One of the aspirations of most digital nomads and entrepreneurs is to start their own company. However, there are countless hurdles and enormous costs for establishing it. But, with e-residency, you can achieve your dream instantaneously.
Let’s see how the process of e-residency unfolds. Welcome to Estonia! 🙂
What is E-residency?
Estonia becomes the first country in the world to offer E-residency, which is a government-issued digital identity and status that lets you access e-services and establish a business. It provides digital entrepreneurs the liberty to establish and manage an EU-based company from anywhere in the world. This program has been initiated to establish and improve the digital infrastructure of Estonia.
How to apply for an e-residency?
Well, it is quite simple. First, you have to identify yourself online and sign the documents digitally. You will have to pay the state fee of around 100-120 euros and choose a pickup location for your digital ID. Then, you have to obtain an Estonian contact person and legal address from their marketplace. You will register your company structure online at the E-Business Registry. Lastly, you will simply apply for business banking through a fintech partner. And that’s it! You are now an active member of the e-residency in Estonia, and that gives you a whole lot of benefits!
But why should you opt for an e-residency?
If you are an entrepreneur, a freelancer, a digital nomad, or a startup company, e-residency has broader benefits than any other domain. You can stay at home or keep traveling while managing a company that has access to EU customers, EU startup funding, and the EU payment methods. If your business needs these upsides to function better then in your home country, you will love the benefits of having an E-residency in Estonia.
You have independence over location since you will be operating your business remotely. Also, you can declare your business taxes online and pay them digitally. Moreover, you can reap limitless benefits from cross-border capital. EU’s single market will increase your reach and invite a larger number of customers for your business. Wouldn’t that make your business more profitable?
Needless to say, you can establish connections and carry out networking with e-residents across 165+ countries. This is the digital revolution that our world needs. Accessibility and convenience render this opportunity utterly enticing. So, if you are a digital nomad and have dreams of operating an enterprise, what are you waiting for! This is your chance, go grab it!
Do we recommend it?
It depends on your own situation. It provides you with many upsides if your business model needs these upsides to function better. Paying fewer taxes, having a paperless company, easy access to funding, and having the access to the EU market and all necessary payments sounds pretty good to me! It's not cheap in any way, and you still pay taxes, but it might be the perfect cocktail for your online business.
We are seriously considering transferring from Holland to Estonia with our business. We would love to know your experiences with the E-residency of Estonia. Mail us > info@freebirdsmagazine.com
p.s; need help with your online business? Try Fiverr, and get things done for just a fraction of the price!
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