Doing Business in Estonia
Estonia is renowned for its business-friendly environment with a simple tax system and digital-first approach to government services.
Whether you wish to launch a startup, expand your corporation through a local branch, or work here as a freelancer, Estonia offers excellent opportunities and an efficient digital ecosystem.
Here are a few reasons why Estonia is an ideal place to do business:
- A company can be established in a day through a fast and straightforward registration process.
- The minimum share capital of a private limited liability company is 0.01 euros.
- Almost all reports and applications can be easily submitted online.
- Estonia's tax system is simple, with a 0% corporate income tax on undistributed profits.
- There are very few restrictions to foreign ownership or management and foreign entrepreneurs are treated equally to Estonian citizens.
- As an EU member state, Estonia provides access to the European single market and operates under the EU legal framework.
Estonia is also an excellent base for your business, even if you don't plan to live here. With the e-Residency program, you can easily manage your company remotely from anywhere in the world. For more detailed steps on establishing a company in Estonia, please see here.
The following guide will answer common questions that may arise when conducting business in Estonia. We hope to provide an overview of the most important things to expect or keep in mind. For any specific inquiries, please contact our team of expert lawyers who are ready to assist you with any issues you may have.
Business structures
Various company structures through which you can do business in Estonia, such as OÜ (Private Limited Company), AS (Public Limited Company), and more.
Key Features:
- Liability: Shareholders’ liability is limited to their investment in the company. Personal assets are protected from business liabilities.
- Capital Requirements: The minimum share capital is just 1 euro cent per shareholder, but practical operating capital is usually higher.
- Management: Offers flexible management and organizational structure. The transfer of shares typically requires notarization unless the share capital exceeds 10,000 euros.
- Suitability: Ideal for a wide range of business activities and scalable as the business grows.
Pros: Limited liability protects personal assets. Low initial capital requirement. Flexible and suitable for various business sizes and types.
Cons: More regulatory compliance compared to simpler structures. Share transfers might involve legal formalities like notarization.
Key Features:
- Liability: Shareholders’ liability is limited to their shareholdings, protecting personal assets from company debts.
- Capital Requirements: Requires a minimum share capital of 25,000 euros.
- Management: Shares must be registered with the Estonian Central Register of Securities, ensuring transparency and regulatory compliance.
- Suitability: Ideal for businesses that plan to expand significantly and seek to attract substantial investment through public stock offerings.
Pros: Enables raising capital from public investors. Limited liability for shareholders. High credibility and visibility in the market.
Cons: High initial capital requirement. Extensive regulatory and reporting obligations.
Key Features:
- Liability: The owner has unlimited personal liability for all business debts and obligations.
- Capital Requirements: No initial capital requirement.
- Management: The owner has full control over the business operations and decisions.
- Suitability: Best for individuals seeking to start a small-scale business or operate as freelancers.
Pros: Simple and inexpensive to set up and manage. Full control over business decisions and operations.
Cons: Unlimited personal liability poses significant financial risk. Unique taxation issues as business income is treated as personal income.
Key Features:
- Liability: Partners are jointly and severally liable for the partnership’s debts.
- Capital Requirements: No minimum capital requirement.
- Management: Partners share management duties and profits equally.
- Suitability: Suitable for small businesses where partners wish to have equal control and share profits and responsibilities.
Pros: Easy to form with shared management responsibilities. No initial capital requirement.
Cons: Joint and several liability can pose significant personal financial risk. Potential for disputes among partners.
Key Features:
- Liability: General partners have unlimited liability, while limited partners’ liability is restricted to their investment.
- Capital Requirements: No specific minimum capital requirement.
- Management: General partners manage the business, while limited partners typically invest without involving in day-to-day management.
- Suitability: Ideal for businesses where some partners want to limit their liability while others manage the business.
Pros: Flexibility with different levels of liability and involvement for partners. No minimum capital requirement.
Cons: Management complexity due to different liability levels. Unlimited liability for general partners.
Key Features:
- Liability: Members are generally not personally liable unless specified in the association’s articles.
- Capital Requirements: Typically requires a minimum share capital of 2,500 euros, but this can be waived if members assume personal liability.
- Management: Managed collectively by its members, focusing on mutual benefits.
- Suitability: Best for cooperative ventures where members share common economic interests.
Pros: Designed to support members' economic interests. Flexible capital requirements.
Cons: Activities are limited to member-driven purposes, restricting purely profit-driven operations. Requires adherence to cooperative regulations.
Key Features:
- Liability: Members are not personally liable for the association’s obligations.
- Capital Requirements: No initial capital requirement.
- Management: Focuses on non-profit activities with simple governance.
- Suitability: Perfect for non-commercial endeavors aimed at achieving social, cultural, or community objectives.
Pros: Ideal for entities focusing on non-profit activities. Simple to establish and manage without the need for capital.
Cons: Limited to non-profit activities, restricting commercial operations. Funding can be less predictable, relying on donations and grants.
Tax system
Overview of Estonia’s tax system and different taxes.
- Unique System: Estonia employs a deferred corporate tax system where profits are only taxed when they are distributed to shareholders, not when they are earned. This system encourages reinvestment into the company.
- Tax Rate: The standard corporate income tax rate is 22%, but it is calculated as 22/78 of the net distribution.
- Reinvested Profits: Profits retained within the company are not subject to corporate income tax, providing significant benefits for businesses focusing on growth and reinvestment.
- Standard Rate: The standard VAT rate in Estonia is 22%, applicable to most goods and services.
- Reduced Rates: Certain goods and services, such as books, periodicals, and accommodation services, may be subject to reduced VAT rates.
- Registration Threshold: Businesses must register for VAT if their taxable turnover exceeds 40,000 euros in a calendar year.
- VAT Compliance: Registered businesses must file periodic VAT returns and comply with VAT regulations, including charging VAT on taxable supplies and reclaiming VAT on business expenses.
- Tax-Free Allowance: Residents are entitled to a tax-free allowance, which varies based on income levels, providing relief for lower-income individuals.
- Non-Resident Taxation: Non-residents are taxed at 22% on income earned from Estonian sources, including employment, business, and property income.
- R&D Incentives: Estonia offers tax incentives to companies engaged in research and development (R&D) activities. Expenses related to R&D can be deducted from taxable income, and additional support may be available through grants and subsidies.
- Investment Incentives: Various tax incentives are available for investments in certain sectors, such as technology and green energy, aimed at fostering economic growth and innovation.
