Development of electronic residency in Estonia

Estonia has been attracting foreign investments into its economy for a long time, and the country uses new technologies for this. Liberal legal framework was developed for attraction of new business projects. This framework gives ample opportunities for entrepreneurs for realization of their ideas without pressure from state authorities. Such steps had positive influence on development of the national economy, but the government continued its policy.

Laws, which allow foreigners obtaining special Estonian ID cards for “electronic residency”, have been recently adopted. Due to this status entrepreneurs from other countries can start their businesses and companies in the country and pay taxes to the state treasury. At that, the document doesn’t provide the right to vote in an election and permission to unrestricted travels across the territory of the state and the whole European Union. Despite this fact, many people around the world took the opportunity, as legislation in Estonia, as it has been previously mentioned, is very business-friendly and this ID card allows you enjoying all these advantages. In addition, the status of a European company makes any business owner even more respectable. Understanding that the initiative is successful, the Estonian government decided to make easier the procedure for getting ID cards for foreigners.

How to get e-residency easier: work of the Estonian government

For a number of years Estonian authorities have been working on gradual simplification of the procedure for getting electronic residency by foreigners. The most important innovation is the possibility to get an ID card online from home. To get e-residency you just need to go to the governmental portal, fill in the form and pay the required fee. You can get the document in an Estonian Consulate.Thus, a citizen of a foreign state gets opportunity to conduct its business in this country and enter the European market.

The only possible barrier to launch business in Estonia, even if you had an ID card, was necessity to visit the country to open a bank account.
Now there have been adopted laws which allow passing this procedure without physical presence of an entrepreneur. Instead of personal signature on a document, use of an ID card will be enough and information from it is sufficient for proof of identity. Due to this, in the near future it will be possible to start a business in Europe from home in any country of the world.

Popularity of Estonian e-residency

According to initial analytical studies, 10,000 applications were supposed to be received from foreigners for getting electronic residence by 2017. It was natural that statistics turned out to be unreal – the planned figures were achieved by spring 2016. At that applications for e-residency are still submitted, and it has become the victory of the course chosen by the Estonian authorities. Now many other countries align themselves to this small Baltic country and adopt its experience, which proves exceptional success of the created system.