Estonia

Overview

Estonia is an independent republic located near the Baltic Sea. In 2004 Estonia joined the European Union what gave additional advantages in making business inside the country; and also on the territories of the EU and CIS countries. Thanks to liberal tax policy the country has experienced large inflows of international investments. Estonia is considered to be the most stable economy of the Baltic States.

Currency – Estonian Kroon (EEK). Official language is Estonian, however Russian is also quite widespread. Business languages of the country is considered to be English.

Company type

Limited Liability Company (Ltd.)

Members of Board

Quantity: minimum 1.

Status: physical bodies.

Residency: can be residents of any country.

Information about members of board: Public and stored in Estonian Registrar of companies.

Directors

Quantity: minimum 1. Director can also be a Member of Board.

Status: physical bodies.

Residency: should be a resident of Estonian.

Information about directors: information is stored with Tax authorities.

Company shareholders

Quantity: minimum – 1.

Status: physical or legal bodies.

Residency: of any country.

Information about shareholders: public and stored in Estonian registrar of companies.

Share capital

Standard declared capital – 40,000 EEK (about 2,600 EUR).

Half of the sum should be contributed together with registration. The rest is due to be contributed within a year.

Submission of Annual Report

Annual report for the first year should be submitted no later than after 18 months from the registration date.

Submission of Financial Statements

Should be submitted annually. Audit is required only depending on annual turnover and balance sheet indicators.

Taxation

Corporate income tax rate is 0% if income is invested in the company.

Agreements about elimination of double taxation

Agreements about elimination of double taxation are signed with more than 20 countries, including European countries, the US, Russia and CIS countries.

Term of company registration

7-10 working days; term of receipt of complete set of documents – 2 weeks.

Set of registration documents

  • Certificate of registration, Memorandum & Articles of Association, appointment of Members of Board, confirmation of judicial address
  • Certificate of Registered office
  • Certificate of Original Shareholder
  • Power of Attorney - Original certified and apostiled (for opening bank accounts and for other purposes)

VAT registration

This service is offered to clients that work with Latvian companies inside Estonia and the EU, and also for clients that perform export operations to third countries.

The registration procedure takes from up to 14 working days. Monthly and quarterly accountant compiles and submits VAT reports. Cost of compilation of reports is included in yearly company maintenance fee and depends on the number of operations.

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