The British businessmen move to Estonia for “E-residency”. Afterward Brexit the E-residency applications increased on 10 times. That program was started at 2014 year, but an interest started to increase then “panama papers”. This problem shows an insecurity of offshore industry.
An person who wants to have the cart should pay fee and answer some formal questions for to e-residency application. After taking a cart of e-residency a person can open a new enterprise and also he or she can use all government services, register sites, and use EU tax law in the enterprise.
At present time e-resident status have more than 12,000 people. And there are 616 people from UK.
It is gone for about a year and a half, when Estonia first of all countries was invented and introduced a Skype, introduced the world to another thing – electronic residency.
The concept of the electronic residence caused of great interest and a lot of positive and negative reviews, as in the expert community in Estonia and in other countries.
WHY ESTONIA NEED TO MAKE SUCH AN INNOVATION AS E-RESIDENCY AND WHAT IN FACT IT HAS GIVEN THE COUNTRY AND THE PEOPLE WHO HAVE BEEN E-RESIDENTS OF ESTONIA?
It should be noted that for more than a year who wants to receive an e-residency Estonia had about 10,000 people. These 10,000 E-resident created 560 new companies and they own 1,155 companies registered in Estonia. The program itself is, of course, has more ambitious plans – to reach 10 million virtual residents of Estonia in 2025. The applications were received from 129 countries. More and more people use the possibility of limitless space of the Internet.
If they ask: “Why would you want to become E-resident of Estonia?” The most common answer is: “We believe that all only the beginning of a new era of limitless digital society. An ability to work digitally is regardless of its actual location. Estonia is the first country offers this capability. “
E-residency benefits a virtual businessmen and freelancers mainly from Asia, and one of those places where there is a lot of bureaucracy, business creation is expensive and not easy, and they do not have access to certain essential services.
For example, such as PayPal, Braintree or Paymill, they allow the sale of goods or services at the international level.
E-residency allows you to get access to business without moving from your country of residence.
In other words – it does not only make business more convenient for business in some countries e-residency in Estonia makes it possible.
WHAT OPTIONS DO E – A RESIDENT OF ESTONIA?
Estonian Electronic residents can:
– Digitally sign documents and contracts.
– Verify the authenticity of signed documents.
– Establish new Estonian company.
– Manage the Estonian company from anywhere in the world.
– Use of e-banking and carry out money transfers remotely.
The opening of the Estonian non-resident bank account currently requires is a personal visit at the bank. But the new law, which will review this requirement, has entered the Estonian Parliament.
E-resident receives smart smart-ID-card, which provides all of these features.
Recent developments in EU legislation say that soon the Estonian E-residency will provide an opportunity to identify them and to have access to online services, and doing business across Europe. All of these changes will be at 2018.
Why small Estonia wants to obtain as many virtual residents? Estonia attracts new investment to the country and businesses. You understand that if you have a company in Estonia; you have to take the financial statements on the activities of your company. But the system of taxation in Estonia is unique. About the uniqueness of the Estonian tax system does not say just lazy. This is a zero tax on income not distributed. You can reinvest the profits and grow your business. There are no limitations on time.
SO IT MIGHT BE WORTH A TRY, AND AT THE LOWEST COST TO START YOUR EUROPEAN BUSINESS?
