You have a company. Now what?
Your Estonian OÜ is registered. You have a registry code, a Wise account, and a service provider. The hard part is done. But there are a few things to handle in the first months to make sure everything runs smoothly.
The first 3 months after registering my company were the steepest learning curve. Not because it was difficult — but because nobody told me what was important and what could wait. Here's the checklist I wish I'd had.
Month 1: The essentials
Set up your invoicing workflow
- Create your first invoice template in your provider's dashboard
- Set up recurring invoices for retainer clients
- Make sure your bank details (Wise IBAN) are correct on all invoices
- Test the workflow: create invoice → send → receive payment → verify in dashboard
Understand your bookkeeping
- Log into your provider's dashboard daily for the first week
- Check that Wise transactions sync correctly
- Start tracking expenses from day one (receipts, subscriptions, tools)
- Set up expense categories that make sense for your business
Tell your clients
- Send updated invoicing details to all active clients
- Update your contracts/agreements with the new company entity
- Update your website/profiles with the company name
Don't overthink the client communication. A simple email: "I've set up an EU company for my freelance work. Please use these new invoicing details going forward." Most clients don't care — they just need the right details for their accounts payable.
Month 2: Optimize
Consider VAT registration
If your annual turnover will exceed €40,000, VAT registration is mandatory. But even below that, voluntary registration can make sense:
- Register if: you sell B2B to EU clients (reverse charge = no VAT collected, but you can reclaim input VAT)
- Don't register if: you sell to non-EU clients only and have few business expenses with VAT
Your service provider can advise based on your specific situation.
Set up your dividend schedule
Decide how you'll pay yourself:
- Quarterly dividends are the most common (March, June, September, December)
- Minimal salary only if your residence country requires employment income
- Set aside 30-35% of planned distributions for taxes
Separate business from personal
- All business income → Wise Business
- All business expenses → Wise Business card
- Personal money → only through salary or dividend distribution
- Never mix the accounts
The #1 mistake new e-Residents make: using the business account for personal expenses. Every transaction in your business account is a bookkeeping entry. Buying groceries with your business card creates unnecessary work for your accountant and can raise questions during audits.
Month 3: Maintain
Check your dashboard
By now your provider's dashboard should show:
- Total revenue to date
- Total expenses
- Profit (revenue minus expenses)
- Tax obligations (if any dividends distributed)
If anything looks off, contact your provider now — don't wait for the annual report.
Plan for the annual report
Your fiscal year likely runs January to December. The annual report is due within 6 months of the fiscal year end (by June 30).
Your provider prepares it, but you should:
- Keep your books clean all year (easier than fixing 12 months at once)
- Respond promptly to your provider's questions
- Review the draft report carefully before it's submitted
Build good habits
| Habit | Frequency |
|---|---|
| Check dashboard | Weekly |
| Log expenses | As they happen |
| Review financial summary | Monthly |
| VAT return (if registered) | Quarterly |
| Pay yourself | Quarterly (dividends) |
| Annual report | Annually (June) |
After 8+ years, my monthly routine takes about 30 minutes: check dashboard, make sure Wise transactions synced, log any cash expenses. Quarterly: review financials, confirm VAT return, distribute dividends. That's it. The system works once you set it up.
Common first-year mistakes
- Not tracking expenses from day one — you lose deductible expenses
- Mixing personal and business accounts — creates bookkeeping chaos
- Ignoring the annual report deadline — can lead to forced liquidation
- Not getting tax advice for your personal situation — the company is easy, cross-border personal taxes are complex
- Paying yourself too much too early — high tax on distributions when you could retain profits at 0%
Continue reading
- Sending Your First Invoice — Step-by-step walkthrough of your first transaction
- Estonian Company Taxes Explained — How salary, dividends, and retained profits are taxed
- Banking Setup — Optimize your Wise or Revolut setup for daily operations
- Choosing a Service Provider — Considering a switch? Compare your options
