Estonia, Liquidation of the company

Liquidation of OÜ company in Estonia

2020-05-13

During current economic slowdown, more and more entities conducting business activity are experiencing difficulties with financial liquidity. Economic constraints, reduced demand and rising inflation are clear signs of the impending economic crisis. Many entrepreneurs are forced to make a difficult decision to liquidate the company.

Liquidation of the company as a long-term and requiring process
First of all, it should be noted that the liquidation of the company is a long-term process, lasting a minimum of 6 months. During this period, a number of required legal and accounting activities should be undertaken. We mean, among others, preparation of the opening and closing balance sheet, as well as the obligation to satisfy the creditors of the liquidated company itself. It should be known that detailed regulations regarding the liquidation of a company are set out in the Estonian Commercial Code.

Others

Why is worth to set up company in Armenia?

2020-04-23

The Armenian government has done hard work to make their market attractive to foreign investors from all over the world. This country is distinguished by a liberal and friendly investment policy, qualified IT specialists and relatively low operating costs. Let’s check why you should open a company in Armenia!

Armenia combines many factors that enable companies from the technology sector to grow rapidly. Favorable investment policies and friendly government approach are some of them. The great advantage of investment in that area is the availability of specialists in mathematics, IT and finance. This allows you to build a strong and specialized team at relatively low costs.

Accounting Estonia, Estonia

Expenditures of the OÜ company in Estonia. When do you have to pay tax on it?

2020-04-20

The Estonian CIT structure, which is collected only at the time of distribution of profits, also required the implementation of mechanisms that counteract hidden dividend payments. Seemingly, it is easy to classify expenses that are necessary to ensure business continuity and work efficiency. However, very often entrepreneurs are not aware at the time of the transaction that they thereby generate a taxable purchase. We decided to facilitate this by preparing a list broken down into those expenses that do not require the payment of taxes and those on which you must pay corporate income tax. We want to stress that our list presented below is general, and expenditure should always be assessed on a case-by-case basis, taking into account the company’s activities.
Untaxed expenditures incurred by the OÜ company in Estonia

Estonia

Is it possible to ‘hack the crisis’? Estonia knows the answer

2020-04-09

Estonians strongly believe that technology can help to effectively mitigate the effects of the crisis. Inspired by the success of online hackathon ‘Hack the crisis’ in March they decided to organize massive global movement called ‘The Global Hack’ which has started today (9.04.2020).

In times of COVID-19 pandemic Estonia once again proves that it deserves to be called a start-ups hub and the most digitized society. While the doctors take care of sick people, Estonian government in cooperation with the private sector works on e-solutions which are needed to minimize coronavirus’ socio-economic impact.

Poland

Polish “anti-crisis shield” – basic information

2020-04-06

The President and the Prime Minister of Poland have announced a package of support measures for entrepreneurs called the Anti-Crisis Shield. We present the most important solutions for entrepreneurs below:

Exemption from Social Insurance Institution (ZUS)
A payer may apply for exemption from ZUS contributions (social security) in case where the two following conditions are met jointly:

the payer was registered with ZUS before February 1, 2020;
the payer, who submitted less than 10 insured persons on the date of February 29, 2020.
Taking the above into account, the payer is entitled to apply for dismissal for the period from March 1, 2020 to May 31, 2020. Additionally, in order to be granted the exemption from ZUS contributions, settlement statements or personal monthly reports due for March, April and May 2020 must be submitted not later than by 30 June 2020.

Estonia, Estonia

How to set up a company in Estonia?

2020-03-23

No one needs convincing that company in Estonia is the best solution for entrepreneurs who are running their business in the international market. No matter which of the above you choose, setting up a business with us will allow you to avoid the cost of travelling the Tallinn. Key factors when choosing right path are length of the registration and new company structure.

Company registration by power of attorney
It is the best solution for people who care about time or plan a more complicated shareholder structure. Granting us a notary power of attorney allows our law firm to perform for the client all the activities needed to register the company. This process takes a maximum of two weeks. You do not have to come to our offices. The power of attorney can be certified with any notary, based on the template prepared by us. The most important thing is that it should be sent to us as soon as possible in the original.

