Accounting, Payroll, Tax & Legal since 1989

Important deadlines for companies in Estonia

According to commercial law company's board has to present confirmed annual report, with its compulsory extras, during six months after the end of the fiscal year, to commercial register. Starting from 01.01. 2010 all companies have to present their annual reports electronically by using e- reporting system. To confirm the annual report, company's board must assemble general meeting and they or council must give their written report to confirm the annual report. In case if annual report is not presented to commercial register on time, then commercial register has the rights to make a fine to a person or persons who are responsible for that, with a minimum amount of 320 euros.

Changing company's statute

Starting from this year Estonia's commercial law changed, so that Plc's anymore don't have to have a council and power of attorneys that are given to board members can now be termless.  So with confirming and presenting the annual report it is recommended to go through all power of attorneys for board members, council and auditors and in case in need to extend them. As these kinds of assignments are determined with statue, it is necessary to change company's statute to make corresponding changes.

Converting stock capital and share capital into euros.

Since from the beginning of 2011 Estonia is within the euro zone, all companies must show their will to commercial register to convert their stock capital or share capital into euros and also register this kind of changes there. As in 2011 capital conversion is state tax free, then it is recommended to do those changes during this year. Share/ stock capital changes into euros and statute changes can be done electronically by company registration portal or by notary.

There is no limited deadline until the conversion can be done, but starting from 01.01.2012 all changes that consider company's data will be carried to commercial register in the case if company's capital is converted into euros.  

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