The world of cryptocurrency has experienced significant growth in recent years, and with it, the need for comprehensive regulatory frameworks has become more pressing. One of the most important pieces of legislation for crypto businesses in Europe is the Markets in Crypto-Assets Regulation (MiCA). 

For companies registered in Estonia, which is considered one of the most crypto-friendly nations in the EU, MiCA introduces a new regulatory landscape. In this post, we’ll dive into the latest MiCA updates and what they mean for crypto businesses in Estonia. 

Read also about crypto company registration in Estonia.

What is MiCA?

MiCA (Markets in Crypto-Assets Regulation) is a regulatory framework introduced by the European Union, aimed at providing legal clarity and consumer protection for the rapidly growing crypto-asset sector. The legislation covers a wide array of crypto-assets, including cryptocurrencies like Bitcoin and Ethereum, stablecoins, and utility tokens. MiCA also applies to service providers, such as crypto exchanges, wallet providers, and other intermediaries.

The primary goal of MiCA is to create a harmonized regulatory framework across all EU member states. This would enhance legal certainty for crypto businesses, protect investors, and ensure that financial stability is maintained.

Key Features of MiCA

1. Comprehensive Coverage: MiCA provides clear definitions for various crypto-assets and their classifications. This removes the ambiguity that often surrounds digital assets, allowing businesses to understand what regulatory requirements apply to them.

2. Licensing Requirements: Crypto service providers, including exchanges, custodians, and token issuers, will need to obtain specific licenses to operate across the EU. Once a company is licensed in one member state, they can legally operate in any EU country—a major advantage of this unified framework.

3. Consumer Protection: The regulation places a strong emphasis on consumer protection, mandating that crypto businesses provide transparent information about their services, risks, and pricing.

4. Stablecoins Under Scrutiny: MiCA introduces stricter rules for issuers of stablecoins, particularly large-scale stablecoins that could have a significant impact on the economy. Issuers must maintain reserves and meet stringent transparency standards.

5. Anti-Money Laundering (AML) Compliance: MiCA enhances AML compliance requirements forcrypto companies, in line with the EU’s existing regulations. This includes customer due diligence, reporting obligations, and risk assessments.

What MiCA Means for Crypto Businesses in Estonia?

Estonia has been a popular destination for crypto-related businesses, thanks to its favorable business environment, advanced digital infrastructure, and forward- thinking regulatory framework. However, the introduction of MiCA brings new regulatory challenges and opportunities for Estonian crypto companies.

1. Increased Licensing Requirements: While Estonia has already been stringent in its licensing for crypto service providers, MiCA introduces a standardized licensing regime across Europe. Estonian businesses that are currently licensed may need to apply for additional licenses or ensure they meet MiCA’s requirements. The good news is that once licensed, these businesses can operate freely throughout the EU.

2. Higher Compliance Standards: Estonia’s Financial Intelligence Unit (FIU) has historically been proactive in regulating the crypto space, focusing on AML and KYC (Know Your Customer) standards. Under MiCA, businesses will face even stricter compliance obligations. This means companies will need to invest more in regulatory technology (RegTech) and legal resources to stay compliant.

3. Opportunities for Expansion: MiCA offers crypto companies the chance to expand their operations across Europe without facing multiple layers of regulations in different countries. Once a company is MiCA-compliant in Estonia, it can provide services in any EU member state without needing additional local licenses.

4. Consumer Trust: MiCA’s focus on consumer protection will likely increase trust in crypto businesses operating in Estonia. By ensuring transparency, reducing risks, and offering greater legal certainty, businesses can attract more customers who may have been hesitant due to the perceived risks of cryptocurrency.

5. Stablecoin Issuance: For companies in Estonia that are working on stablecoins, MiCA will introduce significant new requirements. These businesses will need to ensure they have sufficient reserves and meet disclosure requirements, particularly if their stablecoins are widely used.

MiCA and Crypto Businesses in Estonia: Preparing for the Future

The MiCA regulation represents a significant shift in how crypto businesses operate across Europe. For Estonian companies, it offers both challenges and opportunities. Estonian businesses will need to review their operations to ensure compliance with the new framework, but at the same time, they will be better positioned to expand across the EU under a single regulatory regime.

