Ukrainian businessmen have registered a record number of companies in Estonia

This year, Ukrainians have registered 423 companies in Estonia and became leaders among foreign citizens, reports “Investor”.

According to the head of the Tallinn office of the law firm “Ilyashev & Partners”, Vitaliy Halytskyi, Ukrainians became leaders in the registration of companies thanks to an e-resident card in Estonia.

“Ukrainians are in the first place by a number of such registrations (423 companies). 21301 citizens of Ukraine have received the e-resident card in Estonia and are third after Finns and Russians. Finnish citizens, for comparison, have registered 315 companies with the e-resident card, German citizens – 311. Demand is growing”,

said Vitaly Halytsky.

Estonia, which is a European innovative technologies introduction leader, in order to facilitate various bureaucratic conditions for its citizens, has introduced special ID cards. Thanks to the card a citizen can get almost all public services online and even register a company. The idea has become so successful that it was used for foreigners as well.

Thus, a citizen of another country who a has the e-resident card, can register a company online in a day and has an opportunity to remotely manage it. All payments are made through online services.

Instructions for action: Estonia’s reforms (Part 3)

E-residence is not a citizenship and does not give the right to enter Estonia or the EU. It does not give any physical rights or tax residency. It is just a tool for identifying a personality online and accessing the state’s electronic services.

The process of obtaining e-residence is very simple. One needs to fill out an appropriate form on the website and pay a state fee of 100 euros. For the most part, it takes no longer than 10-15 minutes.

At present, about 3 444 thousand companies have been registered in Estonia with an e-resident card, and in November 2017 the number of such companies amounted to 3 thousand.

Minimum bureaucracy, no corruption and a possibility of doing business in accordance with a European jurisdiction are advantages that attract people to the program of e-residence in Estonia.