Guide to Startup Estonia Program for Global Entrepreneurs

Estonia, a well-developed and advanced European country, is a part of the Schengen Zone. Since Estonia has an investment-friendly taxation system, it attracts global entrepreneurs worldwide. Business startup entrepreneurs from other countries can apply for the Estonia Startup Visa, which allows founders to start and run a business in Estonia. Learn more about the Estonia Startup Visa and the Investor Visa program, and how to qualify for these unique programs.

Table of contents
What is the Estonia Startup Visa? Benefits of the Estonia Startup Visa for Entrepreneurs Requirements for Estonia Startup Visa Application process for Estonia Startup Visa Moving to Estonia from abroad Banking in Estonia Meet Wise: International Account for Global Entrepreneurs Wise Account for Estonian Residents Wise Business Account for Estonian Startups

What is the Estonia Startup Visa?

Estonia offers a business-friendly environment, making it one of the best European nations for non-EU business founders to start and run a company. So, if your business product is innovative and has the potential to scale, you may be the perfect candidate to apply for an Estonian Startup Visa.¹

Global entrepreneurs from non-EU nations can apply for the Estonian Startup Visa to set up and run a business in the country. While the Estonia Startup Visa is valid for 12 months, you can extend it by six additional months. You can stay longer by applying for a five-year temporary residence permit. The best part is that there is no investment requirement for startup entrepreneurs.

Estonia offers a Golden Investor Visa for nationals from select countries. This Business Investment visa requires entrepreneurs to invest a minimum of €100,000 EUR in businesses located in free trade zones. An investment of €1 million EUR or more qualifies entrepreneurs for permanent residence. Such nationals can apply for the C-Visa or D-Visa, followed by a Temporary Residency Permit for Business.

Benefits of the Estonia Startup Visa for Entrepreneurs

Setting up a startup business enterprise in an advanced European country like Estonia has hurdles but also numerous benefits. Here are some benefits that make the Estonia Startup Visa attractive for global entrepreneurs:²

• Business-friendly environment - Estonia is starting to compete with Silicon Valley and Israel as one of the world's most prolific tech economies. It boasts of a creative and productive business environment. Estonia focuses on nurturing unicorns by providing a business-friendly climate for tech startup entities.
• Path to residency - The Estonia Startup Visa opens residency opportunities to business entrepreneurs and their immediate family members, including spouses and children. The Golden Investor Visa program allows temporary residents to apply for permanent residency after five years of living in Estonia. A stay of eight years in Estonia qualifies for Estonian citizenship.
• No minimum investment requirements - Unlike other startup visas that require business entities to invest heavily in the economy, the Estonian Startup Visa has no investment prerequisites. The only condition is that the business should be innovative and scalable, which can improve Estonia’s economy.

Requirements for Estonia Startup Visa

Business entities should meet the following requirements for an Estonian Startup Visa:³

• Your business must be technology-based, innovative, and scalable. The Estonian Startup Visa focuses on tech-driven startups capable of solving big problems and ideally serving millions of people.
• Your business should get approval from the Startup Committee. This committee comprises experts who review startups to ensure they satisfy the objectives. Since the committee members have specific rules for acceptance, traditional companies generally may not qualify.
• While there is no minimum investment stipulation for startups, you must provide evidence of having sufficient money to sustain yourself and your business while in Estonia. A decent rental apartment may cost around €600 EUR per month. So, it is suggested that visa applicants must have at least €800 EUR for every month they spend in Estonia.

Here are the visa processing fees for an Estonia Startup Visa.⁴

Type of fee	Cost
Visa fee for the D-Visa	€100 EUR
Visa fee for children between 6 and 11 years old	€40 EUR
Temporary residence visa fee	€160 EUR

You must submit the following documents with your visa application.⁵

• A completed application (check out the next section for more details)
• Valid passport with a validity period of three months after the visa expiry date.
• A completed visa application form online.
• A confirmation letter issued by the Startup Committee certifying the qualification as an eligible startup entity.
• Color photograph as per specifications.
• Visa application fee receipt.
• An insurance policy valid for the Schengen area with a minimum coverage of €30,000 EUR.
• Documentary evidence of funds of at least €800 EUR per month.
• Confirmation of accommodation in Estonia.
• Travel booking details.

Applying for a temporary residence permit requires you to submit the following documents:⁶

• Valid travel document.
• Duly completed application form.
• Proof of income of at least €800 EUR per month.
• Insurance coverage of at least €6000 EUR per year.
• Family form for all family members, including spouse, children, and parents.
• Color photograph as per specifications.
• Fee payment receipt.
• Startup Committee’s positive decision as documentary evidence of purpose.

Application process for Estonia Startup Visa

The Estonia Startup Visa application is a 4-step process:⁷

• The Eligibility Test - You can explore the online tool to check your eligibility as a startup entity. This test requires you to answer simple questions about your enterprise.
• Fill out the Startup Code Application - Once you’ve confirmed your eligibility, you can complete the startup code application. The application requires introducing your company to the Startup Committee.
• Startup Evaluation Process - The Startup Committee reviews and evaluates your application and decides within 10 working days whether your startup idea meets its criteria. If approved, you will get a verification letter with a unique application code, which is required to apply for a visa or residence permit.
• Visa Application Process - Non-EU residents require a visa for Estonia. So, you must ensure that you get the Schengen D-visa or residence permit. You must visit the Estonian embassy in your country to apply for the Schengen D-Visa.
• Complete the documentation process for yourself and other family members simultaneously.
• Choose Startup Entrepreneurship for your visa application.
• Complete the biometric formalities and wait for your startup visa.

