The previous set of documents, which dated from 2017, was updated with the aim of reflecting the pertinent experiences of practitioners in recent years and solutions used elsewhere in the world. In total, 22 basic documents which new start-ups and their investors need the most were updated.
These documents include a sample founders’ contract, which helps new start-ups better understand the role of founders and determine the size of their holdings, as well as what happens when a founder leaves a company. Similarly updated were documents which are of help in attracting investors in the form of both convertible loans and the issuing of shares. Among other things, the Startup Estonia website offers model documents pertaining to employment and option contracts, the transfer of intellectual property and the protection of confidential information.
The set of sample documents is available free of charge to anyone interested on the Startup Estonia website at http://startupestonia.ee/resources.
In addition to TGS Baltic, other large Estonian law offices also contributed to the updating of the documents.