Prikhodko&Partners
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Business Setup and Support in Estonia OPENING A BANK ACCOUNT IN ESTONIA

Taras Miroshnychenko

Head of International Corporate Law and Fintech Practice

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miroshnychenko@prikhodko.com.ua

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Expert in fintech, crypto, and international corporate law with over 20 years of experience. Specializes in crypto licensing (VASP/CASP), iGaming business support, and international structuring, asset protection, and OSINT analytics for risk assessment and due diligence.

OPENING A BANK ACCOUNT IN ESTONIA

Estonia, known for its innovative approach to digital technologies and a favorable business environment, attracts entrepreneurs and individuals from all over the world.

One of the first steps to conducting business or managing personal finances in this country is opening a bank account. The law firm “Prikhodko & Partners” offers comprehensive support at all stages of this process.

In this article, we will take a detailed look at the procedure for opening an account in Estonia, its advantages and key aspects to consider.

Why choose Estonia?

Estonia is part of the European Union and the Eurozone, making it an attractive destination for international business.

Here are the main reasons why you should open an account here:

Reliable banking system. Estonian banks operate according to strict European standards, guaranteeing safety and stability.
Digital infrastructure. Estonia is a pioneer in e-government, allowing most banking transactions to be carried out online.
Transparent tax policy. The country offers favorable and understandable tax conditions, especially for companies.
Access to EU markets. A bank account in Estonia opens up opportunities for cooperation with European partners.
Multilingual support. Banks provide services in several languages, including English and Russian, which is convenient for foreigners.

Who can open an account?

Both residents and non-residents — individuals and legal entities — can open a bank account in Estonia.

Requirements may vary depending on the applicant’s status:

Individuals. The account is suitable for personal finance, investments, or asset management.
Legal entities. An account is necessary for conducting business, settling accounts with counterparties, and paying taxes.
Non-residents. Estonia is loyal to foreigners, but banks may require additional documents to verify sources of income.

How to open an account: main steps

The process of opening a bank account in Estonia consists of several stages. The Prikhodko & Partners team provides professional support to make the procedure fast and secure.

Bank selection

Both traditional banks and modern fintech platforms are available in Estonia.

Popular options include:

Swedbank and SEB are leading banks with a wide range of services.
LHV Bank is focused on supporting businesses and startups.
Wise and Revolut are digital services ideal for international transactions.

Each bank has its own characteristics: the size of commissions, minimum balance requirements, currency support. Our experts will help you choose the bank that meets your needs.

Preparation of documents

To open an account, you must submit a package of documents.

The list depends on the bank and type of client, but usually includes:

For individuals:

International passport or ID card.
Document confirming your residential address (e.g. utility bill).
Confirmation of source of income (employment certificate, bank statement, tax return).
Information about professional activities or resume.

For legal entities:

Company charter and registration certificate.
Documents on the appointment of directors and shareholders.
Extract from the commercial register.
Description of business activities or business plan.
Evidence of the origin of funds.

For non-residents, additional documents may be required, such as a letter of recommendation from another bank or a certificate of good criminal record. Our lawyers will help you collect and, if necessary, translate the documents into Estonian or English.

Submitting an application

Most banks allow you to apply online, but sometimes you may need to be in person or have a video verification. We can help you with the application process and coordinate communication with the bank.

Bank verification (KYC/AML)

Estonian banks strictly adhere to international standards for anti-money laundering (AML) and Know Your Customer (KYC) policies. During the verification, the bank may request additional information about the purpose of opening the account, the source of funds, or business partners.

This stage can last from several days to several weeks. Our specialists will help prepare comprehensive answers to avoid delays.

Account activation

After the application is approved, the bank opens an account and provides access to online banking. In some cases, a minimum deposit is required.

The client receives account details, a bank card (optional) and the ability to manage finances.

Features for non-residents

Non-residents may face additional requirements.

For example, banks may ask for proof of connection to Estonia, including:

Company registration in Estonia.
Obtaining e-Residency status.
Existence of contracts or business contacts with Estonian partners.

The e-Residency program allows foreigners to conduct business in Estonia remotely, including opening a bank account. Prikhodko & Partners provides e-Residency and company registration services, simplifying the process for non-residents.

Why choose Prikhodko and Partners?

Opening a bank account in Estonia is a complex process that requires attention to detail. Incorrectly prepared documents or insufficient information may result in rejection.

Our company offers:

Personalized approach. We take your goals into account and select the optimal bank.
Full support. From collecting documents to interacting with the bank.
Experience in international law. We know how to meet KYC/AML requirements.
Save time. Our lawyers speed up the process by eliminating bureaucratic obstacles.
Privacy. We guarantee the protection of your data and compliance with the law.

Potential difficulties and their solutions

Bank refusal. Banks may reject an application without explanation. To avoid this, we provide a complete package of documents and a clear justification for the purpose of opening an account.
Lengthy verifications. The KYC process can be lengthy. We help prepare documents in advance to minimize delays.
Language barrier. Some documents require translation. We provide professional translation services.
High fees. Some banks charge a service or transaction fee. We will select a bank with favorable terms.

Conclusion

Opening a bank account in Estonia is an important step for effective financial management and business development in one of the most innovative countries in Europe.

Estonia offers reliable banks, convenient digital services and access to the European market. However, the process requires careful preparation and compliance with strict standards.

The law firm “Prikhodko & Partners” is ready to become your reliable assistant.

We will help you choose a bank, collect documents, pass checks and successfully open an account. Contact us today to take the first step towards financial freedom in Estonia.

Is there really no corporate income tax in Estonia?

Estonia applies a deferred taxation system. This means that while profits remain in the company’s accounts or are reinvested in its development, the corporate income tax rate is exactly 0%. Tax is paid only when funds are distributed in favour of the founders.

What is the current tax rate on dividends? (Does the 14% preferential rate still apply?)

The preferential 14% tax rate on dividends was completely abolished from 1 January 2025. Currently, all distributed profits (dividends) are taxed at a single rate of 22% (calculated using the 22/78 formula on the amount of the distribution).

Can I open an account with a traditional Estonian bank remotely?

No. Traditional Estonian banks require proof of a close economic connection with the country (substance) — the presence of a genuinely leased office in Tallinn and employed resident staff. For remote businesses operating through e-Residency, the optimal and reliable solution is to use licensed payment institutions (EMIs) that provide full IBAN accounts.

Is a company required to pay a salary to its director?

Estonian law does not require a company to pay a mandatory salary to its director. If you are a tax resident of another country and do not live in Estonia, you may also be exempt from paying Estonian social tax (33%) provided that social insurance coverage in your country of actual residence is confirmed.

What are the conditions for obtaining a residence permit through business?

A successfully operating business is a lawful basis for obtaining a residence permit. The legislation requires an investment of at least EUR 65,000 in the company’s share capital for shareholders, or at least EUR 16,000 if the business is registered as a sole proprietorship.

Successful cases on the topic: