You can now establish your company with business banking entirely online, without leaving your desk or your sitting room.
When the e-Residency programme was first established, four visits to Estonia were required in order to complete the process of becoming an e-resident, establishing a company and accessing business banking. Announced at the Latitude59 conference, held in Tallinn in May, it is definitely the most significant update to the already-revolutionary e-Residency programme as it means e-residents no longer need to travel to Estonia – although they are always welcome!
From the start the e-Residency programme enables anyone to apply to become a digital resident of Estonia and then register a European Union company. In November last year new legislation removed the legal hurdles to permit remote banking in the country, enabling e-residents to open a bank account entirely online, identifying themselves via a video link. In addition, the e-Residency programme is partnered with the Finnish financial technology company Holvi, which provides digital money management tools that are connected to its business current account. By partnering with the e-Residency programme, Holvi will be able to serve more location-independent entrepreneurs around the world.This partnership means that for the first time an EU company, combined with a fully digital EU IBAN business account, can be established anywhere with an internet connection through e-Residency.
E-Residency programme director Kaspar Korjus said this could help unlock global growth by democratising access to entrepreneurship.
“This partnership with Holvi will further lower the barriers to entrepreneurship and help expand e-Residency to many more people around the world who have been unable, until now, to establish a trusted company with the tools needed to conduct business globally,” Korjus asserted.
In preparation for the expansion of the programme, e-residency has also launched a new website: e-resident.gov.ee – to encourage more people to join the digital nation. To become an e-Resident of Estonia the only thing you have to do is apply online. Once approved, you can, at your chosen location, pick up your digital ID-card and its PIN codes, which will give you access to the vast array of Estonia’s e-services, including starting a company – 100% online. You can be the total owner of your business and will not need a local director. Your company can then be managed remotely from anywhere in the world with minimal cost or difficulty.
In addition to being able to access business banking remotely, you can sign and authenticate documents and declare your taxes – again, all online, without leaving your favourite work location, be it your bedroom or a nearby forest.