Assistance in opening an account in an Estonian bank for an Estonian company

500 € item

Goals

A company cannot function fully without a settlement account. However, opening an account might be challenging, as banks of all countries have recently tightened requirements for clients and imposed more stringent procedures to counter money-laundering. Therefore, if you are not an e-resident of Estonia, your company will face difficulties when opening an account in Estonia. All Estonian banks require evidence of the connection with Estonia: physical office, employees–residents, local clients, or suppliers, and warehouses in Estonia through which the goods are moved.

Magrat can offer you a preliminary analysis of your situation and further qualified assistance in account opening.

Price

The cost of assistance in opening an account in an Estonian bank is 1,000 euros, including the success fee in case of a positive decision. In case of a rejection, we refund 500 euros.

Why choose Magrat?

  • Magrat’s team comprises consultants with banking background and lawyers with long-term experience in accounts opening for non-resident companies.
  • Our specialists maintain personal and permanent contacts with the client managers of banks. 
  • We make a preliminary analysis of the case: select the bank that suits the client’s requirements and the specifics of the business. If we see that the chances to open an account in a bank are low, we recommend alternative solutions to our client.

What is included in the price?

Based on the provided information and our experience of cooperation with banks, we will help organise the process and maximise the chances to open an account, including the following stages: 

  • preliminary analysis of the case: we analyse the case from a bank’s perspective, define its strengths and weaknesses, risks and explain them to our client,  
  • consulting the client in completing the forms for account opening: based on our experience we recommend how to present the information favourably, which aspects to describe in detail and which issues to highlight,
  • consulting the client in preparing the package of documents KYC: we help our client to prepare information about the origin of funds and the package of documents according to the requirements of a certain bank,
  • assisting during communication with the bank and preparation of answers to additional questions.

What is not included in the price?

  • guarantees that the account will be opened as the final independent decision takes the bank, 
  • expenses for producing and obtaining legal documents, 
  • commissions charged by the bank for opening an account according to the bank’s price list.

What is required from the client?

  • full information about beneficiaries and business of the company, main partners, number of transactions, turnover, 
  • documents certifying the origin of funds, 
  • documents identifying the members of the board and beneficiaries,  
  • documents proving the address, and certificates issued according to the bank requirements,  
  • documents of the company, owners and beneficiaries prepared according to the bank requirements,  
  • signed forms,
  • prompt responses to the questions of the bank, 
  • visit to the bank for identification,  
  • high-quality corporate website (if necessary, we can create a website for an additional price).

Deliverables

  • package of documents for opening an account, including completed forms and KYC documents,
  • in case of a positive decision about account opening:
    • agreement with the bank or another document with full account details, 
    • access to internet-bank.

Timing

As a rule, the account is opened within 4–8 weeks, depending on the complexity of the case. 

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  • Opening an account in payment systems 
  • Opening an account in international banks 
  • Creating a corporate website