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Banking

To open an account in an online banking solution such as Wise or Revolut Business, you usually need two documents from the business:

  • The Entry in the Registry
  • The Articles of Association

In this article, we describe how you can download them from the online business registry.

The application process vary from bank to bank, but usually it involves some kind of online registration, submitting the information of your business, and going through some AML/KYC procedures online.

Once your business is registered in Estonia, you need to open a bank account to invoice customers, pay suppliers, and distribute benefits. An online banking solution is usually appropriate for most businesses. However, you can also open a bank account in a traditional Estonian bank, such as LHV, SEB or Swedbank.

That would require a visit to the bank’s HQ in Estonia for AML/KYC checks. Also, your business may be asked to prove it has a strong connection to Estonia, by means of facilities and employees, your activity, or strategic partners or customers of the company.

The best way to get started is to send a message to any of these banks to enquiry about the process.

Although it is not something we recommend, due to the amount of banking solutions available to e-Residents, it is a feasible solution. 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 later.

To do this, you will need a series of documents for the bank, including the entry in the registry and the articles of association, fully notarized, translated by a sworn translator and apostilled with the Hague Apostille.

We offer a special package to do all this paperwork for you, and we deliver digital and physical copies of all the documents your bank asks you to deliver, translated into the language of that country.

Some online banks like Revolut Business or Wise may ask your company for a utility bill or rental agreement as proof of its legal address. If you only have the virtual office we provide you with for free, you won’t be able to offer any of these documents.

In this scenario, you need to let them know that:

  • Your company has been created online through the e-Residency program of Estonia
  • Your company has a virtual office so you can’t provide them with utility bills or rental agreements
  • You do not live in Estonia or manage your business from there
  • Your effective business address is where you live now (then, send them the rental agreement or an electricity bill of your current place of residence).

Sometimes opening a bank account for your company can be a bit complicated, but don’t worry! We will be happy to help throughout the process.

While most payment solutions look great on paper, some of them don’t actually work well for location independent business owners. Discover real-world pros and cons of Paypal, Stripe, Mollie, and others by clicking here.

When you request a debit or credit card for your Estonia company from your bank provider, it is usually sent to the company address, which is the address of the virtual office (and its registered legal address) assigned to you. That means it will get to our offices.

Once it arrives, we will contact you to inform you that we have received the card and ask you the right address to forward it to. You will have to pay for the shipping costs only.

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