Payment account opening assistance

It is a well-known fact that requirements arising from different regulations have made the process of opening an Estonian bank account more complicated and expensive. In addition, the success of obtaining a bank account for the company will depend on the data and information provided by the client.

Due to strengthened client acceptance rules, the bank will have to verify the origin of assets and background of transactions of non-residential customers. As a prerequisite, the applicant’s business must have direct ties to Estonia and the applicant must explain in detail how the business activity/owner/management of a company is connected with Estonia (e.g. residence permit, employment contract, real estate ownership, an actual office of the company in Estonia and/or employees from Estonia). The bank needs to see a clear reason for the company to operate in Estonia and a reason to have a bank account in Estonia.

In order to simplify the process of establishing a fully operating company, Incorporate in Estonia is now partnering with a well-known international payment service provider (PsP). Together, we offer solutions for clients who do not have strong business connections with Estonia, clients who are applying for licenses for the provision of services related to virtual currencies, and/or clients who plan to conduct an initial coin offering (ICO).

By Richard J. Witismann on 1 October, 2018