Estonia’s proactive stance on digital innovation means that the country is well-placed to adapt to MiCA and continue to be a hub for crypto-asset businesses. However, it’s essential for businesses in Estonia to stay informed about the latest developments and take early steps toward compliance. This includes engaging legal counsel, investing in compliance technologies, and understanding the specific requirements that MiCA places on their operations.

Need Help with Your Crypto Business in Estonia?

MiCA marks a new era for cryptocurrency regulation in Europe, and Estonia’s crypto businesses are at the forefront of this transformation. The regulation provides clarity, protects consumers, and facilitates cross-border expansion—all of which are essential for the continued growth of the crypto sector. 

At Wisor Group, we specialize in helping crypto businesses in Estonia navigate the complex regulatory landscape. Whether you need assistance with company registration, licensing, or compliance with MiCA regulations, our team of experts is here to guide you every step of the way. Contact us to learn more about how we can help your crypto business thrive in the new regulatory environment.

Estonia, known for its advanced digital infrastructure and favorable business environment, has become an attractive destination for entrepreneurs and companies worldwide. When managing a business in Estonia, it's crucial to have access to official corporate documents, whether for compliance, legal, or business purposes. Our company offers a streamlined service for ordering these essential documents, ensuring they meet your specific requirements in terms of formalization, language, and authenticity.

What do we offer

Our service allows you to order the official corporate documents you need directly from the relevant Estonian authorities. We provide these documents in their original form, notarized, and/or apostilled, depending on your requirements. To ensure accuracy and legality, we offer documents in both Estonian and English, using only sworn translators for any necessary translations.

Here’s a breakdown of the key documents we provide:

1. Registry Card, including shareholders and directors 

This document is a snapshot of the company’s current legal standing as recorded in the Estonian Commercial Register. It includes essential details such as the names of shareholders, directors, and other key company information. The registry card is vital for verifying the legal status and ownership structure of a company.

2. Articles of association

The Articles of Association, or põhikiri in Estonian, are the cornerstone of a company’s governance. This document outlines the company’s purpose, share capital, and the rights and responsibilities of its shareholders. It's essential for understanding the legal framework within which the company operates.

3. Certificate of Estonian tax residency

Issued by the Estonian Tax Office, this certificate verifies a company's tax residency status in Estonia. It’s often required for international business transactions, to benefit from tax treaties, and to avoid double taxation.

4. Certificate on absence of tax arrears

Also obtained from the Estonian Tax Office, this document certifies that the company has no outstanding tax liabilities. It’s an important document when applying for loans, tenders, or entering into contracts, as it provides assurance of the company’s financial health.

5. Registry Card with full history

This detailed document from the Commercial Register includes the complete history of changes made to the company’s registry card. It’s useful for due diligence processes, providing a comprehensive overview of the company’s historical changes in ownership, structure, and management.

6. Any submitted annual report

Annual reports are a legal requirement for all Estonian companies. These reports, which must be submitted to the Commercial Register, provide a detailed overview of the company’s financial performance and activities over the year. Access to these reports is crucial for investors, auditors, and regulatory bodies.

Why choose us?

When you order corporate documents through our service, you benefit from our commitment to precision and reliability. We ensure that each document is correctly formatted, authenticated, and translated (if needed) by sworn translators, providing you with official documents that are legally recognized both in Estonia and abroad.

Whether you’re an entrepreneur needing documents for your startup, a legal professional conducting due diligence, or an investor looking to verify a company’s credentials, we’re here to assist. Our streamlined ordering process, competitive pricing, and professional service make us the go-to source for official corporate documents in Estonia.

Contact us today to learn more about how we can help you obtain the documents you need with ease and efficiency.

In the dynamic world of business, understanding the full lifecycle of your company is crucial, including the less glamorous aspects like liquidation. Whether your company has naturally reached the end of its journey or you're considering a strategic move, being well-informed about the liquidation process is essential. This guide delves into the details of Estonian company liquidation, including recent changes that simplify the process for dormant companies and an intriguing option of liquidation via merger.

Understanding the process of deleting Estonian company 

Company liquidation in Estonia is a formal process of winding up a business entity, governed by the Estonian Commercial Code. The process ensures that all assets and liabilities are handled appropriately before the company is dissolved.

