Hands-on time was more like 50 minutes over the span of a week.
The benefit of a limited company is that you as a founder are not personally liable.
Main Learning: Don’t Forget the Share Capital Contribution
When starting an Estonian company you have to budget 190 euros for the incorporation process and 2.500 euros as share capital.
If you own 100% of the company you have to contribute all 2.5k
⚡️ Important: As long as the share contribution is not paid, the shareholders are personally liable.
In reality, the setup steps look as follows:
- Sign up with yourcompanyinestonia.com
- Pay 190 euros
- Fill out company details and owner/board member details
- Sign up for an online banking account (I went with Wise - formerly Transferwise)
- Pay share capital to your corporate bank account
- Ask for a transaction certificate from your bank
- Upload the transaction certificate in the Estonian company registry website
The last three steps are well documented here
The important detail here is that the certificate has to be “digitally signed and in the Estonian language”.
When I read this sentence I was sure I would [a] have to explain to my bank what this certificate is and [b] on top have to get a notarized translator to translate from English into Estonian 🤦♂️
Luckily, Wise was founded by Estonian founders (i.e. Skype Mafia)
The only thing I had to do was to ask in the customer service chat (waiting time ~5 minutes).
The agent immediately knew what I needed and sent me the .asice file within the hour.
As of today:
- Company in Estonia: ✅
- Limited Liability: ✅