Estonia currently uses the e-Residency program. It enables digital entrepreneurs to start and manage a company based in the EU. The advantage of this program is that the entrepreneurs can manage their business online from anywhere, anytime.
In fact, Estonia is the first country to offer such a program that has a wider scope than the conventional business visa. The digital entrepreneurs get a digital ID issued by the government. They are also given access to Estonia’s transparent digital business environment.
The advantages of this program are many. They include:
- The entrepreneur can run the business literally independent of location.
- The entrepreneur can start an EU-based company entirely online.
- The business can be developed remotely with complete compliance with EU laws.
- The entrepreneur can join a global community by networking with e-Residents across over 165 countries.
Now, the same program will be expanded to 20 different countries around the world. The expansion plan for the program and the e-Resident digital ID cards was the result of an agreement that was reached between Estonia’s Ministry of Interior, Border Guard Board, and the Police along with BLS International Services Ltd.
Among the first countries where the program will be applied will be Thailand, South Africa, Singapore, Brazil, and Japan. E-Residents will also soon receive digital IDs in world capitals like Bangkok, Sao Paulo, Singapore, and Johannesburg.
Among the biggest advantages of the program for Estonia’s economy will be the increased job creation for Estonians and greater income for the state treasury.
The e-Residency program was introduced in Estonia on December 1, 2014. Through this program, non-Estonians can access different services in Estonia like company formation, banking, payment, processing, and taxation.
Over 68,000 people worldwide who joined the program have established close to 13,000 new companies in Estonia. Last year the country received €35 million from these e-Residents as taxes and state fees.
To safeguard the program and to keep its integrity intact, Estonia has announced that internationals who break the country’s laws or posing threat to the public will be disallowed to participate in the program.
If you are looking to Study, Work, Visit, Invest or Migrate to Europe, talk to Y-Axis, the World’s No.1 Immigration & Visa Company.
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