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For many years the accountants and consultants of our company have been specializing in accounting services for the IT sector and have accumulated a considerable amount of knowledge and experience in this area. In this article we will talk about the main features and nuances of accounting, which are typical for representatives of the IT and innovation industry, as well as draw attention to accounting services which may be required for almost every IT project.

This article is primarily aimed at those IT entrepreneurs who consider the European Union as a place to establish their own IT company. Within this review we will consider the main advantages of Europe in general and the European Union in particular for the IT company creation and the development of projects related to innovation and information technology. We will see into the main advantages of Estonia, as an EU member state, for the registration of IT enterprises and startups, since Estonia offers the most favorable conditions for the development of a start-up IT business, including a zero corporate income tax rate.

Liquidation of the company is a process of termination of activity of the company, which includes payment of all liabilities and debts, distribution of the remaining assets among the shareholders and removal of the company from the Commercial Register. Usually the procedure of liquidation of the Estonian company takes from 9 to 12 months and assumes the presence of a liquidator, as well as fulfillment of a range of procedures considered by the law.

In early 2018, amendments to the Commercial Code came into force in Estonia. According to them, all foreign companies are obliged to appoint a local contact person to whom official documents and notices addressed to the enterprise can be delivered.