Excellent news for e-Residents: More banking choices from January 2019

Excellent news for e-Residents: More banking choices from January 2019

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Excellent news for e-Residents: The Estonian government at its Thursday meeting approved a plan which would allow for the use of an account located in any European Economic Area (EEA) state for establishing a private limited company in Estonia.

The Estonian government at its Thursday meeting approved a plan which would allow for the use of an account located in any European Economic Area (EEA) state for establishing a private limited company in Estonia.

According to current legislation, non-residents have difficulties opening a bank account on behalf of a company in Estonia, which according to current law is the prerequisite for establishing a private limited company in ordinary procedure, the government’s press office said.

As from January 1st 2019, it will be possible to use an account located in a bank or financial institution of any EEA state when establishing a private limited company. According to current law, only a bank account at a bank established in Estonia can be used; the account is necessary as a monetary share capital down payment will have to be transferred there when establishing a company.

https://news.err.ee/864617/state-favours-simplifying-foreigners-establishing-businesses-in-estonia