Establishing the company outside the country
First post in Russan group! 🎉
I am using standard Individual Entrepreneur (ИП) with a simplified tax system цшер 6%. And I'm using Tochka Bank (https://tochka.com/) to manage taxes and everything.
There are a couple of problems with this approach:
- Even if I earn money in Euro/Dollars eventually I have to exchange them with rubles.
- I don't have EU bank account.
- I'm limited in services like "Stripe". I can't use it for my Russian company.
Does anyone have experience in establishing the company outside Russia? I heard good reviews on Estonian e-residency but I didn't research it yet.
I'm looking for the simplest solution for a one-person company without any stuff. Something similar to out Individual Entrepreneur system would be great.
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For payments, I was strongly recommended to try Paddle by @alexanderisora.
For all-in-one solution, you could try either Stripe Atlas or Firstbase (supported by @tylertringas)
I haven't tried either one, but plan to later this year.
I use Paddle and promote it (https://isora.me/bootstrapping-a-saas-with-paddle-and-google-firebase-auth/) but I did not create it 😅
Are you using it with Russian ИП?
I guess I was a little unclear 😂
I meant that Paddle was recommended by Alex, not made :) Sorry for the confusion.
😄👍
Nice! Thank you! I'm still aiming to Stripe but as a temporary solution it would be amazing. I'll check it out!
I'm researching this for myself too, and many people claim that Estonian option became somewhat useless because Estonian banks have stopped opening accounts to foreigners with no physical presence in Estonia.
Oh, this is a bummer. I really had hope for Estonian e-residency.
Any other countries you have researched so far?
I've mostly read about this in articles and comments on vc.ru and habr. Also check out Nomad Capitalist, he mentioned this problem with Estonian banks not that long ago on his YouTube channel.
I also read about Georgia, but it's not supported by either Stripe or Adyen for payment processing, which I need. Haven't figured out yet what to do. Actually I'm currently residing in Poland, which is set to adopt the Estonian model of tax-deferral starting January next year, so worst case scenario I'll just register here until I have enough revenue to switch to a lower-tax jurisdiction.
P.S. I think TransferWise Borderless works in Russia and can accept Stripe payments in EUR, albeit in a limited mode (no direct debit), maybe it can be a temporary solution for your needs.
Thanks! I'll check Transferwise Borderless but I don't think I can even open Stripe account if I don't have a company.
Yes, my mistake. But you can still register a company in Estonia, and even if physical banks won't open you an account, because you have no ties to Estonia, you'll be able to still have Stripe + TransferWise setup for payments. From what I read Estonia allows you to register a company with any EEA-based bank account, which includes TransferWise, and maybe some other "challenger banks" as well.
UPD: Talk to https://www.xolo.io/, from their website it seems they continue to operate normally and set up companies as well as "real" bank accounts remotely.
Yeah, that's what I researched as well. I also talk with one guy who has a company in Estonia and he is very happy.
He's been using Transferwise Borderless and https://www.xolo.io/go for a year.
Then he went to Estonia and opened an account here https://www.lhv.ee/ and now he's using it with xolo.
So yeah, it seems there are solutions with banks.
I'm probably gonna start this process in a month or two.
I also discovered that you don't need to pay income tax to Estonia unless you're paying dividends. So you can pay the salary yourself and pay income tax in your country. That sounds amazing because in Russia it's 13%.