Despite its small population, Estonia has produced a number of outstanding companies over the past years. The business environment has grown steadily over the last few years as an outcome of a combination between good enterprise management and government assistance. The state has a thriving startup environment that produces top startups on a regular basis, especially the tech industry that is currently blooming.
Why is Estonia attractive to new companies and old ones to migrate as well as to workers
Estonia is one of the leading states in Europe with a highly developed tech industry. The number of companies exploring the potential of blockchain in Estonia has gone through the roof, being the leading market for blockchain-based technologies in Europe, North America, and China. In recent years, Estonia has also served as a platform for leading international cybersecurity investigations and assessments.
The future of Estonia lies in the state of the tech industry, which is expected to grow more quickly than it has done in the past. And the gaming industry isn’t falling behind either. In the past couple of years it provided a lot of successful companies and startups that supported mobile casinos and online gaming websites. Their attractive offers, with incredible packs of bonuses and deals make it a real supporting stone for the gaming industry. One of the best online casinos is Kanuuna casino, which offers a full starter package, safeness and also modern, extremely fast transactions.
While the current preview of the technology field may be a bit daunting for startups, it is also important to keep in mind that if things stay the same as they are today, Estonia will be one of the most profitable countries for start-ups. Here are some reasons why:
- Entrepreneurs and investors from around the world can become more involved in the business and financial sector. It is a great place to launch an investment fund, open a second business, or start a new product development shop.
- It is a safe and healthy country with low taxes. This can be a great economic opportunity, as many companies see Estonia as a cheaper and more convenient home.
- It has a large, vibrant tech community with a good deal of competition. This has created an attractive market for startups.
- The cost of living is low, and the environment is great. In Estonia, there is no pollution – no water pollution, no electricity pollution.
- Estonia has a great work-life balance. It is a great country to look for jobs in startups because people here work from 9am to 5pm, every business day, leaving weekends free.
Is e-residency possible in Estonia?
Estonian e-residency programs have become widely popular in the last few years, with more than 100 countries offering them. In order to qualify as a verified Estonian resident, a company must have at least 100 employees or operations located in Estonia.
The advantages of e-residency are numerous. For one, companies can apply without having to go through an extensive process involving extensive documentation and documentation review. Plus, companies can close their doors completely and keep their benefits at their disposal. This will also help to contain costs and improve productivity.
Furthermore, organizations are able to bring in customers from outside Estonia since it costs little to operate in Estonia compared to in countries like Russia or the U.S., where companies have a harder time attracting customers. Additionally, employees can choose to work for companies outside of Estonia with low taxes, low costs of living, and good opportunities for advancement.
How does the Estonian government support startups
The government has been a major source of support for Estonia’s tech startups since 2006, when Estonia became a member of the European Union. That year, the government also helped to establish the European Business Development Center and committed startup funding for a number of impressive startup ideas.
Another helping hand offered by the government lies within the taxing system. This is one of the attractions when moving to Estonia: lower taxes and lower cost of living. The average income in Estonia is just $1,289 versus an average of $3,301 in the U.S. and Canada. The country’s system of income tax is based on the country’s GDP, which is calculated by dividing net worth per person by the aggregate of all individuals’ earnings.
Estonia has a highly developed and stable tech industry, with dozens of companies in various stages of development. It offers great competition in the market for startups, with low start up costs and attractive state grants. It is also home to a thriving creative economy that is attracting significant talent, for all of these reasons Estonia has become a dream country for startups and innovative projects.