About the Changes in the Estonian Commercial Code Related to the Notarization of the Transactions of Shares of the Private Limited Company
Related to the changes in the Commercial Code entered into force at the end of May the form requirement for the obligation transaction for the transfer and pledge of a share in private limited companies became invalid. As a result such contracts could be today concluded as if without a form and without a notary. Should the contracts be though still concluded as notarized and why?
Estonia – The Effects of the Coronavirus on the Adoption of Resolutions by Shareholders and the Formal Requirements for Non-Electronic Share Transfers
On 18 May 2020, the Estonian Parliament passed an act amending the General Part of the Civil Code Act and other acts. The main purpose of the amendment is to provide flexible options for resolving difficulties relating to the adoption of resolutions and the transfer of shares as a result of the coronavirus outbreak. The amending act now awaits proclamation by the President, and the amendments described below will take effect on the day following their publication in the State Gazette.
Malta – Annual Obligations Relating to the UBO Register
In terms of the Fifth Anti-Money Laundering Directive (Directive (EU) 2018/843), which as from 10th January 2020 is in force in all the EU, member states are required to maintain inter-connected, publicly available national Ultimate Beneficial Owner (“UBO”) registries.
Malta Business Registry to Remove 10,000 Inactive Companies from Registry
Malta Business Registry has begun the extensive process of cleaning up the registry from inactive companies, and so far has removed 10,000 inactive companies.
Time to take life-changing decision: LAST CALL for Malta Citizenship program – deadline for applications 31 July 2020!
GREAT NEWS: The Malta Individual Investor Program Agency will continue to accept applications under current MIIP regulations until 30 September 2020. It is therefore important for prospective investors to apply by 31 July 2020.
BANKS vs PAYMENT PLATFORMS:
If your bank account application got stuck at the primary stage, or the bank did not accept you as a client, there is a 90% chance that your application was of a poor quality. Our 1st Step team will prepare an application that would take into consideration your type of business, geography, and more importantly the expectations of the chosen bank in 1 working day.
Economic Substance and EU Blacklist Update
Question that we hear quite often from clients - what is economic substance and do I need to be concerned having an offshore company?
Estonia: Notary Acts can be Carried Now out in Foreign Embassies
Several Estonian embassies have joined a pilot project to allow distant authentication making it possible to perform notarial acts from abroad without traveling to Estonia.