How to Set Up a Company in Estonia ? | How to Manage an Estonia Company ? | Procedure | Enterslice

Описание: 1. In order to set-up a company in Estonia, all the founders, board members etc. must be holders of Estonian e-Residency digital ID card or Belgian, Latvian or Estonian ID card, Estonian or Lithuanian mobile ID, and they should be private persons. In case the entrepreneur does not have any of these documents, he/she has to visit a Notary in Estonia for the verification of the foundation documents. To obtain e-residency ID card an application is made online. The required state fee is paid which may vary between €100-120.
2. Choosing the NAME of the company
The desired company’s name must be decided, and the name of the company should be in Latin letters only without any usage of special characters. The name should be unique and distinguishable from the existing companies in Estonia and the registered trademarks in Estonia and the EU. If the entrepreneur wants to create a website for the company and social media accounts in the company’s name, it is advised that the domain name should be bought before initiating the registration process.
The desired name of the company can be checked at the Business Register name query service. In case of rejection of the desired name, the application can be submitted again without any additional fee. It is not necessary that the name of your company matches your brand name.

3. Deciding the Main Area of Activity
Once the name has been decided, the entrepreneur needs to select the EMTAK code i.e. The Estonian Classification of Economic Activities) to determine the field of activity of your company. The entrepreneur needs to select the activity which corresponds to the principal area of business carried out by the company. This does not mean that the company cannot have additional activities for revenue generation. This code must be carefully selected by the entrepreneur because certain codes require specific licenses and special requirements.

4. Obtaining the Legal Address and appointing the Contact Person in #estonia
The Estonian company needs to have an Estonian legal address which can be acquired on an annual subscription. Although there is no requirement to have a local director, the company must appoint a local contact person. This contact person shall act as a messenger between the company and the local authorities. However, this does not mean that a contact person can take decisions on behalf of the company. The entrepreneur shall remain the owner and the management board of the company having full control and legal responsibility of the company.

5. Make an Application for Registration of company
Having followed the previous steps, the entrepreneur is all set to go online and submit the application for registration of a private limited company on the #companyregistration Registration Portal or through an API service provider. The submission of the application for the company’s registration is a four-step process, viz. preparation, signing, payment of the state fee and submitting the application.

6. Making the share capital contribution
The entrepreneur has the option to set-up a company without making the share capital contribution during the establishment #process and postpone the event of contribution. If the entrepreneur wants to postpone the contribution of the share capital, he/she will need to mention the time in the application.

7. Completing the Registration formalities
Once all the previously mentioned steps have been followed, and the application has been submitted, the entrepreneur must wait for the court’s decision on the application. Usually, the decision takes one day's time, and the decision is communicated through email. Once, the company has been registered in the business register; the entrepreneur needs to open a bank account to cover the company’s banking needs.

8. Additional formalities for the company’s registration
Legal Documentation: The entrepreneur must also prepare the necessary legal documents for the company, such as the founder’s agreement, articles of association, non-disclosure agreement, employment agreements etc.
Taxation and Accounting: The entrepreneur must be aware of the tax and accounting framework and related regulations in Estonia.
Licensing: Depending on the type of business activity carried out by the company, special licenses and permits are required to be taken from the Estonian authorities.

VAT registration: If the turnover of the company surpasses the mark of €40,000 because of the business activities carried out by the company in Estonia, then the company must register itself for VAT registration.

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