Estonia has opened an e-residency collection centre in Seoul, South Korea, that will help Korean entrepreneurs more easily enter the EU market without leaving the country.
The centre was opened by the Estonian president, Kersti Kaljulaid, who’s visiting the country. As part of her visit, the two countries also agreed on new trade and technology links.
If the e-residency centre project is successful, the project can be expanded to more locations around the world where there’s a demand for e-residency, but difficulty reaching an existing pick-up location.
Kaljulaid also agreed on a memorandum of understanding to promote inter-regional cooperation in technology and business between the Estonia and Gyeonggi Province, which is home to Pangyo Techno Valley.
The agreement includes co-operation to connect entrepreneurs, develop blockchain technology and provide opportunities for IT personnel from Gyeonggi to work in Estonia.
Kaljulaid also met with her South Korean counterpart, Moon Jae-in, and the two presidents agreed to enhance bilateral cooperation between Estonia and South Korea in various areas, including cyber defence and fostering startup businesses.
Entrepreneurs in Gyeonggi will now be encouraged to enter the European market through e-residency, while Estonian and e-resident entrepreneurs will be encouraged to enter the Asian market with the help of Gyeonggi. In addition, the private sector in Estonia and Gyeonggi will be encouraged to conduct exchanges.
Estonia opened the e-residency programme for everyone in December 2014. E-residents get a state-issued, secure digital identify that allows digital authentication and the digital signing of documents.
E-residency gives access to Estonia’s digital infrastructure and public e-services so that the approved e-residents can establish and manage an EU company and enjoy the same rights in business as Estonians. It does not provide citizenship, physical residency or tax residency.
Cover: President Kaljulaid’s delegation visiting South Korea (images courtesy of e-residency team).