When applying for a bank account, you must prove your company’s connection to Estonia. To do this, you may need to have:
After opening an account for your company, you can apply for a personal account.
If you wish to open a corporate account in an Estonian bank for your business in Estonia, the obligatory criterion for starting a business, which is likely to contribute to becoming a bank client, will be the fact that your business takes place in Estonia.
When applying for opening a bank account in Estonia, a proof of connection with Estonia is mandatory. Banks require a clear explanation of your company’s future plans or a demonstration based on current business activities related to Estonia. This includes having Estonian employees, connections with partners or service providers, or serving the actual Estonian market (detailed list below).
Companies outside the EU
Estonian banks are less likely to open business accounts for non-residents (including e-Residents), if their companies are involved in manufacturing or wholesale, act as intermediaries for the sale of services of others, doing business exclusively in their own country or outside the EU.
Peculiarity of banks’ work
Banks assess compliance with the criteria on an individual basis. The attitude towards the client and the willingness to cooperate often differ, since each bank has its own business model of working with non-residents on the issue of opening an account. It is important to understand how open the bank is for dialogue and what full powers are granted to the front office. Company in Estonia OÜ can advise you on the process of opening a corporate account in Estonian banks.
Banking institutions have the same legal regulation, and their requirements/requested documents are similar. The main obligatory requirement of Estonian banks is the presence of a confirmed connection of the company’s activities with Estonia: