E-Residency is a unique form of venture welcomed by Estonia. Estonia is known for being digitally well-established. E-Residency allows Non-Estonian entrepreneurs/business people to have a business in Estonia. It allows the business person to use Estonian public and private sector services and resources by using the E-Residency smart card.
However, it has to be remembered that having E-Residency digital ID Card does not act as a travel document. So, a person cannot travel to Estonia by using the E-Residency Card. To travel to Estonia the person has to apply for fora visa.
How E-Residency Works?
An E-Residency ID card is provided to establish business digitally. It allows to hold on to business without even physically be present there. E-Residency allows the E-Residents to access Eutopian resources and services, sign documents remotely, and encrypt files and establish and develop business. It is very beneficial for the business person as it involves lower costs.
By the end of 2021, there is an expected increase of E-residents of Estonia by more than 75,000 from the world. Although E-Residency is a new concept still, it is increasing in the fast phase. The world’s greatest leaders from the founder of Microsoft Bill Gates, Pope Francis, German Chancellor Angela Merkel to the wealthiest man in India, i.e.MukeshDhirubhaiAmbani –have been given an Estonian Personal Identification Code and E-Resident status outside the standard procedure.
- What is the Procedure of Registration for E-Residency in Estonia?
STEP 1. DOCUMENTS
- Government-issued ID: Image of the travel document of the entrepreneur/business person. Such document should be kept safely as it is required during the collection of the ID-card. If the document expires before receiving an E-Resident card, it should be updated. A valid copy of the Travel document should be used.
- Digital Photo: Passport-sized photo is required. Such a photo can be taken at home too, however, it should meet the requirements of the photograph that is required for registration for E-Residency.
- Motivation statement: The entrepreneur/business person should explain the reason for applying for E-Residency. It will be beneficial for the business person to state something noteworthy about the past business experience and also future business plans.
- Credit Card: Government fees must be paid by Visa or Mastercard.
STEP 2. SUBMIT APPLICATION
The application has to be filled online. In accordance with Section 11 (2) of the Identity Documents Act, the applicant should apply the application personally. Submitting the application through an intermediary (including law offices and other service providers) is not allowed.
It is required to choose a pick-up location when submitting the application.
Kindly note that changing this later can be challenging, so choose appropriately.
STEP 3. APPLICATION REVIEW
The review process takes about4-5 weeks. During that period, the business person will be contacted by email for additional information for the purpose ofa background check. If approved, it will take another 2-5 weeks for the E-Residency kit to be completed and sent to the pick-up location.
What are the Advantages of E-Residency in Estonia?
The advantages are:
- Establishing and running a business only in Estonia.
- Access to services and resources of Estonia.
- Online Banking i.e. money transfer through electronic mode.
- Digitally signed documents.
- Encrypt and transmit documents securely.
- Online tax declaration online.
- Verification of signed document’s authenticity.
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