Setting up and operating an Estonian company is very inexpensive. There are no fixed costs other than renewing your e-Residency ID card every 2/5 years.
That being said, there are two things which you need in order to set up your Estonian company – plus, a few other tools that you would be silly not to use …
The two essentials (requirements) are the following:
- Company E-Mail Address
- Estonian Phone Number
During the process of setting up your Estonian company, you need a company email address and an Estonian phone number. Below, I’ll show you how to get both.
1. Company Email Address (REQUIRED)
The company email address and phone number will be listed in the Estonian business register.
While you could use a free email account, it makes sense to keep thing professional and get your very own, custom email address.
For this, you simply buy a domain name of your choice, such as YOURBUSINESS.COM
Once you have that, you also have the respective email address of that domain. In this example, it would be [email protected]
The WHATEVER part can be anything, such as
The great thing about buying your own domain is that you are able to set up a custom email address.
Also, you are able to forward all incoming emails to your private email account, yet to an outsider everything looks clean and professional.
2. Estonian Phone Number (REQUIRED)
You will also need to provide an Estonian phone number. For this, you can buy a phone number via Skype.
While accounting service providers (I use Xolo) typically offer a mailing address, you will need to provide your own Estonian phone number for the company registration.
This phone number will also be listed in the Estonian business register.
3. Accounting (REQUIRED)
Accounting for your Estonian company needs to be done. There are many service providers to choose from. I am with Xolo and pay a fixed rate of €98 per month.
If you’re in the process of setting up your Estonian company, Xolo will help you with that. If you sign up with them using code FORGEMASTERY, you also get €100 off.
4. Hosting (Essential)
You don’t need a website in order to setup and operate an Estonian company. However, you it would be silly not to have one – given that it’s very inexpensive and you’re able to gain exposure for your services/products.
I am assuming you have bought a domain name already in order to have a professional email address (see point #1).
That’s great – all you need now is webspace (also called hosting) in order to run an actual website.
Bluehost comes with a fully automated website setup. With the click of a few buttons, your website (run via WordPress) is installed automatically and ready to use.
By the way, once you have set up your website with Bluehost, you can choose from thousands of FREE designs!
You can easily set up a shopping cart system, sell your product/service via your website and more.
5. E-Mail Marketing (Essential)
The final tool, which I consider an absolute must: E-Mail Marketing.
E-Mail marketing allows you to capture your customer’s and visitor’s email address and then automatically email them at a later point (e.g. updates, promotional offers).
You configure email marketing once – thereafter, everything runs on autopilot. You can easily set up a sequence as shown in the image above.
For example to automatically send an email newsletter at certain intervals or at certain times of the year, days of the week or month.
E-Mail marketing offers a great return on investment because it’s inexpensive, doesn’t consume a lot of time, yet has the potential to dramatically increase your profit!
Here’s the email marketing provider I recommend; it’s entirely free for your first 1,000 subscribers!