Despite Recession In Europe, Entrepreneurial Ecosystems Developing

“European entrepreneurs are less confident about their country as a place for startups than those in America, Canada or Brazil, but regardless, entrepreneurial ecosystems are developing across Europe.  Greece seems to be adopting to a rapid entrepreneurial culture that counts incubators, funds, tech hubs and accelerator programs, as well as successful startups such as Taxibeat, which has raised $6.7 million in three rounds or Workable, which raised $7.5 million in three rounds from Greylock Partners and other investors. Looking elsewhere in Europe, Dublin is a booming tech hub, also praised as the Silicon Prairie. Another example is in my country, Cyprus.”

http://techcrunch.com/2015/05/05/despite-a-creeping-recession-in-europe-entrepreneurial-ecosystems-are-developing/

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Estonia’s 1st electronic residency card issued to UK journalist

“Estonia has become of the first country in the world to launch an electronic residency program, hoping that the innovative approach will persuade foreigners to invest and start businesses in the Baltic state.  The first virtual residency card was issued Monday to British journalist Edward Lucas, a senior editor at The Economist magazine, on Monday.  The card with an embedded microchip will allow Lucas to conduct business activity in Estonia while staying abroad. The e-residency program kicked off after the Estonian Development Fund and the former CEO of Skype, Sten Tamkivi, organized a contest for the best idea to bring foreign businesses to Estonia.”

http://rt.com/news/210775-estonia-electronic-residency-card/

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Estonia opens online applications for world’s first e-residency program

Dear current and future e-Residents,

Hello from Tallinn! The big day has finally arrived — we have just launched the e-Residency online application site!

As of this morning, it is now possible to apply for e-Residency at e-resident.gov.ee (https://e-estonia.com/e-residents/about/?utm_source=newsletter4&utm_medium=email&utm_content=1&utm_campaign=eresident ) anywhere in the world. Once your application is approved, just one face-to-face meeting is required to collect the card!

To begin, visit e-resident.gov.ee (https://e-estonia.com/e-residents/about/?utm_source=newsletter4&utm_medium=email&utm_content=1&utm_campaign=eresident ) , fill in the online application, upload your photo and a
photo of your identity document, state your reason for applying and pay a 50 euro state fee. We ask for your application motivation to have an overview of our customers (you!). We also want to manage the risks and conduct the necessary background checks to prevent digital identity misuse.

Once your application has been submitted, the Estonian Police and Border Guard Board will carry out your background check. Once your application is approved, you will be invited to your chosen pickup location to identify yourself, give fingerprints and collect your e-Resident smart ID card and card reader. The whole process should take about a month.

You can pick up the card from our foreign embassies and consulates in 34 countries around the world, or at Police and Border Guard Board service points in Estonia. Please note that the Estonian honorary consuls do not issue e-Residency and we currently do not plan to expand the number of pickup locations.

As of today e-Residents can:

  • Establish an Estonian company online within a day. At the moment a physical address in Estonia is required, which may be obtained using a virtual office service provider.
  • Administer the company from anywhere in the world.
  • Conduct e-banking and remote money transfers. Establishing an Estonian bank account currently requires one in-person meeting at the bank, and is at the sole discretion of our banking partners.
  • Access online payment service providers
  • Declare Estonian taxes online. e-Residency does not automatically establish tax residency. To learn about taxation and to avoid double taxation please consult a tax professional.

We continue to work with the private sector and government agencies to enhance our existing services and create new programs for e-Residents. As an example, it currently requires an in-person meeting to open a bank account, or the help of virtual office providers to establish a company with a legal Estonian address. We are working hard to make these services more accessible and user-friendly soon. Stay tuned.

Our government is developing e-Residency like a startup. We launched it fast and agile, and we are constantly working to improve and extend this revolutionary program. e-Residency is now in a public beta phase:  everybody is invited to apply and help us cater it best to you, the new e-Estonian — a new kind of digital and global citizen. For that, we depend on your feedback and guidance.

Since the issue of security has recently been raised, I feel that it is important to tell you about it as well. A digital identity itself does not bring along new risks, such as money laundering. Instead, it makes existing risks more visible and manageable as digital footprints are easily traceable. We have extensive logging and fraud analysis, which we make use of at our discretion and on reasonable suspicion. We also thoroughly check the background of prospective e-Residents to make sure we can trust them as future members of the Estonian e-Society.

Estonia is known worldwide for its advanced cybersecurity competence, and we take good care to mitigate the possible risks of e-Residency. The e-Resident ID itself as well as the services are built on state-of-the-art technological solutions, such as 2048-bit public key encryption. Procedures and practices are in place to ensure the safety of e-Residents’ data and that limit possibilities for misuse.

Thank you for the incredible amount of positive feedback you have already given us — and please keep writing! We have learned that people from around the world view e-Residency as an opportunity to fulfil their dreams, venture across digital borders, and free themselves from corporate bureaucracy. Our long term vision is to offer to every world citizen a government-issued digital identity and the opportunity to run a trusted company online, unleashing the world’s entrepreneurial potential.

The e-Residency application portal was officially launched this morning at Nordic Digital Day, a one-day conference about Nordic ICT innovations and reforms held during ICT Week 2015 in Tallinn, Estonia.

Please find more information at e-resident.gov.ee (https://e-estonia.com/e-residents/about/?utm_source=newsletter4&utm_medium=email&utm_content=1&utm_campaign=eresident ) and follow us on Twitter @e_Residents (https://twitter.com/e_Residents)

We look forward to welcoming you as an e-Resident!

Kaspar Korjus, Program Director
and the e-Residency Team
Tallinn, Estonia

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Poland’s Idea Bank Puts Mobile ATM Into BMW i3

“The appropriately named Idea Bank has piloted a program where its members can summon an ATM-laden BMW i3 to conduct transactions. Customers simply need to download and register the app, then request one of the four i3s with built-in ATMs to any location within the user area.  It might sound like something concocted for those too lazy to hoof it a few blocks, but the real purpose behind the service is to benefit Polish entrepreneurs and business operators. As many as 80% of the people surveyed say that they make nightly cash deposits, with half of them doing so after dark.”

http://www.digitaltrends.com/cars/polands-idea-bank-puts-mobile-atm-into-bmw-i3/

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Dutch police launch criminal investigation into Uber

“Dutch prosecutors are launching a criminal investigation into Uber for providing an illegal taxi service following court rulings and €10,000 fines.  Uber continued to operate its UberPop peer-to-peer ride-sharing service in the Netherlands in violation of a Dutch court order which saw fines of €10,000 for every driver caught providing the UberPop service.  It is the latest setback for the taxi service, which has been banned in several European countries in recent months, and recently had its offices in Paris raided by French police.  Uber allows users to summon taxi services with smartphones while its UberPop arm links private drivers to passengers.”

http://www.theguardian.com/technology/2015/apr/17/uber-dutch-police-launch-criminal-investigation

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Bill Gross: German bunds are ‘the short of a lifetime’

“Traders have been piling into the nation’s debt ever since European Central Bank President Mario Draghi announced his intention to commence U.S.-style quantitative easing, a debt-buying program aimed at keeping yields low and goosing the financial markets with liquidity.  ‘It’s just a question of when,’ Gross said during an interview on CNBC’s ‘Power Lunch.’ ‘It’s certainly a trade that doesn’t cost you anything in the short term, because it doesn’t yield anything and it has the ultimate potential of a 10 or 15 percent (return) over a one- or two-year period of time.'”

http://www.cnbc.com/id/102605761

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Bond Damage Tally: $430 Billion Lost as Slump Put in Perspective

“Global bond markets have lost about $430 billion since the start of last week as investors ponder the end of a six-year rally that sent yields to record lows.  Traders returning from Europe’s May Day holidays sent yields surging across the continent as tensions between Greece and its creditors worsened, adding to the anxiety. Yields began the climb last week as prominent bond investors from Jeffrey Gundlach to Bill Gross questioned the viability of negative yields with the European Central Bank’s stimulus measures appearing to put an end to the risk of deflation.”

http://www.bloomberg.com/news/articles/2015-05-05/bond-damage-tally-340-billion-lost-as-slump-put-in-perspective

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Why Are so Many Refugees Drowning? And Why Don’t They Fly?

“It’s not because it’s too expensive. Rosling points out that a seat on these boats costs €1,000 or more, while a flight from Ethiopia to Sweden is only €400; from Lebanon to the UK is also €400; and from Egypt to Italy is only €320.  It’s not because their governments are stopping them, either. By and large, these states have no real ability or interest in stopping emigration.  Rather, it is about incentives.  Rosling points to EU Directive 2001/51/EC, which states — in essence — that to combat illegal immigration, ‘Every airline and boatline that brings a person without the proper documents for entry has to pay all the costs for returning that person back to their country of origin.'”

http://fee.org/anythingpeaceful/detail/why-are-so-many-refugees-drowning

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Never Hand Over Your Gold To The Bank Of England For “Safekeeping”

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“With London, Paris, and Basel’s compliance, Nazi Germany looted 23.1 metric tons of gold without a shot being fired. More than two-thirds of that gold was traded with the Dutch and Belgian national banks and was eventually transported from Amsterdam and Brussels to the Reichsbank’s vaults in Berlin. Czechoslovakia’s diligent planning to safeguard its national gold reserves, together with its misplaced faith in the integrity of the new international financial system, had come to nothing. [..] Churchill himself demanded to know how the government could urge people to enlist in the military when it was ‘so butter-fingered that six million pounds of gold can be transferred to the Nazi government.'”

http://www.zerohedge.com/news/2015-05-01/what-happens-when-you-hand-over-your-gold-bank-england-safekeeping

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Speeding Ticket in Finland Costs Businessman $58,000

“When the ‘day fine system’ was devised for petty crimes, Finland did not even have any speed limits on its roads. Those did not arrive until the 1970s.  Back then, the police had to rely on the honor system, that is, asking drivers to declare their incomes, before calculating the fine. In today’s digital age, however, a few seconds is all it takes for the police, using mobile devices, to get information directly from the Finnish tax office.  Police officials say that there are really very few tickets issued of this magnitude, though they do not keep track.  Mr. Kuisla would have gotten a fine of about 100 euros if he had been traveling three kilometers per hour slower.”

http://www.nytimes.com/2015/04/26/world/europe/speeding-in-finland-can-cost-a-fortune-if-you-already-have-one.html

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