What is myann. ja to whom is it for?

myann. is a tool for creating sales invoices and annual reports, designed for micro-entrepreneurs. Sales invoices can be issued by all private limited companies. Annual report tool It is suitable for use if the company during the financial year: has not given loans. If I have paid salaries and/or dividends during the reporting period, can I use the annual report service? Yes, you can record all transactions related to salaries and dividends, as well as payments related to salaries and dividends to the Tax and Customs Board. What is needed to use the annual report service? To use myann., you need to upload the company's bank statement. myann.’s private AI categorizes all your transactions — you simply review and confirm. If needed, you can add external transactions from your bank account. You don't need accounting knowledge, as myann. guides you throughout the entire process. myann. is also suitable tool if your company does not have a bank account. For which bank's user is the annual report service suitable? myann. works with all banks and payment providers — just upload a CSV or XLSX file. But what if my company doesn't have a bank account? In that case, report generation is even simpler. With myann., you can create the relevant report, ready for immediate submission to the Business Register in the correct format (XBRL).

How does myann. work and how much does this solution cost?

How does myann. work? Very simply – myann. guides you through every step and stage! Log in with Smart-ID, Mobile-ID or ID card. Upload bank statement(s) for the reporting period myann.’s private AI categorizes all your transactions — you simply review and confirm. If necessary, you can add transactions that are external to the bank account. If there have been no transactions or if the company does not have a bank account, you can prepare a corresponding annual report. Review the completed report and download the XBRL format report generated by myann., which is ready for submission to the Commercial Register. That's it! How much does this solution cost? The cost of preparing an annual report is €49/ one-time fee – no additional fees. The prepared report is ready for immediate submission to the Commercial Register and in the correct format (XBRL).

What is an annual financial report, who needs to submit it, and when is it due?

The annual financial report provides an overview of a company's financial position and performance. The accounting annual report must reflect relevant and accurately presented information about the financial position and performance of the reporting entity. The annual report consists of main reports, which are the balance sheet and profit and loss statement, and appendices. The company's financial year is 12 months long. Typically, the financial year coincides with the calendar year (from January 1st to December 31st), but the company's articles of association or other regulatory documents governing its activities may specify a different financial year. Upon establishment, termination, or change of the financial year start date, the financial year may exceptionally be shorter or longer than 12 months, but not exceeding 18 months. For example, if the company was established on August 15, 2024, and the financial year is chosen as the calendar year, then the first financial year report period could be from August 15, 2024, to December 31, 2025. In case the company was established on May 15, 2024, then the first financial year report period would be from May 15, 2024, to December 31, 2024. The balance sheet date is the end date of the financial year report period, which summarizes the entire reporting year. If the company's financial year report period is the calendar year (01.01-31.12), then the balance sheet date is December 31st. As of this date, the financial position and performance of the company are reflected in the annual financial report. Who are required to submit the annual financial report? The submission of the annual financial report is mandatory for all companies registered in Estonia, even if the company has not engaged in any business activities during the financial year. When is the deadline for submitting the annual financial report? The deadline for the report is 6 months after the end of the company's financial year. For example, if the company's financial year ends on December 31st, the deadline for submitting the report is June 30th. What happens if the annual financial report is not submitted on time? If the annual financial report is not submitted on time or not submitted at all, the registrar has the right to fine the company that has failed to submit the report without prior warning. If the annual financial report is not submitted six months after the statutory deadline for submission has passed, the registrar initiates a supervisory procedure against the legal entity under the Commercial Code § 60, the Non-profit Associations Act § 361, or the Commercial Associations Act § 341, which may result in the removal from the register or forced dissolution of the legal entity. What happens if I haven't filed my annual report for last year? No problem! With the help of myann., you can quickly and easily complete all missing reports. You can start with the earliest and then move on to the next ones.

What is a micro-enterprise? What are assets, liabilities, and equity?

A micro-enterprise is an entity for which, as at the reporting date, at least two of the following three criteria are not exceeded: total assets of 450 000 euros, annual revenue of 900,000 euros, an average number of employees during the financial year of 10 persons. A company's assets are its current assets such as cash, accounts receivable, inventory, and fixed assets such as tangible fixed assets, long-term investments, and shares in subsidiaries, etc. Liabilities are the company's obligations such as debts to suppliers, received prepayments, loan obligations. Equity is usually divided into share capital, retained earnings from previous periods, and profit for the reporting period.

Is myann. suitable for a non-profit association, apartment association, or foundation?

No, myann. is designed specifically for private limited companies (OÜ). Our mission is to support individual independence through entrepreneurship. For this reason, we focus exclusively on the needs of private limited companies and develop our service based on the practical requirements of entrepreneurs and businesses. minuann. is not intended for: Non-profit associations (MTÜ) Apartment associations (KÜ) Foundations (SA) Limited partnerships (UÜ) General partnerships (TÜ) Sole proprietors (FIE) Other legal entities that do not operate as private limited companies (OÜ)

What happens if a company fails to submit its annual report?

Typically, the deadline for submitting the annual report is 30 June, and the annual report must be submitted to the e-Business Register in the prescribed format. If a company fails to submit the annual report by the deadline, the e-Business Register will first send a reminder with a new deadline for submission. If the annual report remains non-submitted, the next step the e-Business Register may take is to impose a fine for the non-submission. As a more severe measure, the e-Business Register may issue a warning of deletion, and in certain cases, the company may indeed be deleted from the e-Business Register. A deleted company can be reinstated within 3 years of deletion, but this requires rectifying the deficiencies, i.e., submitting the annual reports and paying a state fee of 200 euros. If your company has been deleted, one significant hurdle could be the imposition of a business prohibition, which prevents the establishment of a new company due to previous issues. It should be noted that a non-submitted annual report can also lead to the loss of e-residency, which would prevent you from managing your business online.

Still want to continue your business?

If the annual report has not been submitted to the e-Business Register by the specified deadline, and you still wish to continue your business, it is usually more cost-effective to prepare and submit the missing annual reports rather than let the company be deleted and later establish a new company. Reinstating a deleted company requires paying a state fee of 200 euros, in addition to the costs associated with preparing the missing annual reports. Establishing a completely new company requires paying a state fee of 265 euros. Submitting the annual report might initially seem complicated, but don't worry. With myann. , you can quickly and easily complete the annual report for your micro-enterprise yourself - all the necessary steps have already been thought out for you. If you feel you need assistance or have any questions, we are here to help you.

What happens if a company fails to submit its annual report?

Still want to continue your business?

Start your company's annual report here!