- Non-Profit Organizations: Non-profit associations benefit from special tax exemptions and incentives, encouraging social, cultural, and charitable activities.
- Overview: Estonia has signed double taxation treaties with over 60 countries, helping to avoid double taxation on income and capital.
- Benefits: These treaties reduce or eliminate taxes on certain types of income (e.g., dividends, interest, royalties) and provide clear rules on tax residency and relief methods.
- Application: Businesses and individuals can benefit from these treaties by claiming tax relief or exemptions on income earned in multiple jurisdictions.
- Digital Filing: Estonia's e-Tax system allows businesses and individuals to file tax returns, make payments, and manage their tax affairs online, providing a streamlined and efficient process.
- User-Friendly: The system is user-friendly and supports various tax-related functions, including VAT returns, income tax filings, and employee tax reports.
- Security and Accessibility: Secure authentication methods ensure safe access to the system, and the e-Tax platform is available 24/7, offering flexibility and convenience.
Employment relations
A look into employment relationships, including employment contracts, disputes and work done by service providers.
The main law regulating employment relations is the Employment Contracts Act. This law regulates the rights and obligations of employees and employers, including working hours, daily and weekly rest time, holidays and parental leave, wages, termination of a contract, compensation, and liability. The provisions of the act are mandatory in nature. This means that an agreement between the employee and employer is invalid if it deviates from these provisions to the detriment of the employee.
Estonia has a mandatory minimum wage. This is 820 euros (gross) in 2024 and it is expected to rise at the start of every new calendar year. An employee has the right to 28 calendar days of annual paid holiday leave.
An employee is expected to work 40 hours a week and 8 hours per day. An employer must compensate for overtime work by time off equal to the overtime, unless it has been agreed that overtime is compensated for in money. In that case the employer must pay an employee 1.5 times the wages. Employer must also pay a higher wage when the employee works at night-time (from 22:00 to 6:00) or on public holidays, paying 1.25 or 2 times the wages accordingly.
There are specific rules regarding employment of minors under 15 or minors who have an obligation to attend school. Most importantly, minors cannot do work that exceeds their mental or physical capacity or that is harmful or hazardous to them.
An employer can only cancel the employment contract extraordinarily, meaning that they must have a good reason and must justify their cancellation. Some good reasons provided by the Employment Contracts Act are given here. The reason must arise from the employee, although cancellation for economic reasons (lay-off) is also possible, if it is due to a decrease in work or its cessation or reorganisation. The employee must receive 15-90 days’ notice, depending on their years of employment. In case of lay-off, the employer must pay a compensation of one month’s wages.
The law allows for a probationary period of four months to assess whether the employee’s health, knowledge, skills, abilities, and personal characteristics correspond to the required level. If they do not, the employer may cancel the contract during that period by giving 15 days’ notice.
An employee can cancel an employment contract entered into for an unspecified time without giving a reason. An employee must give a notification 30 days in advance.
Cancellation of an employment contract without a legal basis or in conflict with the law is void. If so, the court or labour dispute committee can terminate the contract. If the employer’s cancellation is found to be void, the employer must pay a compensation to the extent of three months’ wages.
If you have a dispute arising from an employment relationship, then you may file a civil claim to a county court. Alternatively, you may file a petition to a labour dispute committee. This committee provides a more simplified and faster procedure for solving labour disputes than a traditional court. Also, there are no state fees, and each party must cover their own expenses such as legal aid.
The labour dispute committees and the procedure of a labour dispute are governed by the Labour Dispute Resolution Act. There are local labour dispute committees located at Tallinn, Tartu, Pärnu and Jõhvi.
The committee’s decision can be contested in court, according to the rules of civil court procedure. However, if the committee’s decision is not challenged and it becomes final, it has the same power as a court decision. Specifically, the matter cannot be reconsidered in court a second time, and a bailiff can initiate enforcement proceedings based on the committee’s decision.
In addition to employment contracts, long-term service provision is also possible under contracts governed by the Law of Obligations Act, primarily either with a contract for services or an authorisation agreement. The main difference between these contracts is that, under a contract for services, the service provider is expected to achieve a specific result, whereas under an authorisation agreement, the focus is on the process rather than a concrete outcome.
The Employment Contracts Act does not apply to individuals working under these contracts. Thus, a service provider does not have an employee’s rights related to wages, vacation, working hours, contract termination, obligatory compensations etc.
However, simply labelling a contractual relationship as being governed by the Law of Obligations Act does not exempt it from being an employment contract. In case of a dispute, it must be assessed whether the contract has the characteristics of an employment contract. Indicators of an employment relationship include subordination to the employer's management, adherence to fixed work rules and supervision, the employer's control over the work location and schedule, an obligation to perform the work personally, the employer providing necessary equipment and tools, etc.
Residency for non-EU citizens
Information about doing business or working as a non-EU/EEA citizen and about ways of applying for residency.
As an alien (non-EU/EEA citizen) you can work in Estonia:
- Under visa-free conditions, if the employer registers short-term employment.
- With a visa, if the employer registers short-term employment.
- By applying for a residence permit for employment.
To work in Estonia, you will always need a visa or a residence permit unless you meet the following criteria:
- Nationals of the European Union (EU), the European Economic Area (EEA), and any third-country national holding a residence permit of a Schengen State do not need a visa to enter Estonia.
- Family members of EU citizens who hold a residence card issued under Directive 2004/38/EC (residence card of a family member of an EU citizen) and who are traveling with or to join the EU citizen do not need a visa.
- If you fall under a visa-free travel treaty, which enables a visa-free stay for up to 90 days in any 180-day period, you do not need a visa.
General requirements for the registration of short-term employment:
- an alien has the requisite qualifications, education, state of health, work experience and the necessary professional skills and knowledge to assume such position;
- an employer is registered in Estonia.
- an employer shall pay an alien remuneration in the amount of the annual average gross monthly salary in Estonia last published at the time of the application.
Short-time employment can be registered for up to 365 days during 455 day period. Short-term employment can be registered for a longer period of time for employment as a teacher or a lecturer, for research work, for employment as a top specialist or at a start-up company. Short-time employment for participation in seasonal work can be registered for up to 270 days during a year.
Additional requirements or exemptions may apply, depending on the nature of the job.
If the employment relationship will last for a longer time than provided by the visa or visa freedom terms, then the employee should apply for a residence permit for employment to work in Estonia. There is no separate work permit available, an individual is permitted to work on the basis of a residence permit. A residence permit may be temporary or long-term.
