Setting up a company in Estonia is an investment that provides serious advantages in many aspects. There are many factors to consider for benefiting from these advantages and making your company prosper. If these are not taken into account, the result may be below your expectations. Things to do before setting up a company directly affect other processes. Therefore, it is extremely important to carry out all the things to be done without skipping any of them. What should be considered in the decision phase before setting up a company in Estonia? How should the planning be done and how should the process proceed? All the details are in our article.
1. Company Activity
First of all, the business to be done must be determined in advance. In other words, you should have a business idea. After this stage, you should determine in which field your company will operate following the business idea you have found. [1]
The field of activity should be determined according to the fourth or fifth level of the Economic Activity Classification in Estonia. At this stage, it is crucial to check whether the field of activity you have chosen requires extra procedures such as registration and operating license. Thus, you will clarify which steps you need to follow in the establishment of the company.[2]
2. Business Type
You need to choose your business type depending on the business you will do. In general, forms of business in Estonia are;
- >>> Ordinary partnership,
- >>> Self-employed,
- >>> Limited partnership,
- >>> Private limited company,
- >>> Trade association
- >>> Public limited company.
For detailed information, you can reach the official page of the Estonian Government Information Portal by clicking here.
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3. Company Name
Company name determination is one of the most important stages. Bear in mind that you will use this name for a long time. You should choose a name that people can easily remember and distinguish from other companies. Also, be aware that there may be different restrictions about naming depending on your field of activity. You must do the necessary checks for this. Examine the “Business Registration Information System” page for name requests and other details.
4. Brand
In addition to the company name, you can optionally register a trademark. If your area of activity requires this, you must do the trademark registration. Branding allows you to be more assertive in your field of activity. However, when specifying a brand name, you should make sure that it has not been used before.
5. Website
Your company or business needs to be present online. Although having a website is completely optional, you should not neglect it. Thus, you will be able to reach more people in a short time. Your internet domain name mustn’t be taken before. So make sure the website domain name is available before establishing a company.
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6. Business Location
Finally, you should choose a location suitable for your company. At this point, again consider your field of activity. You can gain serious advantages by choosing a workplace that is large enough and has a clear address.
CONCLUSION
Although it is easy to set up a company in Estonia, you need to plan well beforehand. Otherwise, you are likely to have difficulties in obtaining the documents and application stages. Besides, some additional costs or losses may incur if you do not make your investments in the right way. To prevent such negativities, you should determine what needs to be done before establishing a company.
You can get consultancy services from our experts to establish a company in Estonia and other Baltic countries. Our professional team of experts in the field will carry out your transactions for you smoothly and quickly from the beginning to the end of the process. Thus, you can complete the setup of your new company within 1 day with zero risks.
Igors Krumins continues his activities as a commercial and international lawyer within the body of “Jurmala Invest”. He has more than 10 years of experience, especially in the investment sector, and has provided consultancy services to numerous companies with his legal expertise. He successfully completed his undergraduate studies at Baltic International Academy and graduate studies at Latvijas Universitate. Apart from his native Latvian language, he can also speak Russian and English fluently.