Others

How to set up an OÜ Company in Estonia

2020-03-20

The OÜ company in Estonia is a legal structure that allows owners to separate personal assets from business risks. In other words, the shareholders are not individually accountable for the company’s obligations. An OÜ company can be established by anyone, both Estonian resident and non-Estonian resident. The biggest advantage of running company in Estonia is no corporate income tax on retained and reinvested profits. It is also worth noting that companies registered in Estonia are considered transparent and trustworthy by the Estonian authorities.

Shareholders and board members of OÜ company
There are currently no restrictions on the number of shareholders in OÜ, although at least one founder is required to establish a company. The stakeholders of a company may include people from outside Estonia.

Thompson&Stein

New Partner Announcement

2020-02-03

We are pleased to announce Krzysztof Sosnowski as its newest partner of Thompson&Stein international law firm, effective February 1, 2020. As a partner, Mr. Sosnowski will support the further development of our law firm in the areas of Tax Advisory and Accounting.

Mr Sosnowski joined Thompson&Stein in 2016. He specializes in legal and accounting consultancy for entrepreneurs. Mr Sosnowski has extensive experience in conducting international projects. He is responsible, among others for coordinating the service of construction entities implementing the Balticonnector project in Estonia.

Krzysztof Sosnowski is also a member of the management board of Thompson&Stein Accounting, which provides accounting services to business entities in Estonia.

Artur Kuczmowski, Senior Partner of Thompson&Stein, states: “Krzysztof’s broad competences, and above all the successes of his team, were crucial when nominating him for the position of Partner. I believe that his commitment, experience in working with the team and knowledge will help in the development of our services.”

Thompson&Stein

Business Delegation to Tallinn

2019-12-18

We would like to have impact on strengthening economic cooperation between Poland and Estonia. We strongly believe in building relationship that can support developing business potential. That is why our law firm organized a Business Delegation to Tallinn in December. All this to give Polish entrepreneurs opportunity to establish cooperation with Estonian companies.

We organized a big conference ‘Estonia as the Gateway to the Scandinavian Market’ in May with the success. It was the first step to show business opportunities in Estonia to Polish entrepreneurs. Our next goal was to organize Business Delegation to Tallinn. We gladly announce that we achieved our aim. We organized Polish Business Delegation to Tallinn in December 2019 with Representatives of seven companies from different sectors e.g. IT, logistics and start-ups.

Our delegation took part in the Business Seminar organized by the Polish Embassy in Tallinn, which was opened by Estonian Deputy Minister Viljar Lubi. We had our discussion panel moderated by Artur Kuczmowski, Senior Partner in our law firm. Michał Mysiak from Software Development Academy and Paweł Sobków from Bitbay, during that panel, shared their experiences in new technology sector and spoke about polish business needs. As a law firm and the organizer of Business Delegation we had a chance to take the floor and present every single company which took part.

We also received an invitation to a reception at the Polish Embassy, ​​during which the establishment of the Polish-Estonian Chamber of Commerce was announced. It is a huge chance to build stronger cooperation between our countries. We will be extensively engaged in the development of the chamber.

On the second day, we were also welcomed by the Estonian unicorn Pipedrive, which shared the story about their key to success. We had the opportunity to learn about their unconventional management model and to tour their headquarters.

Business Delegation Participants had also the opportunity to take B2B meetings, which resulted in acquiring new partners for cooperation. We want to extend a special thanks to Marcin Sęk, Consul of the Republic of Poland and First Secretary of Economic Affairs and also to Natalja Luts Consul of Economic Affairs in the Estonian Embassy in Poland.

Accounting Estonia

We strengthen our position in accounting services

2019-10-03

The dynamic development of our law firm has resulted in establishing a new company – Thompson&Stein Accounting OÜ, specialising in accounting services in Estonia.

Thompson&Stein Accounting OÜ consists of certified accountants who have experience in settling both the activities of entities from the SME sector and large international projects. Our company provides accounting and HR services for Polish contractors implementing the largest infrastructure project in Estonia – the Baltic Pipe.

We grow together with our clients. That is why we decided to open a new company. Not only to support current clients, but also to help develop business on the Estonian market to new entities. As Krzysztof Sosnowski, a board member of Thompson&Stein Accounting, said: ‘The new company is a response to the growing group of clients who need more advanced accounting services for their activities and projects.’

Read more on the website of the Scandinavian-Polish Chamber of Commerce, to which we belong, by clicking here