Fri. Mar 29th, 2024

Indian entrepreneurs have established around 205 digital companies in Estonia in 2018 as a part of the European nation’s e-Residency programme that permits individuals from around the globe to launch their any new digital entity as well as set up any local unit in Estonia via a digital ID which is issues by its government.

Most of the 205 entities which were set up are the startups in sectors viz, content writing, software programming and web designing etc., according to Financial Express news reports.

Along with public e-services, entrepreneurs could further access the European Union (EU) business ecosystems through their digital ID, a statement, issued by the embassy of Estonia in New Delhi, has stated.

The e-Residency programme which was launched in December 2014, so far, has more than 2,174 individuals from India setting up businesses about 286 in Estonia. However, the programme saw maximum numbers of enrollment in 2018 when it has added 1062 individuals last year.

The programme includes the likes of Reliance Industries’ chairman Mukesh Ambani as the group had launched a research centre for Jio in November last year in Estonia.

Estonia which is based in Northern Europe claimed to be the first nation globally to launch such type of program inviting and attracting people from across the globe to set up businesses and do business in Estonia without any physical presence.

Ambassador of the Republic of Estonia to India RihoKruuv said: The program has already made a mark among the Indian entrepreneurs and our Indian e-Residents are now fully equipped to make their business prosper with easy access to the European market.”

Estonia is expected to add additional 300 new ventures from India this year particularly pressing its vast base of Information Technology (IT) enable youth centred in the cities like Hyderabad and Bengaluru.

Head of public relations of the e-Residency programme Arnaud Castaignet said: “India has a large base of freelancers operating in IT hubs such as Bangalore and Hyderabad as well from Tier II and Tier III cities. Goa is also increasingly becoming a hub for both Indian and international digital nomads.”

The country has also partnered with Bengaluru-based platforms for the startup collaborations and networking startups club in order to promote the programme. Startups Club founder and managing director Salma Moosa said: “The cost of entry into Europe has been traditionally very high dissuading most startups from attempting to enter it.”

Moosa said the maximum interest for the programme has been cited from IT developers and specialists, Fintech, SaaS, blockchain and many other technology-led ventures.

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