Operate as a Financial Institution License

Activity Licence for the Provision of Financial Services

An activity licence for the provision of financial services opens up the following opportunities for your company:

  • Currency Exchange
  • Provision of Advice to Clients
  • Borrowing and Lending Operations
  • Leasing Transactions
  • Money Broking
  • Guarantees and Commitments
  • Savings and Loan Association

You must apply for a license if your company plans to operate as a non-bank financial institution.

An exception is the areas of activity licensed by the Financial Supervision Authority – before starting a commercial activity, you must make sure that the company’s activities do not fall under their control (https://fi.ee/en).

It should be noted that in the context of the Law on Credit Institutions, the Securities Market Law (and other legislative acts of the Republic of Estonia directly related to finance and investments), there is no need to obtain a license or permission from the Financial Supervision Authority.

In order to make sure that your company’s business model complies with the license of a financial service provider, Company in Estonia OÜ recommends drawing up a Legal Opinion for your project.

Description of Services Provided under this License:

  • E-money Institution or a Payment Service Provider Contact Point
  • Fund Management Company
  • Savings and Loan Association
  • Borrowing and Lending Operations
  • Leasing Transactions
  • Money Broking

Legal Bases

The activity of financial service providers is regulated by the Money Laundering and Terrorist Financing Prevention Act (RahaPTS).

The activity license is issued for an unlimited period. The activity license is issued by the Financial Intelligence Service.

Payment of the State Fee

To submit an application for a license, a state fee must be paid:

  • 3,300 EUR — in order to implement the activities of Savings and loan association, Fund management company, and E-money institution.
  • 345 EUR — in order to provide broking, leasing, borrowing, and lending services.

Payment can be made to one of the following bank accounts of the Ministry of Finance:

Swedbank: EE932200221023778606;

SEB: EE89101022003479 6011;

Luminor: EE701700017001577198;

LHV Pank: EE777700771003813400.

When making the payment, be sure to use the reference number 2900083015.

In the explanation, please write the name of your enterprise and “Rahapesu andmebüroo tegevusloa taotlus” (Application for an activity licence from the Financial Intelligence Unit).

Processing the Application

The submitted application will be processed within 60 days from the date of providing all the necessary information. The application may be extended up to 120 days at the Applicant’s request. An initial response from the Financial Intelligence Unit shall be sent not later than on the third working day following the submission of the application. You will be notified of the issue of a license by e-mail. The activity licence will be issued electronically and is valid for an unlimited period (unless the activity licence is applied for a specific term).

Cost of the Activity Licence for the Provision of Financial Services

Assistance in the selection and rental of a physical office in Estonia 500 EUR
Assistance in the selection of a Director of a Company, conclusion of a working contract 2,000 EUR
Development of procedural KYC/AML rules and assistance in filing an application 3,000 EUR
State fee for applying for a crypto-license 3,300 EUR

 

The team of experts from Company in Estonia OÜ is happy to accompany your project in the necessary procedures for preparing documents and obtaining for Operate as a Financial Institution license in Estonia.

An individual approach to each client is important for us, and we take care of the needs of your business. Company in Estonia OÜ provides continuous support to entrepreneurs in accordance with the latest amendments in Estonian legislation at all stages of the company’s development.

Menu