If you decide to close your company in Estonia, we recommend a so-called voluntary dissolution (liquidation), which is the traditional approach.
In practice, the entire liquidation process takes 8-10 months in average. There are numerous steps involved in the process, including compiling and submitting various applications and notices to the public authorities in Estonia. Some accounting and legal assistance will be required. There are also some required timelines which can’t be compressed to shorten the period. However, the process itself is rather straightforward and doesn’t require significant effort from your side.
As a prerequisite, your company has to complete the following steps before beginning the process:
Clear all debts and obligations (if you have none, just consider this a friendly reminder)
If applicable, terminate its VAT payer status (we'll do it on your behalf)
Please make sure your ID card is valid for the whole liquidation process (at least 8 months after starting the process). If you don't have a valid Estonian e-Residency ID-card, it is impossible to initiate or complete the company termination process. If you need to renew your ID-card, you can find the relevant application on the e-Residency website.
There is also a requirement to appoint an official liquidator, and at least one liquidator must reside in Estonia. This means you’ll need somebody in Estonia to assist you, even if you happen to be familiar with the process and already have the required input.
We're happy to assist our clients in this process if necessary, but this isn't included in our standard price. Please note that we offer this service exclusively for Xolo customers only.
Namely, we charge €350 + VAT for the assistance. It's a one-time fee, and once we enter the official process of termination, no monthly fee will be charged in parallel. But you can also find an alternative service provider who's willing to do it - you're not tied to us.
Simply let us know in advance when you'd like to initiate the process, and whether you'd like to use Xolo or somebody else.