Estonia company + Estonia bank account

CaLViN · Mar 31, 2020

Prodriller said:
Hi,

PM, I can help with Estonia company and bank account opening

No need for a PM.
Share your experience or offer here , please.

StuartG · Mar 31, 2020

Quite easy if you have a e-passport, which is very easy to apply for!

CaLViN · Mar 31, 2020

StuartG said:
Quite easy if you have a e-passport, which is very easy to apply for!

Could you please explain what is quite easy ?

Btraveler · Mar 31, 2020

I have E-residency pack and company in Estonia, but it's impossible to open a bank account in Estonia.

I've tried with LHV and Swedbank. You need strong connections to that country. I've revolut and paysera accounts, so no problem for daily transactions.

kriyazen · Mar 31, 2020

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

Xolo is pushing Wirecard now.

StuartG · Mar 31, 2020

CaLViN said:
Could you please explain what is quite easy ?

form a company and open a bank account

JohnLocke · Mar 31, 2020

Btraveler said:
I have E-residency pack and company in Estonia, but it's impossible to open a bank account in Estonia.

There is a thread here E- residency avoid tax inversion which refer to more threads, in one of them I think you can find some reputable users which already at this time said it would be impossible to get any banking for a Estonian e-residency

jscargo · Apr 1, 2020

Estonia e-residency was a great marketing scheme, and you still need to pay 20% in income taxes. Now one can't even open a bank account if not EMI. I would avoid Estonia altogether for the time being.

JohnLocke · Apr 1, 2020

Prodriller said:
What I am interested currently is HK company + bank acc.

So please go ahead and open a new thread so this one don't get mixed or I will have to delete posts!

StuartG · Apr 1, 2020

As a matter of fact, I have e-residency (although I live far from Estonia) and I found it very easy to form a company in Estonia and open a bank account, maybe because all my activities are totally legitimate and above board and I pay all applicable taxes and I appeared at the bank in person. I cannot comment on other people's experiences

Bluepearl · Apr 1, 2020

When I formed a OU in estonia I has some problems regarding banks, it was quite silly becouse they told me I should be back several times, in meantime I opened Leupay but was quite afraid becouse of those scandals with Satabank so I open an account in other EU state quite easily. Now everything goes smoothly just fees of banks are higher than I expected but still, its safer than any of EMI account regarding higher yearly turnover (if it is more than 1,5MIO you need auditor).

Btraveler · Apr 1, 2020

Bluepearl said:
When I formed a OU in estonia I has some problems regarding banks, it was quite silly becouse they told me I should be back several times, in meantime I opened Leupay but was quite afraid becouse of those scandals with Satabank so I open an account in other EU state quite easily. Now everything goes smoothly just fees of banks are higher than I expected but still, its safer than any of EMI account regarding higher yearly turnover (if it is more than 1,5MIO you need auditor).

Hello @Bluepearl In which country did you manage to open a bank account for your estonian company?

I think the main difference for a bank account and EMI is:

- Bank account. Your money is legally covered by government at 100% until a limit of 100.000€ for the major part of banks inside EEA
- EMI. You're not covered by that 100K fund, but anyway all legal registered EMI's offer Segregated accounts for its customers, so the money of customers is sepparated in different accounts and in real banks. So, in fact, the only worst case that could be is that the banks where EMI's store the clients funds go to bankrupcy (which is very improbable)

Bluepearl · Apr 2, 2020

well, try to make few transactions of 50k and you will realize main difference Between EMI and real banks
Try with OTP and Tatra, depends of your activities, if not possible, go to CIM

Btraveler · Apr 2, 2020

So, in fact, it's always better a bank. Not only for the 100.000€ deposit guarantee, but also for that: huge amounts would be blocked with EMI's. Totally right @Bluepearl

lonizzita · Apr 3, 2020

I worked with EMI with those of satabank, as soon as they saw high wire transfers, they blocked all my accounts.

I think this doesn't happen with banks

Btraveler · Apr 3, 2020

Exactly that. Specially if the bank knows your activity and agrees with that. If you had Emi accounts opened, mean that you didn't tell them noting about your "crypto-activity"

lonizzita · Apr 3, 2020

Bluepearl said:
well, try to make few transactions of 50k and you will realize main difference Between EMI and real banks
Try with OTP and Tatra, depends of your activities, if not possible, go to CIM

you have an agent who takes care of opening OTP and Tatra?

bigsmoke · Apr 3, 2020

Why exactly do you need an estonian bank account? Why not try some other banks in other countries?

clemens · Apr 4, 2020

Martin Everson said:
First post ever on forum I see . 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.

and he is gone… I hope the BAN hammer hurt

CaLViN · Apr 4, 2020

bigsmoke said:
Why exactly do you need an estonian bank account? Why not try some other banks in other countries?

We will apply to other banks,too but just want to have a local bank account.

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