Some founders ask us before company registration about bank accounts, particularly whether Unicount can help open a bank account in Estonia. Answer is that banks have their own policies for onboarding non-resident clients and service providers don’t get a say in that. The good news is that there is a wide range of choice available, not just from banks in Estonia but also fintech banking providers across Europe. You could even use a bank in your own country.
At the moment none of the banks operating in Estonia open business accounts to e-residents without an in-person visit to Estonia. You can find the list of banks here.
The fastest way to get a business account online though is by using a fintech company such as Wise which is also from Estonia. They offer Belgian IBAN accounts, which will work for your Estonian company unless some service requires you to have Estonian IBAN. Apple Appstore and Google Play still do that we’ve heard.
If you run an e-commerce or marketing business that buys media (such as online advertising on Facebook or Google) you can apply for an Estonia IBAN with a Swedish fintech company called Juni. They have partnered with LHV to provide Estonian IBAN accounts for businesses online.
If you can’t use Wise or Juni you can try to open a business IBAN with any other licenced fintech company such as Payoneer, Paysera, or apply with your local bank at your location. Read more here.
Please be sure to choose a service EEA licenced service provider that can issue a digitally signed proof of share capital deposit. You would need this document when registering your share capital. Wise is capable of issuing share capital deposit certificates with the necessary digital signature.
Please note that some of these companies may reject clients who are not physically located in Estonia. Restrictions could also apply on the company owner and director residency and eligible industries. Be sure to check their terms of service before applying.
If you are asked for a proof of address of your company you might do ok with electronic registration certificate or a certificate showing shareholder information. You can generate these for free via Estonian Business Register. Wise does not require proof of address from Estonian limited companies.
If you can visit Estonia we would suggest applying for an account with LHV Bank online here. You can apply only after you have registered your company. If your online application is approved you can book your travel to Estonia to finalise the account opening process.
If you are looking for online payment acquisition via merchant account please see this article.