The basis and conditions for applying for a residence permit depend on the employee’s special conditions and the area of business. In most cases, it is necessary to fulfil the salary criterion and get approval from the Estonian Unemployment Insurance Fund. Moreover, the residence permit is subjected to the immigration quota for aliens, which shall not exceed 0,1% of Estonian permanent population in one year.
An alien shall not be subjected to the immigration quota, if he or she is:
- a citizen of the United States of America or Japan or United Kingdom;
- applying for a residence permit for scientific or research purposes;
- applying for a residence permit for work in an information and communication technology (ICT) position;
- granted a temporary residence permit for entrepreneurship as a major investor or in connection with a startup;
- granted a temporary residence permit for work as a top specialist, meaning the employer pays them at least 1.5 times the average salary in Estonia.
It is possible to apply for a residence permit as a founder or for employment with an Estonian start-up business. This is part of a simplified process designed to attract start-up companies to Estonia. A start-up company is defined as a business that is in the early stages of operation, aiming to develop and launch an innovative business model with high global growth potential.
The eligibility for being a start-up and using the simplified process is determined by a committee of experts. The experts will make the decision, upon submitting an application, whether your company can be considered a start-up or not.
The simplified process has the following benefits:
- No obligation to pay the employee at least Estonian average salary/double of average salary;
- Do not have to take into account the immigration quota;
- No need to meet the requirement for permission from the Estonian Unemployment Insurance Fund;
- Additional requirements for paid-in capital for holding in a company does not apply.
Temporary residence permit granted to a major investor is a residence permit for enterprise, the purpose of which is to encourage investments in such business activities in Estonia, which are in public interest and shall significantly contribute to the development of the Estonian economy.
Major investor is an alien who has made a direct investment of at least 1,000,000 euros in a company entered into the commercial register of Estonia that invests mostly into the Estonian economy, or an investment in an investment fund, according to the investment policy of which the instruments of the fund are invested mainly in the companies entered into the commercial register of Estonia.
The investment must be permanent during the period of validity of the residence permit. Investment is permanent in case the investment does not decrease during the period of validity of the residence permit, except for the causes attributable to the fluctuation of the market price of the investment.
A company or an investment fund in which the initial investment was made as a condition of issue of the residence permit, may be changed during the period of validity of the residence permit provided that the company would invest mostly into the Estonian economy or into an investment fund according to the investment policy of which the instruments of the fund are invested mainly in the companies entered into the commercial register of Estonia.
Major investor is not required to have an actual place of residence is Estonia and he or she has no obligation to register his or her place of residence in Population Register.
Company management
The rights and obligations of board members and shareholders in a private limited company.
A private limited company must have at least one shareholder and at least one management board member. The management board primarily oversees daily operations and represents the company in legal transactions. More strategic decisions are made by the general meeting of shareholders. Such decisions include amending the articles of association, changing the share capital, electing or removing board members, approving the annual report, profit distribution, deciding on dissolution, merger, divisions, or transformation of the company, etc. The articles of association can set out for even more rights.
Larger private limited companies may also establish a supervisory board, which is mainly responsible for monitoring and overseeing the management board’s activities.
As a general rule, shares of a private limited company are freely transferable. However, if a shareholder wishes to transfer shares to a third party, the other shareholders have a preemptive right to buy these shares. The articles of association may state differently and add additional restrictions on share transfers.
A share transfer agreement must be notarized. However, if the company's share capital is at least €10,000 and fully paid, the notarial requirement can be waived in the articles of association, allowing shares to be transferred in a form that enables reproduction in writing. On the contrary, to ensure greater transparency, the maintenance of the shareholders’ list can also be transferred to the operator of the Estonian Securities Register.
The principles of transfer also apply to pledging shares. In general, shares can be freely pledged in notarized form, but exceptions can be outlined in the articles of association. When shares are pledged, the pledgor can still exercise the rights derived from the shares.
Changes to the articles of association regarding the form or restrictions of transferring shares must have the unanimous consent of all shareholders. Therefore, when establishing an OÜ, it is essential to consider whether a customized set of rules—such as stricter restrictions on share transfers—would better protect shareholders' interests in the future.
The management board is the daily governing body of the private limited company and has a broad authority. A member of the management board does not have to be a shareholder. The members of the Management Board are elected and dismissed by the shareholders, who also decide on the amount and terms of their remuneration.
If there are more than two members in the management board, a chairman is also elected, who organizes the work of the board. Each member of the management board may personally represent the company in all transactions unless the articles of association stipulate otherwise.
A member of the management board must fulfill their duties with the due diligence of a prudent entrepreneur. Members who breach their duties and cause damage to the company are jointly liable for compensating the damage. A member of the management board must keep business secrets and may not compete with the company, particularly by engaging in a similar activity as a sole proprietor or as a governing body member of such a competing company. The management board is also responsible for organizing accounting.
If the company's insolvency in the future seems likely, the management board must take steps to overcome financial difficulties, restore liquidity, improve profitability, and ensure sustainable operations, including considering submitting a restructuring application. If the company is permanently insolvent, the management board must immediately file for bankruptcy. After insolvency is recognized, management board members may not make payments on behalf of the company that are not consistent with due diligence of a prudent entrepreneur. Members are obligated to compensate for any payments that were not consistent with that.
The liability of a management board member primarily involves responsibility towards the company. A creditor of the company has a derivative claim against the management board member only in limited cases. To do so, the creditor must prove that they are unable to satisfy their claim from the company's assets. This does not necessarily require the existence of an enforcement document or an unsuccessful enforcement, but essentially, the creditor must prove that the company is insolvent or would become insolvent if their claim against the company were satisfied.
Shareholders manage the private limited company through voting at the general meeting. A shareholder’s voting rights are typically proportional to their share, based on the assumption that one cent equals one vote. However, the articles of association may provide for specific rights related to shares or shareholders, including decision-making and voting rights.
Generally, a general meeting is competent to make decisions if more than half of the votes represented by shares are present, and a decision is made when more than half of the votes cast at the meeting are in favor. Decisions can also be made in writing, without convening a meeting, provided that more than half of all shareholders' votes are in favor. When electing individuals, the person with the most votes is elected.
It is important to note that the Commercial Code requires a higher majority vote for certain more important decisions. For instance, amending the articles of association, increasing or decreasing the share capital, dissolving the company, merging, or dividing it requires a two-thirds majority vote. The articles of association can usually set out an even higher majority vote requirement in these questions.
