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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.

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.

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.

For years, Grant Thornton Baltic has lent a helping hand to those in need, donating both funds and our employees’ time to charity organizations. In 2023, MTÜ Peaasjad, which focuses on promoting mental health in Estonia, was the latest non-profit to be added to the line-up.

Studies conducted in Estonia and other countries show that there are many female mid-level managers but women all too often hit a glass ceiling in trying to get to the highest tier of business leadership. Why is it that way, and are quotas the only way to break the glass?

Starting on 1 October 2023, amendments come into force under which construction contractors must register the construction site and contracting chain in the Tax and Customs Board’s subcontracting chain and working time information system.

More and more Estonian companies prefer to outsource payroll functions rather than have a staff position. The reason is that it’s a time-consuming job and requires use of the latest software and keeping up to date with frequent changes to legislation.

Gaily Kuusik, Grant Thornton Baltic's Head of Business Process Solutions, gives an overview of topics related to the accounting market.

As in life itself, the unexpected often strikes in the business world. The article deals with one such scenario that many probably have never thought of.

The need to prepare financial forecasts can arise in various situations. In the artocle we will give examples of some of the most common situations where the company's management has to undertake the preparation of forecasts.

In the beginning of the year, several tax changes were introduced in Estonia, Latvia and Lithuania.

In 2023, the German family company Bodo Möller Chemie bought the distribution rights of the brands Loctite, Teroson and Technomelt from Henkel and established a subsidiary Bodo Möller Chemie Baltics OÜ to deal with the resale of Henkel's adhesives and sealants in the Baltics. The founding of the subsidiary was advised by Grant Thornton Baltic.

Estonia has about 150,000 businesses engaged in economic activity – that means each one of them ought to have accounting software or some other way of keeping accounts.

In the last year, the volume of assets and sales income of many companies have increased, but this has not necessarily resulted from the increase in the volume of operations, but from inflation. Therefore, these companies have exceeded the threshold of the auditing obligation, and due to the previous large volume of work, the auditors have also had to leave many clients at the door.

“Our partnership with Grant Thornton Baltic’s internal auditors started in 2016 and it’s clear we hit the nail on the head with our selection,” says CEO of Primero Finance OÜ, Marti Küttis.

Gaily Kuusik, head of Grant Thornton Baltic's business process solutions, gives an overview of the legislative amendments that have already come into effect or will soon come into effect.