Registering a Company in Estonia is undoubtedly the first and most crucial step towards running a successful business in the European Union. However, it is also essential to adhere to legal requirements, including the need to submit your annual report on time. Failure to comply with these requirements can lead to serious consequences, such as fines or even forced termination of the company’s activities.
At the beginning of 2023, amendments to the Estonian Commercial Code and the Commercial Register Act came into force, simplifying the process of imposing fines and forcibly removing companies from the register that do not comply with the annual reporting obligations.
Stricter Control: Updated Annual Report Requirements
These changes were introduced to enhance transparency and accountability in the business environment. The Commercial Register now has broader powers to enforce compliance with annual report submission requirements.
Statistics 2023: 26,681 Companies Removed from the Register
According to ERR, in 2023, 121,654 enterprises failed to submit their annual reports on time, of which 26,681 were removed from the Commercial Register, and 13,100 were fined for non-submission.
Key to a Successful Business: Timely Submission of Annual Reports
These figures highlight the importance of timely submission of annual reports for all enterprises. Failure to comply with this requirement can lead to serious consequences. To avoid such issues, companies must pay close attention to preparing and submitting their annual reports within the established deadlines.
Annual Report Submission Deadline – June 30
All legal entities registered in Estonia, whose financial year ended on December 31 of the previous year, must submit their annual report by the end of June of the current year. The financial year report must be submitted even if no economic activity was conducted.
Qualified Assistance with Annual Report Submission
To avoid these negative consequences, it is crucial to ensure the preparation and submission of the annual report on time. If you encounter difficulties or have questions, feel free to contact us for professional assistance. We are ready to provide qualified support in accounting to keep your company in full compliance with legal requirements.
Contact Us
If you need help preparing or submitting your annual report, or want to learn more about our services, we are always ready to assist you. Our team will provide personalized consultations and full support for your company on all accounting-related matters.
Precision in Every Figure — Our Priority!
We offer not just consultations but a full range of accounting services, including the preparation, verification, and submission of all required reports and declarations. We use advanced technologies and modern methods to ensure high accuracy and full compliance of your financial statements with current standards and regulations.
