Despite Brexit, there are numerous reasons why the UK is a perfect location for starting a company there. Recently, the […]Read more
Open bank account in Estonia
Estonia is a great choice for individuals and innovative companies seeking for investment opportunities. Estonia is one of the most advanced European countries thanks to its e-residence program and innovations in tech factor. In the meantime, a few years ago Estonian banks announced new restrictions for non-residents wishing to open a bank account that resulted in more detailed checks. Besides, a non-resident need to prove economic, business or other ties to Estonia, like owning a property or business, having clients or job in the country. Having e-residency does not give you any guarantees, but will certainly help you with the account opening.
What are the requirements for opening a bank account in Estonia?
In order to open a bank account in Estonia, it is necessary to be present in the bank in person. Certain Estonian banks (like LHV Bank, SEB) allow to start the application process online. Once the application is approved, it is possible to visit a branch or partnering local store for completion of bank account procedure.
The list of documents, fees and term of opening a bank account in Estonia depends on a number of factors, such as the size of the company, annual turnover, number and citizenship of directors, shareholders, or citizenship of an individual applicant. Types of corporate and personal bank accounts vary, but in overall international banks that have presence in Estonia offer competitive banking products.
Companies may choose a bank account with products suitable for medium and small companies, global and international businesses, micro companies, etc.
A usual set of required documents includes proof of identities of directors, shareholders and beneficial owners; corporate documents, such as articles of association, certificates, certificate of good standing; proof of accounting books, CVs of directors and beneficial owners, list of clients or description of potential clients. Foreign companies are required to accompany translations certified with the notary public.
Individuals present a passport, ID, valid visa, proof of residence, residence permit, or other government-issued documents. Individuals show property ownership certificates, bank statements, proof of fund origination, reference from home bank, etc.
If a bank allows, the documents can be submitted online for verification. Banks check the documents within a week. After the applicant receives a bank’s preliminary approval, he/she may visit the bank for completion of final steps.
Before you file an application with the Estonian bank, it is strongly recommended to getting a consultation and ask for professional advice. There were cases when an Estonian bank requested from an applicant to present a business plan and proof of business connection to Estonia. So, it is necessary to be fully prepared if you want to have a bank account in Estonia.
What are the major banks in Estonia?
There is a large number of international, Scandinavian and local banks in Estonia. Usually clients choose from the following banks:
Swedbank is a Swedish bank having more than 30 bank locations in Estonia. With its numerous ATMs, this bank has one of the largest number of branches in Estonia and Scandinavia. Swedbank is rather popular for its convenient mobile and international banking services for individuals and companies. The bank is considered as a very convenient option for every individual with a reward system on their accounts. It offers a variety of banking products, including loans, credits, investment schemes, debit and credit cards, mortgages, pension schemes and other traditional bank services.
SEB Bank is ranked as the second largest bank in Estonia. It also has a vast chain of ATMs and branches across the country. The bank offers private and business services as well as private banking for management of financial assets. SEB is a leading bank in Scandinavia and Baltic countries. SEB allows to open a business bank account remotely and to choose an appropriate plan for each business. This is a great bank for managing your finances remotely and accessing your account online.
- Nordea Bank
This is another large Scandinavian bank largely presented in Estonia. Nordea is favoured for being one of the strongest and secure international bank in Europe with a sense of prestige. Clients of this bank enjoy convenient tools for managing accounts online and making quick transfers within the country and internationally. Nordea bank has options for private and business accounts.
- Danske Bank
Danske Bank is vastly present in Scandinavia and Baltic countries. The bank allows to open a variety of accounts available for foreigners including some in multiple currencies. E-banking services are available 24 hours a day enabling to arrange finances in a fast and convenient way.
How to close a bank account in Estonia?
Closing a bank account in Estonia usually comes at no fee. Only a few banks charge a minimal fee. Before the account is terminated, you can easily withdraw your funds or transfer them to your local or foreign bank.
Stories from the Blog
Subscribe to newsletter
Gibraltar is a small country, which is a well-known offshore jurisdiction. Until recently, Gibraltar, being the dependent territory of the […]Read more
The Cyprus Companies Law has recently introduced new amendments that apply to companies incorporated in Cyprus. With new changes, Cypriot […]Read more