Foreign company owners who want to grow their firms in the European Union are increasingly choosing to open a bank account in Estonia. Estonian banks have sophisticated digital solutions, European IBAN accounts, and a lot of confidence from businesses throughout the world. But there are strict rules that might cause a denial, particularly if the organisation is young or its corporate structure raises compliance concerns.
This guide will show you how to open a business account in Estonia, which banks will really work with non-residents, what security services look for, and how to open an account for a non-resident in Estonia without having to deal with problems, refusals, or long letters. We'll talk about the system, banks, processes, and the paperwork you need. We'll only provide you useful information that is legally correct.
Digitisation and openness are two important parts of Estonia's banking system
Estonia is one of the few EU nations where you may start all of your business operations online. This is true for both registering a business and getting financial services. The Estonian banking system is known for being fully integrated with e-Residency and for putting a lot of focus on making customer structures clear. Most banks deal with customers via secure digital channels, but you may still need to meet in person to create a business account.
It's important to know that banks are focused on reducing risk if you want to create a current account with an Estonian bank. There is always a look at the company's structure, where the money comes from, and who the beneficiaries are. To create a business account with an Estonian bank, the compliance department must first provide its permission. This is not just a formality; it is a full legal evaluation.
Some benefits include that you can send money internationally right away, link to payment gateways, connect to accounting software, and automate a lot of things. It usually takes one to three weeks to open a business current account in Estonia, but you can only do this if you have all the right documentation and a solid corporate structure.
Banks in Estonia provide the following financial services to businesses:
- Accounts in more than one currency with access to SEPA and SWIFT
- Managing corporate cards and limits
- Working with accounting software
- Access to APIs for automating transactions
- Service using a very safe internet gateway.
However, not all Estonian banks provide services to business customers. Companies from "exotic" places, with strange business strategies, or structures that aren't clear are quite likely to be turned down. Banks are especially careful when overseas firms with nominee structures want to create business accounts. So, setting up a business account for a foreign legal entity in Estonia needs a special plan and a lot of planning ahead of time.
A Guide for Business Owners on Which Banks in Estonia Let You Open an Account
One of the most important things a business can do to get into the European market is to choose a financial partner. When choosing a bank in Estonia to register a business account, you need to think about more than just the firm's location. You also need to think about its goals, such as joining the EU, doing business with European companies, integrating with FinTech services, or focussing on remote operations.
There are several banks and regulated payment institutions in the nation. But not all of them are eager to cooperate with enterprises from the CIS, Asia, or the Middle East, or with people who don't live in the area. Here is a list of the five banks that international clientele do business with the most.
- Banks that have licenses and a lot of infrastructure, like LHV and SEB
- Estonian-licensed international FinTech platforms
- Regional payment companies that work with people who don't live there
LHV Bank will let you open a corporate account as long as the firm is registered in Estonia, the ownership structure is clear, and the planned business model follows the bank's rules and regulations. This bank provides full current account services in Euros and other currencies, connects to accounting systems (including automated transaction export to e-Financials), issues corporate cards with customisable limits, connects to SEPA and SWIFT, and has facilities for trading securities. LHV Bank mostly works with small and medium-sized businesses, however they need the ultimate beneficial owner to be there in person to be identified.
Be ready for tighter rules if you want to register an account with SEB Estonia. SEB mostly works with local businesses and people that have a solid presence in the EU. People that pass compliance may get a lot of different banking products, such current accounts in Euros, US Dollars, and Pounds Sterling; credit lines and overdrafts; payroll services and e-commerce acquisitions; corporate securities services; business mortgages; and investment finance instruments. The bank has a specialised relationship manager and an online banking system that is extensively integrated for management oversight.
is a universal bank that was founded by the merging of DNB and Nordea. It has a long history in the Baltic market. It gives businesses standard corporate accounts that accept several currencies, link to SEPA and SWIFT, provide them access to export financing, and give them bank guarantees. You may also get help with company deposits, managing your cash flow, and programs for small businesses. You may open an account with Luminor if you have a physical office or a permanent representation in Estonia. However, there may be exceptions that a lawyer who lives in Estonia can help you with.