The standard deletion process

1. Shareholder resolution: The process begins with the shareholders drafting a resolution to initiate liquidation, which requires approval.
2. Appointment of a liquidator: A liquidator, either from the management board or an external professional, is appointed to oversee the process. At least one liquidator must be an Estonian resident.
3. Public notice: A notice regarding the liquidation is published in the official publication Ametlikud Teadaanded and potentially on the company's website.
4. Inventory and valuation: A comprehensive inventory and valuation of the company's assets and liabilities are conducted.
5. Settlement with creditors: All debts and obligations to creditors are settled within a specified period.
6. Distribution of assets: Remaining assets are distributed among shareholders based on their ownership stakes.
7. Tax obligations: All tax obligations, including income tax and VAT, must be settled.
8. Submission of final reports: The liquidator prepares a final report, which is submitted to the Commercial Register.
9. Application for deletion: Once the liquidation report and other necessary documents are submitted, the company can be deleted from the Commercial Register.

Liquidation via merger with a sole shareholder

An alternative to traditional liquidation is to merge the company with its sole shareholder. This process involves transferring the company's assets and liabilities to the shareholder, which can be time-efficient and offers several advantages:

• Asset utilization: Assets and liabilities are transferred to the shareholder.
• Time efficiency: The process is usually completed within 3-4 months.

The process of deleting Estonian company via merger

1. Shareholder resolution: The management and shareholder decide to pursue liquidation via merger.
2. Shareholder agreement: A notarial agreement detailing the terms of the merger is formulated.
3. Public notice: A notice regarding the merger is published in Ametlikud Teadaanded.
4. Valuation and asset transfer: Assets and liabilities are valued and prepared for transfer.
5. Formation of accounting documents: Essential documents are prepared and submitted to authorities.
6. Dissolution of original company: The original company is formally dissolved upon completion of the merger.

Digital application for deleting Estonian company for dormant companies

A recent change in Estonian company law allows for a simplified deletion process for dormant companies. If a company has had no economic activity, it can now apply for deletion either digitally or through a legalized application. After submission, the tax office must approve the deletion, which generally takes between 2 weeks to 2 months.

Pricing and costs

The cost of liquidating a company or executing a merger in Estonia varies based on the financial complexity, outstanding obligations, and professional involvement. Consulting with experienced legal advisors is crucial for obtaining accurate cost estimates tailored to your unique situation.

Conclusion

Deleting Estonian compay, whether through standard processes, simplified deletion for dormant companies, or via merger, can be a complex but manageable task with the right guidance. By understanding the intricacies and costs involved, and with the support of professional corporate service providers, you can ensure a seamless transition and compliance with legal requirements.

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Frequently asked questions (FAQ) about estonian company liquidation

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1. What is company liquidation in Estonia?

Company liquidation involves winding up a company's affairs and operations, distributing assets, settling liabilities, and dissolving the company.

2. Why would a company opt for liquidation?

Reasons include financial distress, cessation of operations, regulatory compliance, or strategic decisions to end the company's existence.

3. What are the different types of liquidation in Estonia?

• Regular liquidation
• Simplified deletion for dormant companies
• Liquidation via merger with a sole shareholder

4. How long does the liquidation process typically take in Estonia?

The process can take several months, depending on the complexity. Regular liquidation can take around 8 months, while liquidation via merger takes about 3-4 months.

5. What is the role of a liquidator?

The liquidator oversees the entire process, including valuing assets, settling debts, distributing assets, preparing reports, and ensuring compliance.

6. What is the role of shareholders in liquidation?

Shareholders initiate the process by passing a resolution and may receive a share of remaining assets after settling liabilities.

7. What happens to the company's assets and liabilities during liquidation?

Assets are sold to settle liabilities, with any remaining assets distributed among shareholders. In a merger, assets and liabilities transfer to the shareholder.

8. Can a company continue operations during liquidation in Estonia?

Typically, the company ceases operations during liquidation, though limited operations may be necessary to facilitate the process.

9. What are the tax implications of liquidation?

All tax obligations, including income tax and VAT, must be settled before the process is completed.

10. What is the significance of public notices during liquidation?

Public notices ensure transparency and inform creditors and stakeholders about the company's status.

11. Can an Estonian dormant company go through liquidation?

Yes, through regular liquidation or a simplified deletion process if the company has had no economic activity.

12. What is the difference between liquidation and bankruptcy in Estonia?

Liquidation winds up a company's operations, while bankruptcy involves a legal declaration of insolvency.

13. Can a liquidation process be reversed once initiated?

Reversing the process is possible but complex and requires a court application. Please make sure to contact Wisor Group OÜ advisors for further details. 

