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More than 25,000 companies have been struck off and deleted from the e- Business Register of Estonia in just four months of this year 2024. This includes companies that have not submitted just one year’s financial report. Beware, only one year’s financial report unsubmitted may have devastating consequences resulting your Estonian company being deleted from the register.
The risk of being struck off concerns all Estonian legal entities that have not submitted their annual financial reports in time. Companies that have not fulfilled their reporting obligations, have no registered assets, no entries in the land register, subsidiaries, securities accounts or pending procedures, such as tax debts, will be deleted from the register of legal entities.
Here is how it works.
If there are no impeding circumstances, an intention to delete is made. Thereafter it is published in official announcements, and after three months a decision to strike off an entity is made, which in turn takes effect after three months.
If your company is deleted, for example, you can no longer access your corporate bank accounts, i.e. the money and your corporate funds are stuck. From now on, it pays to be diligent and extra careful, sticking to the deadlines when submitting annual corporate financial statements. Indeed, you need to rely on your accounting firm or accountant to keep you compliant with local laws, regulations and required deadlines. However, we recommend double checking with your accountant if the reports are submitted in timely fashion. Better be safe than sorry.
After setting up your Estonian company, one of the most important and challenging tasks is finding a suitable accounting firm or an accountant.
In case you are not happy with your accountant or have not engaged one yet, here are some useful tips for you. It’s wise to hire an experienced accounting firm to manage your books and taxes in Estonia.
Deadline: End of June 2024
We remind all entrepreneurs who have chosen Estonian company for running their business, that the final race for submitting the annual financial reports of year 2023 has begun. The deadline is 30th June 2024. Please make sure to meet the deadline and keep your corporate affairs in compliance with local regulations.
Need advice? We can help in Estonia!
Our affiliate partner’s core business activity is the formation, management, and day-to-day administration of Estonian companies. This includes:
- company administration;
- international tax planning advice;
- accounting and bookkeeping;
- preparation and submission of annual reports;
- secretarial, and local support services.
Together we’ve acquired and developed in-depth knowledge and experience over many years through assisting hundreds of resident and non-resident clients with their accounting and tax planning needs. Let us make Estonia work best for you!
If you need accounting support, get in touch with our team of specialists today.
Contact us now!
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