Bank account opening assistance in Estonia

Opening a bank account in Estonia holds advantages due to Estonia’s European Union membership and absence from any global blacklists.

Every bank in Estonia offers clients a thorough service, secure Internet banking, and the option for multi-currency accounts.

The prominent banks in the country include Swedbank AS, AS LHV Pank, AS SEB Pank, Luminor Bank AS, Tallinna Äripanga AS, Coop Pank AS, AS Citadele banka Eesti.

It’s essential to emphasize this connection in the present, at the time of approaching the bank, rather than indicating future intentions. This isn’t merely about securing a virtual office and a legal address. Instead, it underscores the importance of being fully economically and physically present in the country.

Experience indicates that Estonian banks meticulously evaluate any company that includes foreign residents in its structure. The determination to open an account for a non-resident in Estonia is reached following a thorough analysis of the provided information.

The process involves the following stages:

1. Selecting a bank in Estonia
2. Document preparation
3. Submitting the application
4. Undergoing verification
5. Obtaining access and account details

Why is it advisable to establish an account with an Estonian bank?

Opening an account in an Estonian bank offers several advantages:

• Relatively low service fees.
• The option to open multi-currency accounts.
• Protection of clients’ assets through the European Deposit Guarantee Fund.

With an account in an Estonian bank, business management can be conducted remotely, utilizing Internet banking. Remote banking provides numerous benefits for the client:

• Account management and access to financial services are available 24/7 from any location worldwide.
• Facilitation of the registration of loans, deposits, and bank cards.
• A wide array of banking products and services, including money transfers, payments, information support, and receipt of account statements.

 

What documentation is necessary for initiating an account with an Estonian bank?

While many banks are open to collaborating with business clients from various countries, the process of opening an account in an Estonian bank for a non-resident can be rather challenging. Business individuals may be requested to provide:

• Copies of identity documents for the director, shareholder, and beneficiary, such as a passport or ID card.
• An extract from the register or a certificate confirming the company’s registration.
• Minutes from the founders’ meeting.
• The company’s charter.

The documents mentioned constitute the minimum set required for a businessman to prepare. However, in most instances, banks may request additional documentation from non-residents. It’s important for entrepreneurs to be aware that if a bank chooses to reject the account opening application, the initial commission paid for the application review will not be refunded.

If you intend to establish an account in Estonia, it’s crucial to be aware of certain intricacies, particularly those related to the procedures for non-residents. The criteria and documentation sought by Estonian banks are generally similar today.

However, the level of receptiveness and willingness to collaborate may fluctuate based on the client’s country of residence. Each bank defines its own policy for opening an account in Estonia for a non-resident. This is especially true if the client is a non-resident, meaning that although the company is Estonian, the founders and board members seeking to open an account are not residents of Estonia. In such cases, the primary requirement of banks is that the company’s activities must have a tangible connection with Estonia.

To minimize the likelihood of rejection, we suggest entrusting the task of opening an account with an Estonian bank to our specialists from Regulated United Europe. We will handle the preparation and processing of documents and carry out all necessary procedures for the account opening.