Shareholders must adhere to the exact procedure for convening meetings or making decisions without convening a meeting, especially as regards to notifying other shareholders, setting deadlines, and setting the agenda of the meeting. If the law or the articles of association are materially violated, the decision is void. Therefore, it is essential to familiarize oneself with the precise procedures established by the Commercial Code.
All shareholders are liable as shareholders only for damage caused negligently. A shareholder is not liable for the damage caused if they did not participate in the decision underlying the harm or if they voted against said decision.
It is not uncommon for two good acquaintances to form a private limited company, intending to share their rights and obligations equally. Unfortunately, it is also not uncommon for their relationship to deteriorate over time. As mentioned above, decision-making requires a majority vote, which is impossible in a 50/50 shareholding scenario, if one side refuses to cooperate. Thus, one party is able to effectively block the company's ability to operate.
In principle, shareholders are obligated to follow the principle of good faith in their mutual relations and to consider each other’s legitimate interests. This principle may could include a duty to vote for or against certain decisions. Although theoretically this obligation exists, enforcing it practically would require going to court. This process takes time and money, making it impractical for regular business activities.
Shareholders do not have a legal right to forced buyout. In the case of disagreements, a resolution must be found through mutual agreement. Courts may exclude a shareholder from the company – for immediate and fair compensation – if the shareholder has significantly failed to fulfill their obligations without a valid reason or otherwise severely harmed the company’s interests. This standard is high, but more importantly, such a lawsuit can only be filed by shareholders representing more than half of the share capital, meaning this option is not available in cases with equal shareholders.
The simplest way to resolve such a situation is to prevent it from arising. The articles of association can provide for many differences compared to the law. Instead of using the default articles of association from the business register, it is perhaps advisable to consult a lawyer in advance and address any concerns together.
Court system
An overview of Estonia’s court system and other dispute resolution mechanisms available to businesses.
Civil and criminal proceedings begin at the county court level. There are four county courts with courthouses in 16 cities and towns. These are followed by the appellate level in the circuit courts located in Tallinn and Tartu. The cassation level is the Supreme Court, located in Tartu. Estonia does not have a jury system.
Administrative proceedings are typically handled at the first instance by administrative courts in Tallinn and Tartu. The appellate and cassation instances are the same. In specific administrative matters, pre-trial procedures may be mandatory before approaching the courts.
Estonia does not have any specialized courts. For most labor disputes, the employer or the employee can turn to the Labor Dispute Committee in Tallinn, Tartu, Jõhvi or Pärnu. This instance is commonly used in employment relationships because the proceedings are much faster than in a traditional court. There are also no state fees and all the legal costs are borne by the parties themselves. The Committee’s final decision has the same force as a court judgment, but the parties may contest it in a county court in 30 days.
In disputes involving up to 3200 euros related to the rental premises in Tallinn, parties can seek resolution from the Tallinn Rental Dispute Committee. Decisions made by these bodies have the same legal effect as court judgments.
Additionally, the Arbitration Court of the Estonian Chamber of Commerce and Industry, located in Tallinn, issues decisions enforceable in all countries that have ratified the 1958 New York Convention.
Judicial proceedings and clerical business at the court are conducted in Estonian. Most disputes require the payment of a state fee, the amount of which is specified in the State Fee Act, which also provides for exceptions to said obligation.
Proceedings in an action-by-claim case start when the court receives the claim. The court then decides whether to accept or reject and return the claim or set a time limit for correcting defects. Once the claim is accepted, the pre-trial proceeding begins. The court sends the claim to the defendant, setting a deadline for the defendant to respond. The court may hold a preliminary hearing if it believes this will facilitate trial preparation or improve the chances of settling the matter by compromise. If the court’s judgment is not appealed during the prescribed deadline, it will become final and enforceable.
Individuals may represent themselves in court or be represented by a legal representative with the required legal education. A company employee may represent the organization if the court deems them sufficiently knowledgeable and experienced. In the Supreme Court, only attorneys may file documents. Similarly, in criminal proceedings, only attorneys can serve as defence counsel.
The speed of court proceedings depends on many factors and can vary greatly. As of 2023, the average time to resolve civil cases involving substantive disputes was approximately 344 days in county courts and 240 days in circuit courts. For administrative matters, the respective times were 162 days and 296 days.
- Written Proceedings: With the consent of the principal parties, the court may resolve a case without a trial or hearing. The court may also decide this on its own discretion in cases where the value of the claim does not exceed 4500 euros for the principal claim and 8000 euros when any ancillary claims are included. The court sets deadlines for filing motions, applications, and documents, and announces when the judgment will be made public.
Written procedure saves time and money and is therefore recommended when there are no complex circumstances that require oral explanation, or witnesses who need to be heard, etc. - Streamlined Proceedings: For pecuniary claims where the principal claim is up to 3500 euros and any ancillary claim does not exceed 7000 euros, the court exercises discretion to follow simplified rules while adhering to the general principles outlined in the Estonian Code of Civil Procedure. As the choice of this procedural form is up to the court, the parties cannot demand nor challenge its application.
- Expedited Proceedings for Orders for Payment: Claims for monetary amounts arising from private-law contractual obligations of up to 8,000 euros (includes both the principal and ancillary claims) can be resolved through a simplified procedure called the expedited order-for-payment process.
The payment order petition must include a brief description of the facts and available evidence. If the court grants the petition, it will issue a proposal for payment to the debtor. The debtor may file an objection to the proposal, which does not need to be justified. If the debtor does not file an objection on time, the court will issue an order for payment, which is immediately enforceable. If the debtor files an objection, the procedure will continue as per normal action-by-claim procedure. In such a case, the claimant must submit their claim and justify it in the form required for a statement of claim. The claimant must also pay any additional state fees, which are higher in action-by-claim procedure.
Banking
Essential information on bank accounts for your Estonian business.
Your Estonian company must have a bank account to register the share capital contribution. This does not necessarily have to be an Estonian bank — share capital can be registered with a credit or payment institution anywhere within the European Economic Area.
If you're starting small or mostly using your company as a legal entity through which you provide your personal services as a contractor, having a bank account in your home EEA country may be easier for the moment. You should, however, consider your business model and plans for growth. Having an account in an Estonian bank can facilitate dealings with local clients and partners and may make it easier to obtain loans for any local operations in Estonia. And while in-person visits to the bank office in your home country may seem simpler, they also may become an inconvenience in the future.
