaces: 0.0.2
+  selector:
+    matchLabels:
+      operated-by: vm-import-operator
+  version: 0.0.3
diff --git a/manifests/vm-import-operator/v0.0.3/vmimportconfig_cr.yaml b/manifests/vm-import-operator/v0.0.3/vmimportconfig_cr.yaml
new file mode 100644
index 000000000..6732ede89
--- /dev/null
+++ b/manifests/vm-import-operator/v0.0.3/vmimportconfig_cr.yaml
@@ -0,0 +1,7 @@
+---
+apiVersion: v2v.kubevirt.io/v1alpha1
+kind: VMImportConfig
+metadata:
+  name: vm-import-operator-config
+spec:
+  imagePullPolicy: IfNotPresent
\ No newline at end of file
diff --git a/version/description b/version/description
index c7e58a9a8..44bbf1c8b 100644
--- a/version/description
+++ b/version/description
@@ -1,55 +1,33 @@
-v0.0.2
-
-* Added vm-import-operator to manage the lifecycle of
-  vm-import-controller deployment using VmImportConfig CR.
-* CRDs and controller resources are generated by code
+v0.0.3
 
 Features:
-* hco: install controller
-* Allow user to override OS Map
-* Generate CRDs for CSV-Generator
-* hco: add vmimport config cr
-* Add events emitting
-* Add CSV Generator
-* Adding tablet input device when VNC is enabled
-* Use vNIC Profile as source network mappings for oVirt
-* Generating clients in build Fixes #156
-* Update vm import progress reflect dv import
+* Propagate label for tracking created resources
+* Set unique data-volume name
+* Added information about resource mapping resolution and defaults for storage
+* Reduce restrictions on target in mappings
+* Add vm description
+* Update network mapping value for ovirt
+* Taking into account eventual consistency for dependencies removal
+* Update owned CRD in CSV
+* Watch for failures of the disk import
 
-Bugs:
-* Set correct ns when creating serviceMonitor
-* Remove duplicated policy rule
-* Add missing permissions
-* Update watched types by vm-import-controller
-* Update RBAC for vm-import-operator
-* Add missing env-variables to operator
-* Adding k8s.cni.cncf.io/network-attachment-definitions privileges. Fixes #205
-* 'latest' is not a semver and cannot be used with csv-generator
-* Adding owner reference to temporary secret and config map. Fixes #176
-* Fixing possible panic while accessing placement policy
-* Add template namespace label to the created VM
-* Removed superfluous config and providers
+Tests:
+* CPU pinning functional test
+* Install kubevirt templates for ocp tests
+* Add debugging to fail test provision infra
+* 'migratable' placement policy affinity and LiveMigration feature gate enabled e2e test
+* Simple positive e2e tests. BIOS Type mapping fix
+* Refactored VM validation tests to use more general template files
+* Functional tests for invalid image
+* Timezone validation e2e tests and fix
+* Bump default k8s version to 1.18
+* Defined new VM configuration-related e2e test cases
+* Using dynamic stubbing in all the functional tests
+* Moved functional tests dedicated to oVirt VM provider to a separate directory
+* VM Storage validation functional tests
+* Networking tests - Refactored to use stubbing - Added multus+pod networks VM test - Added multus+multus networks VM test
+* Functional tests for VM validation
 
 Docs:
-* Added docs/developers.md
-* Add verbs for building operator and controller
-* Add steps for using user OS Map
-* Functional testing documentation
-
-Tests:
-* operator: add unit tests
-* Functional test for VM with multus network
-* Silent the wget output
-* Don't use sudo in test scripts
-* Use upstream golang in tests
-* Functional tests for VM with more than one disk
-* Install golang during up.sh
-* Extend test for os-map-provider
-* Resource mapping tests
-* Added NIC failed validation e2e tests
-* Use master of kubevirtci repo for tests
-* Added functional test for import cancellation. Fixes #176
-* Install fakeovirt and imageio during test
-* Use kubevirtci project for tests
-* Networked VM e2e tests
-* Basic e2e tests framework package has been based on CDI's test framework
+* Add contribution guidelines
+* Add CODE_OF_CONDUCT
diff --git a/version/version.go b/version/version.go
index 9875a09e4..81c2145b9 100644
--- a/version/version.go
+++ b/version/version.go
@@ -2,5 +2,5 @@ package version
 
 var (
 	// Version represents the version of the operator
-	Version = "v0.0.2"
+	Version = "v0.0.3"
 )