At verdiventures, on our birth, we went directly with Xolo Leap for its fast application, full remote company and digital self-service capabilities:

Getting Xolo Leap

If you decide that Xolo Leap is the right choice for your business, then you can complete our free sign up. We’ll take a look at the information you enter, and evaluate if we’re the best option for you. If we have any questions, we’ll be in touch, and we’re happy to answer any questions you might have.

Once you and your business are approved, you’ll enter our onboarding dashboard. We give you an overview of all the steps you’re going to go through before incorporating your company in Estonia.

Some of them are:
  • Entering your business description – you’ll need to describe your business, it’s purpose, and how you see it becoming successful. We need it to see if you’re a good fit for Xolo Leap (although if you’re at this stage having done research, you probably are!), and we also submit it to the Estonian Business Registry, Estonian Tax Board, and on your bank account application.
  • Choosing your company name – obviously a big choice, and something you’ll have to put some thought and research into. We’ve even written a blog to help you out if you’re finding it hard to pick a great name.
  • Paying state fees and our first month fee – There are two one-off state fees you’ll need to pay, €190 to register your business, and €25 for your business’ online registration. You’ll also pay €49 (+ VAT) which is your first month starter fee for Xolo Leap.
  • Digitally signing your application and other documents – This might be your first chance to use your e-resident ID card, and the digital signing capabilities. You need to sign your business registration application, along with a few other documents, before everything is complete.>
  • Waiting for your application to be approved – Once everything is done, you’ll need to wait up to 24 hours before receiving an approval. This isn’t guaranteed, but a rejection is incredibly unlikely at this point.

Choosing a banking option

A crucial decision you’ll make for your new Estonian business is how you do your banking. There are two choices here, a traditional Estonian banks and a modern fintech option.

These are our partner bank LHV and Estonian-founded company TransferWise. We’ve even compared the difference between the two in an extensive FAQ article.

You can take a look at that article if you want the full picture, but here’s a brief look at the three of them both.


LHV is Xolo Leap’s partner bank in Estonia, offering business banking services to our e-resident customers. As they’re a bank in the traditional sense, choosing them does have one drawback – you’ll need to visit Estonia for a face-to-face meeting before your account can be setup.

In the long run though, an account with LHV is incredibly beneficial. We’re integrated with them, so you’ll always be able to see your account balances in your Xolo Leap dashboard, as well as all incoming and outgoing transactions. They also offer a business credit card with your account, and can receive money in 16 currencies.

Also, if you do choose to visit Estonia, we’ll make sure your account has pre-approval before you come, meaning your visit to Tallinn could even take less than a day.


Originally only a money transfer company, TransferWise recently launched their Borderless account, allowing you to hold money in over 40 different currencies and convert between them at a very low cost.

The account also offers you the opportunity to have local bank details for Australian dollars, New Zealand dollars, British pounds, Euros and American dollars, meaning you’re able to get paid as if you had a local business bank account within these countries (or the SEPA zone for euros).

And on top of that, they’ll offer a debit card to go along with your business account, so you can spend easily in all of your currencies. And the best bit – you can sign up remotely, no matter where in the world you are, and your card will be posted to you.

We’re also integrated with them via API, so you can connect your Borderless business account to your Xolo Leap account, and see your balance in your dashboard as well. So it is definitely worth getting a TransferWise account, even if just to use their regular international transfer service, which will save you some serious money.

These are your two options, and a lot of the decision boils down to whether or not you want to visit Estonia, but we’d sincerely encourage it. A business bank account with LHV will make your daily business with Xolo Leap much easier, and Tallinn is a beautiful place to spend a few days if you have the time.

Running your company

After you’ve signed up, completed your application, got approval, and got your bank account, you can start running your company. As you’ve signed up with Xolo Leap, and we’re taking care of the daily administrative tasks, you’ll be able to serve your clients more efficiently, without worrying about your taxes or the legal sides of running your business.

The first thing you ‘ll get once everything is completed, is access to your Xolo self-service dashboard. Here you’ll also be able to create or upload invoices, to match every incoming payment to your company. Equally, you’ll also need to upload any expense documents, matching all outgoing payments you make. If you have business expenses, you may need to explain the expense and why it was necessary, and you can see more information about expenses in our FAQs.

If you do choose to create your invoices within the self-service dashboard, it’s helpful to know that we’ll calculate the correct taxes for you. You’re also able to duplicate invoices from previous ones, and choose your customer from a predefined list so you don’t need to write everything out every time.

It can’t be overstated how important it is that your finances are conducted correctly and according to the law. Whilst we take care of a lot of this, these are the things you’ll need to do monthly to assist us:

  • If you’re not with LHV, upload copies of your bank statements
  • Make sure all incoming payments have a corresponding invoice (either created in self-service, or uploaded)
  • Make sure all outgoing payments have a corresponding expense document
  • Make sure all business expenses are proper and correct
  • Reply to our emails or requests in a timely manner
  • (Annually) Review and sign documents when requested

Using the self-service dashboard should keep your life simple, and you shouldn’t need to use any other accounting software for your company. We try and keep the complexity to a minimum so everything is displayed cleanly and simply, and you aren’t in any doubt about your company’s finances. We’re also always happy to assist with any questions you have, so don’t ever hesitate to drop us an email.

The same people who’ll be assisting you, are the people who run your account, prepare payments, declare taxes, contact you for documents, compile your annual reports, and request your digital signature when needed. The human aspect of Xolo is crucial, and ensures you receive the best possible service and support at all times.

And we’re always open to feedback. The work never stops for you, and it never stops for us either. We’re constantly looking for ways to improve our product and add new helpful features to our self-service dashboard, so if you have any suggestions, let us know. We want Xolo Leap, and Xolo itself, to be the best it can be, so you can be even better.

If you create your company with Xolo, you’re the owner and single board member of your company, so you have responsibility for your company’s operations. You can pay yourself a salary or dividends, and you need to report your earnings and pay social taxes in your country of residence.

They’ll assist you with company incorporation, business accounting and banking, keeping on top of taxes, staying compliant, and even liquidation if it’s ever required.

How can I receive funds from my company (operating outside Estonia)?

If you own and run an Estonian company while operating outside Estonia and not being a tax resident in Estonia, there are 2 main options for receiving funds from your company:

  • receive salary
  • receive dividends

There’s no obligation to pay any salary or take dividends, if you are the sole shareholder and employee of your company. It’s reasonable to argue that when a business is still in its infancy, the company can’t afford to pay out anything. So you can start operating your company without receiving any salary. Similarly, you do not have to pay out any dividends even if you could.

You have the following combinations available:

  • keep all the money in the company and reinvest to boost your business or
  • receive salary only (no min nor max sum) or
  • receive salary + dividends

If I have no revenue, is there anything I can do to lower my fee?

If your company has no revenue coming in, and no activity taking place, you can consider hibernating your company for a while to consider your next steps. This lowers your fee to €29 a month until you want to get started again. As soon as your company starts making revenue, or you’re actively using it, your fee will return to the normal monthly price. Hibernation can only be considered once you are over €1000 in revenue, and it is treated on a case-by-case basis, so is not guaranteed.


Setup fee €335

for e-Residency & Business setup and registration

The full, first year

(considering you exceed the 1000€ revenue limit on the first month:

335€ +12 x 79€ x (1+20% VAT) = 1472.6€ first year

Second year

1137.6 € second year and beyond

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