If you are a Valdour reader, it’s certain that you have an entrepreneurial mindset. You crave to be economically independent, to be able to assert and earn your freedom.
You already know that to do this you cannot just be stuck in an office job working for someone else, you want to be self-sufficient, and what better way to do so than creating your own business and being your own boss.
It is very likely that you have heard or experienced first-hand the bureaucratic horror of creating a company in most countries.
While your government should be thanking you for having the initiative of providing a service to others, and perhaps even creating jobs, that is hardly ever what happens.
Reality is far less kind, with in many cases entire days or weeks spent filling forms for different governmental entities, notarizing documents, paying fees, and even paying taxes for revenue that is not even covering the expenses you have had.
Fortunately, someone has had the sense to realize that entrepreneurs should be encouraged and enabled to develop their ideas. Creating wealth not only for themselves but also for the community.
This someone is not just a single person, but a country. Welcome to Estonia, E-stonia for entrepreneurial friends and digital nomads.
E-stonia? What is it and why?
With a population of 1.3 million, Estonia is one of the least-populous countries in the European Union.
After gaining its independence from the USSR in 1991, this small country knew it needed to attract foreign investment to enable its economy to grow.
It did so by focusing on a minimalist government and creating an impressive IT infrastructure. This has resulted in:
- One of the fastest growing economies in the world. (source).
- The first country to recognize internet access as a right (in 2000).
- The first country to allow for electronic voting since 2005 (yes, we mean voting from home).
- Modern miracles such as being able to file your taxes online in 3 minutes (source), and starting a company online within 3 hours (source).
In brief, this is an excellent environment for company creation, and has led to one of the highest number of startups per capita in Europe, and the place of origin of enterprises such as Skype and TransferWise.
I know what you are thinking: “Lucky Estonians, I wish I could use that infrastructure!”.
Fortunately for us, other governments may be stuck in the 20th century, but that did not stop Estonian innovation.
As of 2014 Estonia made available for any citizen of the world the Estonian electronic residency, or e-residency.
But what is it? Glad you ask.
No matter your nationality or residency, you can become an Estonian e-resident. This will allow you create and run an Estonian-based business from anywhere in the world, not to mention seamlessly identifying yourself online and signing legally binding documents digitally.
All you need to process your application is:
- A copy of your government-issued ID
- A passport-style digital photo
- Motivation statement
- Visa or Mastercard (for the 100 € fee)
Once you have these, you can submit your application online, and once your application is processed and approved, you can pick up you digital ID card in person from your chosen pick up location (your closest Estonian consulate or embassy).
Creating a business can be done fully online (except if you want to open a business bank account), and you will quickly be able to set up a Limited Liability Company based in the Eurozone, the biggest single market in the world.
Not only that, but as an Estonian e-resident you and your business will be able to benefit from:
- Legally binding and secure digital signature for documents and invoices.
- 20% fixed rate income and corporate tax, only applied to profits exiting the company (YES, you can keep the revenue within the company as an investment and to be used for business expenses and pay 0% corporate tax). All of this in a perfectly legal way and avoiding the lack of credibility and legal grey areas that the use of fiscal paradises can lead to.
- Use all the Estonian online infrastructure which will facilitate e-banking, remote business creation and administration, online and quick and painless tax processing.
However, are you still uneasy about managing a business in a foreign country?
From opening a business bank account, managing the accounting, and tax compliance in a totally new country with laws you don’t know, these are normal worries for any sensible entrepreneur.
Fortunately, in LeapIN they saw this as a problem deserving of a great solution, an end-to-end service for your E-stonian business:
LeapIN, E-stonia made even easier.
LeapIN is a service born to enable entrepreneurs and digital nomads to create and manage their own Limited Liability Company in Estonia.
How does LeapIN help you do that?
With an End-to-end solution that includes:
- Assistance on e-residency application.
- Step-by-step creation of your Limited Liability Company (OÜ), including:
- Pre-approved business bank account,
- Physical company address, with the digitization of any post received.
- optimal business structure to fit your needs.
- Full company administration:
- guaranteed regulation and tax compliance (including any future legal changes),
- full accounting, tax reporting services,
- automatically integrated banking solution,
- full instantaneous remote access to all company data and documentation.
- 24/7 support for any issues or questions.
In brief, you can forget all the administrative hassle of owning a company and focus on growing your business and revenue.
All this for as little as 49-99 € per month (fitting your needs and business model).
Important: We partnered up with LeapIN to give you ONE FREE MONTH. Use the code VALDOUR at checkout.
Forget having to hire accountants or lawyers fully focused on the company needs, LeapIN gives it to you along with access for your company to the Eurozone, the biggest single market in the world.
Join the future in business, join #EstonianMafia!