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about estonian e-residency
- Thread starter dotbloup
- Start date
This is a really good alternative to any offshore jurisdiction around and the best is, it seems to be a total legal setup of offshore corp and bank account in Estonia without any problems with the tax office there or in your home country. I'm consulting my accountant tomorrow to ask him about details and taxation in my country.
I am in the process of creating a Company in Estonia through E-Residency. I picked up my e residency card at the embassy. The Card didn't work right away. I have picked up the e residency at 11:30 am and it was activated at 17:00
Then, in the early morning the next day, i have created the company online. Everything was in english. I had to transfer 2500 euros to one bank and discovered there were also 190 government fee. I had to transfer 190 euros for the gov fees.
Now, i will have to fly to Estonia for opening bank account. In fact, they should have had all my details and it should require no additional papers; only my E residency card.
I must notice that i understood that in other countries that's normally a notary or an agent who do this job. I am aware that i don't need any 3rd party at all. No one looked into the incorporation form except me.
It means,
Then, in the early morning the next day, i have created the company online. Everything was in english. I had to transfer 2500 euros to one bank and discovered there were also 190 government fee. I had to transfer 190 euros for the gov fees.
Now, i will have to fly to Estonia for opening bank account. In fact, they should have had all my details and it should require no additional papers; only my E residency card.
I must notice that i understood that in other countries that's normally a notary or an agent who do this job. I am aware that i don't need any 3rd party at all. No one looked into the incorporation form except me.
It means,
- i don't need a tax advisor (because it is really simple and everything is in english and it is in compliance with IFRS)
- i don't need a notary (because i am knowledgable about basic incorporation of limited)
- i don't need an accountant (because i need to copy paste from xero balance sheet and P&L)
- i don't need a translator (because everything is in english)
Wow!! All going pretty well for you. As you created your company in online, i wish there will have any bank that accept online bank account opening
In fact, Estonian people told me different things about it:
One told me that at the end of summer 2016, it will be possible to open an bank account after creating company using E-residency card. Another one told me autumn 2016...
I advise
Krediidipank
because they accept to send credit card and debit card abroad preventing you to fly again to Estonia to collect your card.
I know another person who was forced to fly twice to Estonia, once for opening bank account and once for collecting card.
I have also found an Estonian Attorney who perfectly speak in English and allow Online consulting on Skype for 60 euros / hr.
Even if the Estonian law is translated in english, it is so cheap so that it is worth it.
Estonian legislation translated in English:
Avaleht – Riigi Teataja
It is pretty important because other attorney asked for 700 euros and formal research.
Even if the Estonian law is translated in english, it is so cheap so that it is worth it.
Estonian legislation translated in English:
Avaleht – Riigi Teataja
It is pretty important because other attorney asked for 700 euros and formal research.
I would really like to see some sort of working setup instructions for this. Consulting a lawyer for €60 and hour why should I.. it's not even necessary to do for a offshore company for instant in Seychelles or Belize. Isn't there a real step by step instructions how to get this Estonia e-residency certificate?
Do we need a company there and what bank can we as non Estonian resident open an account with there. Will it be a problem if we have this e-residency? I don't get it, sorry, please someone explain to me.
Do we need a company there and what bank can we as non Estonian resident open an account with there. Will it be a problem if we have this e-residency? I don't get it, sorry, please someone explain to me.
@starfang,
Do you know that in Seychelles, Internet gambling & pornography is forbidden?
I didn't know it and it cost me 1500 euros. Since that time, i don't mess with legislation anymore.
Also, Seychelles didn't want a business related to internet gaming...
My business was located in the Netherlands where i was covered by the legislation. I didn't need to think about it. It is also the same when you operate in the USA under the 1st amendment. Then, you discover that they have a tighter policy in the vast majority of offshore countries.
The attorney is just to talk about the three sensitive industries: Games, Gambling, Adult
Thank you, I'm not a PornMaster and don't do Gaming.. just regular online business stuff. so if P**N and gambling is the only reason for why I would want the e-residency in Estonia then I don't need it. I thought it was something about to don't need to pay tax in the European country I live in.
If you do regular online business stuff, then Estonian E residency is not for you, i think
because with Estonian E residency you have to immobilize 2500 euros, pay gov fee 190 euros and for now, you are forced to fly to Tallinn Estonia for opening a bank account. The airport is small and flight tickets are expensive. Local rent is expensive too in Estonia. I only chose Estonia because the legal framework is open.
for sure, i would advise Cyprus, Montenegro or Bulgaria for regular business stuff because there is no minimum share capital and the banks & agents are cheap. It is way closer than Hong Kong
Problem for Hungary for Online advertisement tax.
PS: for those who need it, the Attorney name in Estonia is Law Office Sadekov
I heard Estonia was cheap to live in? Do you pay any tax with this e-residence or not?
Update: i lose faith in Estonia
- At the beginning, i have read 20%, now the attorney told me 25% to pay.
- The attorney told me there were justice cases with adult websites or webmasters interviewed by the police for their website (meaning you were forced to go to Estonia for this reason). (no child, no bestiality, straight ones)
- The rent in Estonian are more expensive than in Spain.
