Accounting support in Estonia

Yes, an Estonian company that does not conduct business must file accounts. According to Estonian law, all companies registered in Estonia must submit an annual report to the Estonian Ministry of Finance. The annual report must be submitted within 12 months after the end of the company’s financial year.

In Estonia, the fiscal year usually coincides with the calendar year, but it can be different. If a company is not incorporated at the beginning of the year, its first accounting year will depend on the financial year chosen by the company. If the company has chosen the calendar year as its financial year, its first reporting year will be from the date of incorporation to 31 December of the same year in which it was incorporated. If the company has chosen a different financial year, its first reporting year will correspond to that chosen financial year.

Estonian companies may be fined by the Estonian Ministry of Finance for non-compliance with reporting requirements. The amount of the fine depends on the period of delay in submitting the reports and the severity of the violation. The fine can range from EUR 100 to EUR 10,000. If a company fails to submit reports for three consecutive years, it may be excluded from the Estonian company register. This means that the company will be considered to have ceased to exist. In addition to fines, other sanctions may be imposed for non-compliance with reporting requirements, such as
– seizure of the company’s property;
– enforcement of debt collection;
– suspension of the company’s operations;
– liquidation of the company.
In order to avoid fines and other sanctions, it is important to submit reports to the Estonian Ministry of Finance in a timely manner and in full.

The financial statements of an Estonian company must be submitted to the following state authorities:
– The Estonian Commercial Register (Äriregister);
– Estonian Tax and Customs Board (Maksuja Tolliamet);
– State Treasury of Estonia (Riigikassa). The Estonian Commercial Register accepts the company’s annual report, which must be submitted within six months after the end of the reporting period. The Estonian Tax and Customs Board accepts the company’s tax return, which must be submitted within four months after the end of the reporting period. The Estonian State Treasury accepts the company’s return on investment income, which must be submitted within two months after the end of the reporting period.

Any person with the appropriate knowledge and skills can prepare the accounts for an Estonian company. However, it is best to have the accounts prepared by a qualified accountant or auditor. An accountant or auditor can ensure that the accounts are prepared in accordance with Estonian law and international financial reporting standards. If you want to prepare the accounts yourself, you should first check the official resources: https://www.emta.ee/ua