Start an EU company in Estonia with e-Residency | Lorenzo Primiterra | Skillshare

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Start an EU company in Estonia with e-Residency

teacher avatar Lorenzo Primiterra, Digital Nomad and Entrepreneur

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Taught by industry leaders & working professionals
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Watch this class and thousands more

Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

12 Lessons (25m)
    • 1. Introduction

      1:11
    • 2. Estonia

      1:18
    • 3. What is e-Residency

      1:26
    • 4. Get your card!

      1:47
    • 5. Benefits

      1:29
    • 6. Taxation

      2:19
    • 7. Open a company

      2:10
    • 8. Service providers

      2:01
    • 9. Xolo: a service provider

      4:17
    • 10. Banking

      3:49
    • 11. Community

      2:28
    • 12. Conclusion

      0:23
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About This Class

In this course I will explain what being an e-Resident of Estonia means and how you can open a company in one of the best economies in the European Union very easily.

You don’t even have to move from your house if you don’t want (even if a trip in Estonia is really worth it!)

At the end of this course you will be ready to create your EU company with an EUR bank account, how to get rid of bureaucracy with all the digitalized Estonian services and focus what matter most: your business.

 

Estonia is the only country in the world that has been offering an Estonian the e-residency card since 2015 and this card is your e-passport to get your business started.

There are already 40.000+ Estonian e-Residents in the world (from 150 different countries) and the government targets 10 million e- Residents in 2025! Will you be one of them?

 

I will guide you to:

  • Start your European business and work with customers around the world
  • Get your Estonian e-Residency card (valid for 5 years renewable)
  • Manage your business totally remote and forget about accounting and bureaucracy
  • Get a contact person and business address in Estonia
  • Open a European bank account(s) in EUR thanks to your e-resident status
  • Basic knowledge about taxation in Estonia
  • Join a community of 40,000 likeminded people and future one million E-Residents

I recently co-founded a community that aims to help e-Residents from all around the world, Estonia did a lot for me with the e-Residency and I want to share my knowledge back and help new people.

 

Who this course is for:

  • Anyone who wants to work remotely and forget about accounting and bureaucracy
  • Digital nomads who need a structured business in a fixed location
  • Anyone who needs to do business in the European Union
  • People who wants to start a company but don’t have much time or resources

Meet Your Teacher

Teacher Profile Image

Lorenzo Primiterra

Digital Nomad and Entrepreneur

Teacher

Lorenzo Primiterra, born in Italy in 1988. Currently living as a Digital Nomad with no fixed home base. 

Senior Mobile Developer with over 6 years of experience with more than 30 apps published in the app stores. Currently collaborating to The Tor Project with OONI (Open Observatory of Network Interference) app development.

Became e-resident quite recently (start 2018) and quickly fell in love with the Estonian ecosystem.

He holds a first class Master of Computer Security and Resilience degree from the University of Newcastle.

Ex CTO of ModelTag, startup funded by the French government and the Startup Wise Guys (Riga)

Lorenzo speaks Italian, Spanish and English fluently.

