Virtual Office FAQ
It needs to be raised Estonian Commercial Code states that if a private limited company has less than half of its share capital or less than the amount of share capital specified in § 136 of this Code or the other minimum amount of share capital provided by law, the shareholders shall decide: 1) reduction or increase of share capital, provided that the number of net assets would thereby form at least half of the share capital and at least the amount of share capital specified in § 136 of this Code or other minimum amount of share capital provided by law, or taking other measures as a result of which the amount of the net assets of the private limited company would be at least half of the share capital and at least the amount of share capital specified in § 136 of this Code or other minimum amount of share capital provided by law; 2) the dissolution, merger, division, or transformation of a private limited company, or 3) submission of a bankruptcy petition. We can help with the terminal liquidation process. For example, micro- and small businesses are required to provide an activity report, balance sheet, income statement, and specifically required notes. Our customers are mostly micro and small companies. A micro-enterprise is a private limited company with total assets of up to 175 thousand euros, liabilities not exceeding equity, and annual sales revenue of up to 50 thousand euros. The micro-enterprise has one shareholder who is also a member of the management board. The micro-enterprise does not have to submit an activity report in the annual report and the number of annexes is also minimal. A small company is a company with total assets of up to 4 million euros, annual sales of up to 8 million euros, and an average number of employees of up to 50 people, one of which may be exceeded. We accept the source documents in Estonian and English language. There are certain restrictions for source documents, take a look at information about requirements. All legal entities need to submit an annual report in Estonia – which of course includes companies owned by e-residents. Under the Commercial Code (see § 60), it’s mandatory to submit the report even if the company doesn’t have any activities during the financial year. It must be prepared in Estonian and in the official currency (EUR). The deadline is six months after the financial year is over. Usually at lates last day of June. But it is always wise to do it earliel. The annual report can be submitted remotely if you have an Estonian e-residency card, Estonian ID card, Estonian Mobile ID or Smart ID. In other cases, the services of a public notary must be used. Please take a closer look at our respective service: The following information needs to be written on invoices: There are certain restrictions for source documents, take a look at information about requirements. They must include: They can be transmitted to us through various communication channels, preferably through various applications that automatically add them to the accounting software. In special cases, a different period may be set for the financial year. Submitting an annual report is mandatory for all the companies registered in Estonia, within 6 months from the end of the company’s financial year.
In XML format. If your current bank service provider doesn’t let you save your bank statements if XML format you can easily convert it to XML format, an example of using If the volumes are larger, the price will change. We reserve the right to change our service prices if your monthly volume of transactions changes more than 25%. You will receive a notice via e-mail to sign in to our e-accounting environment, where you will have access to all the information about your business. If the company has employees who are not tax residents of Estonia and work outside Estonia, the salary payments to these foreign employees are not taxed in Estonia, and we do not file tax returns for these employees. Foreign employees must declare their income on behalf of an Estonian company in the country in which they are taxable. Keeping your books in order is crucial to providing financial transparency to your creditors and business partners and ensuring the accurate calculation of taxes. There are three main accounting policies that you must follow in Estonia: By adhering to these accounting policies, you can ensure that your company’s financial information is accurate and transparent. Moreover, accounting is the basis for preparing the annual report. Submission of the annual report is mandatory, if not submitted, the state imposes a fine, and in some cases also forced termination. Check out our corresponding service: Yes. The price will be based on the number of transactions. Please contact us for a special price. For example, micro- and small businesses are required to provide an activity report, balance sheet, income statement, and specifically required notes. Our customers are mostly micro and small companies. A micro-enterprise is a private limited company with total assets of up to 175 thousand euros, liabilities not exceeding equity, and annual sales revenue of up to 50 thousand euros. The micro-enterprise has one shareholder who is also a member of the management board. The micro-enterprise does not have to submit an activity report in the annual report and the number of annexes is also minimal. A small company is a company with total assets of up to 4 million euros, annual sales of up to 8 million euros, and an average number of employees of up to 50 people, one of which may be exceeded. All legal entities need to submit an annual report in Estonia – which of course includes companies owned by e-residents. Under the Commercial Code (see § 60), it’s mandatory to submit the report even if the company doesn’t have any activities during the financial year. It must be prepared in Estonian and in the official currency (EUR). The deadline is six months after the financial year is over. Usually at lates last day of June. But it is always wise to do it earliel. The annual report can be submitted remotely if you have an Estonian e-residency card, Estonian ID card, Estonian Mobile ID or Smart ID. In other cases, the services of a public notary must be used. Please take a closer look at our respective service: In special cases, a different period may be set for the financial year. Submitting an annual report is mandatory for all the companies registered in Estonia, within 6 months from the end of the company’s financial year.
It needs to be raised Estonian Commercial Code states that if a private limited company has less than half of its share capital or less than the amount of share capital specified in § 136 of this Code or the other minimum amount of share capital provided by law, the shareholders shall decide: 1) reduction or increase of share capital, provided that the number of net assets would thereby form at least half of the share capital and at least the amount of share capital specified in § 136 of this Code or other minimum amount of share capital provided by law, or taking other measures as a result of which the amount of the net assets of the private limited company would be at least half of the share capital and at least the amount of share capital specified in § 136 of this Code or other minimum amount of share capital provided by law; 2) the dissolution, merger, division, or transformation of a private limited company, or 3) submission of a bankruptcy petition. We can help with the terminal liquidation process. If the company has employees who are not tax residents of Estonia and work outside Estonia, the salary payments to these foreign employees are not taxed in Estonia, and we do not file tax returns for these employees. Foreign employees must declare their income on behalf of an Estonian company in the country in which they are taxable.
Accounting (13)
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The information you need to provide in the annual report depends on the size of the company.
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1
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An annual report is the company’s financial statement of the past financial year.
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The law establishes what data must be present on the invoice so that it complies with the Estonian Accounting Legislation.
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Legislation states that only business-related expenses can be included in the company’s reporting. Non-related expenses are treated as non-purpose based on the Estonian Accounting legislation and are taxed with an additional preferential tax.
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In most cases, the financial year is the same as the calendar year in which case the deadline is the last day of June.
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, etc. 2
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1
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No, you don’t.
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Yes, it’s mandatory. When operating a business in Estonia, it is essential to comply with local accounting and legal standards to ensure that your company is adhering to the best practices in accounting.
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Annual report (3)
The information you need to provide in the annual report depends on the size of the company.
2
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An annual report is the company’s financial statement of the past financial year.
2
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In most cases, the financial year is the same as the calendar year in which case the deadline is the last day of June.
2
0
Company liquitation (1)
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Taxis in Estonia (1)
No, you don’t.
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