You can find a list of licensed banks in Estonia here. The terms and conditions for opening a bank account vary depending on the bank. A key requirement is to provide evidence that your company has a clear connection to Estonia. This could include having business operations closely tied to Estonia or maintaining long-term relationships with business partners, suppliers, or clients in the country.
Secondly, you must have an Estonian passport, ID card, or residence permit. An e-resident’s status alone is not a sufficient basis to open a bank account. If you do not have one of these documents, the bank will require additional evidence to verify your connection to Estonia.
Thirdly, you must submit detailed information about your company, such as:
- a copy of the passport of board members;
- company data (address, date of the registration, field of activity, number of employees etc.);
- account statement for the last 12 months;
- information about the ownership structure, including beneficial owners.
Different banks require varying information, and the details they request can be highly specific. Account opening fees also vary but are typically in the range of 300–600 euros. To determine what information you must provide, it is best to contact the bank where you intend to open an account.
Once you have provided all the necessary information, the bank may take up to 10 working days to decide whether to proceed with signing the contract. After the account opening is approved, you will need to visit the bank’s office to sign the customer agreement.
If you need to submit documents to the bank, they must be originals or certified copies, notarised or certified by a registrar. For documents issued abroad, the bank may require them to be legalised or certified with an apostille unless an international agreement states otherwise. Additionally, if the documents are in a foreign language, the bank may require a translation into Estonian, Russian, or English. The translation must be completed by a sworn translator or a translator whose signature has been notarised.
The account opening process varies by bank. For instance, you may begin by completing a detailed application form on the bank’s website (e.g. LHV Bank), participating in a video meeting with the bank (e.g. SEB), or visiting a branch office in person (e.g. SEB and Swedbank). Please be aware that, as a rule, non-resident clients cannot be digitally identified and need face-to-face identification.
Wise and Revolut are known as low-cost and simple platforms for managing business expenses and income in multiple currencies. You can set up an account directly on their websites by providing the following information:
- Company data (location, field of activity, etc.)
- Board members (names, dates of birth, countries of residence)
- Ownership documents (proof of who owns or controls the company).
Wise may request additional documentation if needed and typically approves or denies applications within 10 business days. Revolut reviews applications within 24 hours, although the timeline may vary based on the complexity of the application.
Setting up a business account on these platforms is often more cost-effective compared to traditional banks. Wise does not charge monthly account fees, and both platforms offer low fees for cross-border transfers, with payments processed more quickly than through conventional banking systems.
Accounting and reporting
Details on accounting requirements and financial reporting.
Companies are subject to accounting obligations. Entities with accounting obligations must organize their accounting and ensure the information on the company's financial position, financial performance, and cash flows is accurate and reliable. All business transactions must be documented, and source documents must be retained for seven years. Every company must also submit an annual report.
Taxpayers must submit the declaration on income and social tax, mandatory funded pension, and unemployment insurance contribution declaration (TSD). This means primarily taxpayers who have made payments such as salaries or dividends, or similar disbursements or taxable expenses. TSD must be submitted by the 10th day of each month unless the taxpayer has not made any taxable payments in the calendar month. TSD form can be submitted via the e-MTA portal.
If a company is a VAT payer, it must also submit a VAT return declaration (KMD). The VAT taxation period is a calendar month, and the deadline for submitting the VAT return is the 20th day of the month following the taxation period. KMD form can be submitted via the e-EMTA portal.
Every company must submit an annual report pursuant to the Accounting Act. The report must be submitted within six months after the end of the financial year (which is typically the same as a calendar year, unless otherwise specified in the articles of association).
The information required to be disclosed in the annual report depends on the company's size. Micro and small enterprises must submit annual accounts (balance sheet and income statement) along with notes, collectively referred to as abridged annual reports. Small enterprises are additionally required to submit a management report, providing an overview of the company’s activities and key factors for assessing its financial health. Medium-sized and large enterprises must submit full annual accounts (balance sheet, income statement, cash flow statement, and statement of changes in equity) as well as a management report. The definitions for these enterprises can be found in the Accounting Act.
The annual report of a private limited company or a public limited company must be prepared by the management board and approved by the shareholders through the general meeting. In case of a public limited company, the supervisory board must also review the annual report, prepare a report on it, and indicate whether they approve the annual report. The annual report of a public limited company must be audited. An audit is also mandatory for other companies if their financial indicators exceed certain thresholds prescribed by law.
Reports can be submitted through the e-Business Register Portal by authorized persons (e.g., board members, accountants) using an Estonian ID-card, Smart-ID, or Mobile-ID. The process is quite simple and straightforward and can be done by filling in predetermined fields online.
Failure to submit the annual report by the deadline may result in the registrar imposing repeated fines until compliance is achieved. The registrar may also initiate compulsory dissolution proceedings if a warning is ignored. If the required annual report remains unsubmitted three months after the due date set by the registrar, the company may face deletion.
Cryptocurrency in Estonia
Key issues related to providing cryptoasset services and its taxation.
Estonia follows the EU MiCA (Markets in Crypto-Assets) Regulation. According to this regulation, a license is required for issuing certain types of tokens and for most cryptoasset-related services such as:
- the custody and administration of cryptoassets on behalf of third parties,
- the operation of a trading platform,
- the exchange of cryptoassets,
- executing orders on behalf of third parties,
- providing cryptoasset-related advice,
- managing cryptoasset portfolios, and so forth.
Licenses are issued by the Financial Supervision Authority. A company that obtains such a license from the FSA can provide cryptoasset services throughout the European Union.
Additional requirements are set by the Estonian Market in Crypto-Assets Act. Most importantly, it mandates that a cryptoasset service provider must have a two-member management board, and a private limited company operating in the cryptoasset market must generally have a supervisory board with at least three members.
For private individuals, income earned from trading cryptocurrencies must be declared. This includes income from converting cryptocurrency to fiat currency, swapping one cryptocurrency for another, and using cryptocurrency to pay for goods or services. Income from cryptocurrency mining is also considered entrepreneurial income for individuals.
Importantly, cryptocurrency is not considered a financial asset or security under the Income Tax Act. Therefore, tax obligations cannot be deferred. Only profitable sales or exchanges can be declared. Transactions resulting in a loss cannot be taken into account for taxation purposes and cannot be declared.