14. How can corporate service providers assist with the liquidation process?

They offer guidance, ensure compliance, accurate valuations, and manage the process for a smoother transition.

15. Are there alternatives to deleting Estonian company?

Yes, one alternative is selling the company with the intention of later liquidating it.

For more detailed information or assistance with the liquidation process, feel free to contact our team of legal professionals at Wisor Group OÜ. 

It is crucial to recognise when your Estonian company has become a burden instead of being a place to express your passion for business. Liquidating a Company at the right time and using a professional and trustworthy service provider for handling the process can save your health, time, and funds.

Financially speaking, you should consider company liquidation in the following situations:

• Constant loss and inability to cover costs
• Insufficient turnover
• Not enough demand for your services/products
• High debts to third parties (shareholder loans are an exception here)

Company Liquidation to avoid burnout

From a mental health point of view, you should consider company liquidation if you feel burned out. Owning a business can be challenging, as it not only frees you from micromanagement but also requires you to be present 24/7, which can become overwhelming. No business or work is worth constant physical/mental stress and a decrease in the quality of life.

If it is difficult to keep up with the legal requirements in Estonia, we are here to provide you with full assistance. Thus, in that case, liquidation is not the only solution. Read more about the dissolution of a private limited company.

Company Liquidation prevents further damages

For other reasons, company liquidation might be the right option to prevent potential further damage. The Wisor Group team can help you through the process and ensure that the company is liquidated as quickly and simply as possible, so you can move on with your life calmly.

Company Liquidation for non-compliant companies

Regarding obligations, it is time to dissolve your company when it becomes too difficult to meet the requirements for legal entities in Estonia. This means being constantly non-compliant with Estonian laws, which puts you at risk of fines and being mentioned in public notifications. Legal requirements include having a registered address and submitting annual reports on time, which are easy to comply with if you have a professional service provider in Estonia.

Non-compliant companies are quickly removed

Your Estonian company is at risk of deletion by the Estonian commercial register for any non-compliance (including not having a legal address, not submitting annual reports, etc). Due to the high number of non-compliant (so-called “sleeping”) companies in Estonia, a goal was set by the Estonian authorities to clean the business register of companies not fulfilling legal requirements.

Firstly, you are notified by the court with a ruling stating your non-compliances and the deadline for rectifying them. If you are unable to meet the deadline and do not apply for an extension, the registry promptly deletes your company, usually within a few days after the deadline.

This process underscores the importance of taking any business register notifications and court rulings with full seriousness. 

Company Liquidation Service in Estonia

Our team is always ready to assist in ensuring your company's compliance with Estonian laws and regulations. In case of deficiencies, we set a plan to rectify them, ensuring your company becomes law-abiding and fully operational again. Contact us if you need help with company liquidation in Estonia.

Estonia is highly competitive and offers a unique and attractive tax system that is particularly beneficial for businesses and investors. Let's see what are the types of taxes in Estonia and where does Estonia stand in comparison to other top tax environments in Europe.

Read more about tax rates in Estonia.

What are the Taxes in Estonia?

• Estonian Corporate Tax Rate: Estonia's corporate tax system is distinctive. Rather than taxing profits as they are earned, Estonia imposes a 22% corporate tax on distributed profits. This means that reinvested profits are not taxed, providing significant incentives for companies to reinvest earnings into business growth.
• Estonian Personal Income Tax: Estonia has a flat personal income tax rate of 22%, which is competitive compared to many other EU countries.
• Estonian VAT: The standard VAT rate in Estonia is 22%, with reduced rates of 9% for certain goods and services.

Unique Advantages of Estonia's Tax System

1. Reinvestment Incentive: The zero tax on reinvested profits encourages businesses to invest more in development, innovation, and expansion without the immediate tax burden.
2. Simplified Tax Administration: Estonia is renowned for its digital governance and e-services, making tax administration straightforward and efficient. The country's e-Residency program further simplifies business operations for non-residents.

