What is the company registration timeframe?
What is required for the company registration?
How to start the cryptocurrency company?
What are the company registration costs?
What are the accounting costs?
What are the costs for crypto license(s)?
Are the companies registered by Wisor clean and empty?
Companies are specially created
All companies are specially established with the purpose to transfer them to clients who want to do business with an Estonian company.
Companies are in good standing
These companies are in good standing and have not commenced in any business activities in the past (except payment of 2500 EUR share capital and usually taking it out to cash position).
Companies are free of liabilities
We also confirm the absence of off-balance sheet liabilities in the notarized share sales contract.
Balance sheet at the moment of transfer
Assets
2500 €
2500 €
cash, bank
assets in all
Liabilities
share capital
equity capital in all
liabilities in all
2500 €
2500 €
2500 €
Account entries before the balance
Credit
Debit
2500 €
clearing with shareholders
share capital
2500 €
bank
clearing with shareholders
2500 €
credit recipient
bank
2500 €
cash on hand, (bank)
credit recipient
What is the difference between founder, owner and director?
Founder of the company
As a rule the founder is a person (legal or private person) who is the first owner of the company at the moment of incorporation. Therefore, the founder of the company never changes as the first owner(s) is always called founder(s).
Owner of the company
When the first owner (founder) transfers the shares to somebody, then the founder is not the owner any more, can not act as a shareholder nor control the company. Hereinafter only the current owner has full control over the company and only he can appoint board member(s) (also called board of directors).
Board member (director) of the company
As a rule, only board members are lawful representatives of the company. However, in small companies usually owners appoint themselves as board members and therefore it seems that owners (shareholders) can represent the company. If owners (shareholders) are not board members, they can only represent the company if the board member issues them a Power of Attorney (POA). A shareholder (owner) who is not a board member, exercises its rights only at the general meeting of shareholders.
Questions and Answers
What kind of commercial activity may a company have?
An Estonian company may have any commercial activity that is not prohibited by law.
The Estonian company articles do not mention company activities. It means that every activity that does not require special registration or licence, is automatically allowed.
May a company have bank accounts outside of Estonia?
Yes, an Estonian company may have many bank accounts in the same bank or in different banks in Estonia or outside of Estonia.
Can anybody be the director of an Estonian company?
A member of the management board (director) must be a natural person with active legal capacity. If the place of residence of at least one-half of the members of the management board is not in Estonia, then the company must appoint a person in Estonia who has the legal right to receive official documents from the authorities. This person will be registered in the Commercial Register. WISOR can also act as a receiver of official documents.
Is it required to pay salary to the management board members?
It is not obligatory to pay salary to members of the management board, but if decided to do so, the amount of remuneration payable shall be determined by a resolution of shareholders.
Where is the share capital of a company created by Wisor?
How big is the share capital of a ready-made Estonian company?
The minimum share capital of a ready-made company is 2500 EUR. As a rule the share capital has been paid in fully with monetary contribution by our founder company to the start-up bank account of the company before company registration.
Where is the share capital at the moment of transfering the company to a new shareholder?
Usually on the moment of transferring the company to the new shareholder, the share capital is in cash position and the bank account is empty. In this case we agree in the share purchasing contract that the buyer has recieved 2500 EUR from the cash position and we have recieved 2500 EUR from the buyer for the company share. We do not transfer money back and forth but only change papers.
In other words in share sales agreement:
The seller confirms that the purchase price 2500 EUR for the company share is fully paid by the buyer.
The buyer confirms that he has received the share capital 2500 EUR, which is in cash position.
As a result of this, asset (cash) 2500 EUR and share capital 2500 EUR are recorded in the balance sheet of established company