Business Abroad

How Estonia has become a leader in high technology

If you had needed to call home from Estonia 25 years ago, there is a 50% chance that you would not have been able to do so. The reason is simple; less than half of the Estonian population had a phone.

Today, Estonia is a leader in the field of high technologies and telecommunications. Free Wi-Fi is available everywhere. Education for IT majors. Billion-dollar deals in the technology sector. And we are not talking about the United States or Ireland, but about a modest little Estonia, which 20 years ago no one knew except former citizens of the Soviet Union.

Estonia’s technological miracle

At the break of epochs, young politicians came to power in Estonia, who ventured not to adopt the legacy of the past, but to build their own. The choice fell on the Internet and high technology. In 1991, this might have seemed ridiculous. However, as well as connecting schools to the Internet in 1998.

This speeds up the pace of life at times. For this purpose, a high-quality infrastructure has been created that attracts not only local residents but also investors, entrepreneurs, and dreamers from all over the world.

Estonia has created several technology hubs and incubators where business angels come to find fresh ideas and companies to invest in. Million and billion-dollar transactions are normal for Estonia. And quality growth continues.

There are at least two global components that help in this; developed corporate legislation and e-residency status, which can be obtained by anyone.

E-residency in Estonia: a gateway to the world of the future

All the above advantages of Estonian companies are available to everyone. But the process is qualitatively improved and accelerated if you acquire electronic resident status. What is it?

E-residency facilitates all the main steps related to registering and starting a business at times: there is no need to personally come to Estonia. You can open a company and choose a virtual office via the Internet. This is encouraged in all ways!

In addition, a law is under consideration that will allow opening accounts for Estonian companies in Estonia remotely for e-residency holders, because they have ALREADY been checked by the country’s authorities.

Taxation-perhaps the most striking thing that Estonia offers: as long as the profit is reinvested in the company, there is no corporate tax! If you decide to withdraw your profit in the form of dividends, the tax will be 20% (its reduction is being discussed). At the same time, if you are a tax resident of Estonia, there will be no income tax on this profit there is any double taxation.

Registration speed: You will spend 1 day without leaving your account. If you prepare the documents correctly and find an office in Estonia (real or virtual) in advance, the procedure is instantaneous.

Workforce and infrastructure-experienced professionals, especially in the IT field; infrastructure aimed at business needs.

Minimal bureaucracy is something that people from CIS countries and beyond will appreciate; the Estonian administrative system has minimized its intrusion into business Affairs. And even if there is a need for verification or an error is detected, officials and inspectors do not rush to solder the fine, but warn and help correct the error!

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