ESTONIA PSC & Company Registration Portal Carol Viikmaa

Topics Concept of PSC in Estonia Company Registration Portal Co - operation

Point of Single Contact Picture: Kaie Kortsini (RIA)

X-Road e-Notary PSCPSC

Background The European Commission’s efforts to make the legal environment more competitive prompted various new initiatives in the Member States in As Member State’s company law is largely confined to EU legislation, the simplification of the latter also eased the national company laws. Consequently, the Estonian Commercial Code was adapted

Company Registration Portal (CReP) Main purpose is to make the life of the existing and future entrepreneurs easier and save them time spent on communicating with the Commercial Register. Provides for fast, convenient and easy registration of a company while retaining legal certainty Company Registration Portal was launched Entrepreneurs can submit applications for entry and necessary additional documents, annual reports and changes in their contact data, supervisory board, list of auditors and area of activity.

Ordinary and expedited registration Ordinary registration: 5 working days: for data amendments of sole traders, partnerships, companies, associations, foundations, branches of foreign firms Expedited registration: 1 day (publicly announced that not more than 2 hours). for data amendments of sole traders, limited companies, partnerships, associations, foundations, branches of foreign firms Private limited company (Expediated registration) Sole trader (Expediated registration and ordinary registration) Limited partnership (Expediated registration and ordinary registration) General partnership (Expediated registration and ordinary registration) Non-profit association (Ordinary registration)

Requirements for the expedited proceedure All documents are signed personally or by legal representative. Share capital contributions are monetary, only. Share capital and registration fee paid via e-banking, using preliminary filled payment orders. Companies use standardised articles (statutes). Enterprises’ activities are shown, using detailed level of the official classificatory (EMTAK-NACE). Complicated cases are excluded (merger or division of companies, transformation of legal form, deletion from the register, transfer of seat to another registration jurisdiction).

ESTONIA

Thank you Carol Viikmaa Spetsialist of Commercial Register Unit Centre of Registers and Information Systems phone: skype: carolvii Estonia