The ultimate owner of an Estonian company is an individual who owns directly or indirectly more than 25% of the Estonian company’s share and is under its control.
According to the new amendments in Corporate Law of Estonia, the Contact person shall be appointed if the company established in Estonia does not have any Member of the Management Board residing in Estonia.
Starting from 27 November 2017 the Money Laundering and Terrorist Financing Prevention Act has been amended by extending the personal responsibility of Estonian companies in case of poor due diligence measures regarding all the Partners and Clients of the company.
Minister of Finance of Estonia Sven Sester has signed the decree that will simplify the procedure of opening an account in the local banks. Now Estonian and foreign e-residents will have an advantage for identification without their presence in the bank during opening an account. Banks will start to use digital technologies that allow remote verification of the identity of costumers. The decree comes into force on 31 October 2016, nevertheless, banks will still have a right to demand the personal presence of the client.
There are not essential amendments for tax legislation of Estonian have done. You could get to know with short summary of Estonian tax system applying for companies and physical persons.
What is the “Mini One-Stop Shop”, or MOSS?
The “Mini One-Stop Shop” (MOSS) gives the opportunity to the vendors of digital services, which rendering the B2C sales, to register with a single Tax authority in one country of the EC where they can report for all of their deals for VAT in all EC’s countries.
The changers will be concerning the E-Commerce services within Europe Community for B2C suppliers and customers.
New law is applicable to small UK enterprises (LTD) except Scottish LP companies and UK partnerships.
According to the anti-offshore law, by April 1, 2015 taxpayers had to notify the Federal Tax Service of owning more than 10% of the share capital of controlled foreign companies (i.e. companies that are not tax residents of the Russian Federation, but controlled by them).
Since the year, 2015 new rules how to fill in the income and social tax forms (TSD) have to be applied. According to which, contributions to the company’s share capital have to be declared as soon as they were made, i.e. next month.
Earlier to receive e-Residency you had to come to Estonia, go to the Tax and Customs Board and there fill all necessary documents in. Since 1.04.2015 applications for e-Residency can be submitted in Estonia representative institutions in any country, which will save you time and money.
On April 6, 2015, the Government of Cyprus has removed restrictions on international payments, transfers and other forms of capital movements. For example, there will no longer be a monthly limit of 20 000 euros on transfers by individuals to foreign banks.
Since the beginning of December 2014, it became possible to apply for Estonian e-Residency.
Since January 1, 2015, the new reduced Income Tax has to be applied. The rate dropped from 21% to 20%. Estonian companies do not have to pay Income Tax until the profit is distributed as dividends.
According to the latest data Financial Ministry of Russia agreed to soften the bill on controlled foreign companies (CFC). The term CFC provides for the implementation of the following three conditions: the entity is not a resident of the Russian Federation; control of the company is carried out by the Russian Federation residents; foreign structure without legal entity, controlled by individuals under tax residency of the Russian Federation.
On October 14, 2014 the Economic and Financial Affairs Council of EU has adopted the agreement on introduction of the expanded directive about automatic exchange of information between tax authorities of the European countries which would allow to spot tax evasion or illicit money flows more easily.
The year of coming of age – the year of our 18th birthday – is the time when the results of hard work become truly apparent.
Confidentiality is the key word and absolute advantage when we speak about foreign Banks.
Since 13.01.2014 the VAT rate in Cyprus has been changed . The VAT rate is 19%.
After the known events, In Cyprus, temporary restrictions were imposed on the transfers of funds.
If the Danish company receives from the subsidiary, directly or indirectly, dividends which were not taxed, in this case, withholding taxes are levied on the dividends received if the Danish company is not the beneficial owner of these dividends.
On April 2013, The House of Representatives has voted new amendments to various tax laws in order to comply with the requirements of the Memorandum of Understanding between the Republic of Cyprus and Troika, in an effort to correct public finances.
On 17 October 2012 minister of foreign affairs of Estonia, Mr. Urmas Paet, and minister of foreign affairs of Cyprus, Mr. Erato Kozakou-Marcoullis, signed Convention for the avoidance of double taxation between Estonia and Cyprus.
Working with European companies and within the territory of the EC. Specifics of application of VAT rules and transfer price formation.
New amendments to the Income Tax Act have come to effect since January 1, 2012 in Cyprus. They concern the taxation of income from any type of intellectual property (royalty). Now, the effective tax rate on such payments will not exceed 2%.
