How run your 100% remote digital company at Estoniaeresidency
Estonia is a little country of the European Union, being the first leading country in the world rebuilding from the scratch many of its institutional services and infrastructures.
Since a few years they have the “e-Residency” program that allows anybody around the world to become a “digital resident” of Estonia.
So what’s is it about?
An e-Resident doesn’t give you the right to become a real Estonian resident (not just yet) nor its nationality, but it gives the the right to operate digitally with some Estonian institutional services’ subset, just as if you were living there.
In essence, it’s just a card containing an operational digital certificate whitelisted at the estonian entities.
The previous means: You, living wherever in the world, can apply and get it too.
Once you get the e-residency card you’ll be able to operate within the european market as if you were a freelancer or even create your own business, all digitally.
This article focuses on the creation of a digital company leveraging the capabilities of the e-Residency program.
I’m highly encouraging you to get some insights first on what are the pros and cos of creating a company in Estonia, so that you could decide better.
Think about a commercial name for your company, and you’re ready to fly!
Expenses you’ll have:
100 EUR to become e-Resident (this is by far the longest process).
Company Registration form - around 190 EUR (+ estonian VAT) + 25 EUR (+ estonian VAT) for doing it online. This is a one-time form, which becomes roughly 215 EUR excl. of VAT (20%).
Fixed monthly expenses: Once you have your company registered, you’ll need a taxational address in Estonia. There are countless services providing virtual office services. Just visit the e-Residency program website and check them out - they usually cost around 25 EUR / month.
You’re opening up a company, and with it, an account. So, the accounting of it has to also be led by a provider which really knows how the Estonian laws work, don’t you think?
In my case, I’m using Xolo - they provide an excellent painless service which I 100% recommend to everybody. Here you have my affiliate link, so by signing up, you’ll some benefits such as 100 EUR discount!
Last but not least - your company will probably do a billable activity, whatever it is. For such purpose there is also the need of a Bank Account
You could easily Google the different alternatives or even travel physicially to Estonia to open up a state-backed bank account there, but I’ll simply recommend you to operate with Wise (previously named TransferWise) - at it’s the easiest 100% online manner to flexibly operate with very low commissions.
To sum up:
One-time costs: E-Residency: 100 EUR Company registration: 258 EUR aprox.
Fixed monthly costs: Accounting, management and virtual office: 59-150 EUR / month Bank account: Free
So if you’re reading me from a country where this could make sense to enter the European market and issue invoices here, simply contact Xolo and they’ll help you with the whole process. They are very very efficient and respond promptly.
Do you need tailored consultancy on your needs?
I got you. If you reached this far; it was kind of interesting, right?
Or maybe I opened up for you a new world plenty of doubts? I’m pretty sure you’re a busy guy, so am I. But you can book some of my time if you’d PayPal me a few bucks.
- Up to 40 €, I’ll reply all your emails and search the info needed for you, considering the fact I’m spaniard: So I know the rules here, knowing where to go and who to ask in case your plans are terrificly impossible to achieve.
- Send me 50 € if you want to have a max half an hour conversation in english, italian, portuguese or spanish to know how to proceed with your case.
- Paypal me a hundred euros 👌 and you’ll book my time for a nice conversation which could last longer, up to an hour.