One or more natural or legal persons with or without a share subscription may found a public limited company (AS). The company is liable for the performance of its obligations with all of its assets. A shareholder is not personally liable for the obligations of the public limited company.
The share capital must be at least 25,000 euros. Shares must be registered and entered in the Estonian Central Register of Securities and the rights attached to registered shares belong to the person who is entered as the shareholder.
A public limited company must have a management board and a supervisory board. It is the directing body that represents and directs the public limited company. The board may have one or more members. They all must be natural persons with active legal capacity. Holding any shares of the company is not required. Members of the supervisory board cannot be members of the management board.
The supervisory board plans the activities and organizes the management of the public limited company. Also, it supervises the activities of the management board. The supervisory board must have at least three members. A member of the supervisory board must be a natural person with active legal capacity. If more than half of the board members do not reside in Estonia, the company must give the Commercial Register a contact in Estonia where necessary documents can be sent. Besides, a public limited company must have an appointed auditor.
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