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. For a worked example of how this plays out for a solo consultant, see e-Residency for freelancers.
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 (or Revolut — the trade-offs are in Wise vs. Revolut)
- 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. If the dashboard is consistently wrong or support is slow, that's a real signal: my Xolo review sets out what a good provider dashboard should be giving you at this stage.
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
The annual report isn't your only recurring deadline. Here is the full year for an Estonian OÜ, so you can see what lands when:
No deadlines apply with your current settings.
All Estonian OÜs must file an Annual Report (June 30).
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
