Skip to main content

Nowadays, opening a bank account is the most challenging part of integrating into Estonia and establishing a company.

Banks have a legal obligation to identify and know their customers.

If the founder of the company is a foreign individual, their background is examined very thoroughly. Opening an account is easier if the company’s owner or a board member resides in Estonia. Many banks charge a fee of €200–500 for submitting an account opening application. This fee is non-refundable, even if the account is not opened.

When establishing a company, it is possible to open a startup account in a bank, where the company’s share capital is deposited. The bank will open the startup account, but converting it into an operational account is not guaranteed. The bank assesses the customer’s background, the company’s connection to Estonia, and decides whether to accept the company as a client.

Banks require proof of how the business is connected to Estonia. Therefore, it is advisable to prepare a business plan during the company formation process, clearly demonstrating the business’s link to Estonia.

A company can also open an account in another EU-based bank. However, obtaining the necessary proof of share capital payment for the commercial register can become an issue if the company was established without an immediate share capital deposit. The commercial register accepts a digitally signed certificate, which can be uploaded to the register’s portal. Alternatively, a bank-stamped certificate of the share capital payment must be submitted through a notary to the commercial register. Not all foreign banks provide such certificates.