Every Estonian company must file an annual report in the e-Business Register portal within 6 months of fiscal year-end (calendar-year companies: by 30 June). In this guide we look at the composition of the TDD (Activity Report Declaration), audit requirement criteria, filing process, and the late-filing penalty system.
The annual report contains: activity report (management description of past year operations), accounting annual report (balance sheet per form B, profit and loss per form K, cash flow per form R, equity changes), notes (accounting policy description, key estimates, post-balance-sheet events), auditor opinion (if required). Format: XBRL (structured data). Filing in the e-Business Register portal signed by the company board member's ID-card/Smart-ID.
Audit is mandatory if at least 2 of the following criteria are met: annual turnover >€4,000,000, balance sheet total >€2,000,000, employees >50 (annual average). For public limited companies (AS) audit is always mandatory regardless of size. For OÜs audit is voluntary below threshold. Auditors: only auditors registered in the Estonian Auditors' Association (~100 auditors + ~30 audit firms). Audit cost: from €3,000 (small OÜ) to €100,000+ (large AS). Auditors can also do limited review, which is cheaper.
Deadline: 6 months from fiscal year-end. Calendar-year company: 30 June. Exception (non-calendar fiscal year — e.g., 1 July to 30 June next year): corresponding 6-month rule. Filing: in the e-Business Register portal (e-Äriregister.ee), the board member signs with their ID-card/Smart-ID, shareholders (if required by founding agreement) also give consent with their signatures. After filing, the annual report is publicly available via the e-Business Register — anyone can read it for free (Estonia's transparency principle).
Late filing triggers monetary sanctions per the law. Up to 6 months past deadline: warning + €200-1000 fine for the board member. 6-12 months past: up to €2000 fine + risk of compulsory liquidation. Over 12 months: court-ordered compulsory liquidation (Tartu County Court starts the proceedings), board members personally liable. Persistent late filing may also trigger tax audit. Recommendation: file the annual report 1-2 months before the deadline to leave room for error correction.
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