Banking in Estonia is easy, fast and secure. All standard financial transactions take place online, making it very easy to bank remotely. Most accounts are euro accounts, but some banks offer multi-currency accounts. It is expected that people will soon be able to open a bank account without the need to visit Estonia for a face-to-face meeting. Recent changes to Estonian law mean that a video call may satisfy banking requirements of identification and verification. E-Residency does not entitle you to a business bank account and the decision to extend or deny baking services to an e-resident is solely at the discretion of e-Estonia’s partner banks. In order to open a bank account, strong links to Estonia must be shown. Therefore, if you would like to open a business bank account for your Estonian registered company, it is recommended that a business plan adequately demonstrating ties to Estonia is prepared ahead of time. Ousheng is there to advise and assist you in this regard.

Like much of Europe, Estonia’s economy was primarily agricultural prior to the Second World War. The USSR’s annexation of Estonia profoundly changed the economy as Estonia was integrated into the larger Soviet system. After independence in 1991, Estonia rapidly modernized, introducing flat rates of tax, attracting significant foreign investment, and quickly building and diversifying its economy. Estonia joined the EU in 2004 and joined the Eurozone in 2011. Recently, the economy has remained solvent and reliable, despite the global economic downturn. Estonia is almost entirely energy independent and the government places high emphasis on innovation. The Estonian government has embraced technology perhaps more than any other state in the world, and is creating a digital society. This increases transparency in government and efficiency in business and everyday life.

The tax system in Estonia is quite simple: 20% income tax, 20% VAT and 20% corporate tax on distributed profits. This means that as long as profits are reinvested by a company and not distributed. Additionally, there are taxes that apply to employees and directors performing their functions within Estonia.

Estonia has a network of primary roads and rail connections to neighboring Russia and Latvia. There are also several tram lines in the capital, Tallinn. Estonia also has a large number of sea ports, mostly on the Baltic Sea. There are 13 airports, with the largest being Tallinn’s Lennart Meri Airport, with connections to Amsterdam, Paris, Moscow, Berlin, London, Copenhagen, Oslo, Stockholm, Istanbul, Rome and many other cities.