Taxes in Estonia: Comparison with Top 5 EU Countries with Lowest Taxes

While Estonia's headline tax rates may not be the lowest in the EU, its unique approach to corporate taxation and the business-friendly environment make it an attractive option, especially for businesses looking to grow and reinvest profits. Here’s a brief comparison:

• Corporate Tax Rate:
  • Bulgaria: 10%
  • Hungary: 9%
  • Ireland: 12.5%
  • Cyprus: 12.5%
  • Lithuania: 15%
  • Estonia: 20% (on distributed profits)
• Personal Income Tax:
  • Bulgaria: 10%
  • Hungary: 15%
  • Ireland: 20% - 40%
  • Cyprus: 20% - 35%
  • Lithuania: 15% - 32%
  • Estonia: 20%
• VAT:
  • Bulgaria: 20%
  • Hungary: 27%
  • Ireland: 23%
  • Cyprus: 19%
  • Lithuania: 21%
  • Estonia: 20%

Corporate Income Tax Rates in Europe:

Source: Tax Foundation (https://taxfoundation.org/data/all/eu/corporate-tax-rates-europe-2024/)

Corporate Income Tax: Revenue vs. Distributed Profit in Top 5 EU Countries

In the context of corporate income tax, most countries tax profits rather than revenue. Revenue refers to the total income generated by a company from its operations, while profit is the revenue remaining after all expenses, including operating costs, salaries, and other deductions, are subtracted. Let's look at how the top five EU countries with the lowest taxes apply corporate income tax:

1. Bulgaria

• Corporate Income Tax: Bulgaria taxes corporate profits at a flat rate of 10%.
• Basis of Taxation: Profits. Bulgaria's corporate tax is applied to net profits after allowable expenses have been deducted from total revenue.

2. Hungary

• Corporate Income Tax: Hungary has the lowest corporate tax rate in the EU at 9%.
• Basis of Taxation: Profits. Hungary taxes corporate net profits, not revenue, meaning the tax is applied to profits remaining after expenses.

3. Ireland

• Corporate Income Tax: Ireland taxes corporate trading income at a rate of 12.5%.
• Basis of Taxation: Profits. Ireland's corporate tax is levied on net profits, specifically from trading activities, after deducting business expenses.

4. Cyprus

• Corporate Income Tax: Cyprus imposes a corporate tax rate of 12.5%.
• Basis of Taxation: Profits. The corporate income tax in Cyprus is applied to net profits after deducting all operational expenses.

5. Lithuania

• Corporate Income Tax: Lithuania taxes corporate profits at a rate of 15%.
• Basis of Taxation: Profits. The tax is levied on net profits after deducting allowable expenses from total revenue.

Taxes in Estonia: A Different Approach

As a point of comparison, Estonia's system is unique within the EU:

• Corporate Income Tax: Estonia taxes distributed profits at a rate of 22%.
• Basis of Taxation: Distributed Profits. Unlike the other countries mentioned, Estonia does not tax retained earnings or reinvested profits. The tax is only applied when profits are distributed to shareholders, such as through dividends.

Summary of Taxes in Estonia

To summarize, the corporate income tax in the top EU countries with the lowest rates is based on net profits rather than revenue. This means businesses are taxed on the profit remaining after all allowable expenses are deducted from their total revenue.

Estonia has a distinct system where only distributed profits are taxed, which can be particularly advantageous for businesses focused on reinvesting profits to fuel growth. This system encourages reinvestment and expansion without the immediate tax burden on profits that are not distributed.

Contact Wisor Group to understand the Estonian tax system better.

Estonia has garnered a reputation for being a business-friendly environment, especially for startups and tech companies. As it is soon the time to submit the annual reports for 2023, we would like to turn your attention to the key aspects of running a business in Estonia which involves understanding the accounting requirements and ensuring compliance with local regulations. Let's take a look at accounting requirements, annual report submission and deadlines and how accounting services in Estonia are beneficial for your business. 

Monthly Accounting Requirements

In Estonia, monthly accounting is not mandatory for all businesses. Specifically, if your company does not have any employees, does not hold a VAT number, and its annual revenue does not exceed 40,000 EUR, you are exempt from monthly accounting obligations. In such cases, you are only required to submit an annual report once a year. This flexibility can significantly reduce the administrative burden for small businesses and startups, allowing them to focus more on growth and development.

2023 Annual Report Submission Deadline

Regardless of the size or revenue of your business, if you are operating in Estonia, you must submit an annual report. The deadline for the submission of the annual report for the fiscal year 2023 is June 30, 2024. It is crucial to adhere to this deadline to avoid any penalties or legal issues.

