Important changes in connection with the presentation of the financial year report.

On February 1, 2023, the Business Register Act will enter into force as a new law, and in addition, more than a hundred amendments to the Commercial Code will enter into force. we will also gradually try to bring important moments to you.

The Business Register Act, which will enter into force on February 1, allows deleting legal entities from the business register faster and easier than before if the financial year report has not been submitted. If a legal entity does not submit an annual report within the deadline, the legal entity may be deleted from the register if certain conditions are met. This can be done at the earliest three months after the deadline for submitting the annual report. One of the prerequisites for deletion from the register is that the legal entity must not have any assets that can be seen from the land title book, the ship title book, the business register or the register of Estonian securities. Secondly, the limited company may not participate as a party to any ongoing court proceedings, criminal proceedings or enforcement proceedings. As a third condition, certain persons and institutions must give consent to deletion from the register. These institutions will probably include the Tax and Customs Board.

Starting from February 1, the principle also applies that if the partners or shareholders do not accept the decision to approve the annual report, the board must submit an unapproved annual report to the business…