Operational substance: what it means in practice

Operational substance is more than a registered address. It requires that day-to-day decisions, commercial execution and oversight are genuinely carried out from the jurisdiction of incorporation. For Perfect Ventures Capital Group OÜ, this means a physical office in Kesklinn, Tallinn, a registered Commercial Proxy (Prokurist), and documented coordination of both business divisions from that office. This structure demonstrates effective management and control exercised from Estonia, aligning with the expectations of supervisory authorities across the EU.