1 OFFICE

How to start and manage a location-independent company from anywhere in the world, entirely online

No matter if you have been working remotely for years or just starting with this idea, remote work is quite desirable for most of us. Nowadays work does not need to be done in a specific place to be executed successfully, therefore it is possible to work at home, in a cafe or under a palm tree. And who would not like to travel and take their job with them all year round.

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Even though this kind of freedom and working remotely has been popular for years now, there are still so many obstacles and bureaucracy that remote workers have to face. To make it easier for all freedom seeking entrepreneurs, some countries have begun to collaborate with private sector companies like 1Office to introduce unique solutions which make the life of a remote entrepreneur simpler and more efficient.

Many of you may have heard about Estonia and e-Residency, but do you also know that thanks to e-Residency it is possible to start and run your business from anywhere in the world without ever visiting Estonia. And the situation is similar in the United Kingdom - with new technology developments at 1Office, it is possible to start a company without ever leaving the comfort of your home and for this, you don't even need to apply for e-Residency first! 1Office has additionally developed unique portals which allow to start a company, open a business bank account, access virtual accounting, address service and much more from one place. What’s even more – because of advances in digitalization – all of this comes at a fraction of the cost compared to traditional processes in most countries around the world.

Estonia & e-Residency

Estonia is the first country to offer e-Residency, a government-issued digital ID available to anyone in the world. E-Residency offers the freedom to easily start and run a location-independent business online. E-residents can establish an EU company online, manage the company remotely and therefore achieve location independence, thanks to a powerhouse of one of the most advanced e-governance platforms in world.

So how does it work exactly? E-Residents are given a digital ID card that contains a special chip. This card enables them to use Estonian public and private sector services and resources, sign documents remotely, and encrypt files. It's really popular around the world as there's already more than 50 000 e-Residents and almost 7000 companies that e-Residents have established in Estonia.

But why would you want to run your business in Estonia in the first place? As a remote worker or digital nomad, you'll definitely benefit from switching your business to a country with full remote control, minimal bureaucracy, low administrative costs and simple tax system with 0% corporate income tax as long as you keep your profits earned in the company or reinvest it into growing your business. Estonia is also a member of the EU, Eurozone, NATO, OECD and Schengen Area – so a rather secure on-shore jurisdiction.

Costs of opening your business in Estonia:

  • Registering an Estonian company in the Portal costs 265€+VAT (price includes state fee of 190€).
  • You also get a TransferWise IBAN account without any additional fees. There are also other banking solutions available depending on your needs.
  • Every company in Estonia needs to have a local legal address and if your company’s management board is located outside of Estonia, it is also mandatory to have a contact person. It’s possible to add these services to your order while filling in the application and it won’t require more than one click. Legal address + contact person service for an entire year costs 290€+VAT (~24€ per month).

Step-by-step guide to open your location independent company IN ESTONIA:

  • Step 1 - Apply for e-Residency. You can do it here: e-resident.gov.ee and it can take up to 30 business days for your card to be ready for pickup.
  • Step 2 - Go to the Portal (linked) and choose a suitable name for your company.
  • Step 3 – Create an account and log in.
  • Step 4 – Fill in the application with some information about your company and yourself. It takes only 15 minutes to fill the application and thanks to the direct connection with Estonian Business Registry your company will be officially registered by the next working day.
  • Step 5 – Add TransferWise IBAN account to your order with one click. After filling the application, you get a choice to add TransferWise account to your order (account includes IBAN and debit card). Just mark the option and exact instructions about your account will be sent to you after the company is established. You will then need to wait for your account to be verified by TransferWise team (can take up to 3 working days). You’ll need the account when paying in the share capital (necessary if you wish to pay dividends) and in your everyday transactions. 
  • Step 6 -You can add additional services like address service and accounting with one click.
  • Step 7 -We will do everything else for you and you just have to wait for the confirmation email. Your company will be officially registered in 1 day and you are ready to run your business from anywhere in the world. 

United Kingdom

With thousands of new businesses opening in the UK every year and over 5 million businesses registered in total, UK is one of the most attractive markets for starting a business. It’s even possible to start your company fully online which makes it perfect for foreign entrepreneurs. Starting your online company in Estonia requires applying to e-Residency before but in the UK there are no preconditions on limitations which means you can actually fill in the application today and your company will be ready by tomorrow.

In addition, UK is also popular for new entrepreneurs because of its minimum authorised share capital of £1, a variety of helpful tax benefits, international market with many investment option, large number of talented employees attracted there and of course suitable language and time zone.

Costs of opening your business in UK:

  • Registering a UK company in the Portal costs £29+VAT (price includes state fee of £12).
  • You also get a TransferWise IBAN account without any additional fees. There are also other banking solutions available depending on your needs.
  • Every company registered in the UK needs to have a valid UK address. This address will be shown on the Companies House register and all official letters will be delivered to this address. Registered address for an entire year costs £150+VAT (~£12 per month).

Step-by-step guide to open your location independent company IN THE UNITED KINGDOM:

  • Step 1 – Go to the Portal (linked) and choose a suitable name for your company.
  • Step 2 – Create an account and log in.
  • Step 3 – Fill in the application with some information about your company and yourself. It takes only 20 minutes to fill the application and your company will be registered within 2 business days.
  • Step 4 – Add TransferWise IBAN account to your order with one click. After filling the application, you get a choice to add TransferWise account to your order (account includes IBAN and debit card). Just mark the option and exact instructions about your account will be sent to you after the company is established. You will then need to wait for your account to be verified by TransferWise team (can take up to 3 working days). You’ll need the account when paying in the share capital (necessary if you wish to pay dividends) and in your everyday transactions. 
  • Step 5 -You can add additional services like address service and accounting with one click.
  • Step 6 -We will do everything else for you and you just have to wait for the confirmation email. Your company will be officially registered in 2 days and you are ready to run your business from anywhere in the world.

Why should you use 1Office rather than register the company yourself?

  • No frustrating bureacracy
  • You can use our simple portal (no complicated applications like in Commercial Register or Companies House)
  • We will do everything else that is needed for registering the company
  • We are there for you with everything you might need in your following business activities – we offer address service, accounting, annual report and we can help you with VAT registration, legal issues and secretary services.
  • And what’s most important – with us you can get TransferWise IBAN account without any hassle. Every client coming from 1Office is treated as a trustworthy entrepreneur and therefore opening your account is easier and faster.

If you have any additional questions about applying for e-residency or starting your company, we are more than happy to answer them: sales@1office.co 

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