Company Account with an Estonian Bank for Businesses Registered in Estonia

Estonia is a great destination to establish a company. First of all, it is a highly digitalized country, which means that you will not have to be present anywhere in person to submit any documents: anything can be done online, from company registration to annual reporting submission. And this is a feature that entrepreneurs from all over the world highly appreciate! Second, Estonia has a really good taxation system which is recognized as the best in the world! Needless to say, Estonian banks are highly recommendable technologically advanced institutions that are definitely worth paying attention to.

If you want to get more information, please visit our portal to read the article on opening a bank account for Estonian business and discover other details about this great business destination. We also write about other jurisdictions that are popular with entrepreneurs from all over the world who are looking for a good place to establish a company, open a bank account, protect their assets, optimize taxes, and so on. You can schedule a free session with our consultant to discuss the details and get professional advice. If you need help, we will be happy to set up an account or a company for you at a reasonable fee. In short, follow the above link and discuss your needs with our experts to find the best solution!

Bank Accounts for Estonian Companies

A peculiarity of the Estonian banking sector is that corporate accounts are only opened for the companies that have any ties with the country, including a local office, employees that are Estonian residents, customers/partners based in Estonia, or payment of local duties/taxes.

Estonia is a far-sighted choice for startups as it gives an opportunity to optimize taxes, take advantage of the state’s well-developed infrastructure, and get access to all the countries of the European Union.

Many legal entities would like to have a corporate account in Estonia, but they are usually turned down if they cannot prove any connections with the country.

If you are a business owner and you want to open a company account in an EU country or anywhere else in the world, you are welcome to get in touch with us: we will help you choose the right destination and the best bank free of charge.

If your company is going to carry out its activities in Estonia and engage local customers and partners, the local banks will agree to onboard you in the majority of cases.

Most institutions want to see their customers in person before they agree to set up an account for them. However, we will help you open an account online.

Recommendable Estonian Bank: Basic Information

We will recommend an Estonian bank to you that has proven to be the best choice for startups and other companies, is open to all kinds of innovations, and quickly implements all technological advancements in the sphere. The institution was founded in 1999, and it currently provides high-quality services to more than 220,000 customers.

Open a Business Account in Estonia Online

If your legal entity is incorporated in Estonia and its ownership structure includes a non-resident, it has the right to open a corporate account with the recommended Estonian bank remotely. If you want to additionally set up a securities account, a savings deposit account, or a term deposit account, you are welcome to do so.

Granting Credits

Most businesses require loaned funds to expand their activities, and here are the services you can get at the bank we recommend:

  • Letters of credit
  • Investment loans
  • Microcredits for business development
  • Funds for leasing
  • Loans for legal entity acquisition
  • Settlement loans for companies

Corporate banking cards

If you open an account with the Estonian bank we are promoting, you will have the right to obtain MasterCard corporate cards. You can order credit or debit cards to make online/offline purchases and enjoy the following features:

  • You can replenish the card with cash free of charge.
  • You will be able to manage cash advances from cards using the Internet Bank.
  • If you withdraw cash from ATMs of other Estonian and EEA banks, you will pay the commission of 1 euro plus 0.3% from the amount over 2,000 euros.
  • If you withdraw cash from the bank’s ATMs, it is free if the amount does not exceed 2,000 euros a month. Otherwise, 0.3% is payable.
  • Withdrawing cash in other countries comes at a commission of 2 euros plus 2.5% of the amount.

Your funds can be managed remotely using mobile apps for iOS/Android or internet banking.

Documents Required to Open a Corporate Account

Here is an approximate list of documents you will need to open an account with the recommended Estonian bank:

  • Evidence that the company has connections with Estonia (this is a mandatory step if the company ownership structure contains a non-resident).
  • A duly completed application form (containing information about active/passive income, company representative, and company data).
  • Statement of the purpose of setting up a corporate account with this bank.
  • The description of the ownership structure in detail, including the data on beneficial owners (the bank may request additional documents if your company has a complex structure).
  • Each Board member and beneficiary that has at least a 25% share in the company has to provide a passport copy.
  • The balance sheet for the past 12 months.

The bank usually wants you to pay a personal visit to undergo an identification procedure. However, if there is a good reason why you cannot show up at the bank, it will consider notarized documents sent by courier mail.

Rates for Non-Residents

  • Creating a deposit account will cost you 200 euros.
  • The monthly card fee is 2 euros.
  • The monthly account maintenance fee is 20 euros.
  • Payments in euros using the SEPA system are free of charge.

Account Opening Procedure

Take these simple steps to get your fully functional corporate account in Estonia in no time:

  • Schedule a meeting with the expert of our portal to discuss whether you can comply with the bank’s requirements.
  • Pay the fee for the assistance with account opening.
  • Collect the required documents and send them to us for verification and submission.
  • Wait for the bank’s decision.
  • If the documents are in order and you cannot visit the country personally, the account will be opened online.

Do not hesitate to click on the above link to talk to us today!