At some point in our lives, we’ve all asked ourselves the same questions: "How would it be to run my own company or business? And is it difficult? Where do I even start?"
As a digital nomad, and if you work for yourself, there is a very high probability that you need a company to invoice your clients/customers. Every country in the world has different rules and regulations when it comes to incorporating a company.
Ever had a dream of running your own business, and travel the world at the same time? Basically, work from anywhere? In this article, we will show you a simple way of how you can start your online business in the EU, specifically in Estonia.
On July 15th, 2019, the company and service formerly known as LeapIN announced their rebranding to Xolo, and their two new services: Xolo Leap and Xolo Go.
Xolo’s vision is to become the go-to platform for launching independent businesses around the world. Also, they aim to provide the best functionality and service while reducing the complexity and time spent running your business.
To open a Xolo Leap account and create your EU company, you will need to become an Estonian e-Resident. To apply for e-Residency, click here and bookmark this page for later. Xolo Go customers don't need to sign up for e-Residency.
How Xolo Leap Works
If you decide to open a Xolo Leap account, you will create a proper company in the EU. It gives freelancers and digital nomads all the functionalities of a real business. Within a few weeks, you can launch your business and do business with clients and customers all over the world. The price for Xolo Leap is €49 per month up to €1 000 revenue, then €79 per month.
What you get with Leap:
- Xolo account
- Owning an EU company in Estonia
- Automated accounting
- Integrated banking
- Sell via marketplaces (Upwork, Apple App Store, Google Play, and customers can pay you via Paypal or Paddle)
- Pay yourself a salary or dividends
- Annual reports are written for you
- Fully online business registration
- Digital signature for signing documents online
Use this link to sign up for Xolo Leap or Go
How Xolo Go Works
If you decide to open a Xolo Go account, you will, in reality, create a “virtual company,” which gives freelancers and digital nomads almost all the functionality of real business without really owning it. The virtual company can be launched in 10 minutes and is the quickest and easiest way to start doing business with clients and customers all over the world.
Note: Good news for all digital nomads out there! Xolo Go is LIVE, and you can sign up right now to setup your account.
What you get with Go:
- A bank account
- Billing information and invoicing
- Expense and tax management
- Automated accounting
- Access your account from anywhere
- Salary payouts
- No monthly fee
- Only 5% charge on outgoing payments
The Go option is simply based on a partnership agreement with Xolo. It allows freelancers or digital nomads to use Xolo as their legal entity. It’s an excellent option for people who are just starting their independent business. It’s also a good option for people who have low or irregular income from freelancing.
But how does it actually work legally?
Go: Whenever you sell your services to clients or customers, they simply pay money into your Xolo account. Then you may pay yourself a salary from the account. Reporting of salary and paying social tax still have to be done by you in the country of residence.
Leap: You will be the owner and the only board member of your EU company. You have full responsibility and control of your company’s operations. You may pay yourself a salary or dividends, and you will have to report all earnings to your country of residence (for example, to pay social tax).
What if I wish to close down the company with Xolo Go?
It’s easy to close down your Xolo account, and it can be done with just a few clicks at any time.
Ready to start your new business? Use this link to sign up for Xolo Leap or Go
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