Accounting

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Clarifying Misconceptions for E-Residents on Company Liquidation

A common misconception among e-residents is that a company with no business activity is exempt from reporting and bookkeeping obligations. This is not the case. Once a company is established in Estonia, ongoing compliance and reporting are mandatory—regardless of whether operations have begun.

Most founders engage a service provider to manage these requirements. If you are planning to close your company, all accounting must be up-to-date, including submitted tax reports and annual reports. Yes—even without a bank account or sales, an annual report is still required.

1. Accounting Services for Liquidation

What reports are needed to start the process?
To begin liquidation, we require the company’s financial reports for the current year:

2.

• Balance sheet

• Income statement

• Bank account statement(s)

3.

Your existing accountant or service provider can prepare these. If you haven’t worked with one because your business didn’t launch, we can help assess and organize your situation.

Fallen behind on bookkeeping?
In most cases, we can help you catch up. Even if your bank account is already closed, transaction histories can be requested from the bank—they retain archived records. With your receipts and documents (recovered from email, etc.), we can rectify matters retrospectively. It may take some sorting through your records, but don’t worry—we’ll guide you through it.

4. Why Choose Us?

• No activity since incorporation?
  We will submit the required annual report(s) on your behalf—at no extra cost—as part of our liquidation assistance service.

• Only minor expenses?
  If your company only incurred setup or maintenance costs (service provider fees, bank charges), we’ll handle these without additional charges.

• Had business activity?
  If you need to catch up with accounting, tax reports, or more complex bookkeeping, reach out. We’re confident we can find a suitable arrangement.

Our Offer for Liquidation Preparation

To bring your accounting up-to-date for liquidation, we offer:

• FREE of charge – If there were no sales transactions, only recurring expenses, and no annual reports have been filed.

• Starting from 40 EUR – If there were sales transactions, payments to record, and tax or annual reports to submit (price depends on volume and complexity).

Have questions or need a tailored solution?
Contact us via your preferred method or request a free consultation. We’re here to help you close your company smoothly and compliantly.