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Investment Guide Estonia at a Glance

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Investment Guide Estonia at a Glance investment guide estonia at a glance OFFICIAL NAME: Republic of Estonia CALLING CODE: +372 CAPITAL CITY: Tallinn TIME ZONE: UTC+2 estonia. OFFICIAL LANGUAGE: Estonian UNITS OF MEASURE: Metric system TOTAL AREA: 45,339 sq. km. ELECTRICITY: 220 V POPULATION: 1,323,820 (2018) DRIVING: On the right NATIONAL FLAG: EMERGENCY NUMBER: 112 for digital and CURRENCY: Euro (€) GOVERNMENT: Parliamentary democracy MEMBERSHIP: EU, NATO, OECD, WTO, knowledge- Eurozone, Schengen Area, Digital 9 Iceland based Norvegian sea Finland Norway business Sweden Baltic sea Russia Latvia North sea Denmark Lithuania World-class human capital, unique digital Ireland Belarus United Kingdom capabilities, and a competitive business Netherlands Poland Germany Belgium environment make Estonia a smart, agile location Luxembourg Czech republic Ukraine for businesses with global ambitions. Slovakia Austria Moldova Hungary France Switzerland Slovenia Romania Croatia Bosnia & herz. Serbia Black sea Italy Kosovo Bulgaria Andorra Monte- Caspian sea Negro Macedonia Albania Spain Greece Portugal Turkey Malta Cyprus Mediterranean sea Extensive IT usage across the a competitive and economy creates significant efficiencies, scalability, transparent economy and real-time data Estonia consistently ranks as one of the most open, Estonian GDP by Economic Activity (2018) competitive and transparent economies in the world. This success is due to a commitment to low red tape, the rule of 9.9 15.4 Manufacturing law, and significant investment in infrastructure and human 2.6 capital. This creates an environment that allows solutions and 3.8 Wholesale and retail trade services to be researched, developed, and delivered globally. 3.9 Real estate activities 11.7 4.1 Construction Estonia’s R&D ecosystem and digital OECD TAX capabilities make it an innovation #1 COMPETITIVENESS 4.7 Transportation and storage hotspot. Successful start-ups include INDEX 2019 Public administration and defence Transferwise, Skeleton Technologies, 6 10.1 and Bolt, to name a few. Global giants INTERNET FREEDOM Information and communication like Ericsson, Arvato, Kuehne+Nagel, #1 Freedom House 2018 6 7.7 and NATO all conduct R&D in Estonia. Professional, scientific and technical activities As IT becomes the value driver across 6.8 7. 3 all industries, Estonia is uniquely INDEX OF ECONOMIC Education positioned as the choice for digital- and #5 FREEDOM, IN EU knowledge-based businesses. The Heritage Foundation 2019 Human health and social work activities Financial and insurance activities A variety of international organisations EASE OF DOING have acknowledged the Estonian #16 BUSINESS Administrative and support service activities economy as very open and competitive: World Bank 2019 Agriculture, forestry and fishing Other sectors The Estonian Government demonstrates In Central and Eastern Europe, Estonia is flexible and needs-based legislation among the leading countries regarding with a priority on the facilitation of foreign direct investment per capita. entrepreneurship. This has resulted in a By December 2018, Estonia has simple, transparent, and nimble business accumulated a total of 21,7 billion euros environment that is one of the key drivers worth of foreign direct investments. of foreign direct investment in Estonia. Estonia has some of the Standard & Poor´s: AA- highest international credit Moody’s: A1 top investment projects ratings in the region Fitch IBCA: AA- of estonian investment agency in 2018-2019 FDI stock by sector (2018) 20% Financial sector 31% Daimler AG > €129 M > Bolt | VC Real estate activities Hamburger Hafen > €50 M > Transiidikeskuse AS | M&A Manufacturing und Logistik AG 6% Wholesale and retail trade Guangzhou Hangxin > €43 M > Magnetic MRO | M&A Aviation Technology Professional, scientific, and technical activities 12% 18% Other Institutional > €34.8 M > TransferWise | VC Venture Partners 13% Heinzel Holding > €17 M > Estonian Cell | expansion FDI stock by origin (2018) Estonian Cell Investor of the Year at Estonian Entrepreneurs 25% 37% Swedish companies Awards 2019 Finnish companies Dutch companies Lithuanian companies Angela Titzrath CEO of Hamburger 3% Russian companies Hafen und Logistik AG 24% 4% Other 7% One of HHLA’s targets is to grow internationally. Estonia is one of the fastest-growing economies in Europe and a pioneer when it comes to digitalisation.” Easy administration – the estonian taxes can be declared tax system via e-tax/e-customs. The Estonian tax system is known for its simplicity, broad tax Labour Taxes Personal Income Tax base, and low tax rates. The aim of the Estonian government The social tax rate is 33% (incl. health Residents pay tax on their worldwide is to shift the tax burden from labour to consumption. insurance). In addition to social tax, income. Taxable income includes: unemployment insurance tax at a rate of 0.8% must be paid on gross salaries → income from employment The corporate income tax rate (an additional 