Estonian Government launches e-notary portal and remote verification trial to allow e-residents to do business more conveniently

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E-residents are able to use their digi-IDs to perform an array of business services for their companies online from anywhere in the world. However, up until now there were still some activities, which required e-residents to travel to Estonia and utilise the services of a notary registered there. These included:

  • Buying and selling company shares
  • Authenticating powers of attorney
  • Pledging company shares

But now, in a trial initiative by the Estonian Government, these business activities can be performed without the need to travel to the country.

The policy aim behind this initiative is to minimise the barrier for e-residents and foreign businesspeople to invest in the Estonian startup ecosystem by making it more convenient to do business remotely. …

Here’s what has been proposed and why.

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The Estonian Government has proposed new rules for Estonian companies involved in the trade of virtual currencies. That includes providers of a service for exchanging a virtual currency against a fiat currency and providers of a virtual currency wallet service.

The proposed changes are contained in a draft bill that would amend Estonia’s Money Laundering and Terrorist Financing Prevention Act to strengthen measures to protect the finance sector against risks of criminality.

The amendments would strengthen the supervisory powers of the Financial Intelligence Unit, an independent unit within the Estonian Police and Border Guard Board responsible for issuing and monitoring authorisations for companies operating in financial services, and also introduce additional rules for them to oversee regarding companies that trade in virtual currencies. …

Mariann Kirsipuu

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