On June 13, Estonian e-Resident and 1Office client Dominik Panosch set a World Record in the fastest company incorporation. The process was started from scratch and took only 15 minutes and 33 seconds. The fascinating part is that everything was done fully online and after that time, his new company sign.online was completely ready to start the business activities right away.
About the New Record
The record took place on the main stage of the London Tech Week at a live session that was co-hosted by e-Residency of Estonia, Invest Estonia, Startup Estonia and Work in Estonia. While the record was in the process, the guests of the London Tech Week had a chance to hear an insightful fireside chat with Estonian startup founders Martin Villig, co-founder of mobility super-app Bolt, and Taavet Hinrikus, co-founder of global FinTech company Wise.
The previous record in the fastest company incorporation was actually also held by Estonia, with a time of 18 minutes and 3 seconds.
Many others had also a big part to play in breaking the record – Estonian Centre of Registers and Information Systems had to confirm the application and 1Office was the link between the government and the established company with offering the business address for the newly established company.
We were also happy to help the new entrepreneur to get a Wise account and debit card for his company as fast as possible. The application was submitted right after the company was established and the account was ready the next day.
CEO of 1Office Grete Michelson monitoring the process and giving an address confirmation from her mobile phone with just one click
The Obstacles in the Way
It’s definitely an interesting fact that the record process was not as smooth as planned at first because the wifi connection at the London Tech Week let the record participants down. Therefore, setting the record was not certain until the last moment. Which of course made the process even more interesting and intense to follow.
But the sincere emotions of the record-breaking e-Resident Dominik Panosch describe the situation perfectly:
“I was amazed how fast the company creation was. Once the info was filled in online, it was almost instant to have my company confirmed. Really excited for what’s ahead for sign.online.”
Head of Client Support Division at Centre of Registers and Information Systems Kersti Rätsep, the record-making e-Resident Dominik Panosch and the CEO of 1Office Grete Michelson right after breaking the world record
We were so honoured to be a part of this new milestone for Estonia and e-Residency. The business opportunities that Estonia has opened for entrepreneurs all over the world are innovative, convenient and now also record-worthy.
1Office is celebrating its 14th birthday this summer, making us the longest-serving service provider for e-Residents. These long experiences and being a part of such awesome events make us a good partner for all starting companies. Contact us to learn more!
If you want to read more about e-Residency, and starting a company in Estonia, have a look at our full guide about starting a company in Estonia with e-Resideny.