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Jan 3, 2024 · 7 min read
4 Spanish entrepreneurs who started companies in Estonia
Estonia's e-Residency program thrives, attracting 28,000 companies in 10 years. Spanish entrepreneurs lead, with 2,100 firms, poised to surpass Germany and Ukraine. Discover their stories with Enty.
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Since the launch of its e-Residency program in 2014, Estonia has been turning into something of a hotspot for entrepreneurs. Over the last 10 years, Estonian e-residents have established more than 28,000 companies in this country: as of late, they’ve been founding roughly 1,000 new companies every 3 months, which is a rather impressive figure for one of the tiniest countries in Europe.
While the e-Residency program attracts people from all over the globe, it has been really (and we mean really) popular among entrepreneurs from Spain. In total, e-residents from this country have opened more than 2,100 companies in Estonia — only Germany and Ukraine currently top this number with just over 2,200 companies each. However, Spain is likely to surpass these two countries soon, as the number of Spanish citizens who have applied for Estonian e-Residency over the last 3 months is nearly double that of Ukraine and Germany (at the moment of writing, Spain actually ranks #1 in this metric).
So what makes Estonia so appealing to Spanish entrepreneurs? To answer this question, we reached out to four entrepreneurs from Spain who set up companies in Estonia with Enty. We asked them about their professional journeys and reasons for choosing this country as a home for their businesses. Let’s dive into their amazing stories!
Francisco — CTO & co-founder,
Magic Feedback
Magic Feedback
“It is incredibly rewarding to know that I am helping businesses to succeed and to deliver a better experience to their customers.”
Francisco co-founded Magic Feedback — a user feedback management platform that leverages AI to help businesses make better product decisions. He is a seasoned software engineer with 15 years of experience and expertise in AI and machine learning.
Francisco co-founded Magic Feedback — a user feedback management platform that leverages AI to help businesses make better product decisions. He is a seasoned software engineer with 15 years of experience and expertise in AI and machine learning.
Larissa — Founder of TorresVirtual
“The most inspiring aspect of my business is the tangible impact it has on the lives of my clients.”
Larissa is a skilled project manager with an extensive background in technology implementation. Her startup empowers small business entrepreneurs to operate at peak efficiency through the integration of innovative solutions such as ClickUp and Zapier.
Larissa is a skilled project manager with an extensive background in technology implementation. Her startup empowers small business entrepreneurs to operate at peak efficiency through the integration of innovative solutions such as ClickUp and Zapier.
Kostya — Founder of Kostanos OÜ
Kostya is a startup founder and software developer with more than 20 years of experience in the tech industry. He has played pivotal roles in the success of over 10 startups, including notable names like OLX, Instacarro, Lofty, and Expetitle. He also founded Kostanos, a company that provides technical guidance for emerging businesses and small enterprises.
Victor — Founder of Blexity
“The idea for my business was born out of a desire to gain independence and take control of my professional journey.”
Victor's company provides startups professional support in the areas of software and business development. His involvement in numerous projects allowed him to hone his skills in software development, project management, and team collaboration.
Victor's company provides startups professional support in the areas of software and business development. His involvement in numerous projects allowed him to hone his skills in software development, project management, and team collaboration.
Francisco — Magic Feedback
How would you describe your business?
Magic Feedback is a user feedback management platform that leverages AI to help businesses make better product decisions. Using our platform, companies can automatically collect feedback from multiple sources, analyze it to identify areas where their product can be improved, and organize it in one place.
The thing is, with today’s abundance of social media platforms and other channels for communicating with consumers, user feedback is typically scattered all over the place. Collecting and categorizing it manually can be quite overwhelming. Once you start to fall behind on this, you no longer have the full picture.
The thing is, with today’s abundance of social media platforms and other channels for communicating with consumers, user feedback is typically scattered all over the place. Collecting and categorizing it manually can be quite overwhelming. Once you start to fall behind on this, you no longer have the full picture.
This is where Magic Feedback comes into play. It combines the power of AI and automation to improve the way companies manage user feedback, giving stakeholders everything they need to make informed decisions faster.
What was your occupation before starting your business?
I began my career as a software engineer at a small startup company. After a few years, I joined Google as a Senior Solution Engineer. In this role, I worked with clients to understand their business needs and develop custom solutions using Google's cloud computing platform. I also co-created the EMEA Innovation Hub department, which is responsible for developing and implementing innovative solutions for Google's clients in Europe, the Middle East, and Africa.
During my time at Google, I developed business-critical solutions that generated an estimated impact of $500M in 2021. I also received the Google EMEA Impact Award twice for my outstanding contributions and innovations.