Wise may be a good way to create a multi-currency account in Estonia without having to go to a bank. This payment platform, which is allowed in Estonia, works with businesses from many other nations. Clients can get Euro IBANs, local account information in USD, GBP, and other currencies, produce business cards (both real and virtual), get automated reports, and use the payment gateway's API. Wise doesn't give out loans and stays away from high-risk sectors, but it's great for startups, freelancing agencies, digital platforms, and businesses that don't have a physical location in the EU.
Wallester is a payment platform that focusses on providing corporate cards, keeping track of employee costs, and controlling budgets in real time. It is licensed in Estonia. A non-resident may open a business account in Estonia as long as they complete basic KYC standards and show where the money came from. Some of the services offered include launching a multi-currency current account, giving staff an infinite number of virtual cards, customisable limit allocation, corporate reporting connection, and real-time spending analytics. This solution is good for marketing firms, IT organisations, and holdings that care about keeping their finances in order.
FinTech companies that are licensed as payment institutions are the main banks in Estonia for those who don't live there. Their pros are that you don't have to go in person and the process is easier. Their cons are that there are restrictions on quantities and functioning. They are good for those who are starting a business or need to start doing business in euros right away.
- Data security at several levels
- Access to mobile and online 24/7
- Services for accounts with more than one currency
- Managing access and employee rights
- Link to the state reporting system (if the business is based there)
If you want to create an account for a business with an Estonian bank, be ready for a procedure that is not normal. Banks want to know why the company is needed, evidence of economic activity, business contracts, and information on the beneficiaries.
Some businesses may want to register a multi-currency account in Estonia with a payment system initially and then a primary account later. This lets things get started while a comprehensive review is going on. If you want to create a business account in Estonia, keep in mind that you can only do so via licensed payment systems.
It is only possible for a legal entity that is not a tax resident to open a bank account in Estonia if the ultimate owner fulfils the standards for transparency of structure and can provide confirmation that the capital sources are legitimate.
What You Need to Know Before Opening a Non-Resident Account in Estonia
Estonian banks say they are ready to deal with people who don't live there, but in reality, things are considerably more complicated. You may register a non-resident account in Estonia, but only if you can show that you have a real business, a defined organisational structure, and documented sources of revenue. This is especially important for those who live in nations that are being watched more closely for compliance.
Most requests from international customers go through an internal filter that looks at things like the business strategy, turnover, place of registration, beneficiary's nationality, and even whether or not the company has offices or workers in the EU. The bank will turn down the application without giving a reason if even one of these factors makes them suspect it. This implies that just creating an account for a foreigner in Estonia isn't enough. It's important to know what dangers the bank sees and how to lessen them using paperwork.
People who want to create a non-resident account in Estonia should be ready ahead of time:
- Articles of association, a memorandum of association, and a certificate of incorporation are all examples of corporate papers having an apostille.
- Beneficiary's CV and evidence of a good business reputation
- A description of the company model and the financial theory behind how it works
- Contracts with the other party or at least letters of intent
- Proof of the address of the firm's management (this might be in the EU or the nation where the company is registered)
It is still possible to establish an account in Estonia without a resident permit, but only with particular banks and payment methods. They usually ask for a lot of documentation and evidence that you are connected to Estonia, including as partners, a branch, orders, or workers.
A lot of people think that you can only create a business account in Estonia if you have a shell company with no employees or activity. This is practically a sure rejection under the present situation. Banks and other financial institutions look at both the structure and the reality of a firm. If the company's operations are just minimal or the beneficiary is connected to offshore zones, compliance may fail even at the first evaluation step.
If you're going to register a bank account for an Estonian firm, you should know that having a legal address in Estonia and e-Residency does not ensure that you may open an account. Business activity, a defined jurisdiction, and a desire to offer clear paperwork are all things that may help you succeed. If a non-resident doesn't have a prepared dossier, they have almost no chance of clearing the first filter. So, getting expert help at this point is not simply a service; it's a must.