See full profile

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Transcripts

1. Introduction: Hi, everybody. I'm learning So entrepreneur in Digital Nomad, originally from Italy, have been an eraser hint of Estonia for almost two years and started my company one year ago. In this course, I will show you have to start the company Estonia, focusing also on the why I will explain in detail what is your agency how to become a near elephant and finally, all the pros and cons to open a company Estonia, including taxation, managing your company and banking discourse is started toe every entrepreneur start stop digital normal or just people want to do business in the European Union. During this course, you will understand if an Estonian companies a great fitful you are not hope you enjoyed it . Last but not least, I would like to see your stories as a course project. So if you're ready, apply for your SNC or open a company. Share your story with the class and what benefit you had. On the other hand, if you're in the process of applying for relations, see start the project and share any Dobbs you have with me. And with the class I will be more than happy to ones were they say there's get started 2. Estonia: Let's start this class talking about Estonia. Estonia is a counter in the north Eastern Europe, the northernmost off the three Baltic states. Its currency is euro in English is spoken by 70% of the population. As you can see from this light, Estonia has been independent for more than 25 years and during the time, then be working hard to come out of the Soviet history they had. Estonia is part of the European Union since 2004 also part of NATO and so on. I've been there twice and I would go again soon, so a visit is definite recommended. If you like numbers and statistics here, you can read some rankings about Estonia. They're putting a lot of efforts to digitalize the nation and all the services. As you can see, almost everything is done online, creating a company banking tax declaration. Actually, only three in direction with government cannot be done online buying properties, getting married and divorced in the next class. We're gonna explore what is your agency, and now you can access Estonian system online 3. What is e-Residency: As we said in the previous class in Estonia, most of the services are online. Voting has prescription, signed documents, paperwork is and hostile. Nobody likes it. In December 2000 14 euros since he was born, and for the first time known Estonian citizens could gain access to these services. So what is your residency? Your essence is a government issue digital lady who gives you access to a suite of business services as there is still a lot of confusion. Let's point out what your essence is not. Your essence is not an identity document nor a residency permit. It means it doesn't allow you to leave in Estonia or Toby on Estonian tax resident. So why would you apply to become a new resident? The main benefit is that allows you to start, manage and grow your location independent business. Be able to manage your company and sign documents entirely online. Forget a bureaucracy. Just focus on what's important for the growth of your company. Sounds too easy to be true. Follow me in the next classes. In the next class, we're going to see how you can apply to become a new restaurant 4. Get your card!: so another We know what is the U. S. Agency. Let's see step by, step out to apply and become a new resident of Estonia. The first step is to point your browser to this website applied the gulf dot e. In this page, you will be asked for your personal details and contact information as well as the type of application. In this case is gonna be a first year essence application. Then pay attention to the speak up location fields as you were left to pick up your car with personal identification personally in an embassy or collection center. Then add your identification details. An additional information. It's really important to be clear about the reason for the application. Maybe you want to start a company. Maybe you're just fun of this program, so enter your motivation here and then accept all the fields and press Proceed. One step application is feel you'll be asked to pay. The state feels 100 euro and you will get the conformation in May. Then the application will be processed, and in 36 weeks you received final approval. After that, the car descend to the location you selected for pick up. Once you ever card, the first step is done so you can proceed to choose your service provider register company . Open a bank account to start business. But before a show you how to do it. Let's see the benefit toe Open a company in Estonia as well as the taxation in the next two videos. 5. Benefits: So let's have a look to the most common issues when opening a business and our Estonia soft them with the residency. When issue can be to handle international payments. But with your essence. See you access to the EU banks as well as the fintech providers. Most companies are difficult and expensive to incorporate. In this case, everything is done online and the fees reload bureaucracy. Nobody likes it. I can guarantee you with your stunning company, you won't have to worry about it at all. Every contract can be signed digitally lowering the administration cost of your company. No needs to intermediate people of travels. We'll talk about tax very soon. As I already mentioned it. This is a company, Taylor, for location. Independent people. No need to establish your company If you move, even a company with multiple co founders can be administrated totaling remote, with digital signing off every document. No need for local director, you would be the full owner of a company. Last but not least, political situation off Estonia is one off the best, the most stable in Europe. Here, you can find a recap of the benefits to open a company in Estonia. Another great reason is taxation. Let's have a look together in the next video 6. Taxation: it is time to talk about taxation for your stone and company. First of all, I want to specify I'm not tax advisor, So I don't know the specific situation for every country, nor I won't talk about your personal taxes. I'm gonna tell you why. In Estonian company taxation is great, especially for location independent people. There is no corporate income tax or retained and invested profit. This means your stone generation company a subject to 0% income tax in easier words until you keep money inside the company and don't redistribute them. You will enjoy a 0% tax rate. Distributed profits are taxed 20% rate. This includes If you pay yourself dividends or board members salary, that is stocks in Estonia. We should differentiate between board members salary and employee salary. While the board member salary is stocks in Estonia, the employee's salary is taxed in the country. Your tax resident these 2019 you can actually pay yourself employee salary without paying the board member salary. But this only applies if your activities performed most side of Estonia, meaning you're no tax resident in Estonia. It is interesting to note that every expansion for your business, and this can include equipment, flights, hotels, Airbnb and so on can be paid directly out of your company so it wouldn't be tax. So if you have many expenses, you will pay taxes on world remains in your company after these expenses, and only when you take money out of your company. Let's not forget that all these accounting with most of the providers is so tell you, automate and you won't have to be your own accountant. If you're convinced enough, let's go on to the next video and check out how to create your first historian company. 7. Open a company: So you have you residency card and you're more than convinced. Open your company, which is the process? What do you need? How much does it cost? In this video, I will love for some of the most common question. The most common type of business entity as well as the most appropriate for erections is a private, limited company which in Estonia is called a no. But if you want to look for more company types, you can visit their portal. At this address, I higher command for opening company that you use a business service provider. This will help you set up around your company, Estonia. But you can also do everything on your own if you prefer. In this case, you should go to this website Rick Doty, and check out the company registration portal where you can register your company, fill out its article off association. It is also the same website or in the future, you can submit your annual reports or register you share capital contribution. A business service provide can guide you through everything and do these things for you. If you think this will drive up the cost of your business, I can assure it won't. The advantages of using a service provider and not having to deal with all these issues are priceless, and you can concentrate on what matters the most. Your business first of more 90% of your essence uses a service provider, and the cost of it is 62 wondered. Euro a month on average, we're registering a company. You're gonna need three things, 190 year old stated. See the details about your company structuring area of business and an address and contact person for company in Estonia, A business service provider will offer you a veritable office address and a contact person as well as accounting and help with taxation and legal system to be in compliance with all the rocker rules, I would have more on service providers and now to choose them in the next video. 8. Service providers: I want to recap. What are the advantages of using a business service provider? Many Your essence, like me, already choose a business service provider even before they started company, since it actually helps them understand how they need to establish their company and under what activities would they need to be registered as well as help during the process of feeling? The Article off Association Requirement under Estonia Commercial Code is to ensure that your company operates on trust environment. This is why you would need the beautiful office address and a contact person. But the worried the contact person associated with your company is just a contact person. They didn't actually make any decision on behalf your company delegating all your accounting to your service provider. No, Tony saves you time and money so you can focus on your business. But also it's possible that there are certain requirement which may not be aware off. When start managing your company, they will take care of it. You can find the least off suggested service providers on this website, Eurasian dot golf that e with the description about them and I really suggest you to visit their website to check which one which fits best for your business. They are all unique and provides services. Taylor's for different type of businesses, So I suggest you do your own research or start a project in this class so we can have a discussion together with other students. And I hope by now, erections. All the suggested service provided listed on this website are also vetted to ensure they hold the lightens, and they have a certain level off service quality to serve the your Asians. 9. Xolo: a service provider: Let's review the business service provided I'm using at the moment Solo formerly called Leaping. Once you begin to excellent platform, you see the main dashboard, and this is what I like is that you see everything that is important about your business. Here is showing your company financial performance across the last few months, along with notification about your invoices and expenses and your current income and expenses for this month. What for? They have access to read your bank account transactions, and this will automate most of the processes in regarding to accounting. And you'll have to provide the kind of information manually next. The income screen, which gives you a more in that few off the money coming into account, it shows you all the important details will spend you with you the day of your invoice. The day was paid the amount and description off the payment. You can also search and filter easily toe. Find specific payments. If you invoice the customer, the invoice will be automatically match with the payment. Otherwise, you will have to upload or creating voice once you receive the payment. This is how the customer screen looks like showing names and contacted A for your recurring customers. These details helps you prefer enduring voices, meaning you only need to enter them once as their private that I blurted them out. But I can use Google as an example. Let's say you receive a payment from Google once you received this payment, you need to provide the communication. Every time is gonna be the same address of Google. So rather than uploading on invoice manually every time you receive payment from Google, you add it as your customer, and the invoice will be automatically generated matching with this address here, and the payment will be automatically mess today. Invoice. The expensive screen is similar to your income screen, showing who you paid when you pay them and how you send the money you cannot supply. Load your relevant expenses documents, and they will let you know if anything is missing. I blurted most of the rose, but I want you to look at this rule where the