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:

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).