Your business powered by e-Residency
For those of you who are looking to start your own business, this article will help make the decision process a lot less confusing.
We invite you to learn about Estonia and why it’s such an attractive place for startups.
Finding the best country for your startup doesn’t have to be hard. All you need to do is consider these factors so that you can make the best decision for your company:
– Choose a country with a good network of investors
– Choose a country with a good business environment and digital infrastructure
– Choose a country with a good tax system
– Choose a country where operating costs are affordable
Estonia is a small nation with a big name in business, technology and innovation. The country has been called the “Silicon Valley of Europe” due to its fast-growing startup scene.
Entrepreneurial Business Culture and a Strong Startup Community
For many years the country was built on the foundation of entrepreneurship and has a supportive and entrepreneurial business culture. With a healthy environment for startups and creativity flourishing, Estonia has become an ideal place to start up a business. With a population of about 1.3 million people, to date, the Estonian Startup Database is home to 1452 startups.
Digital governmental services have been developed and used in the country for many years. In 2014, the Estonian government began its global expansion by launching the e-Residency program and opening up pick-up locations outside of Estonia.
Thanks to the easy-to-navigate business environment in English, after receiving your digital ID, your location doesn’t matter anymore because you can be connected regardless of where you’re located. You just need to make a one-time trip to pick up your ID and start doing business right away.
You can check out e-Residency card pick-up locations here.
Taxes in EstoniaChoosing the right country for your business is an important decision, and one of the factors to consider is the tax system. With the right tax system, you can save money and increase profits while still complying with all legal requirements.
One of the main benefits of Estonia is a tax policy that is advantageous to businesses. Specifically, there is no corporate income tax on the company’s undistributed profit, making it a more appealing option to those looking to start or grow their business.
Setup fees and operational costs
The low cost of running a business in Estonia is one of the main factors that have attracted entrepreneurs from all over the world to set up shop here.
Company Setup Fees
eFinance makes setting up a business very affordable by charging no service fees. You’ll only have to pay the state fee of 265 euros and you are ready to start your new venture.
It’s a requirement for Estonian businesses to have a business address and if their management board is abroad, there must be an assigned “contact person” within Estonia. The market price for both the business address and contact person services ranges from 25 to 50 euros per month.
Estonian accounting services are becoming incredibly budget-friendly due to the advancements in technology. Monthly plans designed for companies starting their operations, with payroll and tax services included, cost as little as 55 euros per month.
Estonia is a great pick for businesses searching for a successful European economy to move into. As the birthplace of e-residency, Estonia’s innovative approach to business creation makes it a great option for entrepreneurs looking to expand their reach. With its supportive business environment and commitment to innovation, Estonia should be at the top of any business checklist when considering opening a company in Europe.