Estonia - perfect place to build your business


More and more foreign companies are discovering Estonia as a provider of share services functions.
So far, foreign companies have mainly relocated manufacturing jobs to Estonia because of cheaper prices, but now employees are also relocating to Estonia, with an IT company moving its back-office activities to Estonia later this year.
Estonia was top of the list for Finnish lifting equipment manufacturer Konecranes when it came to choosing a location for its financial center for shared services.
“We found that Konecranes, as a Finnish company, and Estonians have a cultural fit,” said Peter Klingebiel, head of the company's financial support service center.
"Estonians are well qualified and there is potential for cost savings," he added.
Klingebiel acknowledged 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 relocate other activities, such as IT and human resources, to Estonia. It depends on how the financial center will fare,” he said. According to Klingebiel, the company initially plans to hire 30 employees in Estonia, who would start work in July and August.
Other prominent companies that have set up shared service units in Estonia are Eesti AGA, a subsidiary of The Linde Group specializing in gas systems engineering.
Andrus Laur, CEO of Eesti AGA, said that the company's Scandinavian customer service was moved to Estonia in 2006.
At that time, the company also considered Riga. “Tallinn's advantage was the availability of people with language skills to communicate with the Scandinavian countries. The availability of suitable properties for rent and internet access was the third reason,” lists Laur.
He added that the key factor is a skilled workforce. “Most of our employees have higher education. Today we have 38 employees in Estonia and this number has multiplied in recent years. In 2006 we started with five people,” he noted.
The mineral oil company and fuel trader Statoil founded its shared services unit in Tallinn last year, which now manages 300 million euros. The company hired 10 employees and emphasized that it chose Estonia because of the well-developed financial and IT infrastructure, the presence of large Scandinavian banks, a favorable business climate and tax system. In addition, Estonia's transition to the euro in early 2011 was an important factor.


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