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Virtual Office FAQ
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The document must clearly identify the parties, the date, and the economic substance of the transaction, otherwis,e it is not accepted as a valid source document. E-invoices are fully acceptable as long as integrity and authenticity are guaranteed. Adding extras such as the payment reference or due-date is not compulsory, but it helps cash-flow management. Only a VAT-registered business may add VAT to its invoice. Document title (e.g. “Invoice”) Unique invoice number and date of issue Seller’s and buyer’s name, address, registry code, VAT ID (if any) Description of goods/services, quantity, unit price, VAT rate, net and gross amount Date of delivery/performance if different from the invoice date Invoices may be issued in Estonian or English. Documents in any other language must be accompanied by a sworn translation into Estonian or English to be accepted by auditors or the Tax and Customs Board (MTA). Under both the Accounting Act and the Income Tax Act, an expense is deductible only if it is business‑related and substantiated. project or client name; employee name & business trip dates; licence plate number of the company car, etc. Lacking or incomplete documentation may lead to the expense being treated as a non‑business cost, subject to fringe‑benefit or dividend tax. This guide is for general information only and does not constitute legal advice. For complex situations consult a professional accountant or tax adviser. Every Estonian legal entity – including micro‑sized OÜs owned by e‑residents – must file an annual report (majandusaasta aruanne) with the Business Register within 6 months after the end of its financial year (Commercial Code § 60). Typical deadline: If your financial year = calendar year, the report is due 30 June of the following year. To change the FY you must submit a shareholders’ resolution and amend the articles in the Business Register before the new FY starts. Estonian GAAP (Estonia’s Good Accounting Practice) recognises four size categories. Reporting requirements scale with size: The size of the company determines which statements are required: micro-entities file only the balance sheet and income statement, whereas small entities add a cash-flow statement and management report, and larger ones include changes in equity and often an audit. Most of our clients fall under micro or small category. Late filing also raises red flags with banks and partners; keep your compliance record clean. Submitting early avoids last‑minute e‑system congestion. Need assistance? Contact us for a fixed‑fee quote. This overview is for general information only and not legal advice. Always check current laws and the Business Register instructions.
The document must clearly identify the parties, the date, and the economic substance of the transaction, otherwis,e it is not accepted as a valid source document. E-invoices are fully acceptable as long as integrity and authenticity are guaranteed. Adding extras such as the payment reference or due-date is not compulsory, but it helps cash-flow management. Only a VAT-registered business may add VAT to its invoice. Document title (e.g. “Invoice”) Unique invoice number and date of issue Seller’s and buyer’s name, address, registry code, VAT ID (if any) Description of goods/services, quantity, unit price, VAT rate, net and gross amount Date of delivery/performance if different from the invoice date Invoices may be issued in Estonian or English. Documents in any other language must be accompanied by a sworn translation into Estonian or English to be accepted by auditors or the Tax and Customs Board (MTA). Under both the Accounting Act and the Income Tax Act, an expense is deductible only if it is business‑related and substantiated. project or client name; employee name & business trip dates; licence plate number of the company car, etc. Lacking or incomplete documentation may lead to the expense being treated as a non‑business cost, subject to fringe‑benefit or dividend tax. This guide is for general information only and does not constitute legal advice. For complex situations consult a professional accountant or tax adviser. It can be done remotely. If you have an Estonian e-residency card, Estonian Mobile ID, or other suitable cards. Please take a closer look at our respective service: The fine is determined to the extent provided for in the Code of Civil Procedure. If the report has not been submitted within 18 months after the end of the financial year, the court which maintains the register shall delete the register of a legal person or decide on its dissolution or liquidation. We can help. It can be done remotely. If you have an Estonian e-residency card. Please take a closer look at our respective service: However, please note that in certain cases, such as when a signed contract and KYC documents are required, the activation of the service may be subject to the timely provision of these additional materials. Our team will promptly inform you of any such requirements and work with you to ensure a smooth and efficient activation process. It can be done remotely. If you have an Estonian e-resideny card. Please take a closer look at our respective service: Every Estonian legal entity – including micro‑sized OÜs owned by e‑residents – must file an annual report (majandusaasta aruanne) with the Business Register within 6 months after the end of its financial year (Commercial Code § 60). Typical deadline: If your financial year = calendar year, the report is due 30 June of the following year. To change the FY you must submit a shareholders’ resolution and amend the articles in the Business Register before the new FY starts. Estonian GAAP (Estonia’s Good Accounting Practice) recognises four size categories. Reporting requirements scale with size: The size of the company determines which statements are required: micro-entities file only the balance sheet and income statement, whereas small entities add a cash-flow statement and management report, and larger ones include changes in equity and often an audit. Most of our clients fall under micro or small category. Late filing also raises red flags with banks and partners; keep your compliance record clean. Submitting early avoids last‑minute e‑system congestion. Need assistance? Contact us for a fixed‑fee quote. This overview is for general information only and not legal advice. Always check current laws and the Business Register instructions.
