4 ms·
Getting e-residency is pretty easy. You would have to pick up your ID card, and residency package, at one of the authorized locations, though, and there is none
by edko 11y ago
Getting e-residency is pretty easy. You would have to pick up your ID card, and residency package, at one of the authorized locations, though, and there is none is Serbia. I think the closest may be the Estonian consulate in Vienna. But, if you are going to travel, it may be more worthwhile to go to Tallinn.
Once you have e-residency (which takes a few weeks to be granted) opening a company can be done in a day. You will need an official address in Estonia, but there are several companies that offer that service. I used LeapIn, whose prices are very reasonable. They can also take care of your accounting.
Opening a bank account requires you to visit the bank in person (another reason why traveling to Tallinn is worthwhile). It is not guaranteed that they will open the account for you. I visited two banks. The first turned me down because I could not prove sufficient ties to Estonia. Swedbank (one the the three largest banks operating in Estonia) did accept me. They have a very good service. LeapIn was very helpful in setting this up too. Please note that Estonia is working on making the bank account opening process easier later this year (I believe it will make it possible for you to open an account from abroad; but it is not there yet, as far as I know).
- ssijak 11y agoThanks for the answer. I have seen this "The first turned me down because I could not prove sufficient ties to Estonia." on some other place as a reason for a turn down. What they actually need to prove ties to Estonia when you are only e-citizen? Or that other bank that accepted you is not requesting such proof? If you have income with that company, how hard and costly is to take that money (as I understood they tax only when you pay income from the company to you).
- zutnop 11y agoFor tax questions, there aren't simple answers that would apply for everybody. It depends on where do you have your personal tax residency, do you travel, your health care/insurance/pension situation, etc. The tax rules for people who live and work outside of Estonia (for most of the year) are simple on the Estonian side, but you have to include the rules on your person tax residency side also. For a more personalized answer visit us at https://www.leapin.eu https://www.leapin.eu and send us an email please.
- edko 11y agoThe proof of your links to Estonia is really up to the bank. They each have their own policy. I think, in my case, it helped that LeapIN was there with me. A local business partner who speaks the language and is there with you for support, I think is an advantage anywhere. If your company is a foreign-operated LLC (OÜ), which is what I opened, and what was recommended to me (I have no employees and reside in another EU country) then the only taxes are VAT, and dividend tax, which is incurred when dividend is paid out. There is no income tax. Note that the dividend tax liability is of the company making the payment, not of the individual receiving the payment. So, even if there was a taxation treaty between Estonia and Serbia to avoid double taxation, you personally may still be liable for dividend tax in Serbia, if Serbia taxes foreign dividend income. But, here comes the usual disclaimer: I am not a lawyer or an accountant. You'd better check with one!
- zutnop 11y agoThank you edko for recommending LeapIN! We appreciate it alot!