Estonia became the first country in the world in 2014 by introducing an e-residency program that allows startups from other countries to build business and take part in taxation. Recently, the Estonian government sent an open letter to Indian startups to apply to the program as the country wants to enroll more than 200 startups. Through the program, startups are given a digital ID that allows them to access to banking services, business payment, and authorization to register an EU firm. It also gives them the access to use tools that will enable you to make digital signatures to documents.
Varun Sharma, E-Residency Head of Partnerships, Republic of Estonia, said that more than 30,000 people from 154 countries across the globe are a part of the program. Startups that are launched using the e-residency program are autonomous European Union firms with a trusted location. The program allows them to work remotely from any location across the globe without any hassles and at minimal costs. It means Indian entrepreneurs can operate their micro-business pan-India. One of the program’s motto is Make in India and Sell in EU.
According to World Economic Forum, Estonia ranks first in the most entrepreneurial countries list in the European Union. In Estonia, it only takes 15 minutes to launch a company and three minutes to complete tax formalities. The government might soon launch its very own cryptocurrency, called ESTCOIN and is considered one of the most technologically developed countries around the world.
E-residents from India
Currently, Estonia only has 1,200 e-residents from India. The government hopes for the number to grow exponentially in the near future, which will also foster a stronger bilateral relationship between India and Estonia. The country’s target is a part of its planned series of tie-ups with road shows and industries in 2018.