For investors wanting to open a company in Estonia it is necessary to know they must have an Estonian bank account as well. Opening a bank account in Estonia is a straight forward process that will offer multiple benefits to its owner.
In order to open a bank account in Estonia, the following documents must be provided in cases of legal entities:
It is also important to know that Estonian banks will ask the reason for opening the bank account.
Individuals are also allowed to open bank accounts in Estonia through a very simple online procedure. In order to open an Estonian bank account a person must provide a valid identification document, the invoice numbers after paying the fee for setting up the bank account, a telephone number, a valid address where mail can be sent to and an e-mail address.
According to the Estonian banking law, banks will provide secrecy to their clients. The fees for setting up the account, the maintenance or closing a bank account are cheaper in Estonia than in other European countries. The Estonian bank system provides modern internet services that can be used for bill payments, money transfers or to check the account balance. Estonian banks also emit credit or debit cards to their clients. One important advantage of the Estonian banking system is that it allows clients to open an account in foreign currencies.
There are several types of bank accounts individuals and legal entities can open in Estonia. The main types of accounts are:
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