When will an Estonian company serve as a bonus?
An Estonian limited liability company (OÜ) benefits:
- As a vehicle for investment, real estate, and contingencies in the long term
- For import-export business, since Estonia has an agreement on the avoidance of double taxation with 59 countries
- As a subsidiary for businesses looking for a company from a country with a good reputation
- When launching a startup
- When starting an IT-business
How does the administration of an Estonian company look like?
In order to maintain a prestigious reputation of enterprises in Estonia, a company’s capital flows must be reflected in its accounting records. Thanks to an e-Resident card, you can independently manage your business and administer an Estonian company in just a few minutes a month.
Advanced digital business in Estonia
Estonia ranks among the most digitally integrated countries in the world with a thriving tech start-up environment, a multitude of innovative e-services, and a government committed to eliminating red tape. Below are 5 examples of an advanced digital business environment in Estonia that can be key in deciding to establish an Estonian company.
1. Innovative e-Residency program
e-Residency is available to everyone who is interested in starting and running an online business in Estonia. By becoming an e-Resident, you will receive a government-issued digital ID, which allows you to create, register and run an Estonian business online, as well as:
- Sign documents and contracts digitally
- Encrypt and send documents in secure mode
- Make transactions and declare taxes in Estonia
The process of applying for e-Residency is not complicated and will take on average about a month:
Online application submission – Payment of the fee – Background verification – Obtaining a digital ID at the nearest Estonian embassy.
2. Business registration in just one day
In Estonia, all business processes carried out over the internet are legal on all grounds. The Estonian business environment is considered to be completely transparent, as all business-related processes are digital and therefore easily traceable.
This is exactly how, after becoming an electronic resident, a registration of an Estonian company for all our clients will take only one day. It is worth noting that in order to register a business in Estonia, you need a legal address and a contact person in Estonia.
3. Modern banking solutions
As mentioned earlier, payment orders and tax returns in Estonia are carried out via the internet. Local online banking is convenient because it allows you to make secure transactions from anywhere in the world in a matter of seconds. Identity verification in online banking is carried out using your digital identifier (instead of a card with passwords), therefore the modern Estonian banking authentication system is considered the most secure solution for executing financial operations of a company.
In addition, Estonia has a convenient tax system that allows you to pay taxes directly from your bank account. All banking transactions and tax returns are available online in English, Russian or Estonian.
4. Remote business management
The Estonian e-Residency programme is designed specifically for those interested in running an online business, regardless of location. Every step of the process of starting a company and in general doing business can be done online.
Capabilities:
- Business creation and management completely remotely
- Founding and running a company from anywhere in the world
- Signing and verification of documents in digital format (contracts, annual reports)
- Encryption and secure transmission of signed documents
- Convenient and fast online banking
Public access of information about Estonian companies helps Estonia to have a transparent and reliable business environment on the internet and in the labor market. This includes basic information about the firm, such as ownership, contacts, and basic financial reports.
5. Low administrative burden
One of the features of doing business in Estonia is the fact that red tape with administration and bureaucracy is minimised here. The digitisation of these processes, from obtaining e-Residency to starting a business and declaring taxes, is designed to ensure that the system of running an Estonian business runs smoothly.
With digital business and minimal bureaucracy, Estonia offers entrepreneurs the opportunity to do Estonian business transparently and cost-effectively from anywhere in the world.
LKS Consult OÜ offers assistance in improving your business efficiency. We have accumulated successful experience in various business fields and are currently engaged in the development of more than 900+ companies in Estonia and abroad. Therefore, our firm offers consulting services to our new clients in order to develop their business and provide a vibrant business environment in Estonia and abroad.
At the initial stage in a new business environment, it is especially important to perform a high-quality market analysis and develop a company development plan. If you wish to rent or buy real estate, our specialists will help you find the best option, since we have established a partnership with the largest real estate bureaus in Estonia. If you wish to search for employees in Estonia, our company will be glad to provide a full range of recruitment services to meet your criteria.
