Ellex leads the 2026 update of Startup Estonia’s model documents: from share options to AI

Startup Estonia has published the 2026 edition of its model documents, which are widely used in Estonia’s startup sector for establishing companies, raising capital, and governing relationships among shareholders. The working group responsible for the update was led by Antti Perli, a partner at Ellex in Estonia, who initiated the model documents project in 2017 and has led it ever since.

Startup Estonia’s model documents have become the de facto standard in Estonia’s technology sector. The documents are used by both early-stage startups and fast-growing technology companies, which have raised investments from international investors with their help. The updated package contains a total of 30 documents and covers a company’s development journey from founding through early and later-stage funding rounds.

The 2026 updates are primarily based on practical experience gained in recent years within the Estonian startup ecosystem. The most significant changes include the following:

• The documentation for share option programmes was updated to better account for part-time work and to clarify the conditions for exercising options.
• The concept of “Former Founder” was introduced to help regulate situations where a founder steps away from the day-to-day management of the company but remains a shareholder.
• Non-compete restrictions and other founder obligations were clarified to better align with market needs and enforceability requirements.
• Provisions related to artificial intelligence, cybersecurity, and sanctions were added, reflecting investors’ growing focus on technology and compliance risks.
• Investment documents were updated, and new contract templates were added, including a simple share purchase agreement and updated SAFE solutions.

According to Antti Perli, the quality of the model documents directly affects how the entire startup ecosystem works. “The model documents don’t gather dust on a shelf. They are the everyday tool of Estonia’s tech sector,” says Perli. “Some of our unicorns raised on these templates from their first pre-seed round all the way up. A tool in constant use shows where it needs sharpening, and this round of changes came straight from practice, from the places where the documents had become tight over three years. That is why updating them at least every three years is essential.”

The Ellex team on the project also included associate Christian Oliver Palvadre.

The updated package of model documents is available free of charge to everyone on the Startup Estonia website.