Startup hub

“Estonia is the 132nd-smallest country in the world by land mass,
yet it produces more startups per head of population
than any other country in Europe.”

– B.Rooney, wall street journal

Services in Estonia

Business Licensing

Leading you through the licensing process in Estonia.

Banking Solutions

Opening business bank accounts and finding the right banking tools for your company.

Startup in Estonia

We will help you to start your new business venture in Estonia

Estonian e-Residency

We will assist you in the application for a government-issued digital identity, also available to non-Estonians.

In Detail

Business Licensing in Estonia

There are various financial licensing opportunities for sound business models in Estonia.

Startups in fields such as:

  • Forex & Securities brokers
  • Payment services providers
  • E-money institutions
  • Blockchain innovations
  • RegTech
  • InsurTech

Can all benefit greatly by choosing Estonia as a country in which to apply for licensing.

Innovative, Fast & Multilingual

Estonia is a home to 12 international and local banks, which offer commercial, retail and investment banking services for clients inside the country as well as abroad.

Banks in Estonia offer:

  • Multi-currency bank accounts
  • Payment cards
  • International wires
  • Advanced online banking
  • Multilingual support

Modern, Transparent & Inspiring

Estonia has been established as an environment where fintech startups and other international businesses looking to expand into the single European market can thrive. Estonia has already become a home for many software development companies, payment processing businesses, blockchain developers and innovative peer-to-peer lending platforms.

Estonia has many attractive features to offer:

  • Low business operation costs
  • A beneficial tax system (0% on reinvested profit)
  • Minimal bureaucracy for ease of doing business
  • A simplified and fully digitised taxation system
  • Advanced banking
  • A highly qualified workforce
  • What is e-Residency?

    Identification, Verification & Encryption

    E-Residency is an electronic identity issued by the Estonian government, and it is open to everyone. It allows the e-Residency holder to be identified and it can be used to electronically sign documents and conduct business transactions. E-Residency is an encrypted and secure digital service to facilitate your entrepreneurial vision in Estonia. Please note that e-Residency is not related to citizenship and does not give the holder an automatic right to reside or enter Estonia.

  • Why e-Residency?

    Access & Transparency

    Estonia can become a launchpad for your global entrepreneurial ambitions and it offers a robust ‘sandbox’ environment to enable a safe and secure start. E-Residency will be a cornerstone of the foundation of your business in Estonia as it allows you to:

    • digitally sign and encrypt contracts and official documents
    • administer your Estonian company from any country since most of the state services and filings are available electronically
    • access financial services such as banks and payment services providers
    • submit your company tax returns online
    • authenticate your identity via the Internet
  • How to apply

    We advise all our clients interested in conducting business through an Estonian company to additionally apply for e-Residency in order to be able to handle all company matters and filings electronically.

    We will take care of all procedures to ensure the registration of your Estonian company. Not only that, we will assist you with opening a bank account and help you organise your visit to Estonia to meet your bankers.

    Let us know if you would like any more information about e-Residency and business opportunities in Estonia.

    Alternatively you can apply for e-Residency today: https://apply.gov.ee

Starting a Business in Estonia

  • Registering an Estonian Company

    Establishing an Estonian Company in Few Hours

    We will take care of all company registration formalities and provide you with a registered business address in Estonia. Once your company is registered and all documents are ready, we will instruct on how to take advantage of your e-Residency ID-card capabilities to effectively manage your company. We can also help you with the registration of your company as a VAT payer at the Estonian Tax and Customs Board.

  • E-Residency Application

    Control & Access

    We advise every one of our clients starting their business in Estonia to apply for e-Residency. It provides secure access to hundreds of services from the Estonian e-government and allows digital authentication from governmental institutions. This means most filings can be carried out electronically with no need for notarisation or help from third parties.

    The application cost is 100 EUR. Once your application is approved you will need to collect your e-Residency smart ID-card from Estonian foreign Offices or the Police and Border Guard Board service points in Estonia. This must be done in person.

