Guide To Establish Company In Estonia Through Consulting24
Estonia is one of the nations that have advanced in terms of technology, and as a result, there are several opportunities for investors to establish a company in Estonia. Technological advancements create avenues for investment, and some investors could be looking to exploit these avenues and have an enterprise in the country.
The good news is that investment in the country is open to people across the globe; all one needs is an e-residency identity card, and they are good to go. The process of registering a company has been simplified by consulting firm Consulting24, which saves you all the hassle and costs of registering a company from scratch.
Why establish a company in Estonia
For most investors, Estonia is the go-to destination for their investment because of its digital transformation and support from the government to support almost all sectors' digitization. In recent times, Estonia's depart of justice, legislative body, healthcare, education, banking, and policing and taxes were digitized under the e-Estonia project. It's easy to seek government services even when you are not in the country.
Another benefit of setting up in Estonia is the e-Residency card that the country introduced for non-Estonian residents and citizens. Non-residents can apply for citizenship in Estonia. They will receive an e-Residency digital card backed by the government, making company registration easier for non-citizens.
Also, the tax regime in Estonia is friendly. It is the reason business start-ups are flourishing in the country. In the last ten years, the country has emerged as a tech hub with several companies growing because the tax charged on retained [profits for tech business is zero while only 20% tax is levied on distributed profits.
One area that has flourished in Estonia is the blockchain sector, whose licensing process is simple and affordable with the help of Consulting24. For instance, to establish a company in Estonia running a crypto exchange or crypto wallet services, it is simple, and you will need around €20,000 to get a license. Over 2,000 cryptocurrency licenses have been issued in the country so far, with Consulting24 responsible for around 300 of those.
What does the cryptocurrency company license cover?
In Estonia, there is a Virtual Currency Service Provider License that covers digital wallet services. It allows one to provide cold and hot cryptocurrency wallet services whereby the company will generate or store users' access keeps for virtual currency storage and transfer.
Also, the license allows the exchange of cryptocurrencies with traditional fiat currencies. The business can provide crypto to fiat and fiat to crypto transactions. Equally, crypto trading is covered under the license where services like crypto to crypto trading are allowed.
With the license, your company can issue its native token, offer digital wallet services, provide crypto exchange services, and trade with utility token. Other provisions include OTC, IEO, selling of bitcoin through debit/credit card and bank transfer, crypto to crypto, fiat to crypto, and crypto to fiat transactions.
Consulting24 has investors looking to establish a company in Estonia with ready-made licensed companies for sale. Currently, companies like MINDWALLET OU and MEGACHAIN OU are available for sale starting with €20,000 plus a capital share of 12,000, which includes a name change.
How the payment is made to buy a ready-made company
To begin the process, you need to pay €10,000 for drafting a power of attorney for remote transfer and setting up a notary date for the transfer of the company and then collecting documents for license transfer. Before the notary date, you have to pay €10,000 in USDT or EUR.
The payment covers the minimum share capital and company registration, one shareholder/member, cryptocurrency service provider license application, AML Internal Rules of Procedure, and Risk Appetite draft and banking options introduction. It also includes the authorized contact person in Estonia, which is mandatory for all non-residents in Estonia.
However, the amount does not cover office equipment, office space in Estonia, accounting, which is €2,300 per year included in the annual report, and local director and AML officer recruitment.
The process of getting consulting24 licensed company
To establish a company in Estonia through Consulting24, you must enter a contract with the consu8lting firm. After which the share transfer follows at the notary through POA, and this can be done remotely in the wake of the pandemic, and the process will take 1-2 weeks.
You then will have to open a bank account for the company, which requires a share capital deposit of 2-4 weeks, and this takes 2-4 weeks. After that, they will set up an office in Tallinn and then recruit a local director. The virtual currency services license is then transferred and can take up to 60 days.
It is important to note that you need a bank account when you want to establish company i9n Estonia, preferably in an Estonian bank. It will be important when distributing benefits, invoicing clients, and paying suppliers. You can opt for a traditional bank account or go for digital banking providers. A traditional bank offers more security, and there is a deposit guarantee covering up to €100,000 should the bank go bankrupt. On the other hand, online banking providers offer the flexibility of managing accounts online.
Why go for a ready-made company from Consultin24
Getting a ready-made company from Consulting24 saves you time and costs as it comes with a ready license. In the event, a transfer fails, you don't have to pay anything for reapplication, unlike when starting the registration process from scratch, where you will need to re-apply by paying €6,000.
The other benefit is that you can start operations almost immediately after transfer while license transfer progresses. You could wait up to 4 months for a new company, depending on how fast you get the documents.
It is easier to establish a company in Estonia through consulting24 as the whole process can be conducted online. The consulting firm will take care of the registration process and ensure compliance, like having a recruiting director and setting up an office in Tallinn.
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