Companies, however, can in essence account for business-related expenses (e.g., equipment, electricity). A company incurs a tax obligation when it pays wages, fringe benefits, dividends, or makes non-business-related expenditures. Thus, losses and gains are not treated the same way as for individuals.
If an employee is paid in cryptocurrency, the employer must calculate the market value of the salary in euros and withhold and pay labor taxes (including income tax) accordingly.
According to the Estonian Tax and Customs Board, mining cryptocurrency for oneself does not qualify as business activity or turnover under the VAT Act. Thus, input VAT deductions related to such mining activities are not allowed.
Services that provide users access to a software application for a fee are subject to VAT under standard rules depending on the recipient of the service. Such platform usage services are not considered financial services and are therefore not VAT-exempt under the VAT Act.
However, the European Court of Justice has determined that transactions involving non-traditional currencies should still be treated as financial transactions if the parties accept these currencies as alternative legal tender. The court ruled that exchanging virtual currency for traditional currency (and vice versa) is exempt from VAT, akin to traditional currency exchange transactions.
Other practical issues
Buying property, foreign investments, competition law and sector-specific regulations.
On the whole, foreigners are equal to Estonian citizens and residents when it comes to doing business deals and acquiring property in Estonia. There are some exceptions.
The Foreign Investment Reliability Assessment Act (FIRAA) requires certain foreign investments to obtain government approval.
A foreign investor is a citizen or company of a non-EU country, who acquires a portion of an Estonian company or a significant stake therein or control over said company, whether directly or indirectly. The company in question must be a business that is in some way crucial to the state, such as a provider of essential services, a business with significant state ownership, a producer or supplier of military goods, a nationwide television, radio or media service provider, railway infrastructure companies, international airport or seaport operators, and more as provided by the FIRAA.
The foreign investor must obtain authorization before concluding the foreign investment transaction. Authorization may be granted with additional conditions. If a foreign investment is made without permission, the Consumer Protection and Technical Regulatory Authority may require the party to divest their ownership, undo the transaction, or take other actions to restore the situation. A levy of up to 100,000 euros can also be applied to the investor, repeatedly, until the injunction has been complied with.
An activity license is required for operating in certain business sectors in Estonia. Especially this happens in areas related to providing essential services, national defence, finance, healthcare, etc. Mostly these are fields that require proven qualifications or heightened security requirements for the protection of the public or the environment.
A company subject to licensing requirements must obtain a license before commencing economic activities in the respective sector. The application for an activity license is typically reviewed within 30 days. In areas where there is no licensing obligation, there may still be a requirement to submit a notice of commencing economic activities in the relevant sector. The general principles of the licensing process are established in the General Part of the Economic Activities Code Act, but specific prerequisites for obtaining a license are outlined in various specific laws.
Sectors and activities subject to licensing requirements, their specific requirements, and the relevant laws applicable to them can be checked using the Estonian Classification of Economic Activities (EMTAK) search system (available at emtak.rik.ee).
Certain sectors, such as water usage, mining, waste management and so on, require an environmental permit. The relevant legal act in this regard is the General Part of the Environmental Code Act.
Direct obstacles from the state and local government are usually minimal. These mainly arise from the specific individual you are interacting with. Procedural deadlines, including deadlines for replying to requests for information, are usually set out in law, although in practice you may not always count on timely replies if an institution is overloaded with work. In these cases, local legal representation can help a lot.
Compared to some countries, there can seemingly be a lot of bureaucracy. This happens especially when permits are involved. For example, a local government’s building permit is necessary for any more complex construction work, such as constructing a new building or carrying out significant renovations.
A significant portion of bureaucratic processes can be conducted online through relevant e-registries and personal presence is rarely required anywhere. Most notarial acts can also be performed through remote authentication (video bridge), including the signing of contracts for the sale or purchase of real estate, company shares or other assets. However, for accessing e-registries and signing documents online, possession of an Estonian Digital ID is required.
The majority of individuals in government offices understand English and/or Russian, and with their consent, it is possible to use a foreign language in oral communication. Additionally, e-registries, government websites, and a large portion of legislation are available both in English and Russian. However, the language of public administration in Estonia is understandably Estonian, and official documents such as notarial acts must generally be submitted in Estonian or accompanied by a certified translation. In a local government unit where at least half of the residents belong to a minority ethnic group, there is a right to address authorities in that language (i.e., Russian).
Corruption in Estonia can certainly happen but is not a significant problem that would usually hinder your ability to do business. Transparency International’s Corruption Perception Index ranks Estonia at number 14 on their best-to-worst list among the countries of the world.
The following acts are considered crimes under the Estonian Penal Code:
- Acceptance of a bribe;
- Arrangement of a bribe;
- Giving or promising a bribe;
- Acceptance of a bribe in the private sector, i.e., by a person competent to engage in economic activities in the interests of a private law entity and in exchange for the abuse of their competence;
- Giving a bribe in the private sector.
All these acts are punishable either by a pecuniary fine or depending on the conditions by up to five years' imprisonment or one to ten years' imprisonment. A knowing violation of a procedural restriction established by the Estonian Anti-Corruption Act to a significant extent is also punishable by a pecuniary fine or up to three year's imprisonment.
Failure to comply with obligations provided by legislation implementing international sanctions or establishing sanctions of the Government of the Republic or violation of the prohibition is punishable by a pecuniary punishment or up to five years' imprisonment. Misdemeanors related to sanctions can be found in the International Sanctions Act.
All aforementioned crimes, if committed by a legal person, are punishable by a pecuniary fine. In the case of a legal person, the court may impose a pecuniary fine ranging from 4,000 to 40,000,000 euros.
As an EU member state, Estonia’s laws are harmonized with the relevant EU legislation. The Competition Act is the most important law, regulating among other things merger control, abuse of dominant position and state aid. State supervision is exercised by the Competition Authority.
Unlike other EU states, competition infringements are currently prosecuted and sanctioned in criminal or misdemeanor proceedings instead of administrative proceedings, though as of 2024 there are plans in progress to change this legislation.
The Penal Code states that the following acts are crimes:
- agreements, decisions, or concerted practices between undertakings with the objective or effect of restricting competition;
- agreements, decisions, or concerted practices among competitors, including participation in public procurements, which directly or indirectly fix prices or other trading terms with respect to third parties, limit production, service, goods markets, technical development, or investment, or share markets or sources of supply, restrict access to goods markets for third parties, or attempt to exclude third parties from these markets.
