If you’ve been thinking of setting up your company in Estonia, you’ve probably come across Companio, formerly known as Your Company In Estonia.
While doing your research, you’ll find plenty of options to start your business in Estonia. You’ll compare accounting packages and so on. Let’s be honest; it can get overwhelming.
When I started my own company in Estonia, I spent hours searching for the best option. In the end, I chose Companio.
In this guide, I’ll review Companio and provide information about my experience with them.
It’s important to note that you’ll need to be an e-resident in Estonia first to register your company online in Estonia.
What’s Companio?
Companio is a service provider that helps you set up your business online in Estonia. They provide solutions for monthly accounting too, which is perfect if you work remotely and want to handle your business digitally.
The process is relatively simple, and Companio handles everything for you as long as you meet their criteria. They can help with your company setup if you’re a freelancer or a startup. If you’re working online – it usually works!
Services Offered By Companio
Companio offers multiples services to its clients:
- e-Residency application support
- Business incorporation and VAT application
- Virtual office
- Assistance for opening a bank account
- Accounting, taxes, and compliance
- Business management dashboard where you can do everything remotely and digitally
My Experience With Companio
The initial business setup was straightforward. But, I had issues finding my company name because the names I wanted were already taken. After a while, I simply sent a list of ideas to their team, so they could find a name that wasn’t taken already.
Then, you’ll get a series of onboarding emails explaining the next steps. Unfortunately, there was a glitch, and I received a few duplicates. I told them about it, but I’m not sure if they fixed the issue in the end.
Every email was straightforward and easy to understand. I had to verify my email and business information throughout the process and pay the registration fee.
Once the business registration was completed, I asked them to apply for VAT. I created business bank accounts with Wise and Paypal Business and was able to connect them with my online Companio dashboard.
Then, every month, I need to upload invoices and link them to the bank movements, and Companio takes care of the accounting for me.
So far, my experience has been positive.
Keep reading to learn more about the pros and cons of using Companio for your company in Estonia.
Advantages & Disadvantages Of Using Companio
Now, let’s see the advantages and disadvantages of using Companio.
Advantages
- You can do everything via the dashboard remotely and digitally. To me, it’s innovative, and it suits my lifestyle perfectly. This is why I wanted to get an e-residency in Estonia.
- You can upload up to 20 invoices per month which are enough for me. The plan is affordable.
- You can connect multiple payment getaways and banks with the dashboard, including Paypal.
- It requires minimum work from my end (uploading invoices and bank statements and linking them to the bank movements).
Disadvantages
- If you accept payments from Paypal, you’ll need to upload Paypal statements inside the dashboard so it can fit the Paypal fees, etc. This process is a bit more complicated, but Companio has a blog post to explain all the steps.
- The support team always answers, but sometimes, it will take a few days.
Companio Costs
The initial company set up costs EUR 390. Then, you’ll pay your accounting depending on the number of invoices you have each month.
The basic plan allows you to upload up to 20 invoices for EUR 79.
You can get EUR 50 discount on your business registration by signing up through this link.
Companio Vs. Xolo
From the start, I hesitated between Companio and Xolo.
Xolo is known for its two main products: Xolo Go (ideal for freelancers without a registered company) and Xolo Leap (for those who want to launch their online business in Estonia).
After reading lots of reviews inside Facebook groups, I decided to pick Companio for two main reasons:
- Xolo Leap doesn’t support payments with Stripe or Paypal, and this was an issue for me.
- I would have needed to pick Xolo Pro to have access to Paypal and Stripe, and the monthly price was higher than Companio.
Depending on your online business and needs, Xolo might be a bitter fit for you.
Paypal is an essential payment getaway for my business, and I decided to pick Companio because of this. So far, I don’t have any regrets. The whole process is easy, and I can’t complain.
Final Thoughts On Companio
In the end, Companio helped me set up my business online in Estonia, and I feel grateful for it. So far, my experience has been positive.
So, if you’re wondering if Companio is legit and trustworthy – it is! The disadvantages are relatively small and don’t negatively impact my business.
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