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All about e-Residency

e-Residency 2.0 action plan was approved by the Estonian government last week. The main focus of this plan is to make the e-Residency program beneficial for businesses and the e-Residency community as well. 


Jüri Ratas

As per the statement of Jüri Ratas, Prime Minister, the e-Residency program has a great business success all over the world. Along with this, he also added that many actions can be taken for e-Residency community to make the program more beneficial and convenient.


In an interview to ERR, he states:

“The new and ambitious goals of the e-Residency 2.0 program will help us meet the constantly growing expectations of e-residents while also creating higher added value for local entrepreneurs and the Estonian state”


Beneficial for all: 


e-Residency 2.0 action plan is important to improve security to reduce the chances of risk associated with e-services usage. Now, with every digital identity document for an e-resident, a new risk-based pre and post-control will be accompanied. 


With the development of this online platform, a wonderful user-experience will be created to improve the accessibility of different services which are offered by private and state and sector. Moreover, many alternative solutions will also be considered for digital signatures and current smart-card based authentication. 


With this new action plan, the direct and indirect value for Estonian enterprises will also increase. Since the launch of this program, more than 58,000 e-Residents has started nearly 7,200 companies. Although the tax revenue of the last year collected from businesses of e-residents was €8.73 million but with the introduction of this program, a direct economic gain of €25 million has been noticed. 


Implementation: 


Ott Vatter, managing director of e-Residency confirmed that the initial steps are already in progress to implement the new action plan. He states, 

“Pursuant to amendments made to the Commercial Code, all entrepreneurs who are e-residents have the opportunity to contribute to the share capital of their company and own a bank account in any country in the European Economic Area (EEA)”


Now getting the digital ID for e-Residents has become easier. Other issue points are already established in San Francisco and Tokyo while the further expansion plans are in place.


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