Shareholders and members of the board of the company being established may be citizens of Estonia or another country. Secondly, the country is known for the low level of bureaucratization of state processes. This facilitates the procedure for permits obtaining. Third, Estonia is one of the leaders in the level of electronic document management development. Remotely it is possible to carry out the company registration, filing documents for obtaining a license, tax returns and so on.
Preferred Legal Organizational Form
The insurance license in Estonia is issued to companies registered in accordance with national legislation. Most often these are limited liability companies (Osauhing, OU). The authorized fund of such companies is distributed among the participants. A certain share belongs to each. The company is liable within the value of the property. Individual liability of participants for obligations is not provided. There are no mandatory requirements for an audit performance. An exception is when two or more conditions are met:
- income – from 2 million euros;
- asset value – from 1 million euros;
- the number of employees is from 30 people.
The zero rate of value-added tax is applied to insurance activity.
Documentation for the Petition Execution
Insurance business and the financial services provision are regulated in Estonia by an extensive legal and regulatory framework. Among the priority regulators are laws on insurance activities and countering money laundering. An insurance license can be obtained if the director / shareholders / members of the governing body:
- do not have criminal convictions, crimes in the sphere of money laundering;
- were tested for professional suitability;
- have a field-specific education.
For filing an application, the purpose of which is an insurance license in Estonia, you need to collect a package of documents. It includes:
- an application on behalf of the company’s board;
- the Charter;
- a business plan assigned for three years;
- a memorandum of association;
- a certificate of payment of state duty;
- an information on shareholders/founders;
- provisions that regulate internal control;
- an accounting policy;
- an information about the members of the management board (full name, personal code, address, workplaces for the last five years, responsibility in the company, official obligations).
In some cases, the list of papers can be expanded. The application is considered, as a rule, within a period from 2 to 6 months. The legislation provides for cases in which a license can be recalled (errors, deliberate misrepresentation of data when preparing a petition). The risk of violations and unintentional errors can be eliminated if experts are involved in the work.
Benefits from Cooperation with Prifinance
The work with medical products is regulated by a number of legal acts. It is difficult to take into account all the nuances and requirements without proper theoretical and practical training. Better to trust professionals who will undertake not only complex legal issues but also a routine bureaucracy. The Prifinance’ experts accompany customers from the moment of the jurisdiction selection and activity directions to the immediate receipt of permissions, reducing the risk of errors and legal violations to zero.