I am passionate about remote work and building products that make it easier, more efficient, and more enjoyable for people to work and collaborate remotely. I am also passionate about using AI and machine learning to solve real-world problems.
How was the idea of your business born?
I started this company because I saw a need for a better way to manage user feedback. Traditional feedback management systems are often cumbersome and inefficient, making it difficult to collect and analyze data in a timely manner. Magic Feedback AI solves this problem, allowing businesses to quickly and easily identify trends and patterns in their feedback and use this knowledge to improve their products and services.
Which were the main hurdles while starting a company?
One of the major challenges was obtaining sufficient funding. Securing enough resources to get the company off the ground and keep it running until it’s profitable is a daunting task for any startup.
Finding the right approach to marketing was also a challenge. It takes time and effort to generate awareness and interest in your product and convince potential customers to buy it.
Why have you chosen Estonia and not Spain as home for your business?
I founded a startup in Spain years ago. After establishing the company, I encountered administrative hurdles and complex tax procedures. The Spanish tax system is pretty complicated. Having to deal with it even when your business isn’t generating any profits can be quite bothersome.
I also worked for a startup in Barcelona for over 8 years and faced similar challenges, particularly in the recruitment process and employee-related taxes. Compared to Spain, opening and managing a business in Estonia was incredibly easy. Estonia’s digital infrastructure is much more developed, so there’s significantly less red tape.
Have you ever visited Estonia? If yes, what did you like the most about the country?
No, I've never been to Estonia before. I obtained e-Residency 1.5 years ago and have always wanted to visit. I'm thinking of going to Estonia to mix work and leisure. I'd like to open a bank account there and take care of other small business paperwork, and then spend a week or so exploring the country.
I'm especially interested in visiting during the winter. When I lived in Poland, one of the things that fascinated me about that place was the winter weather. I love watching how a city can be transformed by snow. It’s a rare thing to see in Barcelona.
What’s the most inspiring thing for you in your business? How do you celebrate success?
The most inspiring thing for me is seeing how Magic Feedback is helping businesses of all sizes improve their customer experience. I love hearing from my clients about how they are using Magic Feedback to identify and fix customer pain points, develop new features, and improve the overall quality of their products. It is incredibly rewarding to know that I am helping businesses to succeed and to deliver a better experience to their customers.
We organize quarterly offsite meetings for the entire team. I believe it's important to see each other face-to-face regularly to celebrate our progress and build relationships. Remote work can make this challenging, so having the opportunity to go out for dinner together strengthens our team bond.
What advice would you give to those who just started their business or those who are contemplating starting it?
There will never be a moment when you feel completely ready to start your own company. No matter how much experience you have, starting a business will always be accompanied by a sense of unpreparedness. The only way forward is to take the plunge and give it a try.
Believe in your idea. If you truly have faith in it, then try it out. People will be able to tell if you are passionate about what you're doing. Otherwise, it will merely feel like a job for you, and success will be difficult to achieve.
I also can’t overstate the importance of having a strong team around you. No one can build a successful business alone. Look out for talented and passionate individuals who share your vision and who you enjoy being around.
Larissa — TorresVirtual
How would you describe your business?
At TorresVirtual, we empower small business entrepreneurs to operate at peak efficiency. Our mission is to streamline workflow and enhance productivity through innovative solutions in project management and automation.
We specialize in transforming inefficient process management with the integration of ClickUp and Zapier. These powerful tools are the foundation of our VIP System Intensive — a comprehensive service crafted to elevate business operations in just one day.
We specialize in transforming inefficient process management with the integration of ClickUp and Zapier. These powerful tools are the foundation of our VIP System Intensive — a comprehensive service crafted to elevate business operations in just one day.
What was your occupation before starting your business?
Before I started my own business, I worked as a contractor in operations and project management. Throughout my nine years in technology setup and implementation, I’ve developed the ability to listen to my clients’ needs and work out a vision of how to optimize their operations.
That period was essential in shaping my approach to work, yet I recognized the lack of a structured business framework to scale with confidence. My transition from a freelancer to a business owner was all about helping other companies work smarter and better by leveraging their tech and systems through ClickUp.
How was the idea of your business born?
It was born out of a realization that many small businesses and entrepreneurs struggle with the complexities of operational systems and process automation.
During my time as a freelancer, I often noticed how brilliant minds with incredible services would lose valuable time to tasks that could be simplified or automated. I knew how to help them and what tools to use, so I created a one-day intensive for integrating solutions like ClickUp and Zapier. I founded my company and began to offer a tailored approach that can streamline processes and let entrepreneurs focus on what they do best, and grow their businesses.
Which were the main hurdles while starting a company?
