The law insists that share and stock capital must be converted to the euro in Commercial Register. Thereby ensuring that shareholdings are retained in their current position
Smallest calculated share value is 1 EUR (1, 2, 18, 50, etc.) or its multiple and stock's smallest calculated value is 0,10 EUR (0,1, 0,9, 1,5, 25,7 etc.) or its multiple.
Share capital minimal value will be 2500 EUR. Stock capital minimal value will be 25 000 EUR.
E-commercial register calculator helps you to make a decision about changing the share and stock capital: https://ariregister.rik.ee/eurocalc_oy.py
Related to the adjustments that has to be made in share capital/ stock capital the remaining capital have to be added to the undivided profit or if capital is decreased, the missing part has to be covered with undivided profit or to make an additional contribution.
Starting from 13 July 2010 all new companies can register their capital in euros and existing companies can reregister their capital into euros.
To ease the re-registration it is allowed to increase the capital (for Ltd. it's also allowed to decrease) to the closest possible number and corresponding amendment in statute can be made with simple majority of votes. EU directive demands at least 2/3 majorities of votes in Plc to decrease share capital; this is the reason why it cannot be done with simple majority of votes.
Share / stock capital changes into euros and statute changes can be done electronically by company registration portal or by notary. This kind of changes can be done from 13 July 2010-31 December 2011 and those operations are free from state fee.
The Board of the company is responsible to take care of conversion of the share capital. In case you have questions, please turn to your Leinonen accountant.
There are several changes in Commercial Code in Estonia from the beginning of 2011. The main issues are the following:
We will send you articles keeping you up to date with the latest trends and developments in accounting, taxation or legal fields.