aktsiaseltsid

Aktsiaselts (AS) is one of the main corporate forms in Estonia, used by larger companies and those seeking to raise capital by issuing shares. In an AS, the company's capital is divided into shares, and shareholders’ liability is limited to the amount of their share contributions. An AS can be publicly listed or privately held, and ownership changes through the transfer of shares.

Formation and capital structure. An AS is formed by a charter (articles of association) and registered with the commercial register. The share capital is divided into shares, the ownership of which is documented in the share register. Transfers of shares are generally permitted, subject to any restrictions stated in the articles of association or by law. The minimum capital requirement, as set by law, is designed to ensure financial stability, and the precise amount must be deposited and evidenced as part of the formation process.

Governance and reporting. An AS is managed by a management board that handles day-to-day operations, while the general meeting of shareholders holds the supreme authority. A supervisory board may be established as a second governance body in larger or more closely regulated companies, but it is not mandatory for all AS structures. ASes are required to prepare annual financial statements and, depending on size and other criteria, may be required to have their accounts audited and to provide information to the public or to the commercial register.

Use and comparison. AS is typically chosen by entities planning significant growth, capital raising, or public investment. By contrast, osaühing (OÜ) is the private limited company form, often preferred for smaller or privately held ventures due to simpler governance and lower formal requirements. Aktsiaseltsid are a cornerstone of Estonia’s corporate landscape, facilitating ownership via shares and enabling broader capital access.