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Estonia - the perfect place to start your business

More and more foreign companies are discovering Estonia as a provider of share services functions. So far, foreign companies have mainly relocated production jobs to Estonia due to lower prices, but now employees are also moving to Estonia, with one IT company moving its back office activities to Estonia later this year. When it came to choosing a location for its shared services financial center, Estonia was top of the list for Finnish hoist manufacturer Konecranes. "We have found that Konecranes, as a Finnish company, and Estonians are culturally compatible," said Peter Klingebiel, director of the company's financial services center. "Estonians are well qualified and there is potential for cost savings," he added. Klingebiel admitted that the company is also considering Poland and Hungary for the location of its support center. According to Klingebiel, they are looking for people with language skills because they serve large European markets. “I do not rule out that we will later move other activities such as IT and HR to Estonia. It depends on how the financial center develops, ”he said. According to Klingebiel, the company is initially planning to hire 30 employees in Estonia, who will start work in July and August. Another well-known company that has set up shared service units in Estonia is Eesti AGA, a subsidiary of the Linde Group specializing in gas system technology. Andrus Laur, CEO of Eesti AGA, said that the company's Scandinavian customer service was located in Estonia in 2006. At that time, the company also thought of Riga. 'Tallinn's advantage was the availability of people with language skills to communicate with Scandinavian countries. The availability of suitable rental properties and internet access was the third reason, ”said Laur. The decisive factor is the qualified workforce. “Most of our employees have a university degree. Today we have 38 employees in Estonia and this number has multiplied in recent years. We started with five people in 2006, ”he noted. The oil company and fuel trader Statoil founded its shared services unit in Tallinn last year, which now manages EUR 300 million. The company hired 10 people and emphasized that it chose Estonia because of its well-developed financial and IT infrastructure, the presence of large Scandinavian banks, the favorable business climate and tax system. In addition, Estonia's changeover to the euro in early 2011 was an important factor.

https://www.baltic-legal.com/foreign-companies-move-their-business-to-estonia-eng.htm