1.6% is withheld from (salaries, wages, bonuses, on regular profit distributions employees’ salaries). and other remuneration) is lowered from 20% to 14% → business income in cases where dividends VAT → interest, royalties, rental income are paid to legal persons → capital gains The standard VAT rate is 20%; the Corporate Income Tax reduced rate is 9%, and 0% in some → pensions and scholarships (except cases. scholarships financed from the state Estonian resident companies and Dividends paid to non-residents are no budget or paid on the basis of law) permanent establishments of foreign longer subject to withholding tax. However, The threshold for obligatory VAT entities (including branches) are withholding taxes may still apply to other registration is €40,000 per year in subject to 20% income tax only in payments to non-residents if they do not Personal income tax is withheld from turnover. respect to all distributed profits (both have a permanent establishment in Estonia employees’ gross salaries every actual and deemed), including: or if tax treaties otherwise provide. Since month and paid by the employer. The taxable period is one calendar month, the tax period for corporate entities is one and VAT returns must be submitted to → corporate profits distributed month, income tax must be returned and the tax authority by the 20th day of the during the tax period paid monthly by the 10th day of the month following the taxable period. following month. → gifts, donations and representation expenses OECD TAX → expenses and payments not Personal #1 COMPETITIVENESS related to business income tax: INDEX 2019 VAT: 20% → transfer of assets of a permanent 20% establishment to its head office Corporate or to other companies unemployment tax: income tax on 2.4% reinvested prots: Land tax: 0% from 0.1% to 2.5% Social tax: 33% Property tax: 0% startup ecosystem e-Tax services include: Estonia is roughly the same size as IN NUMBER OF UNICORNS Switzerland, but with 6x fewer people. #1 PER CAPITA → individual income tax claims Our superpower? Startups. According to Each year, around 96% Index Venture, startups are less prone to → an enterprise’s declarations of IN STARTUP-FRIENDLINESS of all tax declarations in Estonia fail here, and Estonia is perceived as an income tax, social tax, unemployment #1 are led electronically extremely attractive place for business insurance and contributions to thanks to its reasonable business policy. IN NUMBER OF STARTUPS the mandatory pension fund #3 PER CAPITA IN EUROPE → value-added tax returns In the last 10 years, Estonian startups have raised a total of nearly €1 B. The vibrant → alcohol excise, tobacco excise, COUNTRY IN EUROPE startup community has produced four fuel excise, and packaging #3 TO CREATE A STARTUP unicorns - Skype, Playtech, Transferwise, excise duty returns It takes and Bolt - and a dozen startups, currently → INF declarations approximately 3 minutes valued over $100 M each. → customs declarations to le taxes online Non-residents may choose a tax representative. The tax representative of a non-resident is a person to deals | 38 whom the Tax and Customs Board Raised capital EUR | No of deals | 46 deals has issued a corresponding activity licence and is authorised to represent the non-resident for the performance of obligations arising in Estonia. €329,838,524 €288,806,760 | 47 deals | 47 | 39 deals | 46 deals | 28 deals | 45 deals | 11 deals | 5 deals | 4 deals | 19 deals | 8 deals | 10 deals €106,094,045 €97,035,106 €69,130,033 €30,875,441 €23,390,500 €18,530,601 €8,277,900 €7,304,831 €4,315,000 €5,690,000 €3,958,000 Additional information: Estonian Tax and Customs Board Ministry of Finance 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 emta.ee/en fin.ee/en startup labour market ecosystem and finding suitable staff Estonia has a busy, supportive and open The Estonian labour market Remuneration and working time: startup ecosystem eager to support is characterised by: ambitious individuals and startups. In The labour legislation is liberal and offers 2017, the Startup Visa program was → a highly-skilled workforce more flexibility for agreement on terms launched to help non-EU founders and conditions of employment. → 86% of adults speak at least grow their startup in Estonia. one foreign language Wages must be paid at least once a month, Estonia isn’t your market – it´s your Dr. Steven Kasih → low unionisation and it is the employer’s obligation to accelerator! Take Bolt. Launched in 2013 Head of Last Mile calculate and withhold all payroll taxes. → simple and straightforward and a unicorn since 2019, it operates in Logistics & Robotic labour legislation 27 countries, but has kept its HQ and Delivery at Daimler AG When hiring, the general standard is a largest office in Tallinn, Estonia. four-month probation period with 15-days notice for termination of Estonia is a great country employment during the probationary with a great start-up spirit period. Long-term employees usually €584 have a one month notice period for and perfect conditions monthly termination of employment.
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