New procedure for compiling and submitting annual reports

This letter is sent to all reporting entities that have not yet submitted their annual report. If you have already submitted your annual report, we would like to thank you for your timely reaction.

Please be informed that you can submit your annual report for the reporting period from 1 January 2009 to 31 December 2009 between 1 January 2010 and 30 June 2010. You are obligated to submit the annual report even if the company was not engaged in any economic activities in the previous financial year; please include a respective note in the management report.

Starting from 2010 there is a new procedure for compiling and submitting reports. Starting from 2010 the companies are required to submit their annual report to the Register electronically via the e-Commercial Register Company Registration Portal. The submitted report must follow the requirements set by the Minister of Justice Regulation “Procedure for submitting documents to courts”. Reports must be submitted electronically by all legal persons whose reporting period starts on 1 January 2009 or later. When you select a reporting period in the Company Registration Portal, the system will direct you to filling in the set reporting forms or submitting your report in PDF format. The Company Registration Portal presents you all mandatory parts of the reports (main reports) as well as the parts that you can add to the reports in line with your needs or the obligations set in the Accounting Act. In addition you have to fill in the data fields for the company’s means of communications, list of shareholders, the principal activity of the non-profit association or foundation or the breakdown of incorporated entity’s sales revenue.

The portal allows you to authorise the company’s accountant to submit the report, too. In addition the portal allows you to grant accession rights to the auditor and this way they can draw up the auditor's report directly in the portal. You can enter the portal with your mobile ID, personal identification card or through online banking. Detailed instructions on how to compile and submit an electronic annual report are available at http://www.rik.ee/e-ariregister/aruanne; you can find the portal at https://ettevotjaportaal.rik.ee.

If you are unable to compile and submit the report in the Company Registration Portal, you can submit the 2010 report to the Register through a notary public. The fee for submitting the report through a notary public is EEK 400 plus VAT.

Pursuant to the Commercial Code, the companies have to submit their annual reports within 6 month after the end of the financial year. Please be reminded that if you fail to submit the annual report in good time, the court maintaining the register has the right to impose a fine on you. Therefore we urge you to submit your annual report in time.

Note! You can find and view the annual reports of companies in the e-Commercial Register at https://ariregister.rik.ee.