How Estonia’s e-Residency Empowers Entrepreneurs in Developing Nations To Launch Their Business
Estonia is the only country in the world that offers e-Residency (electronic residency), a completely legitimate digital ID that is issued by the government, and grants full access to the nation’s digital business ecosystem. This unique offer lets anyone in the world operate their business out of Estonia, regardless of their location. Because of this, Estonia’s e-Residency provides equal opportunity for all, and is empowering entrepreneurs in developing nations to launch their businesses.
Entrepreneurs in developing countries lack the proper resources to launch and operate their businesses within their countries. This is due to lack of government funding and investment groups, high levels of bureaucracy, as well as weak government institutions that breed corruption. When you factor these items into account, it’s not hard to see why so many entrepreneurs in developing parts of the world like Africa, Asia or South America struggle to build their own enterprises. Estonia’s e-Residency changes all of that.
Anyone in the world can apply for e-Residency. The process of obtaining the residency takes all but four steps, and is simple to follow. It entails gathering the proper government documentation, paying an affordable application fee of just 100-120 EUR, a review process by the Estonian government that takes just 3 - 8 weeks, and upon successful review, the government grants you with a e-Residency kit to begin your journey.
More governments ought to consider emulating Estonia’s e-Residency model. First of all, applications for resident status not only help raise public sector funds, but help to bring in a new economy of ideas that can help a country gain a competitive advantage in the global marketplace. Second of all, such a model can help foster better relations between governments of developing and developed nations. Estonia’s e-Residency is doing both, and it’s safe to say that this one country is truly helping to empower entrepreneurs in developing nations to launch their businesses and do so successfully.