10 steps to incorporating in Estonia in 2021
Estonia company incorporation follow straightforward procedures, which can be completed within six weeks. Corporate bank account opening can however be more challenging, but our Firm will assist our Clients complete the same without travel. Please find below a ten steps summary of the procedures.
Estonia company structuring
- At the beginning of every engagement, Healy Consultants and our Client agree on i) the scope of services to be supplied by our Firm ii) timelines to complete the project and iii) an instalment plan;
- Subsequently, we agree upon i) the minimum capital to be allocated by the company by the shareholder(s) ii) the identity of the directors and iii) the content of the constitution of the company (by default a quality template following Estonian regulations, which can be tailored if our Clients have specific requests, for an additional fee);
- Our Firm reserves our Client’s preferred company name with the Estonian Companies Registrar. When this is done, we request the shareholders and directors to sign the constitution of the company and the required consent forms, then to courier us the documents along with legalized / certified copies of their identification documents (including signature specimens).
Capital account opening (optional)
- When the issued capital of the entity exceeds €25,000, the shareholders are required to open a capital account and obtain a certificate of deposit from the bank. We consequently recommend our Clients to initially register their company with a lower capital amount and, if necessary, increase the issued capital of the entity post-company registration.
Estonia company incorporation
- Upon receipt of the documents, Healy Consultants and our local affiliate submit an application for company registration to the Estonian Companies Registrar. The application is usually processed and approved within 3 to 5 business days.
Tax and employer registrations
- Upon release of the company numbers by the Registrar and whenever required by our Client, our Firm proceeds with VAT registration of the entity with the Estonian and Customs Board. The Estonian VAT numbers are usually issued within 1 week;
- When required, our Firm also register the company as an employer with the tax authority. This step is completed along with the previous one if the company has already hired company, or separately upon the first employee recruited in Estonia.
Corporate Bank account opening
- After Estonia company formation and tax registration, Healy Consultants assists our Clients to open a corporate bank account in Estonia. The process can be completed without travelling to the country but however tends to be challenging and time consuming: a minimum of one month will be required to obtain account numbers;
- More information on Estonian corporate banking is available on this webpage.
Work permits and licensing applications
- If work permit applications are required for foreign manager and/or employees, Healy Consultants receives due diligence from each candidate and applies for work permits with the Estonian Immigration Office. When the business activities of our Clients require a license or a permit, we also assist to secure the same with the relevant administration or agency.