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Business

How to start Estonian company


There are two ways of establishing the company in Estonia – online and with a notary. electronically, a company can be established in just a few hours in the best case, but mostly it takes one business day. Registering a private limited company through a notary will take 2-3 days.

Pricing:
• Establishing a private limited company with a notary – state fee of 145 euros and the notary fee
• Electronically under expedited procedure – the state fee will be 190 euros

Here are the major steps of establishing the private limited company:
• Choose the company’s business name and check that it is available
• Choose the main field of activity
• Obtain a legal address and a contact person
• Register your company
• Pay the share capital of minimum amount 2500 euros or you can choose to defer the payment for as long as you want if the share capital is under €25,000
• Receive the confirmation.

What must be done after founding a company:
• Open the bank account. The primary prerequisite for opening an account is according to the regulator’s expectation that the planned business activity would be related to Estonia – it is not enough just to establish the company in Estonia. This is the only procedure what requires the personal presence
• If the area of activity is subject to special requirements, a license has to be acquired
• For the use of e-services Estonian tax and Customs Board, you will have to conclude a contract for the use of e-Tax/e-Customs
• If needed, register the company as a VAT payer. If the taxable annual turnover of your company exceeds 40 000 euros per calendar year, you are required to register the company with the Estonian Tax and Customs Board as a VAT payer.
• If your company has employees, register the employees in the Employment register on the website of Tax and Customs Board.
• At the end of each financial year, an accounting entity is required to prepare an annual report that consists of the annual accounts and the management report.
• The ultimate beneficial owners should be reported to the commercial register.

Need help with establishing a company in Estonia? We are glad to help You.

Review compiled by:
Natalia Gorpinchenko | Accountex OÜ



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