Estonia is one of the leading European countries when it comes to new technologies being implemented in day-to-day activities. As such, foreign citizens can even obtain e-citizenship in Estonia at the moment.
Foreign investors who want to take advantage of these technologies can set up blockchain companies and operate them in Estonia. If you are interested in such a venture, you can rely on our company formation specialists who can help you register it.
Estonia, a digital society
Opening an Estonia-based blockchain company has numerous advantages when considering the incredible development the country had from a technological point of view. Here are just a few of the key points: in 1997, Estonia had already set in place the first from of e-governance. Later, in 2005, it implemented the electronic voting system. In 2008, it started Estonia started using blockchain for other activities, and in 2014, it was the first country to enable an e-residency program.
This is why, if you decide to open an Estonian blockchain company, you will have access to numerous resources, but most of all to an educated client base that uses such services often.
Feel free to discuss your options with our Estonian company formation consultants.
How to create a blockchain company
If you decide that Estonia is the perfect place to open a blockchain company, here are the main steps to complete in order to start operating it as soon as possible:
- choose a legal form under which you can run your business;
- register it with the Companies Register (our consultants can help you set it up in a few days);
- register for taxation and obtain a VAT number in just a few minutes.
The preferred business form among foreign investors is the private limited liability company which can be incorporated in only 5 days.
When it comes to how you can use your Estonia blockchain company, here are just a few ideas:
- – to create cryptocurrencies that you can trade;
- – to launch crowdfunding platforms;
- – to create exchange trading platforms;
- – to launch financial companies;
- – to provide IT services related to the technology.
There are various ways through which blockchain companies can be used. So, if you decide to start such a business in Estonia, you can rely on our agents.
What are the sectors that use blockchain technology in Estonia?
One of the main reasons to create an Estonia blockchain company is that it can service most of the public sectors in this country. Here, most of the public administration uses digital ledgers to store information, from the healthcare to the property registry, and even the court system relies on this technology.
Special licenses for blockchain companies in Estonia
Blockchain can be used for a variety of activities, including for launching cryptocurrencies, for which a license is required. If you are interested in opening such a company, it is worth noting that the license is subject to a minimum share capital of 250,000 EUR. This new rule was recently introduced as a measure to ensure the safe operations of such businesses and protection of their clients.
Among the services such an Estonia blockchain company can offer are electronic wallets, virtual money exchanges, crypto and alternative payment systems, etc.
The fintech sector in Estonia
The fintech industry is one of the largest contributors to Estonia’s economy. According to data gathered by Statista.com:
- – the digital payments sector is the largest at the level of 2022 with a value of USD 5.098 million;
- – neobanking is expected to be one of the most important sectors in 2023, with a revenue increase of 42%;
- – in the digital payment sector, the number of users is expected to grow to 850,000 users by 2026.
If you decide to open a company in Estonia in this sector, please contact our local agents for support.