Before opening an account in Estonia, do your due diligence
Before a bank or other financial institution agrees to work with a business, it looks at more than just the articles of association and certificate of incorporation. It looks at everything, from the ownership structure to how transactions will work in the future. So, one of the most important things for overseas customers is to pass a dependability check. Also, the requirements for non-residents who want to create an account in Estonia sometimes include longer verification times and might be different even at the same bank.
If the bank thinks the firm is questionable, the evaluation may take longer. For example, if the company has a chain of offshore founders, doesn't have a physical office, or if the declared aims don't match the corporate structure. In certain situations, it is hard to even fill out a full application for a business account at an Estonian bank without doing further legal work beforehand. Banks don't tell you how they grade customers, but they do follow the "know your customer" rule and EU rules and their own rules.
The following things are checked:
|
Criterion for Evaluation |
What the Bank Wants |
|
Recipient |
Passport, resume, and proof of income |
|
Business |
Apostille, Articles of Association, and Shareholder Register |
|
Business Activity |
Contracts, bills, a website, and business letters |
|
Form |
Tax Transparency, EU Connection, and Ownership Diagram |
|
Jurisdiction |
There are no offshore companies or nations at risk of sanctions in the chain |
Banks are quite likely to say no if a customer wants to open a business account in Estonia but doesn't have a good reason to do business there. This occurs a lot when there is no link to the EU or the financial model seems to be only for show.
If you want to register a business account in Estonia, you need to have a lot of paperwork ready ahead of time. The bank will check more than just the registration. They will want to know how the firm plans to make money, who it will work with, and what its estimated turnover will be. It's almost hard to create a business bank account in Estonia without these information.
Contact our experts and get answers to your questions.
How to Open a Business Account in Estonia: A Step-by-Step Guide
It may appear easy to apply for banking services in Estonia at first: fill out an application form, send in copies of papers, and prove your identification. But in real life, each application goes through multiple internal verification steps. So, if you want to know how to create an account in Estonia, you should pay more attention to the real steps that the local banking system takes than to the legal criteria.
The procedure mostly varies on the bank you choose, however the basic idea stays the same and can be broken down into five primary steps:
Get all the business and personal papers together, write a description of the business model, and choose a bank based on the company's location, the beneficiary's country, and the industry. At this point, you may find any hazards and be ready for the compliance assessment.
Send in the application form, the company's file, the beneficiary's CV, and a description of the business's activities. Banks in Estonia typically ask for extra information when creating an account since the process is always different for each customer. This might include the group's structure and copies of client contracts.
The bank's internal divisions look at the legal framework, the business reputation of the founders, and the way money moves. At this point, people may ask questions to make things clearer, particularly if it has to do with creating a remote account in Estonia or if the firm has a beneficiary from a nation with a lot of crime.
Some financial organisations may allow you to establish an account from a distance without having to be physically present at an Estonian bank. This practice, on the other hand, is not something that everyone agrees on. You normally have to meet with someone at the bank's office or have someone you trust or a notary identify you before you may open an account. Payment methods are more versatile and let you verify anything online.
When a good decision is made, an IBAN is allocated, a financial services agreement is signed, and access to the remote account management system is turned on. In Estonia, the procedure of creating a current account is not complete until all of the required verification steps have been completed.
Legal entities who want to create a business account with an Estonian bank should know that the bank looks at each application separately and takes into consideration all of the client's distinctive traits. It's crucial for a non-resident to not only have their paperwork in order but also show that having an account in Estonia is a good business decision.
If you're wondering how a foreigner can register an account in Estonia, remember the rule "legal clarity first, then documents." Even if you have all the paperwork, the security service might still deny you without giving a reason if they think the client's profile is unclear.