However, please note that in certain cases, such as when a signed contract and KYC documents are required, the activation of the service may be subject to the timely provision of these additional materials. Our team will promptly inform you of any such requirements and work with you to ensure a smooth and efficient activation process. However, please note that in certain cases, such as when a signed contract and KYC documents are required, the activation of the service may be subject to the timely provision of these additional materials. Our team will promptly inform you of any such requirements and work with you to ensure a smooth and efficient activation process. However, please note that in certain cases, such as when a signed contract and KYC documents are required, the activation of the service may be subject to the timely provision of these additional materials. Our team will promptly inform you of any such requirements and work with you to ensure a smooth and efficient activation process. However, please note that in certain cases, such as when a signed contract and KYC documents are required, the activation of the service may be subject to the timely provision of these additional materials. Our team will promptly inform you of any such requirements and work with you to ensure a smooth and efficient activation process. However, please note that in certain cases, such as when a signed contract and KYC documents are required, the activation of the service may be subject to the timely provision of these additional materials. Our team will promptly inform you of any such requirements and work with you to ensure a smooth and efficient activation process. However, please note that in certain cases, such as when a signed contract and KYC documents are required, the activation of the service may be subject to the timely provision of these additional materials. Our team will promptly inform you of any such requirements and work with you to ensure a smooth and efficient activation process. The document must clearly identify the parties, the date, and the economic substance of the transaction, otherwis,e it is not accepted as a valid source document. E-invoices are fully acceptable as long as integrity and authenticity are guaranteed. Adding extras such as the payment reference or due-date is not compulsory, but it helps cash-flow management. Only a VAT-registered business may add VAT to its invoice. Document title (e.g. “Invoice”) Unique invoice number and date of issue Seller’s and buyer’s name, address, registry code, VAT ID (if any) Description of goods/services, quantity, unit price, VAT rate, net and gross amount Date of delivery/performance if different from the invoice date Invoices may be issued in Estonian or English. Documents in any other language must be accompanied by a sworn translation into Estonian or English to be accepted by auditors or the Tax and Customs Board (MTA). Under both the Accounting Act and the Income Tax Act, an expense is deductible only if it is business‑related and substantiated. project or client name; employee name & business trip dates; licence plate number of the company car, etc. Lacking or incomplete documentation may lead to the expense being treated as a non‑business cost, subject to fringe‑benefit or dividend tax. This guide is for general information only and does not constitute legal advice. For complex situations consult a professional accountant or tax adviser.
Accounting (3)
An invoice is a primary accounting document.
2. Language of source documents
3. Proving the business purpose
If the invoice alone does not make the business purpose evident (e.g. taxi, parking, travel tickets), add explanatory information such as:
Submission of the annual report is mandatory in any case.
1. What must be included?
2. Penalties for late filing
Delay
Sanction
Up to 3 months
Warning letter & initial fine (typically €200–€300)
Over 3 months
Repeated coercive fines up to €3 200 total
Persistent non‑compliance
Court‑ordered compulsory dissolution of the company
3. Best‑practice timeline (calendar‑year FY)
Month
Task
Jan‑Feb
Close previous FY in accounting; reconcile balances
Mar
Draft financial statements; collect supporting documents
Apr
Management review; prepare notes & management report
May
Board approves package; send to auditor (if required)
Jun
Shareholders’ meeting adopts the report; board member signs; submit by 30 Jun
Annual report (7)
An invoice is a primary accounting document.
2. Language of source documents
3. Proving the business purpose
If the invoice alone does not make the business purpose evident (e.g. taxi, parking, travel tickets), add explanatory information such as:
It has to be prepared in Estonian and in the currency officially applicable in Estonia (EUR).
The court maintaining the register has the right to repeatedly and without warning to punish the undertaking and all persons required to submit the data for failure to submit the report on time.
Upon order and payment services are activated in 24 hours.
If you have an Estonian company then submitting an annual report is required for all companies registered in Estonia even if there is no activity during the financial year.
Submission of the annual report is mandatory in any case.
1. What must be included?
2. Penalties for late filing
Delay
Sanction
Up to 3 months
Warning letter & initial fine (typically €200–€300)
Over 3 months
Repeated coercive fines up to €3 200 total
Persistent non‑compliance
Court‑ordered compulsory dissolution of the company
3. Best‑practice timeline (calendar‑year FY)
Month
Task
Jan‑Feb
Close previous FY in accounting; reconcile balances
Mar
Draft financial statements; collect supporting documents
Apr
Management review; prepare notes & management report
May
Board approves package; send to auditor (if required)
Jun
Shareholders’ meeting adopts the report; board member signs; submit by 30 Jun
Company formation (1)
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Company liquitation (1)
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Formation of a nonprofit association (1)
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Package ONE (1)
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Package THREE (1)
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Package TWO (1)
Upon order and payment services are activated in 24 hours.
Taxis in Estonia (1)
An invoice is a primary accounting document.
2. Language of source documents
3. Proving the business purpose
If the invoice alone does not make the business purpose evident (e.g. taxi, parking, travel tickets), add explanatory information such as: