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Yes, deposits in Estonian banks are typically protected by the Estonian Deposit Insurance Scheme, which covers eligible deposits up to a certain limit. Eesti Consulting can provide guidance on deposit insurance coverage.
In most cases, physical presence is not required to open a bank account remotely. However, some banks may have specific requirements. Eesti Consulting can help you navigate these requirements.
The required documents may vary by bank, but generally, you will need a valid passport, proof of address, and information about the source of your funds. Additionally, banks in Estonia often conduct due diligence to establish a business connection to the Estonian market. They may inquire about your clients, counterparts, purchasers, and the nature of your business. Eesti Consulting can assist you in providing the necessary documentation and information to meet these requirements and facilitate the account opening process.
Yes, foreign companies registered in European countries are eligible to apply for the SME Fund 2023. The fund is not limited to EU-based businesses, making it accessible to a broader range of applicants.
To apply for trademark registration assistance, you can follow the application process outlined by the SME Fund. Depending on the specific voucher and services you require, you will need to submit your application during the open application period.
Yes, trademark registration in the EU is one of the key components covered by the SME Fund 2023. It offers financial support to SMEs for various aspects of intellectual property rights, including trademarks and designs.
In the SME Fund 2023, there are two vouchers available for applications: Voucher 1 for IP pre-diagnostic services (IP Scan) and Voucher 2 for Trade Marks and Designs. This differs from the previous year when both services were covered under Voucher 1. Beneficiaries can expect generous reimbursement rates, with Voucher 1 offering a 90% discount on IP Scan services and Voucher 2 providing a 75% discount on basic application fees for trademarks and designs at EU, national, and regional levels. Additionally, there is a 50% discount on the basic application fees for trademarks and designs outside the EU.
To be eligible for the SME Fund, applicants must be established in the EU and meet the criteria outlined in the official EU SME definition. This definition includes enterprises employing fewer than 250 people, including self-employed individuals, partnerships/associations, and family businesses, with limited annual turnover or annual balance sheet figures. For more specific details, refer to the EU Recommendation.
The SME Fund 2023 is a grant scheme aimed at providing financial support to small and medium-sized enterprises (SMEs) in the European Union (EU) to protect their intellectual property rights (IPRs). It is part of the Ideas Powered for business initiative, led by the European Commission and implemented by the EUIPO in partnership with European national and regional IP Offices.
Failure to register for VAT when required can result in penalties and legal consequences. It’s essential to be aware of the registration thresholds and meet your obligations promptly.
The Estonian VAT number starts with the prefix “EE,” followed by nine digits (e.g., EE123456789). Validate the VAT EE number here
Yes, non-resident businesses can register for VAT in Estonia if they have a permanent establishment or a tax representative in Estonia. Additionally, some non-resident businesses can appoint a tax representative approved by the tax authority.
To register for VAT in Estonia, you typically submit an application to the Estonian Tax and Customs Board. The process involves providing necessary documentation, including a business plan, and awaiting approval.
Yes, businesses in Estonia can voluntarily register for VAT, even if their turnover hasn’t reached the mandatory threshold. This can be advantageous for businesses looking to claim input VAT deductions or to participate in international trade.Β Haven’t company yet? Buy shelf company with VAT EE Number with Eesti Consulting.
The turnover threshold for mandatory VAT registration in Estonia is EUR 40,000 at the beginning of a calendar year.
VAT registration in Estonia is the process by which a business becomes a taxable entity for Value Added Tax purposes. It’s necessary when a business’s turnover exceeds the mandatory threshold or when voluntarily registering to claim input VAT deductions.
πΌ Opening a Bank Account in Estonia After Company Registration π¦
Congratulations on registering your company in Estonia! Now, let’s talk about the next crucial step: opening a bank account. π
At Eesti Consulting, we’ve made it incredibly easy for you to open a bank account in Estonia. Once your company is registered, the process is straightforward. We specialize in facilitating smooth bank account openings for companies just like yours. π€
Whether you’re a startup, an established business, or an e-resident, we’ve got the expertise to assist you. Our services cater to a wide range of financial institutions, including:
1. WISE π
Open bank account in Estonia with WISE
2. Payoneer π³
Open bank account in Estonia with Payoneer
3. SWEDBANK π¦
At least 2 personal visits are required in Estonia – no guarantee for the bank account opening
4. LHV ποΈ
Apply for a bank account with LHV in Estonia fully remotely , but if positive decision = Appointment required.
