Why you should work with a corporate service provider
Unlike most countries, starting an enterprise or investment in a digital hub like Estonia is relatively straightforward.
However, even though Estonia’s business landscape welcomes new investors who want to start their business, there is more than one item they need to keep in mind before funding a new business venture.
From choosing the business idea to managing offshore office operations, business owners and investors must navigate these tasks to keep their venture running smoothly. While the setup is straightforward, unforeseen challenges can suddenly arise.
What steps should you take if things deviate from the plan?
Estonia has a long-established history of corporate service providers, predating the inception of the e-residency programme in 2014.
Since the programme’s introduction, which enables foreign entrepreneurs to have a business in Estonia, many more corporate service businesses have been established that are directed towards helping e-residents develop and manage their companies in Estonia.
This has led to many corporate service providers in the Estonian market, making it difficult for people in need to choose from.
Who is a Corporate Service Provider?
Corporate Services encompass providing support services to businesses, whether internal or external, delivered by skilled and knowledgeable professionals.
A Corporate Service provider is a professional entity that provides business support solutions to other businesses, such as
- Company Incorporation & Registration
- Company Secretary
- Accounting
- Taxation
- Nominee Directors
- Legal services
- Business Consulting
- Business addresses for correspondence, amongst others.
Engaging a Corporate Service Provider (CSP)
The inception phase of a business marks its most pivotal stage. Seeking professional guidance becomes imperative in determining the appropriate company structure, fulfilling legal formalities, and addressing other pertinent aspects.
Moreover, amidst escalating demands from regulators and investors for elevated standards of corporate governance and rigorous compliance with an expanding array of regulations, businesses increasingly rely on professional corporate service providers for expert assistance.
Here are some of the vital benefits of enlisting a Corporate Service provider:
An inclusive professional solution: The corporate service provider will handle all the legal requirements. They outsource important non-core activities to a third party so that they can focus on their core activities. Hiring a corporate service provider would reduce the business’s workload.
Cost-effective: A startup or investment business can perform some of these services without an in-house team, and it would be better to outsource them to a third party. Because of the vast volumes of businesses it deals with, the corporate service provider would provide the services at a meagre cost to the startup or business.
Saves hassle: If you have professionals doing your work, it will save time. The professionals include lawyers, accountants, bankers, etc. The specialised knowledge they possess would not only be helpful for your business support services but also they can help you connect to potential investors and partners.
Corporate service providers offer these services as their main profession, catering to a diverse clientele that includes startups and established enterprises. Consequently, they possess the expertise to effectively oversee the operations of any venture, whether a passive investment asset , cryptocurrency , or operational company .
Services provided by Estonian corporate service providers:
- Creating different legal entities with various corporate structures and shareholders
- Legal guidance covering matters concerning business, contracts, legislation, and taxation.
- Administrative support includes providing a legal address, phone number, designated contact person, and mail correspondence management.
What to consider
Below are a few considerations that we suggest you take when choosing a corporate service provider for your company in Estonia.
Does the business have a licence to offer those services?
According to legislation, any business offering corporate services in Estonia must hold a licence issued by the local government. Failure to possess this licence could expose the company, its partners, and involved individuals to substantial risks, as the services may not be provided to clients in compliance with legal regulations.
Anson|Baer is a fully licensed trust and company service provider by the Estonian Financial Intelligence Unit — our licence number is FIU000132.
Does the company provider have a professional team?
You may find various service providers listed on the e-Residency marketplace and the internet claiming to offer corporate services in Estonia.
LinkedIn, or even the Estonian Business Registry, helps get more information about the business and its employees.
Regarding Anson|Baer, alongside our management, we have dedicated teams comprising professional accountants, advisors, and administrative specialists, all committed to assisting our clients daily.
Is the CSP a local company with local knowledge?
Along with having a team that can deliver the needed services for your Estonian company, you should also consider whether the company is local. This means ensuring the company has a local address and a local phone number and employees who are experienced in working in Estonia or are from Estonia.
This is because only local corporate service providers and their employees understand local laws, customs, and contacts that can offer advantages to your business.
Anson|Baer has Estonian Partners with over 17+ years of experience in the Estonian market and are legal professionals by education.
Anson|Baer has provided corporate services for local and international customers for over ten years and helped establish over 1000 companies.
Can you get all the necessary services from the same corporate service provider?
When establishing your Estonian business , it is essential to consider how much you want to manage the administrative side of your business. The activities you do not want to or do not have the time to do should be outsourced to other parties.
Various corporate service providers in Estonia offer administrative services that make your business management much smoother. Most of these services help keep costs low and give investors and entrepreneurs valuable time to deal with revenue generation and client management.
Anson|Baer provides a comprehensive array of tailored to incorporate local expertise and accommodate your business’s distinctive characteristics, facilitating smoother and more expedient operations.
Originally published at https://ansonbaer.com on April 3, 2024.
