Blockchain Business in Estonia - Why It is The Best Place to Launch Your Startup
If you’re mulling over expanding your Blockchain to Europe, then Estonia could be a straightforward choice. The birthplace of Skype, Estonia is a small Nomadic country has globally rated as a digitalised advanced society. Here, you got all the right opportunities to be successful and earn big profits. Today, Estonia has become home to over 700 Blockchain companies, and extensive shareholders, and thus, popularly known as the blockchain valley of the world.
The globe craze for Blockchain is not new to the Estonian people, as long back the country has already invested in similar technology that perform the function of optimising the performance of the state agencies, the latter embraced the distributed ledgers technology.
“The whole Estonian ID-card system is built on an early blockchain technology called KSI (Keyless Signature Infrastructure),” stressed Mikk Maal, a co-founder of Comistar Estonia. “In Estonia, the ID-card is used not only for identification, but also for accessing and using various state services, including but not limited to voting, tax reporting, education, company formation, etc. I would say Estonia benefited a lot from blockchain technology even before it became so popular.”
No Corporate Tax
The best part of setting up a Blockchain business in Estonia, that there is no corporate tax. And, this applies for the foreigh investors too. Owing to this rule, anyone related to your company can withdraw the profits and reinvest it, without the obligation of paying off interest in the name of public treasury or tax. The rates of the other taxes are quite low, compared to any other investment destination in Europe.
If you don’t need to be a citizen of this nomadic nation to start a blockchain business in Estonia, you can easily file for the e-residency program. Here, the special ID card is issued to the foreighn investors, you can apply it online, and receive it from your prefered location.
No Language Barriers
There are no language barriers when it comes to foreighn entrepreneurs, as people here they speak english and Russian as well. So, you won’t have a hard time in starting a company in Estonia.
Favorable Geographical Position
Another reason that made Estonia a favorable country to invest for your cryptocurrency or blockchain venture, is its excellent geographical position. Apart from being a member nation of the European Union, it shares a border with Russia, this is why it is popularly termed as the real gateway to the global investment.
Blockchain Technology is a Rising Star in the Country
“Many entrepreneurs relocate their blockchain businesses to Estonia due to existing cryptocurrency regulations, favorable tax regime, and ease of doing business. More than 700 cryptocurrency/blockchain companies with foreign shareholders are running their blockchain business from Estonia,” said Dmitri Lihno, branch head (Estonia) at Private Financial Services.