Our goal is to provide you with the flexibility and financial support your Estonian company needs to thrive. Whether you’re looking for corporate accounts, multi-currency options, or even ready-made companies with pre-established bank accounts, we’ve got solutions tailored to your requirements. ππΌ
Don’t let the bank account opening process stress you out. We’re here to simplify the journey for you. Learn more about our bank account opening services in Estonia here. Your success in Estonia is our priority! πͺπͺ
π VAT Registration in Estonia πͺπͺ
So, you’ve set up your consulting company in Estonia, and it’s thriving. But as your business grows, there’s an important consideration: Value Added Tax (VAT). Here’s a friendly guide to understanding VAT registration with emojis to make it simple! π€
1. VAT Basics π§Ύ
When you establish a company in Estonia, you aren’t automatically liable for VAT or entitled to deduct input VAT. VAT registration becomes mandatory when your total taxable sales exceed β¬40,000 from the beginning of the calendar year.
2. Optional Registration π
Before reaching the threshold, you have the option to register for VAT. It depends on the VAT amount on goods and services you buy and the VAT status of your clients.
3. Plan Ahead ποΈ
Once you foresee reaching the threshold, initiate the registration process. You must register within three business days of crossing the threshold.
4. Voluntary Registration π
You can register voluntarily before reaching the threshold by providing evidence of your business intentions.
5. Estonian VAT Number π
The Estonian VAT number starts with a prefix EE, followed by nine digits (e.g., EE123456789).
6. VAT Rates πΌ
Services to Estonian companies and individuals typically have a standard 20% VAT rate. A reduced 9% VAT rate applies to certain services. If you serve customers in other EU Member States or third countries, a 0% VAT rate often applies.
7. B2B Transactions π€
For B2B transactions in other EU Member States or third countries, include the customer’s VAT registration number and “reverse charge mechanism” on invoices.
8. B2C Transactions π§βπ€βπ§
B2C transactions outside Estonia may be subject to Estonian VAT, or you may need to register in the customer’s country and follow local VAT rules.
9. Verify VAT EE Number β
You can verify the VAT EE number on the VIES website or the Estonian Tax and Customs Board’s KMKR website.
For comprehensive VAT registration services in Estonia, visit this link. Make informed choices to ensure your consulting business thrives in Estonia! π±πΌ
Await the approval of your registration application. The processing duration varies and is influenced by the workload of authorities.
Cover the state fees associated with the registration process. These fees contribute to document processing and entry into the Business Register. Registering a private limited company (OΓ) online incurs a state fee of β¬265
Gather and submit vital documents such as shareholder and director identification, articles of association, and the completed registration application.
πΌ Easy and Quick Registration: Setting up a private limited company in Estonia is a straightforward and speedy process.
π° No Required Share Capital: As of February 1, 2023, there is no statutory requirement for a minimum share capital when establishing a private limited company.
π€ Freedom to Decide: Founders have the freedom to decide how much capital they want to invest in their private limited company, providing flexibility based on the company’s planned activities and capital needs.
π Risk Consideration: While there’s flexibility in determining share capital, founders should carefully assess their contributions and startup costs to avoid causing damage to the company.
π¦ Liability Protection: Shareholders of a private limited company are shielded from personal liability for the company’s obligations.
π Legal Safeguards: In cases where the share capital is set below 2,500 euros and bankruptcy proceedings are terminated without declaring bankruptcy, the court may order the shareholder to pay an amount between the share capital and 2,500 euros if the trustee’s claims for fees and expenses remain unsatisfied from other debtor assets.
1. Apply for e-Residency Card π¨
Begin by applying for an e-Residency card through the Estonian Police and Border Guard Board (PBGB) website.
2. Collect Your e-Residency Card π’
Once approved, collect your e-Residency card from the Estonian embassy or pick-up location.
3. Verify Identity π
Use your e-Residency card to access secure Estonian government services online.
4. Choose Your Company Name π
Select a unique and suitable name for your company.
5. Prepare Necessary Documents π
Gather the required documents, including your business plan, legal address, and contact person.
6. Register Your Company Online πΌ
Visit the Estonian Business Register’s website and complete the online registration process.
7. Pay State Fee π³
Pay the state fee for registering your company.
