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Search Completed | Title | E Residency 2
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Text | E Residency 2 | 006
e-residency 2.0 intrOductiOn
the programme demonstrated it is profitable from an early stage
the first wave of e-Residency included many micro- enterprises and small businesses, such as a Brazilian
video game developer, a German insurance expert and a graphic designer from turkey. all told, e-residents founded 6,000 companies in the first four years. the e-Residency programme holds clear economic benefits for the state. total government spending on e-Residency up to the end of 2018 adds up to 7.4 million euros, and during the same time period, the state will receive state fees and direct tax revenue of 17.8 million euros.
international taxation is complex for everyone conducting business globally no matter where a company is registered so this is one issue that the White Paper addresses and requires international co-operational. however, Estonia already has a highly transparent business environment and this is one way that Estonia helps ensure taxation is paid correctly and fairly where it is owed, whether that is in Estonia or another jurisdiction. Registering a company in Estonia does not automatically mean that the company’s taxes are paid to Estonia.
soft power and security
Besides founding companies, people joined e-Residency out of the desire to support Estonian culture and their interest in the technology that powers e-Residency. a number of e-residents have become “evangelists” for Estonian digital society – for example, taizo son, Mukesh ambani or tim draper, who have promoted e-Residency as a breakthrough approach to public services.
Major world organizations have taken an interest in e-Residency. For example, e-Residency joined forces with the United nations conference on trade and development (Unctad) as a founding member of the etrade For all initiaitive.3 Estonia is also a founding member (along with
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2015 2016 direct costs
2017 2018 direct revenue
Figure 2. the graph shows the direct costs (in black) related to e-Residency, including the e-Residency programme budget (salaries, sales and marketing, PR and business and product development) and the expenses of the Police and Border Guard Board, the it development centre at the Ministry of the interior, the centre of Registers and information systems, the state information system authority and chamber of notaries on additional workforce and development projects). Gray denotes direct financial receipts for the state, including state fees paid by e-residents and taxes paid by new companies they have established. Even excluding indirect income such as investments by e-residents and tourism, Estonia’s brand value and export by Estonian companies to e-residents, the Estonian state’s profits from e-Residency by the end of 2018 will be 10.4 million euros.1
Image | E Residency 2
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