TGS Baltic assisted the Entrepreneurship and Innovation Foundation (EIS) in conducting an analysis of how to make it easier for e-residents to start a business in Estonia.
The work commissioned by the Estonian National Foundation for Entrepreneurship and Innovation (EIS) aims to examine how to speed up the process of e-resident business start-ups, which is essential for starting an economic activity and increasing Estonia’s economic competitiveness.
The analysis proposed a number of solutions, including the creation of a new regulatory “sandbox” regime that would allow e-residents to set up companies with limited rights, and the provision of a company formation service for the benefit of e-residents. The replacement of the e-residency ID by another electronic means, the introduction of a standard basis for a notarial contract and the extension of the use of the EU eID were also discussed. These steps would help to reduce the waiting time, which is currently two and a half months on average.
The TGS Baltic team included Indrek Kukk and Indrek Ergma.
The Entrepreneurship and Innovation Foundation (EIS) is Estonia’s national foundation, which aims to promote entrepreneurship and Estonia’s international competitiveness, to increase attractiveness as a business, investment, tourism, living and working area, and to invest in the modernisation of the housing stock. One of the EIS’s areas of activity is the implementation of the e-residency programme. E-Residency offers foreign citizens secure access to the e-services of the Estonian state. E-residents can set up a company in Estonia online and actively participate in its management while living in another country. E-Residency also makes life easier for entrepreneurs who have already invested in Estonia and set up a business.
