What we love the most about e-Residency is that it is totally supported by Estonian society. New amendments to the Commercial code shows that Estonian state works really hard to make it working.
It was widely discussed and it is not a secret to anybody, that banks are getting more and more difficult to deal with. Not only in Estonia but literally everywhere. Very complicated compliance, unclear demands, a lot of secret procedures – getting a banking account is a huge luck now. And still banks are a cruicial part in business activities since a company without banking account is like an auto without engine.
Rise of fin-tech companies made the situation a bit better, but there are a lot of stuff you cannot do without banks. Like paying charter capital when registering a company. But times are changing.
And from now on it in not obligatory anymore to have a starting banking acount in Estonian bank to register a company in Estonia. It may be also a banking or fin-tech account in the European Economic Area. We cannot say it is a revolution or something, but it is definitely a move towards free and fair entrepreneurship.
It is also a sign that banking sphere is way out of direct influence of Estonian state. Thus instead of making changes in state regulations of banking activity, the whole Commercial Code was amended. To provide business with new options but not touching banks themselves.
Looks like banks are the whole another Universe with its own rules and authorities. And in global world there is not much to do for a national state. Positive sign is that upon any conditions e-Residency has strong support of Estonian authorities and will definitely be a stable tool for providing business activities.