The visa processing time is around 60 days from applying. The visa is granted for 12 months with a six-month facility to extend. You must apply for the Estonian Residence permit within the visa validity period.

Here is the process for applying for a temporary residence permit as a startup.⁸

• Register your business in Estonia. You can refer to one of our articles for detailed information.
• Once in Estonia, you can apply for the Temporary Resident Permit (TRP) at the Police Board. Otherwise, you must apply at the Estonian Embassy in your country.
• Book an appointment with the Estonian Embassy and submit the necessary documents.
• You must register the post-residency address within 30 days of receiving the TRP for the business. Otherwise, you risk termination of the TRP.

Moving to Estonia from abroad

The visa is just the first step in moving abroad. There are several additional things to get in order before and after moving. Here are factors to consider when shifting abroad:

• Update bank and credit card accounts: Your residency status in your home country will likely change after shifting your base to Estonia. It’s a good idea to contact your local bank at home and make any changes to your accounts. This can include converting your existing accounts into non-resident accounts or just making the bank aware that you will be abroad. Updating your credit card information and finding a solution for recurring payments at home, like utility bills, is essential.
• Staying connected to family and friends: Keeping in touch with your family and loved ones is important, especially when far away. Apps like WhatsApp can help you stay in touch, while social media channels like Instagram are a great way to stay updated and share your journey abroad. Having a local SIM card in Estonia can let locals reach you and help avoid international roaming charges.
• Cultural changes: Relocating to a European country requires adjusting to a different culture than your own. Keep yourself open to understanding the history and culture of Estonia while still doing things that allow you to feel rooted in your own.
• Language: Estonian is the official language in Estonia, and while many people may know English, it is still the language for day-to-day activities. Try to learn some Estonian, whether through classes or language apps, before going abroad to help make the transition seamless.
• Accommodation and logistics: Decide where you would like to live in Estonia. Tallinn is the country's capital and the city with the most people. You can search for rented apartments before leaving or find one when you arrive.
• Healthcare: Ensure you have proper health insurance for yourself and your family for any medical emergency. Knowing the details of local medical clinics and hospitals before you leave your country for Estonia is a good idea.

Banking in Estonia

You will likely need to open a bank account in Estonia, whether for your business or personal. Keeping your business expenses separate from your personal account will also help in accounting.

If you are going to have local expenses, like paying rent or earning a salary, a personal account will be helpful. Read our full guide to opening a bank account in Estonia for more information.

LHV, Swedbank, SEB Group and Luminor are all examples of local Estonian banks. Be mindful of bank fees when it comes to international transactions. Startups with distributed teams, staff or suppliers can lose money to large transfer fees or bank exchange rate markups.

Want a low-cost, fast and easy way to send international payments for your business? Check out Wise.

Meet Wise: International Account for Global Entrepreneurs

When work, home and friends are in different time zones, get the account that keeps up with you. Wise lets you send money directly to local bank accounts worldwide, with transfers deposited within seconds on popular routes. By using smart tech, Wise can make global transfers fast, secure and cheap. You only have to pay a low transfer fee, and you get the real mid-market exchange rate on every transfer. No extra bank fees or markups here.

Join Wise for free and see how much you can save with Wise.

Wise Account for Estonian Residents

Whether you are sending money back home to family, putting a deposit on an apartment or splitting a holiday home with friends, Wise can make global money transfers simple. And now, with the Wise multi currency account, you can send money wherever it needs to go from one single account. The multi currency account lets you send money to local accounts in abroad from the award-winning Wise app.

Multiple currencies are not a problem with the Wise multi currency account. You can hold, send and spend in foreign currencies from one account, making converting funds easy. You can also opt for a linked debit card so you can swipe like a local at shops or restaurants worldwide.

Sign up for the Wise multi currency account and see how seamless managing multiple currencies can be.

Get Started with Wise account for Estonia Residents 🚀

Wise Business Account for Estonian Startups

Your startup is about to take off; get the business account that can grow with you. The Wise Business Account is one account that lets you send money to employees, staff, vendors or suppliers globally. You can send money directly to local bank accounts abroad, and Wise integrates with QuickBooks and other accounting software to make keeping track easy. With a Wise Business Account, you get local bank details for different currencies, so clients overseas can also pay you in their preferred currency. A Wise Business Account is a simple and convenient way to manage a global business.

Over 300,000 businesses use a Wise Business Account every quarter. Join today and take your business to the next level with Wise.

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Looking for the perfect path for you and your business? This article provides a general overview but tap into professional services like attorneys, financial advisors, or legal support for specific advice for your unique journey.

Sources used for this article:

1. Estonia Startup Visa for Entrepreneurs
2. Benefits of the Estonia Startup Visa
3. Requirements of the Estonia Startup Visa
4. Estonia Startup Visa Fees
5. Documents required for visa application
6. Documents required for residence permit
7. Estonia Visa Application Process
8. Estonia Residence Permit Application Process

Sources verified on 5 January 2024.

Cover photo by cottonbro studio.