Somewhat more relevant for smaller businesses is the Restriction of Unfair Competition and Protection of Business Secrets Act. First and foremost, it defines unfair acquisition and use of trade secrets, as well as measures for protecting trade secrets, including the right to claim compensation for damages.
M&A in Estonia
An overview of different means of acquiring companies in Estonia.
The following are the more usual transactions when it comes to M&A in Estonia:
- Acquisition of shares;
- Acquisition of enterprise (a business unit as a collection of assets instead of a legal person);
- A merger, including:
- A combination merger where a new company is formed by the merging companies and the merging companies are considered dissolved;
- An absorption merger, where one company absorbs the other and the acquired company is considered dissolved);
- A division, including:
- A division by distribution, upon which a company transfers its assets to recipient companies and shall be deemed to be dissolved;
- A division by separation, upon which a company shall transfer part of its assets to one or several recipient companies;
- An EU cross-border merger or division;
- Takeover bids (squeeze-out).
Depending on the type of structure, the most relevant acts can be the following:
- The Commercial Code: conditions for mergers, divisions, and share transactions;
- The Securities Market Act: conditions for trading on regulated securities markets;
- The Law of Obligations Act: general terms and regulations for sales contracts and enterprise transfers;
- The Law of Property Act: conditions for transferring immovables and other property;
- The Competition Act: conditions for the application of control by the Competition Authority.
There are no transfer taxes in Estonia. However, making or amending entries in registers like the Commercial Register or the Land Register requires payment of state fees, which are usually nominal, as set by the State Fees Act.
Certain contracts, including merger and division agreements and real estate transfers, require notarial certification. The notary fee, determined by the Notary Fees Act, is usually a percentage of the transaction value. In mergers and divisions, the transaction value is based on share capital, while in asset purchases, it is based on the asset's value. Since the value of the enterprise is often much higher than share capital, notary fees are usually more substantial.
In any case, the most significant costs in M&A will be those related to due diligence, legal assistance and auditing. Other fees will only make up a small percentage of that.
As for time, in the case of division and merger, the relevant waiting periods provided by law add up to about three months. In cross-border mergers and divisions, the requirements of the other participant's jurisdiction must also be considered. For other transactions, the time spent is primarily related to gaining access to a notary, which is relatively short. The time cost is similar to the financial cost: the most significant expenditure is associated with conducting due diligence and auditing.
The obligation to disclose information depends on the structure of the transaction:
- Share purchases: generally, there is no obligation to disclose information beforehand. Public share offerings and trading market transactions have more specific rules (e.g. information disclosed in takeover bids), which are outlined in the Securities Market Act.
- Enterprise acquisitions: typically, these do not require public disclosure. However, the acquirer must promptly notify creditors about the assumption of obligations, and the transferor must inform debtors about the assignment of claims. For registered assets, changes in ownership must be recorded in relevant registries.
- Mergers and divisions: These require disclosure on a larger scale. A merger or division agreement must be prepared, detailing aspects like share distribution, replacement ratios, additional payments, arising rights of shareholders, and lists of assets and liabilities. Additionally, a report explaining the legal and economic justification for the merger or division must be submitted. Shareholders must be given access to the agreement, explanatory report, and auditor’s report at least two weeks before approving the merger or division. After signing decision and registration of the agreement, a notice must be published in the Official Announcements (Ametlikud Teadaanded) for the creditors.
Further disclosure requirements may arise under the Money Laundering and Terrorist Financing Prevention Act or the Competition Act, especially in cases involving concentrations.
Separate from that is the disclosure of substantial shareholdings, made under the Securities Market Act. The disclosure thresholds are 5, 10, 15, 20, 25, or 50 percent or 1/3 or 2/3 of all votes represented by the shares issued by the issuer. If the number of votes owned by a person corresponds to or exceeds any disclosure threshold, whether increasing or decreasing, the person must inform the issuer and the Estonian Financial Supervision and Resolution Authority about the number of votes they own. The disclosure obligation applies to every shareholder but in certain cases may also apply to other individuals, such as those authorized to exercise voting rights, those who may exercise those rights as part of a collateral etc. There are several exceptions regarding the disclosure requirements and special rules for how voting power is counted and what information must be shared. It is therefore advisable to familiarize oneself with the Securities Market Act.
Minority squeeze-out can happen with a public limited company (AS) and can occur on three bases, being either corporate law-based, securities market law-based, or merger law-based.
- Firstly, a squeeze-out can be carried out in accordance with the Commercial Code. A shareholder whose shares represent at least 9/10 of the share capital can request the general meeting to decide to acquire the shares owned by minority shareholders. The majority shareholder must pay fair compensation. The majority shareholder must submit a takeover report, explaining the conditions of the takeover and the determination of the compensation amount. The general meeting's decision is adopted if at least 95/100 of the votes represented by shares are in favor.
- Secondly, if the shares are traded on the securities market, a squeeze-out is possible after making a takeover bid. If the offeror acquires at least 9/10 of the voting shares the target issuer may approve the takeover of remaining shares for fair compensation, which cannot be below the takeover bid price. Fair compensation may be paid in money or in liquid shares traded on the market. A resolution on such a takeover is adopted if at least 9/10 of the votes represented by shares are in favor. The decision must be made within three months after the expiry of the takeover term.
- Finally, if a merging company owns at least 9/10 of the share capital of a merged company, its general meeting may, upon the request of the majority shareholder, decide on the takeover of minority shares within three months of the merger agreement. Approval requires 9/10 of the votes in favor.
Hostile takeovers in Estonia are, in principle, nonexistent. As an EU member, Estonia has adopted the European Takeover Directive, which includes the board neutrality rule. The rule prohibits actions such as significant asset disposals or acquisitions, encumbrances materially important to the bidder, or unreasonable compensation to the board or executive management. However, target companies can still seek competing takeover offers, and the supervisory board must disclose a reasoned opinion on the bid, addressing conflicts of interest, mitigation measures, and its impact.
The Commercial Code prohibits a company from granting loans or providing collateral for the acquisition of its own shares. Such loan agreements are void, but the transaction itself remains valid. The person securing the loan must compensate the company for any damages caused by such security. As a result, leveraged buyouts in Estonia are typically carried out through a special purpose vehicle created for this purpose.
