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The following is a brief summary of the companies most likely to meet the criteria to open a bank account with an Estonian bank. For more detail, read our article on banks in Estonia.

The first is a company that has a “connection to Estonia”. This should be clearly explained in your company plans for the future or demonstrated based on your existing activity. It could include employees in Estonia, as well as relationships with partners and suppliers, as well as actually serving the Estonian market.

The second is a company run by a single shareholder with easily traceable income. This covers many freelancers, consultants, solo entrepreneurs and other digital entrepreneurs around the world who fit under a broad group of people sometimes called ‘digital nomads’ as it is relatively simple for banks to monitor risks associated with these companies — especially when they are so visible online — as well as understand why they have chosen an Estonian bank account in order to benefit from Estonia’s location-independent business environment.

These criteria are assessed by the banks on a case-by-case basis, but if you would like to open an Estonian bank account then we strongly recommend that you first speak to a business services provider who can advise you on this process before you book any travel to Estonia for the purposes of opening an account.

Some e-residents who are also residents of the EU/EEA have successfully opened a business bank account in their own country for their Estonian company. Changes to Estonia’s Commercial Code that allows share capital to be paid from any business banking account in the EU/EEA may encourage residents of the EU/EEA to consider this option.

These banks may not be familiar with e-Residency, or location-independent entrepreneurship, but there may be other factors in your favour if you are a citizen of the EU/EEA.

For a start, you are not applying for business banking as a non-resident - the bank is likely to have a better ability to conduct the due diligence necessary to determine whether you are conducting a legitimate business. In addition, you may choose a bank you already have a longstanding relationship with - they will know you much better than an Estonian bank.

A local bank account might also be a better option for you if you are mainly operating your company in your country of residence, you have a large company, your company is involved in manufacturing, or acting as an intermediary to sell the services of others.

Always be sure to provide your banking service provider with as much information about your company as possible to help them understand your business activity. A well-written business plan will help answer any questions the banks may have about your business.

For the latest list of services we've identified and established communication with, please visit our Marketplace or review our banking comparison guide. Note, you are not limited to using the services or payment institutions listed on our website.

Banks and other financial institutions are private companies that set their own criteria as to the customers they choose to onboard. These companies must also follow all international regulations regarding the provision of financial products. The vast majority of e-residents are able to access the tools they need to run a location-independent company, but access to these business banking services is not guaranteed.

If you are connected to a country on the FATF list of high risk and other monitored jurisdictions, you will most likely have difficulty accessing any kind of business banking service even with a company registered in Estonia.

If any guidance is needed, business service providers will be able to advise e-residents of the right banking services to meet the needs of their company. For a selection of our business service providers, please visit our Marketplace.