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.

Apply for Estonian e-residency

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.

It can’t be PO box.

3. You can be the management board

Your limited company will need a management board. That sounds grand, but it can actually be just you!

Many companies set up by e-residents have just a single employee and board member, which is the e-resident themselves. That’s because the scheme is so popular with digital nomads, freelancers, and the self-employed, particularly among expats or others who value location-independence.

If your company board reside outside Estonia you need an authorized contact person.

 

NB! Bank account opening is included

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.

The two most popular banks for e-residents in Estonia are LHV and Swedbank.

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, LeoPay 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.