6 crucial things to do before choosing a service provider
When you are an e-resident who wants to form an Estonian company the first thing you need to do before incorporating is to choose a service provider. Thanks to a service provider you will get the mandatory legal address and contact person service and in most cases accounting as well. There are numerous companies to pick from. Before contacting any of them it is highly recommended to know the following things listed in this article.
1. Do research about e-Residency.
E-residency helps you manage your company remotely by granting you the ability to give a digital signature. However, it does not automatically allow or help you to obtain a living permit in Estonia.
This is only one core aspect people tend to mix up. If you have more detailed questions beyond that the e-Residency office hosts monthly webinars on the basics of e-residency and opening your business in Estonia, take part in it here. There is also an extensive knowledge base for you here.
For service providers, there is nothing more satisfying than to get a well-prepared client who has done their homework and is committed to achieving their plans.
2. Talk to your local tax advisor.
It is crucial to consult with your local tax advisor about your business plan and tax planning. That way you are aware of all the risks before committing and deciding on anything. If you haven’t considered the tax implications that may arise in your country the consequences could be costly later down the line.
Estonia has double tax avoidance treaties with 59 countries, you can check them out here.
If you feel you need some consultation about the Estonian taxation side we are ready to help you with that or appoint you to our partners specialized in international tax advising.
3. Figure out the terms and share percentages between shareholders.
Will your Estonian company have multiple shareholders? Figure out how many shares each one owns. We always recommend having a shareholders agreement between all the owners to avoid any inconvenient disputes in the future. Decide if you want to do the shareholders agreement yourself or use Silva Hunt´s help.
4. Have an estimation of how many sales and expenses you are going to have in a month/year. That way a service provider can offer you the best solution tailored to your needs. Using an accountant will save you time and energy in running your Estonian business. With Silva Hunt, an active company can have up to 50 transactions a month. Don´t hesitate to ask how our accounting works here.
5. Research your market and know who your customer avatar is.
In order to succeed with your business, you need to have the confidence that there is a need for your service or product. Having a clear plan and goals for your Estonian business makes it easier for us to help you. That way you can be sure we´ll find you the right contacts and give you the best advice.
6. Make yourself familiar with the profiles and specializations of the service providers on the Marketplace.
Some aim for low budget mass automatization with narrow target groups regarding the nature of their business while others offer more advanced personal service levels for rather matured entrepreneur personalities. Find the two to three best-fitting providers from your perspective and start a conversation with them.
What is Silva Hunt´s specialization?
Silva Hunt is the company service provider for experienced entrepreneurs with advanced businesses. The limitations of most other company service providers are just our sweet spot: advanced business models with demanding requirements. You want to run your company in Estonia with multiple shareholders? You want to trade with physical goods? Or you even want to open a licensed business like in tourism, finance or insurance industry? Let us know how we can help you!