Setting Up Your Business in Estonia During COVID-19 Lockdown
Updated: May 8, 2020
Today, there is a lot of negativity in the air surrounding the present coronavirus pandemic situation, especially to the world’s economy. The novel virus that originated from the fish market of Wuhan, China has spread virtually to all parts, the images of dead bodies being taken away in New York City are depressing.
Today, the world is under lockdown, and expect IT companies, business operations of diverse industries have come to a halt. However, if you look from the perspective of an optimist, it is the best time to think and think to discover new business opportunities. To your good fortune, you can now register a company in Estonia without flying to this digitally advanced European nation.
Out of the different business prospects in Estonia, Blockchain and crypto-related ventures seem viable. First, trading cryptocurrencies is authorized by the Estonian government. And, we have seen in the last couple of months how the crypto business has been on the rise. The latest quarterly report from Binance has made over 250 million, right from January to March 2020. Binance burned 3,373,988 BNB, equivalent to 52.5 million USD worth of tokens.
These numbers show a huge demand for blockchain projects.
Estonia - An Ocean of Opportunities
Also known as the Republic of Estonia, this small European country to become the most advanced nation with 98% of the services being managed online. Estonia has a unique e-residency mechanism in place, they let anyone from any part of the world set up their company in Estonia, without the need to be an actual resident.
In Estonia, you can legally obtain the license of setting up a cryptocurrency license in the country and the process is pretty straightforward with limited obstacles.
Did you know Estonia started giving away crypto licenses at the end of 2017, and from then it has granted a total over 4000 wallets and exchange licenses?
A new regulation was passed by the house of Estonia in the 10th of March 2020, and after that these crypto licenses are termed as one license - virtual currency service provider licenses. As per the last ruling, to set up your crypto exchange, ICO, IEO or wallet in Estonia, you require a little office space in Estonia — the space size is large enough for at least one person. Consulting24 provides a fully remote setup included finding a local director. If you require the complete information and exact details of how the recent regulations have impacted the ease of doing the crypto business in Estonia, contact Consulting24, our panel of industry experts to guide you with the process of starting your blockchain or crypto-related company in Estonia.
Our virtual currency service provider license services include:
To sell bitcoin via bank transfer and via debit/credit card
To trade with utility token globally
Crypto to crypto, crypto to fiat, fiat to crypto transactions
To issue your token (ICO/IEO)
Wallet services
Exchange services
OTC
IEO
The best part of choosing Estonia for your business venture or other locations of the European continent is that there is zero corporate tax, which makes the perfect destination for startups, thereby entrepreneurs can spend more money on the development of their Blockchain powered product. Another favorable point in the list is the Blockchain ecosystem of Estonia is well-structured and streamlined.
We at Consulting24 have the expertise to help you set up your company in Estonia during this lockdown time, we’ll take the responsibility of having your business physical address in Estonia.
Let's talk to our experts at 372 5815 5779 or send us an email on mardo@consulting24.co to commence the process of setting up the company in Estonia.
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