For Italian & Spanish Entrepreneurs – A Better Way To Run An Online Business
Estonian company: Zero To Scale
This blog post is for Spanish and Italian online entrepreneurs. We’re going to talk about e-Residency, Estonian company and Zero To Scale software to manage your Estonian business.
Why Estonian Company?
Online entrepreneurs have the advantage of not being tied to any one location. With all the social unrest, growing tax burden and bureaucracy, this is a huge advantage. You’re not tied to one place. You have options.
The possibility of registering the company in a foreign jurisdiction has been available for decades. Yet, it’s still somehow uncomfortable, and there are psychological barriers to it. It’s understandable, as it’s always more convenient if everything is familiar and close by.
That said, the world has changed, the most profitable and highest valued companies in the world are internet companies, and even these cash-rich web giants are very careful at choosing where to operate.
This is where small countries like Estonia, Singapore, and Hong Kong come into the picture. For Europeans, there aren’t any better options than the Estonian company to run an online business.
Estonian Business & e-Residency?
When Estonia launched the e-Residency program I didn’t think too much about it. I did not understand the vision. The vision of becoming a Country-as-a-Service platform for international businesses. That’s pretty cool, and that’s what Estonia has managed to pull off.
Shortly put, Estonian e-Residency enables entrepreneurs to start and manage the Estonian business. Everything is online, digital, and pretty much hassle-free. There’s still the physical card that you need pick-up from the closest pick-up location, but that will also change in the near future. The e-Residency team is working on a fully digital identity solution, which will be launched latest in 2021.
Besides the e-Residency, Estonia has been number one in OECD’s tax competitiveness index for six years in a row. 0% corporate tax and a flat 20% tax on dividends is very attractive. You can check out our taxation in Estonia guide by clicking here.
Why Italian & Spanish Entrepreneurs?
I love Italy and Spain. I’ve been there many times as a tourist, and both countries are simply fantastic. I like the people, nature, food, and the climate. I can easily see myself spending many months every year in Spain or Italy.
However, I wouldn’t open a company in either of them unless I absolutely had to. The bureaucracy, speed of doing things, administration – it’s middle ages. Plus, the taxation isn’t exactly an entrepreneur-friendly (I know there are some initiatives for entrepreneurs moving to Spain, which are still great) proposition.
There’s a reason why Estonia has more unicorn startups than Italy, a country with 60 times more people. It’s the infrastructure, the agility of doing things, and the push to build international businesses.
There’s a growing number of Italian and Spanish entrepreneurs operating an Estonian company.
Company Registration
Estonian company registration is extremely simple. Once you receive the e-Residency card, you can do it in one or two days. You can just follow the company registration tutorial which we published here and your company is established in no-time.
Additionally, your company will be part of the EU and part of the single market, as it is in any other EU country. Having the company in Estonia is just a smart choice for online entrepreneurs.
Your business in Estonia & Banking
Banking is another major topic that you’ll need to think about once your company in Estonia is incorporated. This leads us to Zero to Scale, as we’ve got a built-in banking marketplace with more than 60 banks and Fintechs.
This means you don’t have to worry that your company will not have a bank account – assuming you’re not planning on doing any illegal activities. It’s likely that you will not open an Estonian bank account unless you have a very simple online business and you can travel to Estonia for the identification process.
Zero To Scale
Zero To Scale is an online software launched by Comistar Estonia. Zero to Scale is a different and a new way to run your online business. The features of Zero To Scale include:
- Automated accounting & API integrations with Fintechs like TransferWise and Revolut
- Common legal documents
- e-Residency tutorials
- Growth Accelerator with planning and productivity tools, assignments, videos, etc. to grow your company
- Banking Marketplace
Zero To Scale is built based on years of experience and client feedback. Our accounting and legal team is one of the most reliable in the business, and because of this we’ve been able to help our clients to make multi-million euro exits from their online businesses, licensed some of the biggest crypto exchanges, while also supporting small and micro companies with their finances and legal questions.
Conclusion
Estonia has gained a lot of popularity among entrepreneurs all over the globe as a place for setting up your online company. While Estonia has an entrepreneur-friendly taxation regime, it’s not a tax haven and it has a strong legal system and protection of private property.
Favourable taxes, ease of doing business, the e-Residency program, and Zero To Scale software together create a no-brainer value proposition for all existing and starting entrepreneurs. Get in touch with us or through our contact page to ask for more information. All clients will receive a free 30-minute consultation as part of the onboarding process to Zero To Scale.