Some weeks ago, I became the proud owner of an Estonian e-residency card. This card allows me to create a company in Estonia, and run it from a distance without having to travel all the time. I set up the company Vaikneri OÜ in some days – the Estonians say it takes only ten minutes, and that might indeed be the amount of work for the actual creation of the legal entity, but of course, you also need to appoint an accountant, think about the share capital and business plan, find out whether a bank account and VAT number are needed on the short term or not, etc. In total I did not spend much more than half a day on all that – and that is really efficient. And yes, I measured my work via http://www.funkytime.com, so this is the real measurement and not a wild guess.
The name Vaikneri is a contraction of the Estonian “vaikne” and “äri” which means “silent business”. It could also work with “vaikne” and “eri” which would translate into something that could mean “silent difference”. The name was still available and I feel the name has its place in the green and quiet landscape of Estonian nature. The country is about the same size as Belgium, but there is only 1 million people living there. You feel that immediately when you leave the airport and drive south, away from Tallinn. Some minutes after that, there is only trees at the side of the highway. I love that country.
And there is more. Estonia’s digital governance also removes the burden of collecting and signing paper documents. The contract with my Estonian accountant was signed digitally, the creation of the company too, as well as the mandate for the accountant to manage the Estonian taxes of this company. The effect of the e-residency program in combination with the Estonian e-governance, is that there is much less paper flying (or being driven) between Estonia and Belgium (or other countries), which drastically reduces the environmental impact of setting up and running an international business. I really like the concept and for now, the Estonian collaboration feels very professional and yet also very down to earth.
Looking forward to setting up a fruitful international enterprise on silence from within Estonia.