Estonia company + Estonia bank account

[CaLViN]

Hello,
we have setup an Estonian company for a non resident and are looking to open a local bank account in Estonia.
Nearly %90 of the introducers say that it is nearly impossible to open a local account as they require a connection to Estonia (suppliers,customers,office,employees , etc. )
So thinking that we are an IT company with programming done anywhere in the world and served to customers around the world with no requirement to be in Estonia,do you think we have a chance to open that account ?
Did anyone manage to do it recently ?
Cheers.

 

[NicolasMaduro]

I think it will be waste of time, why don't you just make a transferwise account?

 

[CaLViN]

We already have paysera,tw and pioneer account but we need a local bank account in Estonia for several reasons related to our IT business.

 

[Sols]

As you have noticed, banks in Estonia don't like opening accounts for companies without a physical presence or, at least, customers/suppliers in Estonia.

So unless you can present that, your chances are probably zero.

You could try LHV but even they have tightened a lot recently, partly fueled by the on-going Swedbank scandal.

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This is the probably the answer to your question.

 

[lrotter]

Better don't even start that process.
If you want more legit and stable EMIs - considering described activity and assuming your business is clear and accurate - mane of them are willing to ope account for you.
You either shall show your physical office, local director, some local developers, clients and suppliers in Estonia or just don't waste your time and bank in some other place.

 

[rey skywalker]

estonian banks are waste of time , you need a local director at least and has to be real person not nominee the bank will check if he has many companies

 

[KJK]

I think it will be difficult to you to bank in Estonia if there really is no connection.

Sounds like you have an Estonian company but you're not EU citizen/resident? Maybe by the way you write percentages you are Turkish?

In such situation really just look for an EMI institution or for a bank in your country or in a nearby country, those may be more friendly, especially if you already have an existing connection with the bank.

Estonian banks are afraid because of recent scandals, you can be lucky that you have Paysera, Revolut will likely reject you; maybe Transferwise could work if you want that. Or a local bank in your country.

 

[CaLViN]

As i see there is noone managed to open a local bank account recently. 🙁

 

[NicolasMaduro]

Same as Bulgaria. Harder and harder to open bank account because of the scandals.

In regards to Estonia. Do anyone know an "professional director service" in Estonia?

 

[rey skywalker]

ahh this things not exist they will have aces to your funds forget about reliable people

 

[aplusbangla]

how did u open company in estonia romotely?
also u can open any EU bank account and use SEPA

 

[NicolasMaduro]

Got a lawyer to open by poa. You have to legalize / apostile the poa.

 

[Martin Everson]

CaLViN said:
As i see there is noone managed to open a local bank account recently. 🙁
Click to expand...

I got approved for LHV a year ago for my Estonia company but needed to travel to Estonia for face to face with banker which was a flight and connections issue nightmare at time. Gave it a miss.

CaLViN said:
We already have paysera,tw and pioneer account but we need a local bank account in Estonia for several reasons related to our IT business.
Click to expand...

Are you after deposit insurance or EE iban or something else? You will need to do face to face with banker if you go with LHV. If you have your company managed with xolo they can do the pre-approval with LHV bank and then you just need to turn up at bank and show them you have two legs and arms and do the handshake and sign. Don't involve third-parties with your banking relationship in Eastern Europe......because.............just dont.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[lonizzita]

CaLViN said:
As i see there is noone managed to open a local bank account recently. 🙁
Click to expand...

on which EMI did you manage to open? write to me privately I am also looking for physical banks

 

[CaLViN]

lonizzita said:
on which EMI did you manage to open? write to me privately I am also looking for physical banks
Click to expand...

Paysera,Transferwise ,Payoneer and ePayments

Martin Everson said:
Are you after deposit insurance or EE iban or something else? You will need to do face to face with banker if you go with LHV. If you have your company managed with xolo they can do the pre-approval with LHV bank and then you just need to turn up at bank and show them you have two legs and arms and do the handshake and sign. Don't involve third-parties with your banking relationship in Eastern Europe......because.............just dont.
Click to expand...

We are looking to setup a reputable company in a reputable country and open a bank account in that country.
Need to have the bank account to be local for some business requirements.
Estonia is great for tax purposes and inside EE.
Dont have travel restrictions.
How did you manage to open it ? What were the documents required by them ?
I have contacted with 30+ introducers but most of them think that opening a local corporate bank account for a non resident is not possible at the moment.

 

[lonizzita]

CaLViN said:
Paysera,Transferwise ,Payoneer and ePayments



We are looking to setup a reputable company in a reputable country and open a bank account in that country.
Need to have the bank account to be local for some business requirements.
Estonia is great for tax purposes and inside EE.
Dont have travel restrictions.
How did you manage to open it ? What were the documents required by them ?
I have contacted with 30+ introducers but most of them think that opening a local corporate bank account for a non resident is not possible at the moment.
Click to expand...

Transferwise ed ePayments and other EMIs closed my accounts.

I need a physical bank in any EU country

 

[rey skywalker]

mission impossible these days the bank will require minimun 500 k investenet in some bulls**t

 

[Martin Everson]

CaLViN said:
We are looking to setup a reputable company in a reputable country and open a bank account in that country.
Need to have the bank account to be local for some business requirements.
Estonia is great for tax purposes and inside EE.
Dont have travel restrictions.
Click to expand...

Then just setup your estonia company with Xolo (formally called leapin) or speak to them and they will do rest. They have direct relation with LHV as they even issue LHV ibans for their Xolo Go service if your sole IT consultant. However ff your business is simple IT and your being paid via credible sources or marketplace etc then it should be straight forward. They will tell you all you need. Requirements by banks is a moving target so I don't want to say what I needed last year as it will have changed more likely. Also with Corona virus im wondering if the face to face meeting is currently possible 😕

https://www.xolo.io/faq/xolo-leap/c...fferences-between-the-banking-options-support

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[CaLViN]

Martin Everson said:
Then just setup your estonia company with Xolo (formally called leapin) or speak to them and they will do rest. They have direct relation with LHV as they even issue LHV ibans for their Xolo Go service if your sole IT consultant. However ff your business is simple IT and your being paid via credible sources or marketplace etc then it should be straight forward. They will tell you all you need. Requirements by banks is a moving target so I don't want to say what I needed last year as it will have changed more likely. Also with Corona virus im wondering if the face to face meeting is currently possible 😕

https://www.xolo.io/faq/xolo-leap/c...fferences-between-the-banking-options-support
Click to expand...

Talked to them.
They dont think visiting Estonia will be possible before July but that is fine.We can prepare the scheme and documents till then.

 

[Martin Everson]

post: 125732 said:
Hi,

PM, I can help with Estonia company and bank account opening
Click to expand...

First post ever on forum I see ca#"!. Maybe you could outline how you can help rather than asking people to PM you especially when this is your very first post. Only scammers do that.

Last edited by a moderator: Mar 31, 2020
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.