e-Residency Estonia is a fantastic opportunity for people to establish a European company without being a resident. The program became effective in 2014 to attract entrepreneurs all around the world.
This e-Residency program gives you access to Estonian e-services.
In seven years, 14,000 company formations emerged and applicants from 175 countries benefited from the program. This means that a third of all Estonian startups have been formed since 2014. In total, over 83,000 e-residents have also established businesses in Estonia.
A Quick Glance at e-Residency Estonia
As the first country that provides e-Residency, Estonia has attracted more than €68 million inflow.
e-Residency Estonia provides the right to establish a European company. So, it’ll become possible for you to do this even if you don’t live in Europe.
e-Residency Estonia provides you with a digital ID card valid for five years, which is renewable.
What To Consider When Applying for Estonia e-Residency
First things first, you’ll not become a legal resident of Estonia when you get an e-Residency. In addition, e-Residency Estonia is not the way to live in Estonia or in any European country. Instead, you’ll be provided with a physical address that is in fact a virtual office shared by other companies. In this way, you don’t need to pay bills and other fees related to a physical office.
You may be subject to paying taxes if:
- You own an Estonian company, or
- You get income via the company or from another business in Estonia.
Note that you’ll not be exempt from taxes in your home country when you get e-Residency Estonia.
Who Can Benefit Best From e-Residency Estonia?
Xolo estonia is best for people aiming to run their business on an international level. Furthermore, you’ll do it completely remotely, and your business will be under European standards.
One group that can take advantage of the program is digital nomads. If you’re one of them, you can establish your business remotely. If you want to live and work in Estonia, then you can apply for a Digital Nomad Visa as well.
Freelancers can benefit from this program in terms of bills and receipts. Also, they can sign the contracts digitally which is as real as physical ink signatures.
Digital entrepreneurs can also do everything digitally. Like freelancers, they don’t need to travel anywhere to sign documents.
Startup companies can connect with the EU business environment through this program. They can do it without the need to travel. Paying taxes is also easier for them.
How To Apply
Only a month will be sufficient to complete the whole application process. Let’s look at each step below.
Prepare the Documents
You’ll need:
- A scanned copy of your passport,
- A passport-sized photo, and
- A motivation statement will be necessary.
You’ll also need a Visa or MasterCard for the payment process.
Submit Your Application Form
- You can reach the form from the e-Residency website. After filling it out, you’ll see the payment portal. The state fee is around €110. Then, you’ll get a confirmation email.
Get Your e-Resident Card
After the authorities review your application, you’ll get approval. Then, you’ll get the e-resident card from the consulate or embassy. It may take two to four weeks to receive it.
It comes as a kit including your digital ID card, pin codes, and card reader. Upon receiving it, you’ll bring your ID proof and submit fingerprints.
How To Use Your E-Resident Card
e-Residency Estonia holders get a digital ID. It includes a special chip. The chip allows you to benefit from public and private services and resources in Estonia. It’s also possible to use it for signing documents and encrypting files remotely.
It’s also possible to use online payment services via your e-resident card. In addition, applications for digital business banking and commercial banking will also be possible.
It’s also possible to sign contracts via your digital ID card.
An Advantage to Open Up to the World
You can work anywhere in the world for your business because your work will completely be online.
e-Residency Estonia provides you with the right to access the European market that most people dream of. In addition, you don’t need to appoint a local director while establishing your company.
Another advantage is the blockchain technology that protects sensitive data. In this way, you can conduct your business securely.
Access to the EU Single Market is also available for e-residents. This is a way to improve your business efficiency.
