Estonia has focused on developing AI and Greentech solutions to make our lives more comfortable and maintain a healthy environment for all of us. These ventures are facilitated by Estonia’s advantageous tax system, which is tailored to companies planning international growth.
#1 Estonian solar roofs by Roofit.solar attract global interest and are looking for new investment
Estonian Greentech company Roofit.solar is creating solar panels that have become a real global sensation. Roofit.solar panels are thin like an iPhone, but extremely durable owing to steel and tempered glass. At the same time, it remains invisible that the roof produces electricity. Founded only three years ago, the company Roofit Solar Energy is looking for new investors and capital in order to expand production and conquer export markets.
#2 Bolt invests over €10 million to reduce its carbon footprint
Estonian-founded international ridesharing company Bolt continues to grow, pushing the boundaries of transportation and providing a smarter, easier, more affordable way for millions of people to move. From September, every European Bolt ride will be 100% carbon neutral.
#3 The robot cleaning up in snowy Estonia’s AI sector
The autonomous snow-clearing robot, known as Lumebot, has gathered an impressive amount of traction over the last year. By 2025 Lumebot will have 2000 robots clearing snow across the wintrier parts of the world. They are currently warming up for a bid to raise a seed round and are looking for $1 million to help them take their team to nine and increasing their fleet of commercially capable robots.
#4 One day doctors will be replaced by artificial intelligence (at least in some activities)
According to the Head of Connected Health cluster Piret Hirv, the role of artificial intelligence in future health care is no longer in question and we need to be ready to deploy it. This year’s brainstorming sessions among the Estonian health community discussed how to solve the issues related to the adoption of artificial intelligence. The discussion participants found that the precondition for going forward with AI was systematic and structured data collection and changes in the funding of the entire field.
#5 Cleveron opens a robotics academy
This fall, Cleveron, in partnership with Estonian Business School, will open a professional robotics education academy for young robotics enthusiasts so that the tomorrow’s AI industry has enough talented robot builders.
According to Cleveron’s CEO Arno Kütt, there is a shortage of highly educated ICT and technology specialists in Estonia. „As a technology company, we decided to make an effort in giving students real-life professional skills to become specialists in their field. We wish to create a strong foundation for future product developers, who can help bring additional value to Estonian companies and entrepreneurship as a whole with their innovative solutions,“ added Kütt.
#6 Estonia’s advantageous tax system brings companies to grow here
The Estonian tax system with 0% corporate income tax is particularly suitable for companies that are planning rapid international growth – you can spend the funds you would otherwise pay as taxes to the government, on innovating.
The system of corporate earnings taxation in Estonia is truly one of a kind – it shifts the moment of corporate taxation from the moment of earning the profits to the moment of their distribution. This means that earning profits in itself does not trigger income tax liability. The tax obligation arises only when earnings are distributed to shareholders. If the profit distributed to shareholders originates from dividends received from a subsidiary or permanent establishment in another country, then profit distribution is tax exempt. So, your business can earn millions of incomes without having to pay for it right away. Only when a company wants to distribute profits, it has to pay 14-20% income tax.
Dozens of companies, such as last year’s biggest investor HHLA have decided to invest in Estonia – at least in part – due to the country’s innovation-friendly and simple tax system.
Interested in doing business in Estonia? Our quick and free e-Consulting service is here to help!
