Opening non-resident bank account in Estonia

Some Estonian banks do offer also the possibility to open a bank account for the foreign company. In that case there are several documents that need to be presented to the bank.

Please find below overview of the documents needed to open bank account in Estonia:

1.      Registration certificate of the company (Certificate of Incorporation or Certificate of Organization), cannot be older than 6 months at the moment of submission to the bank; original, affixed with Apostille;

2.      Certificate of Good Standing and Certificate of Incumbency, cannot be older than 6 months at the moment of submission to the bank; original, affixed with Apostille;

3.      It is necessary that the following data is presented in the above mentioned documents:

3.1. name of the company;

3.2. registration code;

3.3. registration date;

3.4. name of the register and country of origin;

3.5. date of issuing the document;

3.6. confirmation from the register officer (signature and stamp)

4.      Memorandum and Articles of Association or Memorandum of Association or By-Laws or Operating Agreement and Articles of Organisation, which shall include the following information:

4.1. name of the company;

4.2. location;

4.3. business activity;

4.4. founders of the company (subscribers, members);

4.5. notarial verification of the documents, affixed with Apostille;

5.      Document regarding the beneficiaries of the company:

5.1. certificate stating the shareholders of the company (up to ultimate beneficiaries), signed by the representative of the company in the presence of a notary, verified by the notary and affixed with Apostille;

5.2. if the ultimate beneficiary is not the direct owner of the company it will be necessary to present additional documentation (nominee shareholder agreement, trust declaration etc.), affixed with Apostille;

6.      Document regarding the representatives of the company (Operating Agreement, Statement of Incorporation, Initial Resolution of the Members, Shareholder Declaration, Certificate). Document must include:

6.1. names, identity codes, date of birth, passport numbers of the management board members/directors/representatives of the company;

6.2. document has to be verified by a notary and affixed with Apostille;

7.      Decision to open bank account in Estonia and the appointment of persons to do this;

7.1. signed in the presence of a notary and affixed with Apostille;

8.      Power of attorney to us from the company,

8.1. signed in the presence of a notary and affixed with Apostille;

9.      Power of attorney to us from the person(s) who will need access to the bank account,

9.1. signed in the presence of a notary and affixed with Apostille.

Please be informed that all documents have to be original or original copy with notary verification and affixed with Apostille.

In BVI the Government House will issue the Apostilles.

Fees:

1. Bank fee for opening the bank account is EUR 300,
2. Bank user PIN-calculator EUR 14 per PIN-calculator.

I will take approximately 15 days to open the bank account.

To find out more about banking law in Estonia, please contact our English speaking lawyers and tax consultants at info@gencs.eu