Estonian company registration portal is the fastest in the world
According to Ando Rehemaa, Director of the Centre of Registries and Information Systems, the goal of the World Record was to show that Estonia has made it extremely easy for an entrepreneur to establish an enterprise. “The state has reduced bureaucracy and created the world’s fastest online solutions, so that entrepreneurs can start their business activities as comfortable as possible.”
Raivo Keskra, an entrepreneur, established the private limited enterprise Hankeabi OÜ in front of the participants of the InnoEstonia 2009 conference, and the entire registration process of the enterprise took exactly 18 minutes and 3.05 seconds.
According to Keskra, he has been using the ID card since year 2005. “I have also given my vote on elections with the ID card, I have filed annual reports of enterprises and now I registered my first enterprise in the e-Commercial Register Company Registration Portal with the ID card.“
This World Record will be registered in the Universal Record Database. “The Universal Record Database has confirmed that the category of the fastest private limited enterprise established via an online portal conforms to the standards of their organization and as soon as we have entered the data of the record at their website, it will be confirmed as an official World Record,” explained Rehemaa.
The target of the World Record was to establish a completely new private limited enterprise with a new name and a new Commercial Registry code, with the founder and the Board Member being a natural person. The enterprise was registered in everyday conditions, using the usual procedure.
The application forms for registering the enterprise were not pre-filled and the entire process of registration, opening the starting e-account and transferring the share capital payment to that account, paying the state fee and filling in the application was included in the time result of the World Record. Time was measured with the accuracy of a hundredth of a second, from the start to the moment of the record appearing in the database of the Commercial Registry.
“We are happy to have made a World Record with such an impressive time result and now we will wait whether there are any competitors from other countries who will accept the challenge of improving on this record time,” said Rehemaa. “At the same time, we will continue the work for enhancing our system further to have better results than all competitors.”
The e-Commercial Register Company Registration Portal can be used by any citizen who has an Estonian, Portuguese, Belgian, Finnish ID card or an Estonian or Lithuanian Mobile ID. The online portal allows an entrepreneur to perform many activities without leaving the office. For example, it is possible to establish a new enterprise or to change the registry data of an existing enterprise.
The e-Commercial Register Company Registration Portal has made the process of establishing a legal person simple and comprehensible, in order to facilitate the completion of this otherwise complex process. By using standard solutions, it is possible to register an enterprise without the help of a notary, and this allows a new enterprise to be established in no more than a single day.
The official name of the new World Record is “Fastest Time To Register A Private Limited Company Via The Internet”.
The e-Commercial Register Company Registration Portal is located at the following web address: https://ettevotjaportaal.rik.ee
Link to record registrar and record attempt can be found here.