Do you plan to close the business and need to liquidate your company registered in Estonia? New Normal is providing a liquidation assistance service which we have created specifically for our e-residents. The service fee for liquidation assistance is affordable and fair. Furthermore, it does not include any hidden fees!

How much does it cost to close a company?

If your plans have changed and you need to “exit” the e-residency program, look no more! With my help, the closing process will be easy for you, no matter the reasons for your exit. You do not need to worry about filling out any applications and meeting the deadlines. With your authorization, I can take care of most of the steps and tasks on your behalf.

The service fee is 495 euros, including all state fees.

• The process takes at least 7-8 months to be fully completed. Most of the time though you can sit back and relax as the input we require from you is minimal. My team will reach out when it is time for you to take action and we will of course guide you in every step.

 

What is included in the all-inclusive service fee:

• Preparing the dissolution resolution. With this document, the owner(s) decide to close the business.
• Preparing and submitting to the e-Business Register the dissolution entry petition. Once the e-Business Register confirms it, the official process begins.
• Publishing a notice of liquidation via Official Announcements/Ametlikud Teadaanded. Let your business partners know about your plans to close the company.
• Preparing and submitting the liquidation report. This report provides an overview of the financial year before the liquidation started.
• Preparing the final closing report and asset distribution plan with the calculation of the final liquidation proceeds. After this, you can finally close your bank account(s).
• Calculating the corporate income tax on liquidation proceeds if your company ended up in profit. If you never earned profit then you do not need to pay any taxes.
• Preparing and submitting to the Tax and Customs Board the tax report related to the liquidation proceeds (if needed).
• Preparing and submitting the company deletion entry to the e-Business Register.

The process is actually a bit more complex than described above. You can read more about the dissolution of a private limited company from the FAQ of the state portal.

 

As a prerequisite for starting the liquidation process, we expect that:

• Firstly, you have submitted your company’s annual reports for the previous years and the accounting for the current year is also up-to-date.
• Secondly, your e-residency ID card should be valid. Unfortunately, it is not possible to start the process without your ID card. If you need to renew your ID card, please use the application form on the e-Residency website.
• In order to start closing your company, we ask you to send us with the financial reports for the current year. It is the balance sheet, income statement, and bank account statement. Your accountant or service provider can provide you with these.

 

What if you have fallen behind in your accounting tasks or have not submitted the last annual report?

Do you need assistance with updating the accounting and preparing the annual report(s)? We provide accounting services as well, and depending on your situation it could be free of charge! Otherwise, the prices start from 50 euros and depend on the volume of your unrecorded transactions. Finally, the first consultation from us is for free – we want to make sure you have all the information for making a conscious decision.

 

If you have questions about anything, reach out via your preferred method of contact or request a free consultation.