An Estonian private limited company must keep accounts from the day it is registered, file tax declarations every month in which it pays salaries, dividends or VAT, and submit an annual report every year — even when it had no turnover. This guide explains the obligations, what monthly accounting and an annual report include, and what to do when the books are behind.
The guide is general information, not accounting or tax advice.
The obligations
- Bookkeeping under the Accounting Act: every business transaction is recorded on the basis of a source document (invoice, contract, bank statement), and the books are kept for seven years.
- Monthly declarations to the Tax and Customs Board by the 10th of the following month: form TSD when the company pays salaries, board member fees or dividends; the VAT return KMD by the 20th when the company is VAT-registered.
- The annual report within six months after the end of the financial year (Commercial Code § 179), approved by the shareholders and submitted to the commercial register in the XBRL format. A company that does not submit it can be fined and, in the end, deleted from the register.
- Corporate income tax is paid only on distributed profit (dividends and hidden distributions), declared on TSD in the month of the distribution.
Monthly accounting
Monthly accounting covers booking the bank statements and invoices, reconciling the accounts and preparing the monthly declarations. The price depends on the number of transactions: our monthly accounting starts for a small company, and we confirm the final monthly price by email after seeing a typical month. The same service can be ordered together with a ready-made company (), a new company () or for an existing company ().
The annual report
The annual report contains the balance sheet, the income statement, the notes and the management report where required, and the profit allocation proposal. A micro or small company does not need an auditor unless it exceeds the thresholds of the Auditors Activities Act. We prepare the report from the books and submit it once the management board has signed. The annual report for a company with low activity starts ; for a company without turnover the price is .
When the books are behind
If source documents are missing or declarations were not filed, the books are restored first: we collect the bank statements and invoices, book the missing periods, correct the declarations and prepare the overdue annual reports. Accounting restoration starts ; the final price follows the volume and the condition of the records. Late filings can bring interest and fines from the authorities, which are not part of our price.
What we need from you
- access to or exports of the bank and EMI statements;
- sales and purchase invoices, contracts and loan agreements;
- the previous annual report and opening balance, if the company is not new.
What you receive
- books kept under the Accounting Act and declarations filed on time;
- the annual report submitted before the deadline;
- reminders of the dates that matter for your company.
Prices exclude VAT; the "from" prices are confirmed in writing before work starts. All communication takes place by email.
Ready to start? Monthly accounting, an annual report or accounting restoration. Open the order form.
Frequently asked questions
Does a company without turnover still need accounting?
Yes. Every Estonian company keeps books from registration and submits an annual report every year, even with no turnover. Monthly declarations are needed only in months with payments such as salaries or dividends, or when the company is VAT-registered.
What if the company's books are behind?
The books are restored first: bank statements and invoices are collected, the missing periods booked, declarations corrected and overdue annual reports prepared. Late filings can bring interest and fines from the authorities, which are separate from our fee.
Related guides
- Annual reports, company deletion and liquidation in Estonia
- Closing an Estonian company: what happens if you just walk away
More on this topic: Accounting and closure.