Starting from February 1st, 2023, there are some important changes to the Estonian Commercial Code. Instead of previous minimum share capital requirement 2500EUR, now there is no minimum capital requirement. As the smallest nominal value of a share is one euro cent, the share capital must be at least one cent from February onwards.
Companies with a share capital of at least 2500EUR that were established without making a contribution have two options:
- Make monetary contribution – For a monetary contribution, the company must have a bank account in its name and a bank certificate that confirms the contribution has been made.
- Make non-monetary- For a non-monetary contribution, the company’s articles of association must first be amended and then the required documents must be submitted to the e-Business register.
As dividends cannot be distributed unless the share capital contribution is done and registered, it is highly recommended.
Here is some more information regarding the latest amendments of Estonian legislation concerning address and contact person.
To assure you´d be able to continue your business in Estonia it is mandatory to add the term of appointment of the contact person to the Business Register by April 30th, 2023.
To complete the registration, please make sure that:
1. You have verified company’s e-mail address. We see in many cases that company’s official e-mail has not been verified by the board. Registration can not be completed until company’s email has been verified.
2. You sign and submit the application. Unfortunately, many applications prepared by us for our clients have not yet been signed and submitted.
3. You do not delete application prepared by us. If you do by mistake, please contact us and we will prepare new one.
Kindly note that if you do not submit the application to the e-Business register by April 30th, 2023, the contact person will be removed from the registry without any further notice from May 1st, 2023. If you still require our contact person service after this, we then have to add the contact person to the Business Registry again, for an additional fee.
Also, please take a look at our comments on the new laws and regulations in Sweden in 2023 if you are doing business in this Scandinavian country.
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