Can you open a business account in Estonia as a non-resident?
Communication Team
Communication Team

November 02, 2022

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Can you open a business account in Estonia as a non-resident?

The Estonian government has been making a number of efforts to attract foreign investment to the country, including the enactment of business-friendly laws and a competitive business environment. Also, Estonia offers an e-residency program – which provides online residency for foreign entrepreneurs who want to live and work in Estonia without having to leave their home country – making it an ideal destination for any size and kind of business.

If you are also considering opening a company in Estonia, the first thing to do is to find a financial service provider or a bank that is willing to work with non-residents. Once you have identified a bank that will work with non-residents in your country of residence (or if you are not yet resident in any country), you can begin the process of opening a business account in Estonia.

In order to open a business account in Estonia, you need to follow certain procedures laid out by banks and financial service providers to get started.

Documents required to open a business account in Estonia

There are a few documents that you will need to bring in order to open a business account:

  • A passport or residency card
  • proof of ID
  • Your company's registration document (if applicable) -Certificate of incorporation
  • Memorandum of Association and Articles
  • A business plan outlining your business' goals and objectives
  • Directors’ and shareholders’ registration details
  • Tax ID or business permit (if applicable)
  • A bank statement
  • Copies of your company's documents (if applicable)
  • The bank's application form
  • The business account opening fee (if applicable)

Where can you open a business account?

There are a number of banks that will work with non-residents in Estonia, but some of the largest business account banks in Estonia are LHV Bank, Swedbank and SEB Bank. It’s also worth considering the financial service providers like wamo, Wise, N26 etc., that offer business account services to foreign companies in Estonia, they tend to be more flexible and faster on all counts.

It is important to note that not all Estonian banks offer business banking services to non-residents; it is best to contact your chosen account provider and ask if they can assist you in opening a business bank account in Estonia. Along with opening a business account in Estonia, it is also necessary to set up a company. You can do this by contacting your chosen bank or financial service provider and asking if they offer e-residency services or Company Registration services.

Process to open a business account as an E-resident

1. Verify your e-residency status

If you are already an e-resident, then the steps to opening a business bank account in Estonia are very similar to those of a regular resident. But if you are not yet an e-resident, you will first need to verify your e-residency status. Once you have verified your e-residency status, you can open a business bank account in Estonia like any other resident.

2. Choose an Estonian bank

There are a number of banks that offer services to e-residents in Estonia as discussed earlier. There might be times when you are not eligible to apply with a bank that you have selected, so it is important to check with your chosen account provider first. There are various alternatives to traditional banks like wamo that can serve as a holistic financial management platform for your business and help you run an international business without any financial hassle.

3. Obtain business banking documents

Generally, bank account applicants will need to provide documents such as certificate of incorporation, memorandum of association and articles of association, directors registration file and shareholder register. These must be originals or certified copies depending on the jurisdiction in which they are being submitted for processing.

4. Submit application forms and other required documentation

After collecting all the necessary documents from your company, you can submit them along with an application form to your bank or financial service provider.

5. Wait for account approval

Once your bank has received all of the required documentation, they will begin the account approval process. This could take up to several weeks, so be prepared to keep a close eye on your bank account status during this time frame. However, if you choose a financial service provider like wamo or Wise, they are much faster and can review and process your application in minutes.

Open your business account without paperwork with wamo

If you are someone who doesn't want to get into lengthy and time-consuming paperwork and standard bank processing timelines, then a wamo account might be a good fit for you. This account is designed to make it easy and stress-free for business owners to open business accounts in Estonia with no unnecessary paperwork needed. You can simply open a business account in minutes from your home country. wamo actively seeks to ease processes for business owners who have struggled in the past to open a business account with banks or any financial service provider.

wamo is a holistic financial management platform that can be used for

  • Maintaining sub-accounts
  • Making international transfers
  • Holding and moving multiple currencies
  • Tracking, invoicing and billing
  • Business virtual card processing

The process of opening a business bank account with wamo is fairly straightforward and it can be done in just a few minutes. All you need to do is download the wamo business app from Google Play or the App Store and zip through the streamlined application process that is faster, easier and cheaper than traditional banks.

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