Annual Report

Within six months after the end of the financial year, each company registered in Estonia shall submit an annual report to the Commercial Register. The annual report shall be drawn up in Estonian and in the official currency of Estonia (Euro).

Annual reporting is mandatory for all companies registered in Estonia, even for companies that had no activities during the financial year. The annual report shall be submitted within six months after the end of the financial year of the company. Thus, if your financial year ends on December 31, you shall submit the report no later than June 30 of the next year.

All accounting procedures shall be completed before drawing up the annual report.

Mandatory components of the annual report include the management report on the activities of the company, the balance sheet, the profit and loss statement of the company, and the capital statement of the company.

Drawing up an annual report for non-operating companies 100 EUR
Preparation of an annual report for operating companies (Estonian)
from 250 EUR
Preparation of an annual report for operating companies (Estonian and English)
from 350 EUR

FREQUENTLY ASKED QUESTIONS

  • What is the deadline for submitting an annual return in Estonia?
    Annually, no later than 6 months after the end of the financial year (often – the calendar year, from 1 January to 31 December), an annual report should be prepared and submitted to the Commercial Register containing a comprehensive overview of the company’s performance for the previous financial year.
  • Do I need to submit an annual report every year?
    Yes, even if there was no business activity.
  • What should be included in the annual report?
    The information that must be provided in the annual report depends directly on the size of the company.
    • Micro-enterprise
      According to the Accounting Law, micro- and small-scale enterprises can prepare an abridged annual report, which consists of at least two main reports – a balance sheet and a profit statement, as well as up to 3 annexes. The micro-enterprise can (optionally) prepare an abridged or full annual report. Therefore, a micro-enterprise that uses the abridged annual report option is not required to prepare a management report.
    • Small-scale business
      The abridged annual report of a small-scale company is drawn up in accordance with the Estonian financial reporting standard and consists of two main reports: a detailed balance sheet and an income statement, as well as up to 9 annexes. The small business also undertakes to prepare a management report.
    • Medium-sized and large enterprise
      The annual report is drawn up either in accordance with the requirements of the Estonian financial reporting standard, or in accordance with the requirements of the International Financial Reporting Standards (IFRS): a management report, 4 main reports, and an average of 15 annexes. A full annual report is required for medium-sized and large companies as well as non-profit associations and foundations.
  • What language should the source documents be in?
    Company in Estonia OÜ accepts documents for processing in many languages (the accounting department considers each case on an individual basis). A Member of the Board of an Estonian company must be prepared that an Accountant preparing an annual report can ask for clarification of the content of the submitted documents. Financial statements are prepared in Estonian (in the official currency of Estonia – the euro, indicating the degree of accuracy used in figures).
  • What data should the source accounts contain?
    Purchase and sales invoices must include the following information:
    • Title
    • Account number
    • Date of issue
    • Description of purchased goods or services
    • Amounts (quantity, unit price, total amount)
    • Names of supplier and customer
    • Addresses of supplier and customer
    • Supplier company registration number
    • VAT number of the company
  • In what format should a bank statement be submitted?
    Bank statements are allowed in PDF and XML formats.
  • How will the transaction documents be delivered?
    After concluding with Company in Estonia OÜ an agreement on the provision of accounting services, all the source documents of your company must be sent to the provided email address of your assigned Accountant.
  • What accounting software do you use?
    Our Accountants use the following software: SimpleBooks, e-arveldaja, and 1C Company.

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