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With everything else that is happening in the world, the pandemic era is starting to fade from memory. But remote working is here to stay. That is borne out by the new Occupational Healthcare and Safety Act that entered into force on 19 November 2022, which lays down a more specific framework for employee and employer responsibilities in remote work arrangements.

For Grant Thornton Baltic OÜ, the 2021/2022 season in Estonia was very successful - our turnover increased by 24% compared to the previous financial year. The impressive growth took us to the second place in the ranking of auditing companies compiled by business newspaper Äripäev.

If an employer gives an employee a share in the employer’s business or a company in the same group as the employer’s business at a discounted price or for free, this constitutes a fringe benefit.

In August 2022, Grant Thornton Baltic concluded a financial and tax due diligence for an Estonian start-up company Qualitista.

Experts say that activity on the transactions market has returned to previous levels in contrast to the slump in the spring, but it should be remembered that more restrictive conditions are added to contracts in hard times.

Up to 30 December 2021, according to subsection 390 (4) of the Commercial Code it was required that a branch of a foreign company has to be liquidated before deletion from the Commercial Register, with all of the stages necessary for liquidation to be followed: notification of creditors, satisfaction of creditors’ claims, preparation of a final balance sheet, etc.

Most annual reports have by now been submitted and the Commercial Register is now checking whether companies’ equity meets the minimum net assets requirement arising from legislation. What does this mean for companies?

If a company lacks its own HR manager or recruitment specialist, now is not the best time to look for one, because a recruiter is one of the most sought-after and thus most heavily advertised positions on the job market.

Our company celebrates its 30th anniversary in 2022. To store all the important milestones and great events and assure that our story would not be forgotten, we have published the book "Three decades on a path of growth. The story of Grant Thornton Baltic".

Kristel Tiits, a long-term employee of our company and Head of Legal, became a Partner of Grant Thornton Baltic. In total, we now have seven partners in Estonia and 15 in the Baltics.

The Commercial Register Act will enter into force in three stages: the general date of entry into force is 1 February 2023, but the amendments concerning the maintenance of a list of shareholders and a list of building association members will enter into force on 1 September 2023, while the amendments concerning, among other things, the reservation of a business name and the making of entries on a specified date will only enter into force on 1 March 2024.

The Nordic venture capital fund Inventure invested 11.6 million euros in the Estonian startup Jobbatical in 2022.

The three main areas of due diligence are: tax, finance and legal, but it is also possible to conduct a thorough overview of, for instance, the areas of management, marketing, production and IT in order to understand the object of the transaction as a whole.

In our new videos, you can learn about Grant Thornton Baltic's main areas of activity - accounting, auditing and advisory - as well as our culture: yes, we are not dry numbers people, but we appreciate humor, and we are helpful and solution-seeking with both clients and colleagues.

The audit requirement recently applied to crypto companies will notably increase the workload of auditors who are expected to provide a service that is largely lacking in Estonia currently.

On 12 May 2022, the Government of the Republic approved a draft amendment to the Local Government Act that makes internal audit a requirement in local governments. At least once every four years, an internal audit must be conducted to verify that the internal control system meets certain requirements.