Opening a branch for your company in Estonia is relatively simple, but there are some things you need to know that will help make it go as smoothly as possible.
Advantages of Having a Business in Estonia
There are several advantages worth considering when it comes to having a business in Estonia. The low cost of living and tax rate are two of the main benefits that you can enjoy as an entrepreneur. Opening a business is simple and straightforward, which means you don’t need to hire expensive lawyers or consultants. It’s also easy to set up a bank account, get all the necessary permits, and hire employees – all at minimal cost. So, if you decide that Estonia is right for your company, then don’t hesitate to move forward with opening an office there.
How to Set Up Your Business in Estonia
Set up a company in Estonia
The first step to opening any business is setting up your company. In Estonia, you can do this by filing an application to register a private limited liability company (OÜ), which will then be confirmed by the Register of Enterprises and Establishments. A good thing about the OÜ is that it's easy to set up.
Open a bank account in Estonia
After establishing your company, you need to open a bank account so that you can receive payments from customers and pay employees and other suppliers as well as make international payments yourself when necessary—which may be more often than not if you're exporting goods or services overseas!
Register Your Company in Estonia
The process of registering your company in Estonia is quite simple. You will have to decide what type of business entity you want to register and then complete the necessary documents and send them to the Estonian Business Register (ER). This will ensure that you are able to run a company in Estonia and open bank accounts, as well as other transactions such as selling goods or services.
When deciding what type of business entity you want to register, it's important that you choose one that suits your needs. For example, sole proprietorships are usually simpler than corporations because they involve less paperwork; however, if you plan on hiring employees or expanding in the future, then incorporating may be better for your situation because it offers more protection from liabilities due to lawsuits from clients or customers who were harmed by something related directly with your company's operations (such as bad products).
Create a Local Address for Your Company
To create a local address for your company, you need to register a company in Estonia.
To open a bank account in Estonia, you will likely need to be physically present at the bank. You can also open an Estonian bank account remotely using e-residency, which will allow you to do business with the Estonian central bank and other banks that accept eID authentication.
Initiate the Opening Bank Account Procedure
To initiate the opening bank account procedure, you need to:
Find a local bank. You may also want to consider using a bank that is well known in Estonia or has branches in multiple countries around the world. This will make it easy for you and your employees to use the same bank accounts for international transactions.
Apply for an Estonian business account from the local bank (e-banking). You can apply online or at any branch office of your chosen institution. The application form should include information about your company, including its legal name and address; list of shareholders; and contact details such as phone number, email address and physical address (if applicable). Some banks also require additional documents like financial statements or certificates from other institutions such as tax authorities before granting a business account number to new customers so it's best not to leave anything out!
The easier, faster alternative: wamo.
An alternative is to open a business account with an alternative financial service provider like wamo. It’s possible to register for a wamo business account in 10 minutes and to have your account up and running within 24 hours. Do get started with wamo:
Enter the wamo website or mobile app. Click the Register button and fill out the application form. Upload the information and documents requested from you. Complete your application in 10 minutes You can start using your account within 1 day.
We hope this article has helped you understand how to set up a branch in Estonia. If you have any questions, please contact us and we will be happy to assist you further.