Guidance, Support, and Strategic Planning to Ensure Your Success
After submitting your e-Residency application, it’s time to prepare yourself, find the right service providers, and connect with the community.
We understand that the 3-6 week wait for your e-Residency card can feel like an eternity. During this time, you’re not just waiting; you’re laying the foundation for your business. This is a crucial period, and we’re here to guide you through it with care and sincerity.
Here are five essential actions you can take to ensure a smooth and successful start to your e-Residency journey.
1. Understand Your Tax Obligations—Here and at Home
Taxation is a complex and sensitive subject, and we understand the concerns you may have. It’s important to be aware of your tax obligations, both in Estonia and in your home country. Being an e-resident in Estonia does not exempt you from tax responsibilities elsewhere, and we want to ensure you are fully informed and prepared.
Estonia’s tax system is one of the most transparent and digital in the world, offering significant benefits such as no corporate tax on reinvested profits. However, we strongly recommend that you familiarize yourself with key concepts like permanent establishment and double taxation treaties to avoid any potential complications.
To assist you, we have a wealth of resources available, including numerous blog articles on various tax topics. Additionally, we offer specialized services such as Tax Planning and Compliance solutions, which can help you navigate these complexities with confidence and ensure that your business remains compliant and optimized for success.
2. Thoughtfully Choose Your Banking Service Provider
Selecting the right banking service provider is a crucial decision, and we’re here to help you make an informed choice. We understand the challenges that e-residents face when setting up business accounts, and we want to ensure you find a solution that meets your needs.
Estonian banks may require an in-person visit to verify your identity, and they typically prefer clients with strong connections to Estonia. However, since 2019, e-residents have had the option to open business bank accounts in any European Economic Area country, providing greater flexibility.
If you’re considering digital banks or Estonian partners like LHV or Coop, we encourage you to conduct thorough research to ensure that your chosen bank aligns with your business needs. For those interested in fintech solutions, partners like Wise, Revolut, and Wamo offer reliable cross-border banking services. It’s also important to ensure that your banking partner integrates seamlessly with payment gateways such as Stripe, Payoneer, or PayPal.
Our comprehensive guide on borderless banking is available to help you navigate these choices, ensuring that you make the best decision for your business.
3. Carefully Choose the Right Service Provider for Your Business
Handling the administrative side of your business can be daunting, but you don’t have to do it alone. Choosing the right service provider is critical to ensuring that your business operates smoothly from the start.
At eFinance, we offer tailored solutions designed to meet your unique needs. Our starter plan, available at a special price of €35 per month when you use our app PILV by eFinance, covers essential services like accounting, expense reporting, and invoicing. For those with more complex needs, we encourage you to compare options using the e-Residency marketplace's comparison tool. It’s important to us that you feel confident and supported in your choice, allowing you to focus on what truly matters—building and growing your business.
4. Take Time to Plan Your Business Strategy
While waiting for your e-Residency card, it's an ideal time to refine your business strategy. Consider your long-term goals, market positioning, and how you plan to grow your business. Take advantage of this period to conduct market research, identify potential challenges, and outline actionable steps for the first few months of operation. A well-thought-out strategy will give you a clear direction and increase your chances of success once your e-Residency card arrives and you officially launch your business.
5. Connect with Communities That Understand and Support You
Starting a business can be overwhelming, especially when you’re navigating new territories. We want you to know that you’re not alone. Entrepreneurs and freelancers worldwide are facing similar challenges, and there’s a wealth of support available to you.
Joining the official e-Residency Facebook group is a great way to connect with others who are on the same journey. This platform allows you to find empathy, share your experiences, and gain insights from others who have walked this path before. Additionally, subscribing to updates ensures you stay informed about important developments and tips that can help you along the way. Your journey matters, and we’re here to support you every step of the way.
Conclusion
This waiting period for your e-Residency card is more than just downtime—it’s a critical phase for laying the groundwork for your business. By connecting with supportive communities, carefully choosing the right service providers, planning your business strategy, understanding your tax obligations, and thoughtfully selecting a banking service provider, you’ll be well-prepared to hit the ground running once your card arrives.
At eFinance, we’re committed to supporting you throughout this journey. Your success is our priority, and we’re here to ensure you have the resources, guidance, and services you need to build and grow your business with confidence.
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