We are passionate about sharing our customers success stories and write about their challenges and tips while setting up a business in Estonia.
Starting a formation of a company in Estonia using the e-Residency is a different approach to the remote business model, which could stimulate business flexibility – a value that is indisputably important in the face of today’s situation.
Mo Cheung, the co-founder, and CEO of Caddyboo has said “a passionate entrepreneur is always seeking for challenges and taking intelligent risks while on a journey to building a community that will support growth, creativity, and sustainability. Doing what we can’t.”
Caddyboo has developed the world’s most innovative golf towels and other innovative products.
As an innovative golf community, they have been learning more and more about the impacts of golfing on the environment and how together with professionals and golf enthusiasts, they can make their experience more sustainable.
What are the advantages of doing business in Estonia?
- First of all location- it is very easy to access the market of central Europe and Nordic countries.
- It was relatively easy to establish a business in Estonia, there are plenty of local agencies that can assist with all the necessary paperwork and give valuable advice on legal and business-related matters.
- It has an investment-friendly taxation system.
What challenges did you face when running your business in Estonia? How do you overcome them?
In the beginning, it can be hard to establish a business partnership with Estonian companies especially when your company is a start-up and does not have a lot of presence on the market and a well-set accounting system but on the other hand, it is hard to set up an accounting system when you do not have a lot of business relationship yet. So we decided to overcome those issues in parallel and step by step.
What tips do you have for other entrepreneurs who would like to start their own businesses here?
- If you are not an Estonian citizen be prepared to visit Estonia at least a few times during the company establishment. You will be able to visit the agency, bank, your partners and prepare a good base for the future remote work.
- Do not rush things, take it one step at the time. If there will be an issue you will be able to overcome it when you are not under the pressure.
- Try to get contacts from already registered businesses in Estonia, networking, and prospective business relationships will make it easier for you to open a bank account there.
What are the topics regarding e-Residency you wish would be discussed more?
Actually, it was quite easy to do the e-Residency but the real challenges come when you want to open a bank account. So that topic must be discussed more.
How has today’s crisis affected your business and how has e-residency helped you?
I believe that in our case the damage was not so high, our production was delayed and some of the golf events were postponed or canceled but we still managed to overcome those issues with patience and focusing on developing our SM platforms and getting ready for the golf season. e-Residency gave us an opportunity to explore the whole new market.
How have you felt about the establishing process and the support from SuccessHUB Estonia?
In the beginning, it was a bit scary to enter a new country and start a business without actually living there. Since there were plenty of agencies to support us it was hard to pick the one that would be reliable. Who knows what you can expect from a different business culture and an unknown country? But we were lucky to discover SuccessHub Estonia. They were the agency that was able to answer all our 1000 silly questions and support us during the whole process. Hopefully, we will continue to work together and build a strong international business community with them.