Thompson&Stein, Author at Thompson&Stein

Accounting Estonia, Estonia, Licences and permits

Licences and permits in Estonia – when will you need one?

2020-07-09 Thompson&Stein

When you set up a company abroad, it is necessary to analyse, at the very beginning of the registration process, whether it is necessary to obtain a licence or permission for your type of activity. This is particularly important because each country in the European Union has different regulations for particular types of business activity subject to regulation and licencing. It is worth noting that in some cases one of the requirements is to operate in a certain legal form, ex. as a Joint Stock Company or to have a certain share capital. Therefore, it is worth consulting your plans with a law firm before starting your business to avoid costly mistakes at later stages.

Company in Estonia. For whom is this a good solution?

Establishing a company in Estonia is a particularly good solution for new technologies industry. Thanks to effective legislative processes and transparent legal environment, it is beneficial for cryptocurrency exchange or token issuing companies. What’s more, setting up a company in Estonia is also much easier and cheaper for firms active in traditional industries such as finance and shipping.

Accouting Poland, Bank account, Poland

Why is it worth to set up a company in Poland?

2020-07-03 Thompson&Stein

Poland is the country located in the heart of Europe. The business climate, as well as the economic competitiveness, have been improving over the years and now the country has a successful economy and a large internal market (38 million citizens). It is worth noting that Poland has one of the lowest CIT rates in the European Union. What’s more it offers access to the skilled labor force as well as attractive conditions for doing business.

Benefits for investors

Corporate income tax in only 9% in Poland, which is really attractive to the entrepreneurs. This applies to the companies with revenue up to 1.2 million euros. The rate also includes entities in their first year of operation. In fact, 9% tax rate can apply to the entities with revenue higher than 1.2 million euros, with the more complicated corporate structure build on the limited partnership. It is also worth mentioning that companies are not obligated to pay divided tax. The taxation is on the receiver. Fiscal obligations do not distinguish between local firms and those owned by foreign persons, however international taxpayers can benefit from tax reliefs should they be subject to double taxation treaties (signed with more than 80 countries). There are also other fiscal reliefs for companies conducting ex. research activity.

Accouting Poland, Poland

Why you should register your company in Poland?

2020-07-03 Thompson&Stein

Looking for a good place for your business in UE?

🇵🇱 Pay attention to Poland, which offers many opportunities for setting up new businesses. One of the lowest corporate income tax rates, well-developed banking system and large market for the products. If you’re interested in hearing some more, see my newest episode. All you need to know in just 3 minutes!

VASP

Security Token Offering (STO)

2020-06-30 Thompson&Stein

Chcesz się dowiedzieć czym jest STO i jak dokonać jego emisji? Dobrze trafiłeś/aś. Przed Tobą 3-minutowy filmik, w którym w prosty i przystępny sposób tłumaczę m.in.: 👇👇👇

– czym jest STO,
– jak wygląda w praktyce,
– co dokładnie daje emitentowi.

Sprawdź, dlaczego powinieneś zwrócić uwagę właśnie na tę metodę pozyskania kapitału.

Accounting Estonia, Estonia

When Estonian company should be subject to an audit?

2020-06-26 Thompson&Stein

An audit is a detailed examination of the company. The auditor assesses correctness of the annual financial statement, which represents the economic situation of the company in a reliable and credible way.

Criteria that determine the audit obligation
The matter of audit and Review is regulated in the Estonian “Audit Activities Act”.

Mandatory audit concerns entities which have shown at least two of the following values in their annual report:

Sales revenues of more than EUR 4 000 000;
Total assets of more than EUR 2 000 000;
Average number of employees at least 50.

Estonia, VASP

Interview for Nooor Blockchain Armenia

2020-06-18 Thompson&Stein

We were invited to the Nooor Talks Series, where our Senior Partner, Artur Kuczmowski, briefly talked about how Poland is getting over the issues resulted from the pandemic and expreded his thoughts on stablecoins, and the biggest challenge of blockchain technology.

The Polish government spent PLN 1.5 billion to help entrepreneurs during the crisis. They focused mainly on protecting jobs and maintaining financial liquidity. What is more, the Polish Development Fund in cooperation with banks has created a revolutionary program aimed at maintaining financial liquidity during the coronavirus pandemic, Senior Partner recalls.

Accounting Estonia, Estonia

Shareholder structure in the Estonian OÜ company

2020-06-15 Thompson&Stein

By establishing the Estonian OÜ company, each founder must make important decisions with respect to the newly created legal entity. The matters which should be taken into account include the amount of share capital, the personal composition of the management board and most importantly the shareholder structure.

Who can become a shareholder in OÜ?

When analyzing the issue of the shareholder structure in the Estonian OÜ company, many people wonder how to properly construct it. Similarly, to other countries e.g. Poland, there is freedom of choice here. The shareholders of the newly created entity can be both natural and legal persons (individuals and entities). There are also no restrictions on their residences. Thus, foreigners are allowed to own 100% of the company’s shares. Depending on the adopted shareholder structure, it will be necessary to provide various documents before registering the Estonian company.

Accounting Estonia, Estonia

Dividend from the Estonian company – rules of distribution

2020-06-10 Thompson&Stein

Verify if the company has paid-up share capital
In order to pay out a dividend from an Estonian company the minimum share capital of 2500 euros has to be paid in advance. When establishing a company in Estonia, you have the possibility to postpone the payment of the share capital until after the whole process of registration is completed. This may lead to a situation in which the company operates despite unpaid share capital. Therefore, before you decide to pay out a dividend make sure that the share capital had been fully paid.

Make sure you have met all the formal requirements
The payout of dividend is made on the basis of the financial result shown in the annual report. That’s the reason why the company’s annual report has to be accepted and signed by all members of the board. In addition, make sure that the amount you wish to pay out does not exceed the retained/not distributed profit shown in the company’s annual report. Moreover, you should ensure that after the pay out of the dividend company’s net assets will not fall below the value of the paid-in or minimum share capital – depending on which of these values is higher. If you met all the conditions mentioned above, you can proceed to the next step.

Accounting Estonia

What is MOSS? Calculating VAT when selling electronic services

2020-06-09 Thompson&Stein

If you run a business supplying largely automated electronic services in Estonia this article is for you. Our law firm’s Partner, Krzysztof Sosnowski, gives some tips to treat VAT correctly on e-Residency blog.

Accounting Estonia, Estonia

We joined the Association of Estonian Accountants

2020-06-05 Thompson&Stein

In order to provide the highest quality of our services, we are constantly aiming to strengthen our position in the accounting area. Thus, we are glad to inform you about us joining the Association of Estonian Accountants (AEA). By participating in the organization, we have the opportunity to engage in an active discussion on the changes in Estonian tax law, as well as express our opinion. Moreover, by participating in the AEA we will be able to take part in discussions with the Ministry of Finance on the continuous development of accounting area.

The AEA was founded in 1996. The organization unites more than 650 members, which include both natural and legal persons. The aim of the association is to educate and qualify accountants. Moreover, it actively engages in a dialogue with the government on the development of accounting.