Also, an Estonian firm may only create an account if it is already registered in the Commercial Register and its structure meets EU standards. It's better for foreign companies to be ready for the check ahead of time than to spend weeks sending emails back and forth and fixing mistakes.
Current List of Documents Needed to Open an Account in Estonia
The collection of papers is more than simply a formality; it is an important aspect of the procedure that has legal meaning. Even a little mistake might get you turned down. It's important to read up on the individual bank's standards ahead of time to prevent having to resubmit and have long conversations with compliance personnel. The documents needed to open an account in Estonia depend on the kind of institution: a conventional bank, a FinTech platform, a resident or non-resident, a local firm, or a foreign structure.
The typical package for customers who want to register a business bank account in Estonia contains
|
Document |
Requirements for Submissions |
|
Articles of Association for the Company |
With a translation into English (or Estonian) that has been verified |
|
Certificate of Incorporation |
No older than three months and with an apostille |
|
The Beneficiary's Passport |
Notarised colour copy |
|
What the business does |
Free-form, defining models of transactions |
|
Proof of Business Activity |
Contracts, bills, and the corporate website |
|
Proof of Address |
Lease agreement and utility bill (for people) |
|
Tax Number (if you have one) |
Important for figuring out where you live for tax purposes |
If you want to create a bank account in Estonia but don't live there, you need to show that the legal organisation is doing real business. Simply being registered in the Commercial Register is not enough to establish a current account.
Banks check not only that the papers are real but also that they are in the right legal form when you apply. Before you may create a business account in Estonia, you have to go through a legal examination. This means that translations must be confirmed, papers must be apostilled, and the content must not raise any issues.
When creating an account in Estonia, consumers need to provide the bank the package of papers in the right order, with an explanation for each one. We suggest that you provide a supplemental letter with the dossier that explains the account's purpose, the company's business model, and a list of anticipated transactions.
If you want to register a bank account in Estonia but the structure is complicated and multinational, you need provide a diagram of who owns what. This speeds up compliance a lot and lowers the chance of getting the same request again, particularly if there are offshore companies or holding parts in the structure.
How to Get Around Possible Problems When Opening an Account in Estonia
A typical error that business owners make is thinking that having a business in the registration means they would instantly have banking services. Even those who are doing real business have trouble getting an account in Estonia. There might be many other causes, including legal and technological ones.
If you've chosen to create an account for a business in Estonia, you should know that banks are mostly concerned with lowering risk. So, they actively screen customers based on things like how open the structure is, where the money came from, the beneficiary's company repute, and their tax situation.
The most common reasons for being turned down are:
- Using nominee directors or chains of offshore founders.
- No website, ongoing contracts, or clear strategy for the firm.
- Doubt about operations based on schemes.
- Registering a business in a "high-risk" area.
- Missing documents or a wrong translation.
If a customer in Estonia is turned down for an account, the bank usually doesn't have to say why. The answer may be formal, such "does not comply with internal policy," and it's almost hard to appeal. That's why it's so important to plan how you'll connect with people ahead of time instead than reacting after the fact.
People who wish to open an account in Estonia on their first try need to think about what the banks really want. Their main concern is not how many customers they have, but how trustworthy they are. The better the odds, the less dangers and the more open the process.
It's important to talk about mistakes people make when they apply for a bank account in Estonia. Some businesses attempt to speed things up by giving unclear explanations of transactions, generic company descriptions, or copies that aren't notarised. People think this might be a sign of opacity, which leads to application blockage.
In conclusion
Estonia has long since stopped being only a technical process to open a bank account; it is become a strategic effort. Banks used to just need a few basic papers, but now they concentrate on compliance, transparency, and following international standards. This is exactly why a "template" approach doesn't work anymore, particularly for people who don't live here and for foreign structures.
If you want to create an account in an Estonian bank without any problems or delays, you need to be well-prepared and get help from a specialist. This makes it possible to take into account all the details of the law, tailor the paperwork to the needs of the bank, and submit an application that is legally sound. In certain situations, both the speed and the chance of a good judgement go up.
Our telegram channel
