Most foreign investors have their eyes on the European Union (EU) market when looking to establish a business. The ease of doing business and the numerous opportunities in the region inform this decision. Estonia has consistently ranked as one of the choicest destinations for such investments. Thus, the need for budding entrepreneurs to consider harnessing the startup Estonia business opportunities.
In this article, you will find out the five (5) major reasons why you should move your new startup to Estonia.
1. You Just Need to Study the Success of Other Startups to Be Convinced
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Sometimes, the best way to know if something is profitable is to cast your mind back to what has happened in the past. The same is true about Estonia, all thanks to the successes recorded by some startups that kicked off in the country.
From Bolt to Paxful and Skype, the record shows that these companies were able to record massive growth thanks to the location they operate from.
Those companies were able to grow from startup to global brands, thanks to the ease of doing business in Estonia. In addition, other brands like Wise, Veriff, and Pipedrive owe a part of their success stories to the establishment in Estonia.
Taking a cue from that, you may want to study the steps taken by these brands and any other blueprint to achieve the same (or more) success than they did.
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2. e-Services and Strong Government Support Help Startups Boom in Estonia
There is no denying that the inputs or support from the government of a country goes a long way to help businesses operating in the country boom. This is the case in Estonia where the Estonian government came up with a creative model for doing business in the country.
The Estonian government came up with the brilliant idea of opening the e-Residency Program, a program dedicated to helping startup founders and visionary business owners run their businesses in the country.
The benefits of the e-Residency include:
Transnational Digital Identity
For business owners who are looking to indigenize in Estonia, the e-Residency makes that easier. With this program, you can make an online application and if accepted, you can become an Estonian national.
Access to the Estonian Business Environment
This is another benefit of the e-Residency program. Successful applicants, which are mostly business-focused individuals, will have access to the Estonian business environment.
Remote Business Management
Startup founders operating in Estonia can also take advantage of the remote opportunities that come with the e-Residency Program. This includes having access to location-independent incorporation of their startups, hiring and managing remote teams.
3. Estonia Has Lots of Incubators and Venture Capitalists
Starting a business is not always a walk in the park. You need funds, advice, and exposure to the broader market. You get that and much more if you are establishing your startup in Estonia.
The country has an abundance of Venture Capitalists (VCs), incubator programs, and Angel Investors. These categories of people help in one of many ways to help your startup kick off on the right foot.
Take, for instance, pitching your startup goals and target market to startup funding organizations like United Angels VC, EstBAN, and Karma Ventures. They can help your startup raise the funds needed for expansion. They do this mostly as a form of investment, whereby they will be entitled to a certain percentage of the revenue generated by your startup.
On the other hand, Estonia is blessed to have several incubators and accelerators willing to help startups with funds and access to communities where they can get more ideas about doing business. Startup Wise Guys and Garage 48 are some of the accelerators in the country.
Note that some of these accelerators may want to be a part of the business, thereby, it is more of a partnership between your brand and theirs. Ahead of moving your company’s headquarters to Estonia, you can learn how to create a perfect startup pitch like Guy Kawasaki.
4. Estonia is Startup Founders’ Destination Because of the Ease of Hiring Talent
The ease of hiring talents is simplified, as Estonia has lots of highly skilled professionals in different industries. Besides, the hiring process doesn’t have much bureaucracy, thus, offering startup founders the much-needed opportunity to be in control of the hiring process.
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5. The Local Startup Community Also Plays a Significant Role
Startups have a community in Estonia, where they meet, share ideas and troubleshoot any issue they may be having with doing business in the country. These startup communities cut across tech, finance, and remote work.
This is an endless opportunity of networking with like-minds, getting solutions to challenges your startup may be having, inspiring others with your vision, and getting into profitable networks.
Final Thoughts: Move Your Startup to Estonia for Greater Expansion
The e-Residency Program helps you open a startup in Estonia, hire local talents, and network with other startup founders in Europe. Have in mind that you can only make this move if you are either relocating the startup from another country to Estonia or opening a branch office in Estonia. Do well to meet the requirements, including confirming the relevance of the business to the target market in the country, registering the company, and hiring local talent to work for your startup.