document missing this is an expense I made with the company card NST 11 top PLO derivative documents. You see, it was already paid and it was a newbie, right? So what I need to do is to open this page, goto the upload session, choose file and upload the relative expense document. Accounting is stories in this way. They will take a few days to review and approve your documents. As you can see in these sections. Documents in review It is the banking screen which display further information about each one off your business bank account. I only have the LH V bank within your account in the company provides screen. You see your details as well as your company details, documents and contacts. This is the plan. I'm right now. Professional plan off solo leap. This is what I'm paying and we're service I get with this plan. Keep in mind, they just launch solo Go without pay when you use it service. So check that out as well. I hope this video has been useful. Doing business became so easy with all these automation. If you want open axel account, you can send me a message and I can share privately a personal discount code 10. Banking: you have your company up and running. You need a bank account to be able to send and receive payments, as well as keeping your company finances separated from your personal finances. Your companies registered in Estonia. You might seeing that you're 30 the bank account in Estonia. But actually you have a range of different options for business banking from banks and payment institutions across Europe. There is not a best solution skin You have to decide based on your company's needs. And in this video, I try to guide you between the most common solutions off business bank options. As a new resident, let's start with banks. They're based in Estonia. Currently, there are only three banks in Estonia that support your SNC card for logging in and managing your account. I'm sure this number we grow over time. These banks are elegy SEB and Swedbank. The pros of opening an account in a physical bank is that this is a trusted entity, manageable remotely through a banking and in case off some service providers. Such a solo there was called leaping before the offers most integration with the bank services in their panel. But banks in Estonia currently required you to open an accounting person. In addition, these banks, they have some requirements about the kind of company that they can serve. Estonian banks are less likely to open a business bank account to erase, since if their company is involved in manufacturing, if they are intermediate, the self service is off others. Or if they're doing only business in their own country. Outside of you, here are some tips. If you decide to go with this solution, these banks will analyze your company and business goal before making any decision. You service provider can provide help and advice with your bank application as they collaborate. Close with the story in banks. Make sure you give the bank the clearest possible in standing on how your company works and what are your business plants. I did this mistake once, and my application was rejected the first time. You can also open a business bank account in any other country, even your home country. The only limitation is to check if this bank accept you as an historian company as a customer. Some banks are recollected to open a business account for a company that is based in a different jurisdiction. Finally, let's talk about payment Institution, also called fintech firms. They're not banks, so they cannot offer you all the same banking services. They cannot loan you money, and they're not covered by financial schemes or compensation schemes. But they also can lend out your money, toe other people, and they offer some off the same banking services, including business account. That is what we need. The biggest advantage is that you can apply online anywhere in the world below. You can find some examples off payment institution that are widely used by your Asians. It is worth to mention that every Bankoff payment institution ever different pricing as they also offer different service with the business account. As I said, there is not the right solution for everyone. It is important that you understand all of your choices, all of your options so you can pick the best provider and best banking service that fits your company's needs. 11. Community: Do you know what is so great about the EU residency program? The community around it? Let's start with some statistics at the moment. There are almost 55,000 year Asians, as you can see from this website, and the number is growing every day. It's interesting to see the number of application as well as the ratio between accepted applicants in the night. 94.4 applicants have received a positive answer. You can also see from where are most of the application come from and who carried companies as well as ordered demographic statistics. Almost 40% of the application for your SNC have a motivation to create a location independent business, and I was one of them. With all these people united by a purpose, you wouldn't feel lonely at all. There are multiple resources to one for every one of your jobs, as well as creating community and making friends. In this life, you would find some useful links for erections. The 1st 1 is the official support page where I got all the statistics I just showed. There are a lot of groups on Facebook. The one and linking here is the biggest official group. There is also very active telegram channel for US directions, talking about community and friendships born from them. The most important link I want to highlight is the last one. Eureka Got he. I'm one of the founding member of Erica. Together with other directions I can call friends. America is a global nonprofit association over stone in your Asians and functions like a chamber of commerce for your essence companies worldwide. Our aim is 12 per members grow their business by working closer with each other and with the story in companies to achieve their goals. We're also an independent voice for all the rations. We're not affiliated with the stone in government in any way and directly represent the worldwide user off the stone and your SNC program and their needs. Once you start Yuria Cincy business, please join us 12. Conclusion: First of all, I want to congratulate you too. Have reached thing. If discourse have been at full, please leave a review and I would really appreciate it. I'm grateful you choose Estonia for union company and become a part of this big family of relations. I'm always available in this platform or America for comments and suggestions, so don't hesitate to contact me for anything Chow.