Thinking about starting a company in Estonia via e-residency programme? There is a couple of things You need to know first.
1. Get Estonian e-Residency
Before you can start an Estonian business via e-residency, you’ll first need to complete your e-Residency application and collect your ID card and reader.
Of course You can avoid all that procedure, come to Estonia and buy a company from shelter or establish completely new for yourself. But in this case you must come to Estonia and visit notary. E-residency program allows you to establish company without being yourself present in Estonia.
Getting e-residency in Estonia is usually a straightforward process and is completed online. Once your Estonian ID card is ready, you’ll be able to pick it up from your nearest Estonian embassy or a special collection point. This is also when your fingerprints are taken.
E-Residency application cost is one time fee of 100 EUR, which is great value-for-money considering you’ll have full access to the world’s most advanced digital infrastructure.
Anyone in the world can apply to be an e-resident of Estonia and most applications are approved. However, you do need to be over 18 and not have committed a criminal offence.
2. You’ll need an Estonian address for your company
You won’t need to compile tons of documents or jump through barriers when you’re starting your company as an e-resident. In fact, there’s only one thing that you’ll need in advance, and that’s an address in Estonia where your company can be legally registered.
Help with a formation and registering a company in Estonia.
- Instruction manual
- Assisting with electronic registration
Product doesn’t include:
- Contact person
- Bank account opening
For last but not least
Check whether the name you want for your company is available
A limited company in Estonia is called osaühing. This gets shortened to OÜ at the end of your company’s legal name in the same way that a limited liability company in other countries is shortened to Ltd — or LLC in the US.
In Estonia, your company name must be written in the Latin alphabet and preferably without any special characters or symbols. You also need to choose a name that’s unique in Estonia’s company registry. This means you’re likely to have far more options available than in your own country. Well, unless you choose a name in Estonian!
As an Estonian company is an EU company, you’ll also want to check if there are other trademarks that are similar across the continent. The EU is the world’s largest single market and home to more than 500 million consumers, as well as plenty of entrepreneurs, so it’s unlikely that your company name is completely unique
Registration as a person liable to value added tax
Company formation product doesn’t include help with an opening bank account in Estonia.
Banks are run by private sector and thus bank accounts are not automatically included with the e-Residency programme or with a business established by e-Residents. The reason a business bank account is not automatically included within the e-Residency package is because the decision to extend or deny banking services to anyone, whether e-resident or not, is made at the sole discretion of the banks themselves.
For your business you currently have 3 options to choose from: apply for an Estonian bank account, apply for a Fintech company business account or apply for a foreign bank account for your Estonian OÜ.
LHV is an Estonian banking and financial services company headquartered in Tallinn, while Swedbank is a Nordic-Baltic banking group based in Stockholm, Sweden with a significant presence in Estonia.
In order to get a traditional bank account, you currently need to travel to Estonia for a face-to-face meeting and a background check. To start remotely, we recommend you to setup a payment service provider bank account with Transferwise Borderless or with Monese.
If bank account are opened E-residents can easily and securely manage their accounts with either bank by logging in with their e-Residency ID from anywhere in the world.
We don’t recommend Holvi because to apply for the Holvi account for e-Residents, you will need to have already obtained the e-Residency ID and registered your company in Estonia but You can register Your company only with bank account 🙂