Estonia company formation
Organizational form of company formation
As a rule, for the Estonia company formation, the legal form OÜ (Limited Liability Partnership) is used, which is analogous to the generally accepted LLC. The declared authorised capital for such companies is fixed at 2500 EUR. Legislation in Estonia provides for a 3-year exemption from the obligation to pay. In this case, the founder bears personal responsibility for the obligations of the company within the unregistered share capital.
The main feature of company formation in Estonia& GREAT SERVICE
If you register a company in Estonia, it would be useful to get a local E-residency. This is a digital certificate (ID), with the help of which it is possible to get electronic access to more than 4000 state services, thanks to which entrepreneurs open up qualitatively new opportunities.
For example, the ability to remotely register, maintain, and maintain a full workflow regardless of the current location. Tax resident of any country can apply for E-residency. The review and subsequent approval process may take two to six weeks. In this case, it should be taken into account that E-residency does not give the right to any status for the purpose of finding, entering or moving in Estonia. If you decide not to wait for the E-residency, you can contact the specialized local registrars and go through the registration process of the company either remotely or with presence.
Process of company formation in Estonia
The remote form of registration of the company through a specialized service provider for terms can take up to 3 weeks. The company is registered on the basis of a certified power of attorney. As a rule, at the initial stage should be provided with valid passports of all founders of the company, confirmation of their actual residence and a detailed description of the planned activities of the company.
In a separate order, actual statements from settlement accounts of the founders, information on contractors and CV (summary) can be requested. Registration of a company is considered completed after the entry on it appeared in the Estonian register. As part of the face-to-face opening of the company, the entrepreneur needs to plan his stay in Estonia for 5 working days. As a rule, this period is sufficient for all notarial procedures.
Procedure for opening a bank account
An important condition for the existence of a legal entity whose beneficiaries are residents of foreign jurisdictions is the presence in the company of a so-called contact person in Estonia. Its functions may be performed both by a local firm providing secretarial services and, in some cases, by an individual resident of Estonia. The opening of accounts with Estonian banks deserves special attention. Banks everywhere refuse to accept local companies with foreign ownership. These restrictions can be circumvented by opening settlement accounts in banks and payment systems outside Estonia. Optionally to work in the EU may require a VAT (VAT) number. To obtain it in Estonia, it is necessary to provide the appropriate justification, which is usually expressed in the presence of local counterparties and the actual office in Estonia, as well as active cash turnover for the company. If these conditions are not met, VAT number will be refused.