27 Apr How Estonian e-Residency is Unlocking the Borders of Entrepreneurship
Due to the COVID-19, the sudden change in the rhythm of social as well as professional life is a challenge for all of us. For those who have their own business, it may look like that everything around has stopped and soon the business will come to a standstill. However, SUCCESS HUB ESTONIA encourages entrepreneurs not to stay still and to take advantage of the alternatives in order to keep up and discover new opportunities. Understanding today’s situation, successful entrepreneurs are taking a different approach and are moving businesses to the remote space. One way to do it is to form the company using e-Residency.
Since the end of 2014, Estonian e-Residency provides digital entrepreneurs with the freedom to establish and manage an EU-based company paperlessly, from anywhere in the world. According to the latest statistics, over 5 years the Estonian government has issued more than 68,000 e-Residencies out of over 75,000 applications and counting. Most e-Residency applications were submitted by Finnish, Russian, Ukrainian, German, Chinese and United Kingdom citizens. And these are just the top active countries without including Japan, India, Brazil, Egypt, Australia, and many others (see a map below).
Application Countries. Source: https://e-resident.gov.ee/dashboard/
Location-independent international business, bringing business to Estonia, using the technology of secure authentication, promoting the development of Estonian science, education and culture or just being a fan of e-Residency – these are just a few of many named motivations to apply for the e-Residency. Furthermore, having a global business also means that the search of customers, partners, and talents does not supposed to be restricted by country walls. SUCCESS HUB ESTONIA encouraged entrepreneurs to unlock the borders. Next to the other advantages, this allows enriching the business, partnership, and team from a cultural point of view.
Over 12.000 Estonian companies were established by the e-Residency holders, making it 1/6 of all new companies registered in Estonia (in 2019). Despite the successful upbringing of their businesses, most e-Residents agree that they face some challenges while running the business in Estonia, especially talking about the legal and taxation matters. Therefore, having a single local partner who can advise in these and other matters might be just the key to overcome the challenges. Here is where SUCCESS HUB ESTONIA comes to the play.
SUCCESS HUB ESTONIA supports companies in every stage, starting from a managing company in a formation process, supporting the company with legal address and the contact person, which are obligatory for the businesses of which management board is located outside of Estonia. SUCCESS HUB ESTONIA is advising companies with opening a bank account, supports different activities fields (legal matters, accounting), and provide different services. Also, makes sure that the newly formed business gets all the relevant information.
Next to all of that, SUCCESS HUB ESTONIA sees every customer as a future partner. Being open to collaborations means being open to the opportunity to create smart and innovative solutions.
Celebrating partnership with the Bridge for Billions, SUCCESS HUB ESTONIA ran a MasterClass about the program.