    More on e-Residency: https://e-resident.gov.ee

    E-Residency Application Form and List of Estonian foreign offices: https://apply.gov.ee

  • Opening a Bank Account

    Business Tools & Operations

    Once your company is ready it is now time to open a corporate bank account in Estonia. We will introduce you to local banks and schedule a meeting. Once your meeting with the bank is confirmed we will be glad to invite you to come to Tallinn to meet bankers and finalise the account opening.

    Next steps to consider:

    • applying for a licence
    • recruiting IT-specialists in Estonia
    • opening a physical office in Estonia

Make Estonia a home for your fintech startup

Why Estonia?

A pro-Business Environment

10th in the world by economic freedom ranking. Minimal state interference, prudent fiscal policy, robust regulatory environment and an open market for foreign investment. Member of the EURO zone from 2014.

Connectivity

Estonia has high-speed mobile internet coverage with 3G and 4G networks available everywhere. Central Tallinn has free high-speed Wi-Fi coverage. By 2018 Tallinn will be covered by the 5G network.

A transparent Tax System

Estonian companies do not pay income tax on profits unless dividends are distributed. The tax system is simple and straightforward. The Estonian tax authority is fully digitalised and responds to enquiries promptly.

A fintech Startup Hub

Estonia offers great opportunities for startups: an IT-literate and multilingual workforce, advanced digital infrastructure and technology-oriented government. A perfect place to develop another PayPal or Transferwise.

Setting up a business in Estonia

What makes Estonia a unique destination for international business and fintech startups?

  • Taxation

    Estonia has a business-friendly taxation system and generally there is no income tax on re-invested profit as well as zero taxation on distributed dividends from an EU-registered daughter company. If an Estonian company opts for dividend distribution then a 20% income tax rate applies.

    Estonian companies can easily be registered for VAT with the Estonian Tax and Customs Board.

    All tax submissions can be made electronically.

  • Office Running Costs

    Office space in the capital, Tallinn, is priced significantly more competitively than in major European capitals, with the average cost of office rent in Central Tallinn being 13-17 EUR/m2/month.

    The cost of running an office in Tallinn is comparable with the cost of running an office in Limassol (Cyprus), Sofia (Bulgaria) or Prague (Czech Republic). In recent years several developers have concentrated on the development of new office districts in Tallinn and it is easy to find a wide variety of new and high-quality office spaces.

  • Workforce

    The Estonian labour market is relatively small and the vast majority of businesses are concentrated in Tallinn, the capital of Estonia.

    According to the Invest in Estonia Agency: “The average wage in Estonia in the 3rd quarter of 2016 was EUR 1119. The monthly minimum wage for full-time work in 2017 is EUR 470. The wages must be paid at least once a month.”

    The Estonian workforce is young, highly-skilled, multicultural and multilingual.

– 2007, The world’s first election via the Internet

Estonia held the world’s first electronic parliamentary election via the Internet. This became possible due to the rapid development of the Estonian “e-government” policy and its excellent IT infrastructure.

Estonia has supported and developed key public infrastructure as well as implementing a highly successful project of national electronic ID cards, which allows the remote secure identification of card holders including electronic signature authentication, which is legally binding, having the same status as hand-written signatures.

– 2013, 95% of all medical prescriptions are e-prescriptions

95% of all medical prescriptions in Estonia are issued electronically. E-prescriptions were made possible thanks to the development of Estonia’s cutting-edge e-Healthcare system. E-prescriptions are a part of a paperless and centralised system for handling medical prescriptions. Pharmacies locate prescriptions in a central database and identify the patient via a smart ID card.

– 2016, Block-chain in healthcare

The Estonian e-Healthcare Foundation announced a partnership with Guardtime to develop and accelerate block-chain based security, integrity and transparency of healthcare records in Estonia. A distributable ledger of healthcare records will allow a forensic-quality audit trail of all health records to be implemented and thus ensure data integrity as well as the exclusion of data loss.

– 2016, 95% of Estonians submit tax declarations electronically

95% of Estonian citizens use the e-Tax Board to compile and submit tax declarations. The vast majority of tax declarations are already pre-filled. The financial information of taxpayers is automatically submitted by Estonian banks into e-Tax Board databases and all tax declarations are populated with datasets. Taxpayers review existing information and submit tax returns electronically using ID card identification technologies.

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