Published By : 15 Jun 2018 | Published By : QYRESEARCH
In 2014, Estonia had introduced e-Residency, a digital identity issued by the government, which enables entrepreneurs from anywhere across the world to set up and operate location-independent businesses. Riho Kruuv, the ambassador of the Republic of Estonia to India stated that there are nearly 1,600 applications has been received from India till now for e-residency as per the latest data. A large number of them are IT, including block chain/crypto currency and technology, companies and ecommerce sellers. “Many of these companies are registered as a seller on Amazon platform,” he added. Having an e-residency in Estonia gets these ecommerce sellers an easy access to markets in Europe and also enables them to embed PayPal, the leading global payment system, for ease of the payments and refunds. PayPal is one of the most favored payment options among Europeans. However, it is not allowed directly in India.
As per various online vendors, generally ecommerce enterprises have returns and exchange policy in place and, hence, in case of returns of products sold in international markets, many a time, refunding becomes a persistent issue, as charges for foreign exchange transaction are levied on it. In this case, having a bank account in Europe aids ecommerce sellers in dealing with the refunding issues conveniently without incurring additional costs. Till date, the former Soviet country has more than 30,000 e-residents from nearly 140 nations, including over 1,200 Indians. Just a few weeks ago, Mukesh Ambani, the chairman of Reliance Industries, expressed interest in joining forces with Estonia for the development of better e-governance solutions.