Spring has finally arrived. Warm weather and melting ground is the signal for many businesses to start preparing their annual fiscal year report. In Estonia the report is mandatory for all companies, even if there have been no economic activity during the reporting period.
Creating the report can be a somewhat arduous activity so we recommend you start compiling all the necessary data as soon as possible. If you miss your final deadline then you might get fined and then after that even deleted.
Every company that is registered in the business register has an obligation to create an annual report. You have to produce a report even if your company has had no turnover in the previous year. The report has to be submitted no later than six months after the end of your company’s financial year. For example, if your company’s financial year ends on the 31st of December, then you will have to submit the report no later than the 30th of June.
If your company’s headquarter is abroad and you only have a branch in Estonia, then you must submit the annual report to the County Court Registry Department within one month after the approval of the annual report or seven months after the end of the financial year.
The annual report can be handed in electronically. If you would like to submit the report on paper, you can do so through a notary.
Creating the annual report can be a time-consuming experience. If you don’t have the time to deal with it then at Aaberg Business Center we can help you create the report. Please let us know about your wishes as soon as possible, so that we can best devote to your company’s peculiarities.
We will need the following materials in order to prepare the report:
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The biggest change in the report making this year is related to the size of your company. According to law, the bigger the size of your company, the more information you have to present in the report. For micro and small businesses this is of course welcome news as they do not need to present as much information as in previous years.
Since this year the microentrepreneurs do not have to submit an activity report any more. It is sufficient if only the balance sheet and profit and loss statement and additional documents. For medium and large enterprises the reporting remains largely unchanged.
Here is also a list of smaller changes, which will also pay attention to: