Estonia has high ‘green ICT’ potential

On the basis of a study carried out on commission by the Ministry for Economic Affairs and Communications, it appears that Estonian entrepreneurs are using information and communication technology (ICT) well to make production processes more effective and more environment friendly (green ICT).

Lack of complete solutions was pointed out as the main weakness in Estonia’s case. The machines and installations for the application of software developed in Estonia are bought from other countries and complete solutions are not created in co-operation with local IT companies and installation producers, the ministry said. As a result, the study sees as its biggest challenge the development of co-operation between entrepreneurs in different spheres.

Proceeding from the above, the existence of an international co-operation network is of great importance, both for the supply of equipment as well as for the export of modified products. Due to the small size of the Estonian companies, international co-operation is often difficult, it appears from the study.

For developing the sphere the study recommends state subsidies for the promotion of Green ICT and for making investments. Proceeding from the results of the study, the ministry in co-operation with partners and interest groups will start working out a state programme.

Source: Estonian Review

Exports decline in autumn slowed economic growth

Annual GDP growth slowed to 4% in the last quarter of 2011. Seasonally and working-day adjusted GDP decreased by 0.8% compared to the third quarter. The decline was not broad-based, reflecting developments in some single sectors. The slowdown in annual economic growth is in line with the expectations of Eesti Pank’s economic forecast. The recent industry and confidence data indicate that economic activity has stabilised and the decline has not deepened. Annual growth is expected to slow in the coming quarters as well.

The quarter-on-quarter GDP decline was mainly due to shrinkage in industrial production in early autumn. It was caused by smaller energy production owing to warm weather and a decrease in the export of computers, electronic devices and optical equipment. The contraction in industrial production can also partly be attributed to uncertainty arising from the sovereign debt crisis in some European countries. The situation has, however, stabilised in recent months and month-on-month decline has stopped. Apart from the drop in industrial production in autumn, the sovereign debt crisis has not had a considerable effect on Estonia’s real economy.

Despite lowered economic sentiment, domestic demand developments have been positive. Economic imbalances have eased compared to the previous crisis, so the resilience of Estonia’s economy to external shocks has improved. This is confirmed by stable retail sales growth in the past months of 2011. The warm autumn favoured construction and since heating bills were also smaller, households had to bear smaller costs.

In total, Estonia’s 2011 economic growth was relatively rapid compared to previous indicators and to the average of Europe. This year’s growth will be much slower, about 1.9%, according to Eesti Pank’s economic forecast. Moreover, should external problems deteriorate, a recession cannot be ruled out, either.

Source: Bank of Estonia
Author: Kaspar Oja, Eesti Pank, economist

Company’s registry data in English

From the beginning of January there is a possibility to see and print out the company’s registry card in English. This helps to save time and money which before was spent on the translation services and notarial authentication.

The created functionality enables the entrepreneurs to receive the translated registry card much quicker and to send it to the institutions, business partners and potential investors outside the country.

The registry card in English will be automatically translated by the system and therefore in some cases it can contain some parts of text that are not translated (e.g. texts that concern merging, division or right of representation specifications) and which are displayed in Estonian. When the registry card contains the parts of text that are not translated, then the notification appears on the top of the registry card when opening it. There is also a recommendation to turn to the sworn translator if necessary.

From Central Commercial Register one can print out in English part B, part A* and also registry cards of the foundations and non-profit associations. The foreigners can view directly the registry cards in English from the Business Register’s information system.

In addition to the printout of the certificate there is a possibility to view the history of the printouts from e-Business Register.

E-Business Register’s information system administrated by the Estonian Centre of Registers and Information Systems is a service based on the database of the Courts Registry department. The database consists of the digital records of the Business register, the non-profit association and foundation register and the commercial pledge register.

From the e-Business Register one can inquire about valid/invalid information of the legal entity.

E-Business Register’s data is owned and verified by the County Court’s registration departments.

You will find the e-Business Register from here.

The source of the article: Estonian Minister of Justice.

* Part A of the card register shall consist of the registry cards of sole proprietorships, general partnerships and limited partnerships and part B of the card register shall consist of the registry cards of private limited companies, public limited companies and commercial associations.

Source: Ministry of Justice