Consequences of Failing to Submit the Annual Report

Failure to submit the annual report by the specified deadline can lead to significant consequences. Initially, authorities may impose fines on your company for non-compliance. If the report remains unsubmitted, the company faces the risk of involuntary deletion from the commercial register. This means that your business will be officially dissolved, and you will lose the ability to operate legally in Estonia. Therefore, timely submission of the annual report is not just a regulatory requirement but also essential for the continuity of your business.

Our Accounting Services in Estonia

At Wisor Group OÜ, we understand the complexities of accounting and compliance in Estonia. We offer comprehensive accounting services in Estonia tailored to meet the needs of various types of businesses. Our clients range from small startups to large enterprises, and we pride ourselves on delivering personalised solutions that cater to each client's unique requirements.

We collaborate only with trusted and experienced accountants who are well-versed in Estonian accounting standards and regulations. With our assistance, you can be assured that your accounting needs will be handled with professionalism and accuracy. Our team is dedicated to ensuring that your financial records are correctly maintained and that all reports are submitted in a timely manner.

In our Accounting Services, we offer:

• Expertise: Our accountants possess extensive knowledge and experience in Estonian and international accounting practices.
• Reliability: We ensure that all accounting tasks are completed accurately and on time.
• Customization: Our services are tailored to fit the specific needs of your business, regardless of its size or industry.
• Peace of Mind: With our accounting services, you can focus on growing your business while we handle the financial details.

If you are looking for Accounting Services in Estonia

In conclusion, navigating the accounting landscape in Estonia can be straightforward with the right support. Whether you need assistance with monthly accounting, annual report preparation, or general financial management, Wisor Group OÜ is here to help. Contact us today to learn more about how we can support your business and ensure compliance with all accounting requirements.

Are you a business owner in Estonia who's faced the unfortunate circumstance of having your company involuntarily deleted from the registry? If so and you are looking for ways to restore the company, then Wisor Group and our experienced lawyers are able to assist you with the restoration process. Estonia provides options for restoring your company, depending on the reason for its deletion. In this blog post, we'll walk you through the process of restoring your company, whether it's through the court system or the Commercial Register.

Different ways of Restoring a Company:

Restoring a Company via Court

If your company was involuntarily deleted due to reasons such as the company has been liquidated but assets have remained in the name of the company or claims arise against the company,  which require the company to be active in the registry, you can opt for restoration through the court system. Here's how it works:

1. Application to the Court: The first step involves filing an application to the court for the restoration of your company. In this application, you'll need to provide a detailed reason and proof why the company needs to be restored.
2. Providing Proof: Along with your application, you'll need to provide evidence supporting your claim for restoration. This could include documentation showing efforts to rectify compliance issues or resolve outstanding claims against the company.
3. Liquidator's Confirmation: If the company was in liquidation status prior to its deletion, you'll need confirmation from the liquidator supporting the restoration.
4. Proof of Payment: Finally, you'll need to provide proof of payment of the state fee associated with the restoration process.

The court will then review your application within a reasonable time frame and, if satisfied with the evidence provided, will restore the company into liquidation status, so you can complete the company deletion properly.

Restoring a Company via Commercial Register

For simpler cases, such as those involving unsubmitted annual reports or missing company data, restoration can be pursued through the Commercial Register. Here's how:

1. Submission of Petition: Within three years after the deletion of the company, you can submit a petition for reinstatement to the register. This petition should outline the reasons for reinstatement and any supporting documentation.
2. Competent Body Resolution: Along with the petition, you'll need to include a document indicating the resolution of a competent body (such as the company's board of directors) concerning the restoration to the register.

The registry will then review the application within five working days and, if everything is in order, will reinstate the company in the registry.

Restoring a Company in Estonia

Restoring an involuntarily deleted company in Estonia may seem daunting, but with the right understanding of the process and proper documentation, it can be accomplished smoothly. Whether through the court system or the Commercial Register, Estonian law provides options for businesses to rectify their status and continue their operations. If you find yourself in this situation, don't hesitate to seek legal advice and take proactive steps towards restoration. Contact Wisor Group for legal consultation.

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Frequently Asked Questions about Restoring a Company

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1. How long does the process of restoring a company typically take? 

The timeline can vary depending on the complexity of the case and the workload of the court or registry. However, both processes aim to resolve the restoration efficiently. Also additional approvals from the Tax Office may be required, thus the timeframe is a lot dependent on the company profile and restoration option.

