How Estonia is Becoming a Prominent Place for Expats and Business Owners Through Innovation

There are many countries in Eastern Europe that are often neglected by prospective investors and expats. One country that is a great example of this is Estonia. The reason that Estonia has mass appeal is that it has sophisticated innovation combined with a very low cost of living for expats. This culminated with the high quality of life that expats can live there makes for a very alluring destination that is not as discovered as of yet. When contemplating where to settle as an expat or start a global business, consider the following discussion about why Estonia may be the hidden gem that you are looking for: 

Why Estonia? 

Estonia is a place that is a developed country, yet has been secluded for many years. What this means is that tourists are beginning to visit Estonia more frequently and expats are starting to invest there while the prices are low. What this has fostered is opportunities in many different industries due to the sensational quality of life that is possible for expats to experience while in Estonia. Some primary advantages of Estonia include: 

English Level: In previous years, Estonia did not have a high English level; however, this is gradually changing. For expats that are more adventurous, Estonia is a wonderful place to consider because their English is rapidly improving, which means that they will be quite competitive in the years to come. 

Good Schools: There are high quality international schools available for parents wanting to relocate to Estonia with their children. This is a major advantage that draws serious expats to Estonia because there is an opportunity to live a higher quality of life and still afford tuition at the local international schools. Expats will keep taking advantage of this, which will make admissions to those top tier international schools quite competitive. 

Vibrant Culture: Estonia has wonderful museums, cafes, history, and a distinct culture. For the expat or tourist that takes the time to properly explore Estonia, they are going to find a wealth of history that is fascinating to uncover. The culture adds a great deal to the quality of life that expats experience along with the diverse restaurants that are popping up from all over the world. 

Diverse Business Environment: Estonia is surely a market to watch in the coming years because their government has figured out that ease and minimal taxation attracts foreign direct investment, which in turn, makes the economy flourish. For those foreigners that being to invest in Estonia now, they will have substantial returns down the road due to Estonia’s potential for substantial growth in the coming years. 

Estonia’s Digital Advantage

Estonia’s digital advantage is something that has attracted a great deal of attention. What has been established in Estonia is the possibility to digitally register a company for foreigners. This is a major advantage because this process previously took five days and involved a great deal of paperwork. The potential functions that a foreigner can complete are related to registering a new entity over the Internet, file annual reports, modify data in the business register, administrate members list of political parties, and make inquiries about existing entities already established in Estonia. 

One of the prerequisites to establish this sort of entity is an ID card. Now, this sounds standard; however, Estonia has taken the traditional ID card up a notch. What the card is capable of is truly extraordinary. The ID card has one of the most digitally advanced chips in the world, which provides Estonian citizens access to all government secure services with their ID card. Actions such as voting, digital signatures, establishing entities, and much more are now possible all with the swipe of their national ID card. Innovations such as this truly put Estonia at the cutting edge of digital technology and in a position to really excel in the coming years. 

Registering the Actual Company

Estonia’s digital advantage has a very streamlined process for entities to be registered within Estonia. The owner signs into the system fills out the fields required, electronically signs the documents, fees are transferred via the Internet, and the owner submits the application with just one click. In addition, non-Estonian citizens to access the database and file annual reports should they desire to do so. This system will truly put Estonia ahead of the times due to their efficient process for starting a business entity there. 

Concluding Remarks on the Subject 

Estonia is a market that is surely worthy of watching in the coming years. The reason for this is that their technology is so advanced, that they have a major potential to surpass more technologically established nations. What this means is that entrepreneurs should consider whether Estonia is the ideal climate for them to invest in because now is the time to buy into Estonia.

Jacquelyn Vadnais

Jacquelyn Vadnais is a global traveler, blogger, writer, author, and entrepreneur with a JD/MBA/LL.M degree. To date, she has visited 50 countries, lived in 8, and hopes to see a great deal more of the world.

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