Defining a clear business model was definitely a challenge. As a freelancer, my income was directly tied to my time. Transitioning to a business model required a scalable strategy where the services provided by my company could grow beyond the hours I could personally work.
Compliance and legalities were another hurdle. Navigating the legal requirements of establishing a business required in-depth research and professional advice from Enty.
Why have you chosen Estonia and not Spain as home for your business?
As a digital nomad, I wanted to open a company that could be managed from anywhere. The digital infrastructure that Estonia is renowned for and the e-Residency program made it easy to open a business online, irrespective of physical location.
The tax efficiency was the second factor. Estonia's unique corporate tax structure, where taxes are only paid on distributed profits, provided me an efficient tax regime for reinvesting profits back into my business.
What is the most inspiring thing for you in your business? How do you celebrate success?
The most inspiring aspect of my business is the tangible impact it has on the lives of my clients. Seeing their businesses become more efficient and watching them achieve their goals because of the systems and processes we've implemented together is incredibly rewarding.
To celebrate success, I focus on both personal and professional activities. Personally, I might take a moment to reflect on my achievements and maybe travel to a new place to get inspired. Professionally, I might invest in a new platform or training: it is crucial to engage in ongoing education to keep up with the constant changes in the dynamic digital landscape.
What advice would you give to those who just started their business or those who are contemplating starting it?
Stay curious and continue to learn about your field, business in general, and personal development. The more you know, the better prepared you'll be to handle challenges.
Kostya — Kostanos OÜ
How was the idea of your business born?
My company provides technical consultancy for startups and small businesses. Prior to starting it, I’ve been working in the tech industry for over 20 years in roles ranging from lead developer to CTO. I also had a hand in the success of several prominent companies, including Lofty and Instacarro.
With so much experience behind me, I realized that I could put my expertise to good use by providing guidance to startups seeking technical advice. That’s how I arrived at the idea of launching this business.
With so much experience behind me, I realized that I could put my expertise to good use by providing guidance to startups seeking technical advice. That’s how I arrived at the idea of launching this business.
Why have you chosen Estonia and not Spain as home for your business?
It makes sense for me to manage my business fully digitally with e-Residency. From this standpoint, Estonia offers a much more convenient approach that allows to reduce the administrative burden on the business. Transparency of the tax system was another important factor for me.
What is the most inspiring thing for you in your business? How do you celebrate success?
I’m really into motorcycles, so when it comes to celebrating, nothing beats the thrill of travelling on two wheels for me. Hitting the road and embarking on a new journey is a great way to take your mind off of work and recharge emotionally.
What advice would you give to those who just started their business or those who are contemplating starting it?
Stay disciplined and don’t lose focus. If you want to build a successful business, consistency with a good idea is the key.
Victor — Blexity
How would you describe your business?
Our mission is to help businesses transform their ideas into reality, providing high-quality software development services that drive their growth and success.
What was your occupation before starting your business?
Before starting my business, I worked for various startups in different capacities. I was involved in numerous projects that allowed me to hone my skills in software development, project management, and team collaboration. This experience was crucial as it provided me with a unique insight into the fast-paced world of technology and entrepreneurship.
How did the decision to start your own business come about?
I really wanted to gain independence and take control of my professional journey, so making the transition to entrepreneurship was the next logical step. Working as an employee has its share of benefits, but the sense of complete autonomy is hardly one of them. The desire to achieve that kind of autonomy was a huge source of motivation for me.
Why have you chosen Estonia and not Spain as home for your business?
Opening a company in Spain is a tedious process: there are far too many roadblocks and administrative hurdles to navigate. Estonia with its digital-first approach completely outshines Spain in this regard: you can open a company remotely and manage it from the comfort of your own home. Everything is streamlined, plus there’s no need to waste time on excessive paperwork. If you value the ease of doing business, Estonia is just an overall better option.
What is the most inspiring thing for you in your business?
What I like the most about being an entrepreneur is the ability to test out different business ideas. They say that everything has been done before and there's nothing new under the sun, but I tend to disagree with that notion. When it comes to entrepreneurship, there's still a lot of room for exploration and innovation. As long as we keep advancing technologically, the possibilities will be endless. You just need to think outside the box and keep searching for new creative ways to leverage that technology. And you don't have to rely on the tried-and-true business models to build a viable business. There are a lot of successful startups that prove this point. So yeah, that freedom to explore different avenues and experiment with various business concepts is something that I really appreciate about entrepreneurship.
What advice would you give to those who just started their business or those who are contemplating starting it?
Think big. It is important to have a broad perspective and set ambitious goals. Also, don’t waste your time on things that are not worth it. Running a business on your own can be quite overwhelming at times, so remember to prioritize your tasks efficiently. This way you’ll be able to make the most out of each day.
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