FAQ

Are the companies, sold by Wasp Project without any previous history?

Yes. The companies have been founded for selling purposes only and haven’t had any activity. The fact will be stated in the notarized purchase agreement.

When can I start the activities?

You can start to use the company as soon as the purchase agreement will be signed. Some activities may require you being registered as a member of the board (this takes usually 3-5 days). To solve the problem you can get a notarized power of attorney for an extra fee and you can start as soon as you walk out of the notary office.

How quickly will the amendments be registered at the Commercial Registry?

Usually it takes 3-5 days after signing the purchase agreement. All amendments on the registry card will be done at once.

May Estonian company have several bank accounts / accounts abroad?

Yes, Estonian companies may have several bank accounts in the same bank or in different banks. Accounts outside Estonia are allowed.

Can anybody be the owner of an Estonian company?

Any legal or natural person can be the owner of an Estonian company.

Can anybody be the member of the management board of an Estonian company?

Non-EU residents face some restrictions – a person allowed to receive official correspondence must be appointed. That problem will be solved if you use our address service.

Can everybody see my name as a shareholder and board member in the register?

Everybody can see shareholders and management board members of an Estonian company. If the one making the request is not a government institution then the information is not free.

Can I hide my name as a shareholder or a management board member?

Yes, it is possible to use our nominal owner and/or director services for an extra fee.

How many management board members are required for an Estonian company?

There has to be at least one person. Legal person can’t be a member of the management board.

Is it required to pay salary to the management board member?

It is not obligatory to pay salary to members of the management board.

Does an Estonian company need to have an office or an address in Estonia?

Yes, an Estonian company must have an address. PO Box can’t be used as an address. If you don’t have an address you can use we can provide address service for your company

Should an Estonian company have a seal?

The company can have and use the seal but it does not have any legal effect as our law doesn’t require a seal. We can organize you one for an additional fee.

Which document confirms the power of a management board member?

Such  document is an official extract of the Commercial Register that contains data of the management board members of the company (names, date of birth, personal ID code  and residence). Using this abroad may require getting an apostille to the document. If you’re going to open a bank account abroad the articles of association may be required (also with an apostille). As Estonian Commercial Registry will issue verified documents only in Estonian, you will probably need to get the documents officially translated. We can provide you the documents mentioned for an extra fee.

What kind of commercial activity may an Estonian company have?

An Estonian company may practice any commercial activity that is not prohibited by law.

Does an Estonian company need an activity license or permit?

For some areas (finance, construction, transportation services, etc) of business you need to fulfill the requirements of authorities and apply for an activity license. We can help you for an extra fee.

Can a foreign company establish a branch in Estonia?

Yes, it can. A branch is an independent unit or part of a foreign undertaking conducting business in the territory of the Republic of Estonia on behalf of the foreign undertaking. A branch is not a separate legal person and the foreign company will be responsible for the branch’s activities and liable for its obligations

 

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© WASP Project 2018.