In the case of approving a merger or a division, a two-thirds majority is required unless the articles of association prescribe a greater majority requirement. Other than the fact the majority must be convinced on the merger or division, the shareholders do not have specific appraisal rights. The decision on the merger or division cannot be invalidated on the grounds that the exchange ratio of shares or stocks was set too low. If the exchange ratio is determined to be too low, a shareholder may demand a refund. In the case of a cross-border merger, a shareholder who does not agree with the merger decision has the right to sell or demand that the entity acquires their share or stock in exchange for monetary compensation. The same right applies in the case of division. The law also provides for the protection of preferred shares and convertible bondholders, stating that their rights must be preserved in the case of a merger or division.
When an enterprise (a business unit) is transferred under whichever legal basis (merger, division, purchase agreement etc), employment contracts transfer unchanged to the acquiring company under the Law of Obligations Act. Terminating contracts due to the transfer is prohibited if similar economic activities continue. However, layoffs are allowed in a situation where, as a result of restructuring, it is no longer possible to offer work to the employee. The lay-off must be carried out in accordance with the requirements of the Employment Contracts Act. The above does not apply in the case of transfer due to bankruptcy.
Before the transfer of the enterprise, the transferor and the acquirer must submit a notice to the employees’ representative or, in their absence, to the employees. The notice must contain information about the transfer, including the transfer date, reasons, consequences, and planned measures. If changes affect employees (e.g., changing the location or working hours), prior consultation is required with the representative or employees. If there is a need to change any conditions agreed upon in the employment contract, consultation alone is not sufficient, and the employee's written consent is also required. Failure to perform the obligation to inform and consult upon the transfer of the enterprise is punishable by a fine of up to 32,000 euros.
Cross-border transformations, divisions, or mergers are governed by the Community-scale Involvement of Employees Act, which outlines regulations for informing and consulting employees and their participation in the management of the enterprise.
Cross-border merger and division is possible for an Estonian limited liability company (AS and OÜ) with another limited liability company which is registered in an EU/EEA country, and which complies with the requirements of Directive (EU) 2019/2121.
The procedure is similar to a domestic one with some differences. The preparation of a merger report is mandatory. The agreement must specify among other things the compensation offered to shareholders, the principles of creditors' protection and benefits provided to the members of the governing bodies. The transaction report must also explain the transaction’s impact on the company's shareholders and employees, including measures taken to protect employment relationships and significant changes in working conditions or the place of business. The transaction agreement must be attested by an Estonian notary. The agreement must be reviewed by an auditor who also prepares a written report.
A creditor whose claims arose before the disclosure of the cross-border agreement has the right to receive security with respect to claims that have not become due by the date of disclosure if the transaction may jeopardize the fulfillment of his claims.
Participation in a cross-border merger or division is not permitted if the company is in liquidation and the distribution of its assets to partners or shareholders has started, or if reorganization, bankruptcy or criminal proceedings have been commenced against the company.
The Community-scale Involvement of Employees Act is also a relevant law in case of cross-border transformations, divisions, or mergers, outlining regulations for informing and consulting employees and their participation in the management of the enterprise.
Finally, the rules and regulations of the other jurisdiction must naturally be taken into consideration too.
In M&A transactions, VAT generally does not apply. No turnover arises from the transfer of an enterprise or assets during a merger or division, or transfer of company shares. Securities transactions are also exempt from VAT, with limited exceptions.
The exchange of shares or contributions during the merger or division of companies is not taxed with income tax. Income tax applies only to a company’s profit which is taken out of a permanent establishment. However, this does not apply when transferring an enterprise to another company during a merger or division, provided that economic activity continues in Estonia through the company.
Income tax is charged on gains derived by a non-resident from a transfer of share in a company, if, at the time of the transfer or in the two years preceding it, more than 50% of the assets of the company consisted of real estate located in Estonia, and the non-resident held at least a 10% stake.
Estonia has adopted the Anti-Tax Avoidance Directive, which outlines conditions for taxing profits from transactions made for the purpose of obtaining a tax advantage. It also specifies the method and conditions for taxing profits when assets are transferred to a foreign permanent establishment. In certain cases, it is possible to tax profits of foreign-controlled companies from non-genuine arrangements for obtaining a tax advantage.
We are a top-rated law firm
A reliable partner in litigation!
Head of Litigation
Our cooperation with the lawyers Lepmets & Nõges has lasted for years and has been very successful so far. In our opinion, they offer the best quality and fastest service on the market at an extremely good price. Highly recommended!
Chairman of the Supervisory Board
I have used their legal advice and assistance on several occasions. Most recently, attorney-at-law Tauri Tigasson positively surprised me with his proactive approach, precise, and determined counseling, even pushing me to act more efficiently. It exceeded my unspoken expectations. Working with them has been a true pleasure.
Very high level, broad-minded, and reliable partner in legal matters. The sense of security is the most important thing I expect from legal assistance as a client, and this is the experience that the law firm Lepmets & Nõges always provides. Legal assistance should be like this – thank you for always being there!
I recently worked with the law firm Lepmets & Nõges, and their professionalism exceeded all expectations. Their lawyers are highly knowledgeable and skilled, offering clear advice and support at every step. I was impressed by how dedicated they were to the client's needs, always keeping me informed and answering all my questions. Excellent service and genuine care for the client make them a top-tier law firm. I highly recommend them!
My family and I are sincerely grateful to the Lepmets and Nõges bureau, whom we found through recommendations from acquaintances. A long and exhausting process had reached a dead end, but thanks to their professional assistance, expertise, resourcefulness, and, more importantly, understanding of the situation and humane attitude, we can now continue with our normal lives.
There is a saying: “promise only what you can deliver. Then deliver more than you promise”. Lepmets & Nõges has always delivered more in our business relationship. Their knowledge, professionalism and talent is what I value most about them. I can honestly say I have always been 100% satisfied with their work.
The solutions have always met and even exceeded our expectations. Pleasant attitude, friendliness and professionalism at each stage of the process. A reliable and necessary partner in all legal issues and litigations!
CEO
ALFA International is a leading network of independent law firms, established in 1980. It is the largest legal network offering effective solutions worldwide. We are the only member of this network in Estonia.
Gazelles are rapidly growing companies that have increased their revenue and profit by over 50% in three years and created many new jobs. Less than 1% of Estonian companies are gazelles. We have won the Gazelle Company title twice.
The Estonian Chamber of Commerce and Industry is the largest and most influential organization representing entrepreneurs in Estonia, with 99 years of activity. The Chamber has over 3,500 members, whose contribution accounts for more than 40% of the net turnover and tax revenue of Estonian companies.