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Opening a Bank Account in Estonia

Opening a Bank Account in Estonia

Updated on Wednesday 27th May 2015

Opening-a-Bank-Account-in-EstoniaFor 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.

Documents required for opening a bank account in Estonia

In order to open a bank account in Estonia, the following documents must be provided in cases of legal entities:

  • -        Copies of identification documents (ID card or passport) of the company’s shareholders and directors;
  • -        Specimen signatures of the directors of the company;
  • -        Copies of the Articles of Association of the Estonian company;
  • -        Copy of the Certificate of Incorporation of the company obtained from the Estonian Trade Register;
  • -        A certificate of good standing issued by the Trade Register;
  • -        Specific application forms provided by the bank.

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.

Advantages of opening a bank account in Estonia

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.

Types of bank accounts in Estonia

There are several types of bank accounts individuals and legal entities can open in Estonia. The main types of accounts are:

  • -        The current account that will allow the client to manage day-to-day finance through any banking channel;
  • -        The start account that must be set up on company incorporation in Estonia;
  • -       The securities account for companies that want to trade their shares on the stock exchange;

 

If you want to set up a business and need details about the banking system please feel free to contact our lawyers in Estonia.

 

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