Why open a bank account in Estonia?
The banking secrecy in Estonia
is stricter than in other Baltic countries and the fees and minimum balances are lower, which makes it an appealing choice for foreign investors. Opening a bank account in Estonia
is not a complicated procedure and any entrepreneur that wants to register his company in Estonia
should also benefit from the facilities offered by a bank account.
Owning a bank account permits anyone to use internet banking services for multiple purposes like submitting online payments or transfers via Internet and verify the account balance. Together with the banking services, the user will also receive a debit or credit card that can be used as an alternative payment method to cash. Clients can open the Estonian bank account in Euro as well as in any other foreign currency accepted by the bank, as a multicurrency account.
What commissions you must pay for opening a bank account in Estonia?
In order to open a bank account in Estonia, the owners of a company must pay the following types of commissions:
• commission-fee for setting up the Estonian bank account;
• maintenance / administration fee - usually charged yearly or monthly;
• commission-fees for every money deposit or withdrawal
• commission-fee for closing the account.
What documents are required for opening a bank account in Estonia?
For opening a bank account after the registration of the company in Estonia, the list of requested documents might slightly differ from bank to bank. In general, you will need the following documents:
• copies of ID cards or passports of directors and shareholders,
• specimen signatures of directors,
• a copy of the Estonian company’s Articles of Association,
• a copy of the company’s Certificate of incorporation - from the Estonian Trade Register,
• Certificate of good standing - from the Trade Register
• bank forms.
The bank will also ask for a reason of opening the bank account in Estonia. Also, unless the client brings in a significant capital, the banks will consider the fact that he has a connection with the Baltic region as an advantage.