Setting up a company in Estonia is a crucial step towards doing business in the European Union. However, it’s just as important to follow legal obligations, including timely submission of your financial report. Missing deadlines can result in severe penalties, such as fines or even the removal of your company from the Commercial Register.
In 2023, stricter regulations were introduced to ensure compliance with year-end reporting rules. These changes have given the Business Register more authority to impose fines and remove non-compliant companies from the register. For more details on year-end reporting, you can visit our annual report guide, learn about the submission deadline, or explore our accounting services for professional assistance.
Stricter Annual Report Compliance Rules
In 2023, amendments to the Estonian Commercial Code and Commercial Register Act introduced stricter rules to ensure businesses submit their annual reports on time. The Estonian Commercial Register now has more power to impose fines and remove non-compliant companies.
Alarming 2023 Statistics: Thousands of Companies Removed
In 2023, a staggering 121,654 companies missed the deadline for their financial summary submission. As a result, 26,681 were removed from the register, and 13,100 were fined. These numbers highlight the need for businesses to stay compliant with their financial reporting obligations.
Get Professional Help with Financial Reports
Submitting your annual disclosure on time is crucial for avoiding penalties. If you need assistance, our team is ready to help with everything from preparation to submission. We offer expert advice and accounting services to ensure your company remains compliant.
Precision and Compliance with Every Report
Our accounting services include full support for annual summary preparation and submission, ensuring accuracy and compliance with all regulations. We leverage modern technologies to guarantee precision in every financial statement.
