# How to run an Estonian company without ever going to Estonia

> Experiences founding and running an Estonian company.

Published 2018-11-29 by Patrick Heneise.
Canonical page: https://patrickheneise.com/blog/how-to-run-an-estonian-company-without-ever-going-to-estonia/

By now everyone should know the
[Estonian e-Residency](https://e-resident.gov.ee/) program and that’s not what
this article is about. 14 months ago I decided to form my new company in Estonia
and it’s been a great time so far. Everything is streamlined and simple. In the
months running the new company I had many interesting conversations with friends
about the company, taxes and nomad life.

This week a friend of mine decided to register for eResidency and walked through
the company formation process with [Xolo](https://www.xolo.io/ref/PATHEN). I am
a Xolo (previously LeapIN) customer myself and have many good things to say
about them. LHV on the other hand is much less “e” than the rest of the country,
they require people to sign documents personally in their bank branch
(e-Signature anyone?). For me that would have involved a flight from Frankfurt
and overnight stay, more than €400 for an account opening— that would be the
most expensive account of my life. However, **this is not required**. Don’t fly
to Estonia just for a bank account!

After launching my new firm, I kept on insisting on alternatives to the flight.
Turns out the bank only needs to verify the shareholder payment of €2500. I
asked [Holvi](https://about.holvi.com) (one of the other banks Xolo works with)
and 🎉, they sent me an e-signed verification for my shareholder payment. My
company setup was complete without ever setting foot in Estonia. Holvi works
much like TransferWise and Revolut entirely online. Registration is done through
the e-Residency card, that’s it.

I do plan to visit Estonia next summer for tourism, but not for a bank account.