How to Quickly Set Up an Estonian Company and Bank Account

By Urmas Rooba

Why Estonia?

Estonia has rapidly become a hub for entrepreneurs and startups, thanks to its innovative digital infrastructure and business-friendly environment. Known for its e-Residency program, Estonia allows global entrepreneurs to establish and manage an EU-based company entirely online. This makes it an attractive option for those looking to expand their business into the European market.

In addition to the ease of setting up a business, Estonia offers a transparent tax system, minimal bureaucracy, and access to the European market. These factors create an ideal setting for startups and established businesses alike.

estonian business

Steps to Set Up an Estonian Company

Obtain e-Residency

The first step is to apply for e-Residency. This digital identity allows non-Estonians to access Estonia's services, including company formation. You can apply online, and after approval, receive your e-Residency card at an Estonian embassy or via mail.

Register Your Company

Once you have your e-Residency, you can register your company through the Estonian Business Register. The process is straightforward and can be completed online. You will need to choose a company name, determine the share capital, and submit the necessary documents.

  1. Choose a unique company name.
  2. Decide on the share capital (minimum €2,500).
  3. Submit your application through the Business Register.
company registration

Opening a Bank Account

Choose a Banking Option

After your company is registered, the next step is to set up a bank account. Estonia offers various banking solutions, including traditional banks and fintech options like Wise or Payoneer. These digital banks are often preferred due to their ease of use and lower fees.

Gather Required Documents

To open a bank account, you'll need specific documents, including your e-Residency card, company registration certificate, and possibly additional identification. Contact your chosen bank beforehand to ensure you have all necessary paperwork.

  • e-Residency card
  • Company registration certificate
  • Additional identification if required
bank account setup

Benefits of Doing Business in Estonia

Establishing a company in Estonia provides numerous advantages. The country boasts a simple tax system, efficient digital services, and minimal bureaucratic hurdles. Additionally, being part of the EU opens up vast business opportunities across Europe.

Furthermore, Estonia's commitment to innovation and technology development creates an environment conducive to growth and success. Entrepreneurs can leverage these benefits to scale their businesses and reach new markets.

business growth

Conclusion

Setting up a company and bank account in Estonia is a streamlined process that can be completed quickly thanks to the country's digital infrastructure. By leveraging e-Residency and online services, entrepreneurs can enjoy the benefits of operating within the European Union without the traditional complexities of international business operations.

If you're looking for a strategic base in Europe, Estonia offers a compelling combination of ease, efficiency, and opportunity. With the right preparation and understanding of the process, you can establish your Estonian company and bank account with minimal hassle.