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Estonian company, is a EMI corporate account accepted instead of traditional bank account?

anotherone

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Feb 14, 2020
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I remember that some years ago, you had to deposit 2500 euros in a traditional bank account of Estonia when you incorporated an Estonian company through the E-residency system. I wonder if it is still the case or if you can open remotely a Revolut, transferwise, N26 account (EMI) and transfer 2500 euros to this EMI corporate account. I thought that at one point you had to transfer money to the country "Estonia" itself.

In 2016, I created an Estonian Company and I travelled to Estonia to open a bank account. It was a mess. They all (Swedbank, SEB) wanted to know my business model. They were like they didn't want to open a bank account. (In Cyprus, the banks are much open-minded, respectful and friendly). I didn't succeed in opening a bank account because I travelled without my TIN. Anyway, as I said before, they wanted to know all details about my business. It is like you have special ingredients to make Coca-Cola and they want to know those ingredients. I strongly discourage you to try to open a corporate account at SEB, Swedbank, Lhv.

Conversely, I opened many online bank accounts at EMI's without seeing any pitfalls. (nevertheless i am curious about what I do with cryptocurrencies for instance).

Also, banks from north of Europe are much more conservative than banks in Germany, Cyprus, Spain, Bulgaria (yes they are all part of the same group).
 
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You should be able to deposit share capital to any EEA licensed EMI:
"since the Estonian Commercial Code was revised in January 2019, the share capital can also be registered at a credit or payment institution anywhere within the European Economic Area (EEA). You can learn more about this change here."

From my understanding if you want a crypto business account Revolut, Tranferwise and other largest ones would potentially reject you as that is out of their risk policy, but there are other smaller EMI's which specificly cater to high risk businesses. From my experience Globalnetint, Pervesk, Connectpay and other Lithuanian EMIs try to fill that Niche.
 
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