Finding the right service provider for your e-Residency company can help you save valuable time and earn you more money. If you are ready to switch to a new service provider, then firstly, we can confirm that YES, it is possible to switch!… And secondly, the good news is that we can help you. We’ve prepared this guide in order to explain to you in just three easy steps just how easy the process actually is!
Successfully switching service providers comes down to a few simple things: understanding the transfer terms from your current service provider, the requirements to switch from your new service provider, and the timing and costs associated with the switch.
Follow these simple steps and you’ll have made the switch in no time…
Step 1: Contact your current service provider to check the terms for the transfer
The transfer of a private limited company typically requires the following documentation although we do advise that you ask your current service provider directly for their requirements for the switch, as they can vary:
- The balance sheet at the end of the day or month of transition.
- Income statement as of the end of the day or month of transition.
- The general ledger at the end of the day or month of transition.
- The client must have all accounting documents (in digital format at least) so they can be reviewed if necessary.
- *The client must update all data in the commercial register, for example, business owner contact details and business address to allow you to gain access to the annual report at a later date.
- *The client must update all data in the e-tax office and access provided by the e-MTA so that VAT reports can be created for clients.
*Do not worry, Silva Hunt can support you with instructions for points 5 & 6!
Step 2: Choose your new service provider and contact them for details on how to transfer
You need to choose a new service provider that is right for your company. Check out our blog to discover the six crucial things you will need to consider when it comes to choosing a new service provider. Once you have chosen your new service provider, it is best to contact them directly to learn more about their terms and conditions for the transfer.
As an e-Residency service provider, Silva Hunt makes the process as simple as possible by inviting you to complete an onboarding form to get you started. As an active company, you will also have the option to choose your preferred payment period, either a monthly package (349€+VAT) or our annual package (3490€+VAT). We will then send you a contract and invoice and once the contract has been signed and the invoice paid, we will welcome you on board at an agreed date to suit you.
Step 3: Sit back and your new service provider will do the rest to get you set up!
The transition from your current to a new service provider is fast! It normally takes between three to five days.
This sounds very straightforward! Is there anything else that I need to know?
There are a couple more things to consider as part of the switching process: the ideal time to transfer and the cost to transfer. Read on to learn more.
So when is the best time to switch to a new service provider?
The ideal time to transfer is in January to ensure the smoothest of transitions with regard to changing to a new accounting program. However, it is also possible to transfer to a new service provider at the end of any given month. If you choose to switch to Silva Hunt in the middle of the year for example, then this is possible but the only thing to consider is that if you do not use the same accounting program as us, Merit Aktiva, then extra time will need to be factored in. This is to allow for documents to be transferred from the old accounting program to the new one in order to prepare the annual report.
How much will it cost me to switch?
If all the reports (annual reports, and VAT declarations included) have been completed and are up to date (up until the end of the month of transition), then Silva Hunt, for example, will not charge for the transfer.
However, if accounts have been neglected and there are no annual reports for previous years, you will be charged an excess fee as we will have to manually enter accounts from previous periods on your behalf. If this is your situation, then our experts at Silva Hunt can offer you a tailored package to help with your case. Click here to learn more about complying with local accounting and legal requirements when conducting business in Estonia.
Switching costs will vary for different service providers so we advise that you check directly with your chosen new service provider for any associated costs.
There is no obligation for you to stay with your current service provider, and as such, they should be helpful in assisting you to switch.
Whatever your reason for switching to a new service provider, make sure you do your research to find the right service provider for your company. If you would like clarity on any of our services, don’t hesitate to ask us. Silva Hunt believes in long-term client relationships and we are committed to our clients at every stage of their journey through our variety of services. Visit our website to learn more about our services and how we can help you to thrive in a hassle-free business environment.