With a thriving tech startup scene, an array of innovative e-services and a government on a mission to banish bureaucratic red tape, it is no surprise that Estonia is among the most digitally advanced countries in the world.
If you are considering starting a location-independent business, here are five reasons why it makes good business sense to start your business in Estonia.
1. Innovative e-Residency programme
Estonia is the first country in the world to offer entrepreneurs the opportunity to become digital residents through its innovative e-Residency programme.
When you become an e-Resident, you receive a government-issued digital identity and can establish, register and run an Estonian business online.
You do not need to be a resident or a citizen of Estonia to become an e-Resident and set up a business; e-Residency is available to anyone interested in establishing and running an online business in Estonia.
The e-Residency application process is simple: you submit an application online, pay a nominal fee, complete a background check and collect your digi-ID from your nearest Estonian embassy. The average processing time is one month.
As an e-Resident of Estonia, you can sign documents and contracts digitally, encrypt and send documents securely, make transactions and declare Estonian taxes – all online! Read more about the benefits of becoming an e-Resident from here: How e-Residency benefits entrepreneurs.
2. Easy to set up a business
If you don’t have e-residency yet then you can easily purchase this from our e-shop. Get the full package for starting and managing your Estonian company fully online. Package includes e-Residency card, Estonian company and virtual office services that are mandatory for an Estonian company.
3. Modern banking solutions
Before it was only possible to use Estonian bank account for that. In light of this change that makes running a business much easier for e-residents, business services provider 1Office and online international money transfer company TransferWise are happy to announce their cooperation.
Online banking is convenient as it allows you to make secure transactions from anywhere in the world 24 hours a day, seven days a week. It is much safer than the password card system as it requires you to verify your identity with your digi-ID.
Additionally, Estonia has a very simple tax system that allows you to report tax directly from your bank account. You can do your banking and report tax online in English, Russian or Estonian.
4. Run your business remotely
Besides setting up a bank account, every step of the process can be completed online. You do not even need to have an office in Estonia unless it is actually necessary for the running of your business.
5. Low administrative burden
If you do require assistance at any point during the process, it is worthwhile noting that accounting, administrative and legal services in Estonia are competitively priced. You can rest assured that Estonians have a high level of English proficiency, so it is unlikely that there will be any barriers to effective and efficient communication.By keeping bureaucracy to a minimum and moving business to the digital realm, Estonia offers entrepreneurs the chance to run a business seamlessly, transparently and cost effectively from anywhere in the world.
