More Annual Reports Filed Early
With the annual report filing deadline approaching at the end of this month, 18 percent of the country's close to 140,000 limited liability companies, partnerships and non-profits have already filed, in what officials say is an ever-easier process.
Additionally, more than 10,000 already entered data on the interface that wasn't yet confirmed, said Justice Ministry spokesperson Priit Talv.
Sixteen percent filed early by this point last year.
Annual reports can be filed at the Company Registration Portal, which can be entered by ID card, mobile ID or online bank. The system was introduced in 2010.
Justice Minister Kristen Michal said filing the report has become "as easy as sending an e-mail."
"The site developed by the Center of Registers and Information Systems is a very good resource for filing the report, attested to by the fact that it was declared the world's best online governance system at the World Summit Awards 2011," said Michal. "A study conducted by the Finance Ministry found that companies spent close to 30 percent less time filing the report in 2010 compared to 2008, which meant savings of around 4.6 million euros."
Michal said many who file late are unaware that they are required to submit a report.
"For instance, not everyone knows that an annual report should be filed even if there was no economic activity that financial year," Michal said.
The minister said the electronic filing system would not be the last step with regard to making life easier for businesses.
"We want to make all aspects of life easier for business people so that they can have more time to focus on their bottom line," he said, adding that he was scheduled to meet soon with the Chamber of Commerce and Industry to generate additional ideas.
Kristopher Rikken