Basics
Understanding the Obligation to Open a Corporate Bank Account: Best Options Available
Once your business is registered in Estonia, you need to open a bank account to invoice your customers, pay suppliers and distribute profits. In Estonia, unlike in countries such as Spain, it's not permissible to use your personal bank account for business purposes. This is due to the legal distinction where you and your company are recognized as separate entities. Unless you have a good reason to opt for a traditional bank account, online solutions such as Revolut Business or PaysSome readersOpen Banking Banks: How to Connect Them?
This article is useful for Open Banking solutions such as Revolut Business, LHV, Stripe, or Paypal. If youPopularNon-Open Banking Banks: How to Connect Them?
The process is similar if you have a bank account with an API key. These are the steps to follow: Stripe First, let's see how to connect your Stripe bank account. Access your Stripe dashboard, and go to "Developers" and then to API Keys. Go down to the section "Restricted Keys". These keys allow you to define a set of permissions to ensure the security of your financiPopularHow to Manually Upload Your Bank Statements With Companio?
Unfortunately, not all banks offer API integration, and for these cases, we will need you to download your bank statements of all currencies (i.e. your accounts in USD, EUR, etc.) and upload them regularly. How regularly? Ideally, at the end of each week, but at least at the beginning of the following month (before the 5th). This allows us to work on your accounting throughout the month, instead of doing everything at the last minute.Some readersWhat Are the Best Payment Gateways for My Business?
Our top pick is Stripe, for its standout features: A sophisticated yet easy-to-use API. Secure access to banking transactions and billing details. A user-friendly web interface, ideal even for those with limited technical skills. Alternatively, consider Mollie. It offers an easy verification process and a wide range of payment methods. But be aware of its disadvantages: A complex API, not the best for automating business operations. Instances of rejecting valid customer paymenFew readersHow Can I Link My Corporate CryptoWallet In Companio?
Companio supports corporate crypto wallets for several cryptocurrencies in the PREMIUM plan. The activities supported with cryptocurrencies are clearly specified in our terms and conditions, and we briefly explain them here. So let's say you want to receive payments in crypto or pay your providers in crypto, how can you do that with Companio? Open a CryptoWallet for your company From the point of view of accounting, a crypto-wallet is similar to a regular bank account. You need to keepFew readers
Opening a Bank Account
How Can I Open a Bank Account For My Business in an Online Bank?
To open an account with an online banking solution like Revolut Business, you'll typically need your company's registration details and articles of association. We'll guide you on how to download these in this tutorial. It's important to remember that the required documentation may vary depending on the bank you choose and the nature of your business. The application process dFew readersCan I Open a Bank Account in My Country?
In 2019, the Estonian government approved a law that allows you to use any European bank for your company in Estonia, and that includes being able to pay and declare the share capital. However, it is not an option that we recommend, since there are digital banking solutions with many more advantages. In the case that you have a specific reason to opt for this alternative, you will need some documents, includingFew readers
Common Issues
How Do I Verify My Bank Account Online Without a Physical Address?
Some online banks may ask your company for utility bills or a rental agreement as proof of your legal address. If you only have the virtual office that we give you with our services, you will not have these documents. If this is your case, you have to inform your bank that: Your company has been created online through the e-Residency program. You have a virtual office, so you cannot provide them with invoices or rental agreements. You do not live in Estonia or run your business from thereFew readersThe Verification Process of My Digital Bank Account Is Taking Too Long
The verification process of your bank account depends exclusively on the bank you are applying to, as well as the workload or number of customers who are trying to verify their accounts in that bank. On rare occasions, there may be important delays in the verification process, sometimes up to two weeks or more. If this is your case, you should contact them and open a support ticket.Few readersHow to Download the Bank Statements of Stripe for Your Accounting and Your Annual Report?
As you know, one of the essential requirements for accurately managing your accounting is to obtain access to complete bank statements of all the company's accounts, including payment gateways like Stripe. This statement must contain all the movements, not only the payments received but the withdrawal of funds after your bank account, possible refunds, etc. In this article, we will guide you through the steps you must follow. First, log into your Stripe account. In the menu on the left, cSome readersCan I Change My Company Bank Account or Have Multiple Bank Accounts?
Yes and yes. There is no problem in changing banks. Imagine you are in Revolut Business, but you want to open a bank account at Paysera. You have two options: You can open a Revolut Business account and use both accounts. If you like Revolut Business so much that you think you want to switch completely, you can also close your LHV account and use only your Revolut Business account from that moment on. Make sure your new account is open and perfectly operational before closing the fiFew readersThe Bank Is Asking Me for Documents to Prove the Structure of the Shareholders or Members of the Board
It may happen that the bank asks you for a notarised document that proves the shareholding structure to verify it. They usually ask for 2 types of documents: 1️⃣Banks can request documents to show that they are actually talking to the owners and representatives of the business and that they have the power and authority to open the bank account. These documents are usually two: the entry in the registry and the articles of association of the company, where the names of the members of tSome readersThe Bank is Requesting a 'Power of Attorney' (PoA) Document to Open My Bank Account
Normally, it is one of the directors, or members of the board of directors, who is responsible for opening the company's bank account. However, in large companies, one of the workers, such as a secretary or virtual assistant, may take care of this process. When you are asked for a "Power of Attorney" to open a bank account, it is precisely for this last scenario. This employee, acting on your behalf, will need this permission or power of attorney, which is a document digitally signed by yFew readersI Need an Account With an Estonian IBAN
On some platforms like Google Ads, they may require that your IBAN matches the country of your company. In most cases, even if your bank account doesn't have an Estonian IBAN, you can submit a support ticket or contact the platform's customer support. Request an Estonian IBAN while explaining that your bank is not Estonian, despite the bank account being associated with an Estonian company. If this non-Estonian IBAN is not accepted, you have two options: Open a bank account with oneFew readersWhat is IBAN Discrimination?
IBAN discrimination is when local service companies and even governmental institutions, from city councils to a Ministry’s office, can claim that they are incapable of receiving any payment from you from your EU account. It is a more common phenomenon than it may seem, especially in some EU countries. This discrimination is especially annoying when it affects your business. Either because you want to set a payment for temporary services (Eg. a coworking fee) or one-off charges (Eg. a new laptFew readersThe Bank Cancelled My Account
As we mentioned before, all banks, including online banking solutions, are subject to AML and KYC protocols. These protocols are different from bank to bank. In accordance with these protocols, and their terms of acceptable use, a banking provider can decide to close your bank account. Sometimes, this can happen for a specific activity in your account, for example: You make a transfer from a high-risk country or individual. You make a suspicious transaction, such as one for a very higFew readers