Company registration in Estonia
The European market is very attractive for many businesses. To access local clients, it is convenient to have a legal entity with an EU registration. Therefore, many entrepreneurs consider Estonia a possible location for the signup of a firm. The state is well known for its ease of doing business, transparent legislation, favourable taxation regime, and loyalty toward foreign investors. Furthermore, belonging to the European Union guarantees a positive reputation for the corporation in the international arena and opens up access to many global markets.
There is straightforward reporting and a clear algorithm for providing documentation. Opening a firm in Estonia makes it possible for a non-resident to obtain the status of a European Union taxpayer and issue VAT and EORI numbers. Also, the country has an agreement on the avoidance of double taxation with almost all governments of the globe.
Benefits of company formation in Estonia
This European country is notable for its ease of business, a wide range of jurisdictions, and relatively inexpensive company formation procedure for foreign residents. Estonian company registration also has the following advantages:
- Convenient tax system. Founders do not have to pay corporate income tax when it is not distributed among shareholders.
- The possibility of remote registration. By obtaining an E-residency card, it is possible to register a company without visiting the country.
- There is no need to officially appoint a director and pay them a salary. This requirement is not specified in the legislation of the republic.
- Availability of double taxation treaty. Estonia has a signed agreement with many EU and other countries around the world.
- Prestige. The Republic is not positioned as an “offshore zone,” so more companies registered here are perceived more positively among major investors.
- Wide opportunities for opening an account. Company registration in Estonia provides obtaining a corporate account both in traditional reliable European banks and in electronic payment systems.
In addition, the founder of an enterprise in the territory of the republic can easily obtain a VAT number. They also do not have to pay the share capital immediately, which facilitates the start-up of the newly established company.
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Options for registering a company in Estonia
There are three ways to register your own company in the republic:
- Via the Internet. The most common way for E-residency card holders is to register a company in Estonia online. It may take about a month for a business owner to obtain it. In this case, the beneficiary’s declaration is done completely remotely.
- With personal presence. This option is the fastest regarding the procedure itself, but the need to set aside time to visit the country in person can slightly delay registration.
- Through Power of Attorney. This method does not require the business owner to be present in person, as the starting a company in Estonia takes place through a notarized power of attorney.
Fintech Harbour lawyers can help you to understand all the details, advantages, and disadvantages of each of the above-mentioned ways.
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Requirements to obtaining
In order to create a company in Estonia, both locals and foreign businesspeople must adhere to the Companies Act and meet a number of conditions, such as selecting a distinctive company name.
- Giving the registrar the directors’ and shareholders’ identity documents.
- Drafting and notarizing the articles of association for the business.
- Acquiring a legitimate local address.
- Opening a business bank account.
- Registering with the Estonian tax authorities in order to receive social security permission, VAT registration, and tax identity number.
- Acquiring all licenses, permissions, or approvals required for the intended company operations.
Costs and Fees
The price depends on the chosen registration method. This method is suitable only for those who have an e-resident card.
Foreign citizens will have to use the help of lawyers and notaries. When registering a business in Estonia by power of attorney, an additional fee is charged for the preparation and courier delivery of documents. To find out the cost of registering a company in Estonia, leave a request on the website or call us.
Documents for obtaining
Estonian authorities request a standard set of information from applicants, including the agreement of incorporation, articles of association, application, and contact details. You must also provide receipts from the bank on the contribution of the authorized capital and state fees.
If the founder is a legal entity, you must additionally provide data on the company’s activities, the founder’s identity, and papers confirming the reliability and source of income. If all records are in order, the new legal entity will be entered into the Estonia company register the very next business day.
Post-Registration Services
We provide several crucial post-incorporation services to assist Estonian businesses. This involves creating policies, helping to register trademarks, and drafting service agreements. We handle the yearly financial statements, supply official addresses, provide secretarial services for the business, and, if necessary, set up physical spaces. Furthermore, our proficiency encompasses accounting and financial reporting, making it easy for companies to stay in compliance with regulations. With our all-inclusive post-registration services package, businesses may concentrate on their main operations while we take care of the paperwork.
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Thanks to the help of Fintech Harbor lawyers, we have successfully registered a new company in Estonia in just 2 days! We didn’t even think that this was possible. Very efficient, bravo!
I really enjoyed working with the solicitors of this firm. They were very attentive to detail, which is what is required of skilled counselors.
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FAQ
Residency and Citizenship Requirements
Opening a company in Estonia is available for residents of other countries. The procedure can occur remotely through authorized intermediaries (lawyers, notaries) or online with an e-resident card.
Registration Timelines and Process
The duration of Estonia’s business registration depends on the chosen method. Registering a company in Estonia remotely can take up to three working days. Applying for a company by proxy takes up to 5 working days.
The company registration process consists of the following steps:
- First consultation and contract completion
- Full invoice payment [IF REMOTE]: Notarization of a client’s power of attorney
- Getting the registration paperwork ready
- Signing papers in front of the notary
- Formally registered: Within five working days, the corporation is listed in the state registry.
Before you start to fully use your new firm, conclude contracts, provide services and receive payments from customers, you need to make sure that your establishment:
- is enlisted into the Estonian company register;
- received the taxpayer certificate and VAT number (if applicable);
- has a corporate bank account;
- acquired necessary licenses to carry out specific types of activities.
If all these conditions are met, you can start working as an entrepreneur legally.
Taxation and Accounting
Taxes are not paid during company registration in Estonia. You ought to settle the governmental fee for considering the application. This amount is designated; it is paid one-time and is non-refundable. A firm can become a taxpayer only after completing the registration process and being enlisted with the tax authorities.
If you want to start a company in Estonia, you do not have to register as a VAT payer. However, if the annual turnover of your organization exceeds 40,000 euros, you will need to obtain a VAT number within two working days. For companies registered in the territory of the Republic but selling products/services to EU countries, you have to obtain a VAT number before starting a business.
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