Grant Thornton Baltic is proud to be a local payroll partner of ADP in Baltic countries and been named as one of the winners for the 2018 Partner Excellence Award.
It is extremely important for managers to pursue self-improvement. As the saying goes: a fish starts rotting from the head. Unfortunately, managerial culture in Estonia is not at a level we can be satisfied with. We have many companies where money and financial results are managed but where the people are not. Actually, instead of money and results, it’s people who should be managed. If so, the good results will not be long in coming.
This year, a number of large-scale purchase and sale transactions have provided much fodder for discussion in the media – Nelja Energia, Luminor and Utilitas are three examples. The large transactions always stand out, but this year has seen many mid-sized and small company acquisitions as well.
United Motors has purchased the distributor of Peugeot and Hyundai in Estonia. Grant Thornton Baltic provided advisory services for the transaction.
According to Michael Porter, whose book Competitive Strategy is one of the most highly regarded works on management, a company develops a competitive advantage over its rivals when it purposefully differentiates activities from others in order to create unique value.
From the 1st of September 2018, all Estonian companies will be required to submit data on their beneficial owners to the Commercial Register of Estonia.
Entrepreneurs believe the hard times are past and increasing turnover and profit will also lead many countries’ economic growth to faster recovery. A survey conducted by tax and business advisory firm Grant Thornton among business people in 36 countries found that business optimism is at a two-year high.
In October, a Finnish company acquired the majority shareholding in the Milrem LCM OÜ, a company that provides maintenance and repair work for Estonian Defence Forces armoured vehicles and other military vehicles.
Grant Thornton Baltic advised the sale of AS United Motors vehicles retail business in Estonia. BMW and KIA vehicles retail business, vehicle parts and accessories retail business, maintenance and repair of motor vehicles in Tallinn, Tartu, Pärnu and Kohtla-Järve were sold to Inchcape Motors Estonia OÜ. GTB advised the seller AS United Motors on legal, financial and tax due diligence performed by the buyer, and carrying out the transaction. GTB had a remarkable role in negotiating the terms and price of the transaction.
Starting this year, some important changes to the health insurance system took force, and thus those serving as management board members and working on the basis of contracts under the law of obligations (authorisation agreements, contracts for services etc) should pay attention to the issues relating to activation and suspension of health insurance coverage.
Management board member agreements and employment contracts
Compared to agreements on competition restrictions, the obligation to keep business secrets has not been dealt with as widely, yet it needs significantly more coverage. In this article, the author deals with the various nuances related to business secrets, defines business secret and discusses why keeping business secrets is important for every company.
Financial year 2014 is coming to and end and it is time to start thinking about filing annual reports to the Commercial Register. Businesses should be aware that the Commercial Register is devoting increased attention to whether companies’ equity meets legislative requirements.
Estonia is the first country in the world to establish a digital ID system where any foreign national can apply for an electronic identity in Estonia. This is a unique solution anywhere in the world and will allow foreigners to use many of Estonia’s e-services anywhere in the world.