The Simplified Process Of Establishing Estonia Online Company
Estonia is among the countries enjoying a good reputation as the most technologically advanced nation. The Estonian government has been supportive of technological advancement, especially the revolutionary blockchain tech. According to Wired magazine, Estonia is the "most advance digital society globally." With massive technological advancement, there are opportunities for investors to establish Estonia online company. Investors ready to exploit these opportunities can quickly form enterprises in Estonia with the help of Consulting24.co.
The catch with Estonia is that establishment of an online company is open to anyone globally. The country introduced the e-Residency concept, which means even non-residents can apply for Estonian citizenship. It allows one to get a government-backed digital identity, making company registration easier with the e-residency card.
Why Estonia online company
For starters, Estonia is a digital hub with liberal laws that allow anyone to establish a company. The government has been supportive of technological advancements and has digitized almost every government sector. It makes it easier to do business with the government and simplifies the company registration process. And with the help of Consulting24, the process is effortless, and one can have a company up and running ion days. The e-Estonia project has digitized banking, policing, taxes, and the justice department, making it easier to seek services.
Because of a favorable tax regime, many investors are seeking to establish operations in Estonia. Several startups have managed to flourish in Estonia because of a fair and straightforward tax environment. Therefore establishing Estonia online company, one will be able to take advantage of a favorable tax environment. Most importantly, tech entrepreneurs pay zero tax in profits they retain and only 20% for distributed profits. The other attractive thing in Estonia is that tax compliance is easy as almost all fillings are electronic.
As indicated, the Estonian government has been supportive of the blockchain sector, which has flourished significantly. The licensing process is simple, and you don't need much hassle for your online company to be operational. Consulting24 will help you establish your online company in Estonia for €20,000 for a readymade company. For instance, around 2,000 blockchain tech and digital currency licenses are issued in the country. Out of those, Consulting24.IO has been responsible for processing 300 licenses.
Why a readymade online company
If you go for a readymade, you will save a lot of resources and time. You don’t have to go through the process of company registration. The consulting firm will give you a licensed company that can start operations within days after tweaking your liking. You will receive a qualified entity that doesn't need any special reporting or tax needs. The entrepreneur does reporting as they will conventionally do, and the Financial Intelligence Unit doesn't need special reporting.
Going for a readymade online company means you will commence operations immediately. It is vital as it will help you in leveraging current opportunities in the tech sector. For instance, you can be up and operational in 1-3 weeks as the license transfer process is completed. It is compared to when you start the registration process from scratch. The company registration process can take up to 4 months, depending on document availability. The downside is that there are no guarantees that your registration will receive approval.
Also, a readymade company from Consulting24 means you can do everything virtually, even signing of documents. The good news is that the consultancy firm will help find an office location for your company in Tallinn. They will also hire a local director and recruit an AML officer on your behalf. So basically, almost everything apart from running the company is done on your behalf.
Sometimes when applying for company registration, your request might not receive approval. It means you have to reapply for a license, and you will part with €6,000 processing fees. But with a readymade Consulting24 online company, you don't have to repay reapplication fees.
Process of getting a readymade Estonia online company
You will need to enter a contract with the consulting firm selling the readymade company. It is followed by shares transfer at the notary vial power of Attorney. It is important to note that considering the unprecedented times with COVID-19 pandemic transfer can be done remotely. It will take around 1-2 weeks.
You will then need to open a bank account where €12,000 share capital will be deposited for the business. It takes 2-4 weeks, and an account has to be from an Estonian bank or one from an EEA country. The bank account is necessary as it will be used in paying suppliers, invoicing clients, and distributing benefits. You will need to recruit a local director and establish an office in Tallinn. Within 60 days, you will be up and running. The following documents have to be provided for the successful transfer of the company.
Criminal record certificate for all affiliated company members from the country of citizenship. It is for all members that include board members, shareholders, and beneficial owners. The register of convictions certificate has to be original and accompanied by notary certification and apostle.
Passport copies of associated parties, which include emails, addresses, and phone numbers
CV of the contact person on Estonia
AML officer CV and prof of impeccable reputation
Bank account or PSP account proof within Estonia or EAA
Capital share payment proof which is a minimum of €12,0000
How much does it cost to establish an online company?
From as little as €20,000, you can get a set up a company in Estonia. For instance, Consulting24 currently has a registered company, MindWallet, on offer for around €30,000. To commence the process, you make an initial payment of €10,000 for the drafting of POA and share transfer. It includes the setting of a notary date for documents collection for the transfer of the license. Another €10,000 will be paid before the start of the notary. This amount, however, doesn't cover things like the hiring of an AML officer or local director, setting up an office, and buying office equipment.
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