2. Can I restore my company if it was deleted and there are now new claims against it?

Yes, you can pursue restoration through the court system by providing evidence that the claims have been brought up against the company.

3. Can I restore my company if it was deleted and there are assets remaining in the name of the company? 

Yes, you can pursue restoration through the court system by providing evidence that there are assets under the company.

4. Is there a time limit for submitting a petition for reinstatement to the register? 

Yes, you have up to three years after the deletion of the company to submit a petition for reinstatement.

5. Is there a time limit for submitting a petition for reinstatement through the court?

With the court the time limits depend on the reason why you would need to reinstate the company. Usually, there are no certain time limits for restoration through the court.

6. What happens after the company is restored through the Commercial Register? 

Once the company is compliant (e.g. annual reports submitted, all data reflected) and is restored, it will regain its legal status and can resume its operations, subject to any conditions imposed during the restoration process.

7. What happens after the company is restored through the Court?

Company will regain its legal status “in liquidation” and during the liquidation process, all pending matters shall be resolved and the company will be properly deleted.

Wisor Group is a proud member of the Estonian Chamber of Commerce and Industry since 1^st March 2024. Overall more than 3400 companies have joined the ECCI.

Ceremonial handover of the membership certificate took place in the historical office building of the ECCI in Tallinn Old Town on 20^th March 2024.

Board members Merle Paju and Kristine Akopdžanjan attended the event and received the certificate along with presents from the ECCI.

Wisor Group is honored to become a member of ECCI and looks forward to the mutually beneficial cooperation with the Chamber.

The event continued with the director of the Estonian Institute of Economic Research Peeter Raudsepp presenting the realistic forecast for the Estonian economy. Merle and Kristine got to discuss with Peeter the roots of the current economic crisis in Estonia and possible options Estonia as a country has to improve the situation.Wisor Group’s listing as an ECCI member is visible on their website https://www.koda.ee/en/node/14614

Wisor Group officially recognised as TRUSTWORTHY COMPANY by Äripäeva Infopank in 2023 and 2024.

Wisor Group OÜ has received TRUSTWORTHY BUSINESS PARTNER acknowledgement and certificate from Äripäeva Infopank for two years in a row: 2023 and 2024.

Relevant certificate is given only to 6% of Estonian companies and proves consistently good rating, as well as no debts to the state and/or partners, good economic indicators, clean background, as well as duly submitted annual reports.

Our team has humbly accepted this recognition and will continue giving its ultimate best to keep the trust of all partners and clients.  

Trustworthy company 2023 and 2024 recognition

Trustworthy company 2023 certificate

On 22nd Nov 2023, Wisor Group representative Kristine Akopdžanjan was invited by the Estonian Law Students' Union of her alma mater Tartu University (Faculty of Law) to make a presentation for the Union representatives and law students about her legal career which eventually led to establishing Wisor Group.

The Estonian Law Students' Union's event had two goals:

1. To introduce the students Kristine’s education and work experience as one of the possible non-classical legal career paths, starting from legal and diplomatic education, continuing with financial and legal career in leading Scandinavian bank, as well as practicing corporate law in various firms before establishing Wisor Group.

2. To openly discuss Wisor Group’s activity as an innovative way to practice business law, crypto regulations, banking, immigration and a few more branches of law all-in-one. 99% of the customers are from outside of Estonia and the communication is carried out mostly in English, which is rare in Estonian firms practicing law.

Company's crypto-related stories, as well as daily challenges and management strategies were also discussed at the event. The Wisor Group team is strongly convinced that there is a need to break the old conservative management rules in the legal field and focus more on making the employees happy, instead of micromanaging them (e.g. controlling where and when the team member works, etc). Based on the company's own experiment results, we can state that when you focus more on the needs of team members and give them freedom as well as responsibility, then a happier team guarantees the company more satisfied customers.  

As the interest in the company's daily activities and innovative management system was very high, it was agreed at the event that all the students have a chance to visit our office in Tallinn and will have opportunities for job shadowing and internship in our company soon.

Kristine with the Estonian Law Students’ Union management

Link to the LinkedIn post: https://www.linkedin.com/posts/estonian-law-student-union_v%C3%B5tsime-sihiks-n%C3%A4idata-%C3%B5igustudengitele-activity-7134934643690123264-j3Qj?utm_source=share&utm_medium=member_desktop