On October 1, 2012 in the Netherlands will be implemented new legislation for Dutch BV. The most important in this legislation is that now for the registration of BV does not have to pay the minimum authorized capital in amount EUR 18.000. Company type BV may be incorporated with a minimum capital of EUR 0.01.
Over the past ten years the Danish Kingdom has taken active steps towards a permanent improving of the state’s image in the field of business organizing and operating among as medium- as big-sized business leaders . As a result, demand for Danish companies such as K/S has grown significantly and starts to gain with each passing day.
Life goes on, but taxes do not want to change so quickly. Deadlines on Cyprus provisional tax submission are approaching.
07.06.2012 The Estonian parliament approved a draft treaty on avoidance of double taxation with Cyprus. Will such agreement have impact on the interaction between the two countries?
The Isle of Man has signed a double taxation agreement with Estonia. There is a 42nd double tax treaty has been concluded of the Estonia.
The VAT rate in Estonia has been changed from 01.07.2009. The new rate of VAT in Estonia is 20%.The preferential rate is 9%.
On 16 April 2009 the representatives of Russian Federation and the Republic of Cyprus drew the final draft Protocol to Treaty for Avoiding Double Taxation of 1988 between the parties.
From the 1st of January 2009 Bulgaria, Greece and Azerbaijan have joined to the list of countries which have Convention for avoidance of double taxation with Estonia.
From the 1st of January 2009 Hong Kong is considered to be a country with low tax rate (offshore) in Kazakhstan. Consequently, all the business activity between Kazakh companies and Hong Kong companies in context of taxation will be considered as the activity between Kazakh company and offshore company.
During Christmas and New Year holidays office of FM Capital Consulting Ltd in Tallinn will be working the following way:
On October, 9-10th, 2008, the V conference “The International Corporate Decisions 2008” has taken place in Kiev, Ukraine. The head of the company FM Capital Consulting AS Dmitry Lamikhov has made a report on the theme of “The Estonian companies as the residents of the EU”.
On September, 24th 2008 FM Capital Consulting holds a business lunch on the topic of “The Estonian Companies as a Resident of EU. Features of Tax System, Privileges and Advantages”. Semiinar holds in Kiev, Ukraine.
Cyprus, Ireland and Switzerland are the top three countries in a league table of European tax systems, compiled by KPMG International, in which major business organisations across Europe assessed the attractiveness of their domestic tax regimes.
As of the 01.01.08 Cyprus as EU member adopted the European Currency or else as know EUR. Those companies that issued their share capital value in Cyprian pounds (CYP) will have to be convert the capital it in EUR.
As from 01.01.2008, in Estonia the new income tax rate from persons is 21%. Upon distribution of dividends, the corporate tax rate is 21/79.
On the 23rd of November 2007 Copenhagen has hosted the “European solutions for international tax management” conference. Conference was dedicated to the issues of usage of the companies from the different countries of Europe to resolve the questions of tax planning.
On 18th of October 2007 Kiev (Ukraine) hosted the 2nd annual conference «Protection of Assets – 2007». Conference was dedicated to the issues of preservation of assets, guaranteeing security of business, protection against fraud.
The United Kingdom has revealed itself as the substantial leader among jurisdictions incorporating new companies during 2006. Over the course of last year, the UK (England & Wales) saw in excess of 305,000 companies registered – more than four times as many as the next in the table, Hong Kong.
On 21 February 2007, the Ukrainian Government authorized the Ministry of Finance to conclude a new income tax treaty between Ukraine and Cyprus. Once signed and in force, the new treaty will replace the Cyprus-former USSR tax treaty of 29 October 1982 in bilateral relation between Ukraine and Cyprus.
As from 01.01.2007, in Estonia the new income tax rate from persons is 22%. Upon distribution of dividends, the corporate tax rate is 22/78.
On 30 and 31 March 2006 a conference “Offshore – alive or dead?” was held in Riga. FM Capital Consulting AS participated in the conference that was organized due to increased interest of business circles towards new trends in “offshore” world. The conference dealt with issues such as “How to keep the assets in offshore company safe?”, “How to pay taxes to optimum extent and in compliance with laws?” and many other similar issues.
OÜ Finantsimeister was established on 23 February 1996. Later on the company was transformed into public limited company FM Capital Consulting AS. During the time of its activities the company has gained extensive experience in registration and accompanying of companies in various countries in the world.