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.
In September, a new amendment to the Money Laundering and Terrorism Financing Prevention Act will enter into force, requiring companies to disclose data on their beneficial owners.
Starting 15 January 2018, Estonian companies managed from abroad will have the obligation to designate a contact person. That means all Estonian companies whose management board is located abroad must appoint an Estonian-based contact person.
By the end of the first quarter – 31 March – all companies must draw up and communicate to employees a holiday schedule for the current year.
Effective 15 January 2018, an amendment to the Commercial Code comes into force requiring all Estonian companies whose management board is located abroad to appoint a contact person in Estonia.
Companies trading with financial instruments should apply for an LEI code now, as in the absence of one they are not able to buy and sell securities listed on stock exchanges as of 3 January 2018. It means that all companies who trade assets such as shares, bonds or derivatives on securities markets through an investment service provider (such as banks) will have to apply for an LEI code.
On 1 January 2018, a new Labour Dispute Resolution Act (hereinafter referred to as TVS by its Estonian acronym) will enter into force, supplanting the Individual Labour Dispute Resolution Act (hereinafter ITVS) in force up to 31 December.
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
Reminder: important day arrived for creditors and credit intermediaries!
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.