- Many Estonian people have a soviet mind (some people answered to my email 24 hours after i sent, however i am on the same office time than them).
- I have the feeling they ask for more money when you come from Western european country or USA considering that the average income is 1000 euros.
- If you look at Airbnb for staying in Tallinn you will see it is much more expensive than Riga. Hotels are expensive too.
- It is not easy to fly to Tallinn because the airport is small with few flights
- People told me it was ok to negotiate in Estonia. I hate to negotiate on everything. In business, ok, but as individual... It is annoying.
- The Estonian Government has said that Estonia was the fastest way to incorporate a company but in fact, the money transfer (government fee + share capital) receipt actually does the creation of the company in the register of company. In other words, it takes 2 to 7 days just like anywhere else. You have to a regular wire transfer to an Estonian bank account.
How can i explain to you... I have no trust in Estonia anymore.
I will think about it and come back to more regular offshore destinations i think...
This is really great information for me. I didn't know at all about Estonia and this e-residency and I even don't understand everything 100% yet. I will have to read this thread a few times and follow the links to get the full picture of all of it.
you are interested in E-residency Read this
I am now in Tallinn. I had some times and i told myself to end up the process. First of all, i have noticed all flights to Tallinn were expensive. The airport is small and attracts few people. All the Hotels are over-priced. The hotel that aren't over-priced are dodgy.
First of all, i spotted the place. I went to the addresses that i spotted on Google street. I have found that one attorney address could not be found. I could not find any access to the virtual office that i have chosen online.
Prior to that i transferred 2500 euros via SEPA to the bank krediidipank.ee. (big mistake) which is the minimum share capital. I went to the major Branch of Tallinn, it was very small. There were only 2 cashiers. First, they could not find my transfer. I expected such a thing because it was a transfer made just after incorporation from the company registration portal & there were no reference number for the share capital. They asked me to add the name of the company as description but the Estonian "chamber of commerce" refused the name afterwards and i had to change the name.
So, i went to the bank, and they could no find the company by name. They required the reference number. It was stupid because every business name is unique. so, i left i went to my hotel and came back. The person at the cashier came with 4 or 5 pages of form. I had to enter my name, my birthdate, my address 3 or 4 times. In other words, the E-residency process is useless since you have to give everything back. I thought they were civilized and had a card reader. Then, at some point i could not get further because my fiscal number from my country was missing. I suggested that i fill up the form until the end. The stupid person in front of me refused and took away the form saying that i could come back the day after. I already paid the equivalent of 2 times and half of average monthly Estonian income and i was not welcomed well.
Also, she told me he takes 5 days to open a bank account.
Business in Tallinn is no thank you for me. Lots of very arrogant people, not responsive at all. You can't rely on anyone. In East Europe, Romania & Bulgaria are better than that.
And now go back to regular Offshore destinations and forget Estonian residency because it is too bad.
My conclusion is the following:
Human beings working as agents can be also sluggish but they are better. We didn't reach a level where we can get rid of them.
I consider myself lucky. I think about Australian, American or Canadian people who could fly along from their place to find themselves in this type of situation. In my case, i have a direct flight from my country.
I am now in Tallinn. I had some times and i told myself to end up the process. First of all, i have noticed all flights to Tallinn were expensive. The airport is small and attracts few people. All the Hotels are over-priced. The hotel that aren't over-priced are dodgy.
First of all, i spotted the place. I went to the addresses that i spotted on Google street. I have found that one attorney address could not be found. I could not find any access to the virtual office that i have chosen online.
Prior to that i transferred 2500 euros via SEPA to the bank krediidipank.ee. (big mistake) which is the minimum share capital. I went to the major Branch of Tallinn, it was very small. There were only 2 cashiers. First, they could not find my transfer. I expected such a thing because it was a transfer made just after incorporation from the company registration portal & there were no reference number for the share capital. They asked me to add the name of the company as description but the Estonian "chamber of commerce" refused the name afterwards and i had to change the name.
So, i went to the bank, and they could no find the company by name. They required the reference number. It was stupid because every business name is unique. so, i left i went to my hotel and came back. The person at the cashier came with 4 or 5 pages of form. I had to enter my name, my birthdate, my address 3 or 4 times. In other words, the E-residency process is useless since you have to give everything back. I thought they were civilized and had a card reader. Then, at some point i could not get further because my fiscal number from my country was missing. I suggested that i fill up the form until the end. The stupid person in front of me refused and took away the form saying that i could come back the day after. I already paid the equivalent of 2 times and half of average monthly Estonian income and i was not welcomed well.
Also, she told me he takes 5 days to open a bank account.
Business in Tallinn is no thank you for me. Lots of very arrogant people, not responsive at all. You can't rely on anyone. In East Europe, Romania & Bulgaria are better than that.
And now go back to regular Offshore destinations and forget Estonian residency because it is too bad.
My conclusion is the following:
Human beings working as agents can be also sluggish but they are better. We didn't reach a level where we can get rid of them.
I consider myself lucky. I think about Australian, American or Canadian people who could fly along from their place to find themselves in this type of situation. In my case, i have a direct flight from my country.
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