Electronic trade In recent years, electronic trade has gained widespread acceptance and currently includes: Online sales of physical goods and services, as well as sales of digital products (downloadable music, e-books, downloaded virtual products, and games); Electronic banking and insurance services; Online auctions; Electronically supplied telecommunication services; Remote development and servicing of programs and equipment;…

Alongside a legal address requirement, since 15th January 2018, all Estonian companies whose management board members are located abroad must appoint a contact person in Estonia. Who and what is a contact person? Commercial Code §  631. Contact person in force from 15th January 2018 (1) An undertaking, including a foreign company that has a…

Declaring the Ultimate Beneficial Owner in the E-Business Register Starting from 1st September 2018, all legal entities in Estonia are required to submit information on their Ultimate Beneficial Owners as per the Money Laundering and Terrorist Financing Prevention Act of 2017. You can read more about Beneficial Ownership Disclosure in Estonia here https://hshaus.com/beneficial-ownership-disclosure/ The obligation…

Starting from 1st September 2018, all legal entities registered in the Estonian Business Register are required to submit information on their Ultimate Beneficial Owners (Actual Beneficiaries) as per the Money Laundering and Terrorist Financing Prevention Act 2017. Full text in English here: https://www.riigiteataja.ee/en/eli/517112017003/consolide The obligation to disclose beneficial ownership applies to all types of legal…

As a result of the amendments to the Money Laundering and Terrorist Financing Prevention Act enacted by the Parliament of the Estonian Republic in November 2017, companies registered in Estonia will have to submit information on the Beneficial Owner (Actual Beneficiary) to the Commercial Register Information System. This measure is in line with the EU’s…

On 4th April 2016 in case number 3-3-1-75-15, the Estonian Supreme Court ruled that the exchange of cryptocurrency is a lawful business activity regulated by the Anti-Money Laundering Act and Terrorism Finance Act and in order to operate in cryptocurrency exchange, an applicant shall obtain an authorisation (known as a Provider of Alternatives Means of…

Anti-Money Laundering and Terrorism Finance Prevention Act On 27th November 2017 the Parliament of the Estonian Republic ratified a new Anti-Money Laundering and Terrorism Finance Prevention Act (hereafter referred to as AML Act 2017), which now imposes a whole new set of obligations for all companies registered in Estonia, their directors and shareholders. The new…

In this article the main reporting requirements and filing deadlines for a private limited company in Estonia are reviewed. The vast majority of EU countries are re-examining their national laws as well as demanding greater transparency from legal entities in respect of their ownership, management and those who can execute control over decision making in…

© 2019 HsHaus

logo-footer