Starting Up Your Own Business

Consulting24 Will Help You On Starting Up Your Own Business In Estonia

One of the best places for starting up your own business in Estonia is among the nations with advanced technology with massive government support. In recent times Estonia has been digitizing almost every sector by bringing everything under the e-Estonia project. For investors who are looking to set up business in Estonia, the process is relatively easy. Since the country permits E-residency, anyone can set up a business in the country with firms such as Consulting24. With the digitally issued identity card backed by the government, it is easier to establish a business in the country.

Interestingly, for Estonians and non-Estonia residences they can enlist Consulting 24 OU's services to make the process of registering a business seamless and quick. The consultancy firm prides itself as one of the country's fast-growing companies in terms of volume and has so far obtained close to 300 cryptocurrency business licenses. The good news for investors starting up their own business in Estonia is that they get an option of ready-made and customized businesses that are up for sale. Registering a cryptocurrency business in Estonia plus a license will cost around €20,000.

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Reasons starting up your own business focused on crypto in Estonia.

As stated, starting a crypto business in Estonia is seamless because the cryptocurrency sector is regulated in the country. Estonia is among the countries with cryptocurrency laws and regulations, and you will receive a digital wallet and exchange services license.

Most importantly, the license doesn't require any deposit, and the license permits investors to issue their native token, operate exchanges, trade-in all tokens, and support virtual wallets.

When trading, there is no VAT added, and corporate tax in the country is 0%. Estonia is considered as one of the top ecosystems for business start-ups.

The licenses are affordable, costing around €17,000, including risk appetite documents and internal AML procedures.

The license application process is quick and takes only up to 60 days, and you have your business license. You can equally on-board clients from across the globe because of the licenses permit.

Also, since the country allows non Estonians to hold e-residency, anyone can establish an Estonia business. The digital identity will enable one to access the business registry and government services and the management of business online.

Estonia cryptocurrency services provider business license

There is a virtual currency service provider license in Estonia, which covers the virtual wallet services allowing businesses to offer both hot and cold digital wallet services. Under this, the business will generate encrypted keys for clients and keep them from storing, maintaining, and transferring cryptocurrencies.

Also, the license covers the changing of fiat currency into cryptocurrency and the crypto to fiat exchange. Similarly, it permits cryptocurrency against cryptocurrency transactions for different coins.

With the licenses, one can issue a native token, offer wallet and exchange services, IEC, OTC, trading with utility token, and sell BTC through credit/debit card and bank transfer.

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Process of setting up a ready-made business through Consulting24 in Estonia

First, you will have to enter a contract with Consulting24, and then the firm will share a transfer at the notary through Power of Attorney. Currently, the only remote transfer is allowed because of the pandemic. It will take 1-2 weeks.

You will then have to open a bank account for the business and then deposit €12,000 share capital with the process taking 2-4 weeks. It is important to note that you have to open an account with an Estonian bank, making it easier when invoicing clients, paying suppliers, and distributing benefits. You need a passport and a valid visa, bank statements, and the license as proof for your business.

You will then set up a local office in Tallinn, recruit a local director, and then transfer your virtual currency service license.

How much does it require to obtain registered business license Estonia

You need around €20,000 to get a ready-made business with a license. Consulting24 has some ready-made business for sale, which includes Mindawallet OU and MEGACHAIN OU. To get this business, you have to pay €10,000 to initiate the process and drafting of POA from the remote transfer and set a notary date for transfer and collection of documentation for transfer of license. The €10,000 payment is made before the notary in either USDT or EUR.

The cost cover share capital registration, cryptocurrency service provide license application, authorized contact person for non-residents, 1 board member/shareholder/AML internal Rules of Procedure, and a draft of Risk Appetite.

However, the cost doesn't include office equipment, office in Tallinn city, local director recruitment, AML officer recruitment, accounting, and AML officer/ director.

The payments made include €10,000 for license application, €2,500 for notary and registration, €1,500 for opening bank account and raise share capital as well as €2,000 plus €6,000 for office location and local director/AML officer recruitment.

Why ready-made business form Consulting24

With a ready-made company, you have ready licenses with just a transfer to you, and you start doing business. Should the transfer fail during the first attempt, you will not incur any fee for reapplication. However, when re-applying for a new business license, you will pay €6,000 for it to be processed.

Also, transfer for a ready-made business from Consulting24 is swift, and you start doing business within 1-3 weeks as the license transfer progresses. Unfortunately, if you register a new business from scratch, it will take 2-4 months, depending on how fast you receive documents, and there are no guarantees.

Bottom Line

When starting up your own business in Estonia, the process is simple and straightforward, and everything can be done remotely and digitally with no complex bureaucracies. The good news is, Consulting24 has saved you all this hassle by taking care of the registration process as well as meeting compliance requirements such as recruitment of a local director and setting up and office.

To learn more about Bitcoin check Buy Bitcoin, What is Bitcoin or What is Crypto.