Companies registered in Estonia can open corporate accounts remotely with one of the technologically advanced Estonian banks, and our experts can help with the application arrangements.
Accounts in Estonia for Estonian companies
The Estonian banking system allows accounts to be opened only for companies that are somehow connected with Estonia. Such a connection may be through clients or partners in Estonia, the local office and local employees, payment of local taxes and duties.
Many startups choose Estonia for the opportunity to save on taxes, have access to the EU market, use the developed infrastructure.
Many companies would like to choose Estonian banks. But if they conduct business abroad, they are not allowed to open a deposit account locally.
We help startups going to open their corporate accounts in the EU and other parts of the world choose the right bank, and such consultation is free.
If your company is planning to operate inside the country and attract local partners and clients, Estonian banks are ready to consider your application and open an account.
In particular, with our help, it is possible to open an account in an Estonian bank remotely, whereas usually a visit to Tallinn is required.
Basic information on the Estonian Bank Recommended by Our Experts
Let us recommend one particular bank which has gained extensive experience working with startups and other businesses, is technically advanced, and is very open to innovation. It was founded in 1999 and nowadays serves more than 220,000 clients.
Remote Opening of Corporate Bank Accounts with the Recommended Bank in Estonia
A company registered in Estonia with a non-resident in the ownership structure can open a corporate current bank account with the recommended bank remotely.
In addition to the current account, clients can open a term deposit, savings deposit, an account for securities, and others.
The bank offers different loans:
- Microcredits for business development
- Settlement loans for businesses
- Investment loans
- Loans for a company acquisition
- Letters of credit,
Corporate Banking Cards
The company may order a corporate card linked to its account. MasterCard debit and credit cards are available. Both debit and credit cards support offline and online purchases.
Limits for a cash advance from cards can be managed through the Internet Bank.
The card replenishment with cash is free of charge.
Cash withdrawal at the bank’s ATMs is allowed for free in the amounts up to 2,000 EUR per month, and at 0.3% for sums exceeding 2,000 EUR.
Cash withdrawal from ATMs of other banks in Estonia and EEA is allowed at the commission of 1 EUR + 0.3% from the amount exceeding 2,000 EUR.
Cash withdrawal in other countries is allowed at the commission of 2 EUR + 2.5% of the amount.
Internet Banking and Apps
You can manage your funds remotely via the Internet Bank and mobile applications for Android and iOS.
Documents Required to Open a Corporate Account with the Recommended Estonian Bank
The following documents are required:
- The application form correctly filled out (including the company data, information about the company representative, active/passive income)
- The proof of the company’s ties with Estonia (it is mandatory in case there is a non-resident in the ownership structure)
- The statement of the purpose/reason for opening an account with this bank
- Copies of passports of the Board members and beneficiaries (with over a 25% stake in the company)
- A detailed description of the ownership structure, including the beneficiaries (if the structure is complex, the bank will request additional information)
- The financial statement for the last 12 months.
The bank requires to undergo a personal identification with the bank, and in most cases, a visit to Estonia is required for this purpose.
However, if the trip is impossible for a plausible reason (for example, if the borders are closed due to a pandemic), the bank agrees to consider documents certified by a notary and sent by a courier.
Tariffs of the Recommended Bank for Non-Residents
|The bank’s commission for opening a deposit account||200|
|Monthly maintenance fee||20|
|Monthly card fee||2|
|Payments in EUR within SEPA||Free|
Procedure for Opening a Corporate Account in Estonia for Estonian Companies
1. Make an appointment for a consultation with the experts of the portal and check with them that you can comply with the bank’s requirements set for clients.
2. Pay the account set-up fee (for the assistance in opening a corporate account) with the Estonian bank – from 3 999 EUR.
3. Compile and send us the package of the required documents, so that we could help you with their verification and submission.
4. Wait for the bank’s decision about opening an account for you.
If the documents are prepared correctly, certified by a notary, while the situation does not allow you to personally visit Estonia, the bank is ready to open an account remotely.
The sooner you make an appointment with our experts, the sooner you will have your account Estonia set up for your company. Please contact us at the e-address mentioned at the top of this page.