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.

The information you need to provide in the annual report depends on the size of the company. For example, small businesses are required to provide an activity report, balance sheet, income statement, and specifically required notes.

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.

The following information needs to be written on purchase and sales invoices:

• Title (e.g. “Invoice” or similar)
• Invoice number
• Date of issue
• Description of goods or services purchased
• Numerical data (amount, price of a unit, total sum)
• Names of the seller and buyer
• Addresses of the seller and buyer
• Seller’s company registration number
• Seller’s VAT number (in case the seller has it)

There are certain restrictions for source documents, take a look at information about requirements.

In most cases, the financial year is the same as the calendar year in which case the deadline is the last day of June.

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 , etc.

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%.

It is very strongly preferred that only business related expenses are on your receipts that you send to us.

Receipt needs to include:

• Date of issue
• Receipt number
• Description of goods or services purchased
• Numerical data (amount, price of unit, total sum)
• Name of the seller
• Address of the seller
• Seller’s company registration number
• Seller’s VAT number (in case the seller has it)

Receipts can be forwarded to us, using the Envoice app. You simply take a photo of the receipt and send it to us via the app.

Please use Multipage function, if your receipt has multiple pages (card payment slip and receipt itself).

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.

No, you don’t.

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.

When conducting business in Estonia, you should comply with the local accounting and legal standards. A company needs to keep its books so that the creditors and business partners may rest assured about the financial position of the company and taxes can be calculated correctly.

There are three main accounting policies to abide by:

• the Accounting Act of the Republic of Estonia
• Estonia’s Good Accounting Practices
• the guidelines issued by the Accounting Board of the Republic of Estonia

Yes.

The price will be based on the number of transactions.

Please contact us for a special price.

The information you need to provide in the annual report depends on the size of the company. For example, small businesses are required to provide an activity report, balance sheet, income statement, and specifically required notes.

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.

In most cases, the financial year is the same as the calendar year in which case the deadline is the last day of June.

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.