Foreign Investor 2022


To reward foreign investors operating in Estonia.

Who can apply?

Enterprises which have shares held by international investors, are active in Estonia and have made an important investment in the last three years are invited to apply.


We ask the entrepreneurs to show (1st stage):

  • Added value* in 2021 (if you have submitted your annual report to the Centre of Registers and Information System, you do not have to fill in this section)
  • Average number of employees in 2021 (if you have submitted your annual report to the Centre of Registers and Information System, you do not have to fill in this section) (5%)
  • Total volume of investments made in 2019-2021

Assessment criteria and process

The following financial indicators are taken into consideration (comprising 30% of the final result):

  1. Added value* increase per employee in 2019 vs 2021 (10%)
  2. Total investments made in 2019-2021 (10%)
  3. Increase in employees 2019 vs 2021 (full-time employees) (10%)


The enterprise must show a significant achievement in the following areas during the last three years (comprising 70% of the final result):

  1. Initiating and improving cooperation with local and/or international research and development organisations for developing products and/or services in Estonian branches of the enterprise (10%)
  2. Creation of new products, technologies or industries in Estonia aided by foreign investment (10%)
  3. Number of new highly qualified jobs (10%)
  4. Expanding and implementing corporate values in Estonia (10%)
  5. Establishing partnerships with local educational institutions to guarantee the training of new specialists (10%)
  6. The enterprise has outstanding activities and accomplishments in digitalisation, sustainability, and innovation *** internally as well as societally (10%).
  7. The enterprise has shown flexibility and adaptability in complicated situations and during pivotal times (10%)


*Added value per employee = (personnel costs including taxes + asset depreciation + business profit) / number of employees


** Research and development (including experimental development) includes systematic creative activities designed to increase the scope of knowledge and the ability to use such knowledge to uncover new fields of technology. Activities can be classified as research and development if they fulfil five basic criteria:

  • innovative
  • creative
  • producing positively unexpected results
  • systematic
  • transferrable and/or repeatable

For research and development, all five criteria should be simultaneously fulfilled, whether it is a constant or intermittent activity.


*** Innovation is the implementation of new and knowledge-intensive solutions and technological innovation in an enterprise – one possibility is for companies to work together with universities in conducting applied research.


Digitalisation is the implementation of automation, digital technologies, software solutions and robots to minimise the need for human intervention.


Sustainability is our journey to a cleaner, greener and more dynamic Estonia and a more successful and diverse economy, taking into consideration the needs of our society.