8. Obtain VAT Number (if needed) π°
If applicable, register for VAT and obtain a VAT number.
9. Set Up Legal Address and Contact Person π π€
Ensure you have a legal address and contact person, either by yourself or through a service provider. Learn More
10. Open Bank Account π¦
Choose a suitable Estonian bank and open a business bank account.
11. Explore Financial Services
Consider services like Payoneer and Wise for international financial solutions.
12. VAT Registrations
Learn more about VAT registrations in Estonia here.
Congratulations! π Your Estonian company is now registered and ready for business.
If your company’s management board is abroad, you must have a contact person in Estonia, as per the Commercial Code.Β Β The service is available through virtual office providers in our Marketplace.
Who Can Be a Contact Person? π
Designated contact persons can include notaries, advocates, sworn auditors, audit firms, or licensed trust and company service provider like Eesti Consulting – jump here to our contact person service in Estonia.
If someone within your company resides in Estonia, they can also serve as the contact person.
When registering as a non-resident company, you must specify the location of your management board (if it’s outside Estonia) in the Commercial Register.
Starting from February 2023, you have the flexibility to separate your legal address from your contact person’s address.Β Β While not mandatory, most e-residents prefer a single service provider for both.
Responsibilities of Your Contact Person π¬For foreigners and e-residents, company formation in Estonia is made easier with these guidelines, catering to e-Residency company needs.
Designated contact persons can include notaries, advocates, sworn auditors, audit firms, or licensed trust and company service providers. If someone within your company resides in Estonia, they can also serve as the contact person.
Requirements for Non-Resident Companies π
When registering as a non-resident company, you must specify the location of your management board (if it’s outside Estonia) in the Commercial Register.
Starting from February 2023, you have the flexibility to separate your legal address from your contact person’s address. While not mandatory, most e-residents prefer a single service provider for both.
Your contact person handles essential documents and letters. Even in Estonia’s digital era, some legal documents are still received in paper form. When your contact person receives such documents, they are considered delivered to your business. No need for them to be a shareholder, board member, or employee, and they don’t require special rights to act on your company’s behalf.
For foreigners and e-residents, company formation in Estonia is made easier with these guidelines, catering to e-Residency company needs.
Selecting your business name is a crucial first step! A unique and memorable name can boost your company’s reputation and success. Remember! The company name must end with ‘OU’ or ‘osaΓΌhing’ for companies.
- π Include Legal Form (like ‘OΓ’ or ‘osaΓΌhing’) for companies.
- π€ Sole Proprietorships: Use the proprietor’s first and last name.
- π« Avoid Non-Partners: Don’t use names of non-partners or conflicting names.
- π Be Distinct: Ensure your name is distinct from existing names in the business register.
- β’οΈ Trademark Consent: Get consent for using trademarked signs or choose another name – Commercial Register may ask you for a change of company name if the name is connected with a trademark. Do you want to register a trademark with the company? See Trademark Registration Service in Estonia.
- π Alignment Matters: Align your name with your business activity and location.
Ensure your name stands out. Even small differences in spelling or pronunciation count. It should also reflect your main activity and location.
Verify your preferred name in the e-Business Register. Compare it with existing names. The register makes the final call.
Query the trademark database on the Patent Office’s website to avoid trademark conflicts. Follow these steps to choose the perfect business name in Estonia. Good luck! ππ
Liquidators submit an application for deletion after a specific waiting period, attaching the final liquidation report and asset distribution plan. All liquidators confirm court challenges are absent, and creditors’ claims are satisfied. Documents must be stored for ten years after deletion.
Stages include appointing liquidators and recording the dissolution in the business register, publishing a liquidation notice, preparing a liquidation report approved by shareholders, selling assets, preparing a final liquidation report and asset distribution plan, distributing assets among partners, and applying for deletion from the business register.
Who are the liquidators of a private limited company? Ask Eesti Consulting about liquidator – if your e-Residency card will expire soon…it may be a solution.Β
A liquidation proceeding is conducted. The dissolution resolution is entered in the commercial register, and an application for entry is submitted by the management board. The resolution and meeting minutes or voting records are attached to the application.
Voluntary dissolution can occur through a shareholders’ resolution approved by at least two-thirds of participating shareholders (unless articles of association require a greater majority), or if prescribed by the company’s articles of association.