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The Commercial Register’s printing press has snapped into action
Compulsory dissolution The Commercial Register’s printing press has snapped into action
Pursuant to amendments that entered into force last year, the Commercial Register can fine or compulsorily dissolve those who are late filing an annual report. Compulsory dissolution can be done if the company lacks registered assets (i.e. no assets evident in the land register, ship register, Commercial Register or Estonian securities register), is not a party to any current judicial proceedings, criminal enforcement proceedings or tax disputes.
Gaily Kuusik
Kristel Tiits
| 6 min read | 15 Aug 2024
What’s this, we have to review our company’s cybersecurity?! What are the new Eurorules?
Digital services What’s this, we have to review our company’s cybersecurity?! What are the new Eurorules?
Anyone who has to consider any aspect of cybersecurity at their company has probably heard the sonorous sounding terms NIS 2, DORA, E-ITS or even ISO 27001.
Artti Aston
Artti Aston
| 7 min read | 14 Aug 2024
Gaily Kuusik
Accounting E-invoices are dead, long live e-invoices!
E-invoices celebrate their first minor anniversary – submitting invoices to the public sector in this format has been obligatory for five years, while technical support for e-invoicing has existed on the market for more than 10 years. But the hope that the private sector would organically embrace the state’s role model has not come to fruition.
Gaily Kuusik
Gaily Kuusik
| 8 min read | 09 Aug 2024
When does an Estonian company have to appoint a contact person?
Legal When does an Estonian company have to appoint a contact person?
The rules on the contact person underwent a facelift as part of company law reform, the majority of the amendments of which came into force on 1 February 2023.
Merli Kesküla
Merli Kesküla
| 3 min read | 05 Jul 2024
Compulsory deletion of a company leaves only poor options on the table
Legal Compulsory deletion of a company leaves only poor options on the table
Last year, an amendment to the Commercial Register Act was passed, which meant more fines for companies for the purpose of making the Estonian business environment more transparent.
Kristel Tiits
Kristjan Järve
| 7 min read | 12 Jun 2024
Frequently asked questions for internal auditors
Internal audit Frequently asked questions for internal auditors
In their work, internal auditors often come across a situation where clients want to have an internal audit done in their organization, but since they have no previous contact with an internal audit service, they have a number of questions.
Kai Paalberg
Kai Paalberg
| 7 min read | 24 May 2024
When to fire your accountant?
Business Process Solutions When to fire your accountant?
A high-quality accountant who uses modern technological solutions – up to and including AI – can do more for a company than ever before. An accountant can be closer to a CFO’s skillsets than a data entry role.
Gaily Kuusik
Gaily Kuusik
| 6 min read | 21 May 2024
Providing consultation to Pro Optika in preparation for expansion
Mergers and aquisitions Providing consultation to Pro Optika in preparation for expansion
Grant Thornton Baltic provided consultation to OptiPRO OÜ, which operates a retail chain of optometry stores under the brand Pro Optika and acquired the holding company of the Pere Optika chain, Optiland Eesti OÜ. After receiving a merger permit from the Competition Authority, the transaction was completed on June 10, 2024, and OptiPRO OÜ acquired a stake in Optiland Eesti OÜ.
3 min read | 14 May 2024
Experience: a working group dedicated to supporting values-based corporate culture
Company culture Experience: a working group dedicated to supporting values-based corporate culture
Where to start if your company doesn’t have a human resources director and HR policy, and on top of it, has a negative employer net promoter score? Grant Thornton Baltic’s HR director Marge Litvinova and recruiter Kätlin Treima share some valuable experience.
7 min read | 03 May 2024
Working during a longer period of illness is now allowed, if one feels up to it
Labor law Working during a longer period of illness is now allowed, if one feels up to it
On 16 April 2024, Parliament adopted legislation allowing those on sick leave for extended periods to continue working under adapted conditions.
Eliis Talisainen
Eliis Talisainen
| 2 min read | 30 Apr 2024
Mart Nõmper
Assurance A good auditor: ever harder to find
Business operators are hard-pressed to find an auditor to go over their annual report, since there are fewer and fewer auditors every year, but the amount of work just keeps on growing. The worsening quality of the work done by auditing companies is also a concern.
Mart Nõmper
Mart Nõmper
| 5 min read | 11 Apr 2024
Eve Lille Grant Thornton Baltic
Tax Is the logic of transfer pricing in place and is documentation updated?
Transfer pricing is often talked about solely in a tax accounting context but actually determining transfer price requires the existence of a strategically good budgetary and cost accounting system in managerial reporting. If a company has designed a detailed, adequate cost accounting system, a key precondition for shaping transfer prices has been met, especially when it comes to transactions related to goods and services where a clear cost base is even more important than mark-up.
Eve Lille-Tõns
Eve Lille-Tõns
| 4 min read | 08 Apr 2024
A compassionate employer also looks after employees’ mental health
Company culture A compassionate employer also looks after employees’ mental health
All of us have a work life and a private life, and no matter how we try, it is hard to keep them completely separate. Problems at work come home with us and vice versa. That is the underpinning for my belief that an employer who genuinely cares about its people will see investing into maintaining mental health as an investment in its employees.
Marge Litvinova
Marge Litvinova
| 5 min read | 08 Apr 2024
Problems in practice with compulsory dissolution of companies
Commercial Register Act Problems in practice with compulsory dissolution of companies
For years, the Commercial Register allowed companies to operate in the Estonian business environment as if disclosure of economic figures was optional. Last year, an abrupt change in direction occurred.
Gaily Kuusik
Kristel Tiits
| 8 min read | 08 Apr 2024
E-residents run up against obstacles applying for a new digital ID
Legal E-residents run up against obstacles applying for a new digital ID
Many foreign nationals doing business in Estonia recently received an unpleasant surprise: they are unable to submit their annual report for their company to the Business Register, since they failed to renew their digital ID by the deadline. Meanwhile, the Estonian Police and Border Guard Board (PPA) has imposed additional conditions on applying for a new digital ID.
Uljana Feldman
Uljana Feldman
| 2 min read | 28 Mar 2024
Kasvukursil töölepingu lõpetamine
Labor law Yes, employment contracts can be terminated extraordinarily via Messenger
The most important aspect of extraordinary cancellation of an employment contract is that the notice has to be reproducible in writing. The employee should thus be precise in their wording, and the employer should be quick to respond.
Marge Litvinova
Merli Kesküla
| 6 min read | 28 Mar 2024
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