Account for legal entity

Banking services, which are related with the bank account:

  • Internet and mobile banking
  • payments
  • bank cards
  • cash operations
  • deposits
  • securities account
  • start-up account

Bank account allows you:

To make domestic and foreign payments

to conclude a contract for regular payments

to keep your money in Euro or any other currency

to apply for a loan and credit card

to operate with letters of credit and collection orders

to perform operations with cheques issued by European banks

to deposit and withdraw cash

Estonian company with only residents of Estonia in the structure

General information

Opening a current account and its maintenance is free.

The decision to open an account is taken as soon as possible, usually no more than 10 banking days, after providing all the necessary documents and information to the bank. After the decision is made, the company representative will be informed about the decision in the order he has chosen (by phone, email).

A current account can be opened both in euros and in foreign currency. To open an account and to identify the identity of a company representative, we are waiting for you in our office with an identity document. If you are already identified and need to open an additional account, then you do not need to visit our office again – for this you can send your application and the necessary documents electronically to helpdesk@tbb.ee.

Customer requirements

Bank will start business relations with companies:

  • whose beneficiaries can be identified and the bank will be able to get all the necessary information
  • who are ready to provide the bank with all the necessary information that allows applying diligence measures in relation to the client both during the starting of business relations and during the validity period of such
  • when the purpose and nature of creating business relations, as well as the economic activities of the company are understood by the bank

Bank will not start business relations with companies:

  • that provides virtual currency wallet services and/or engage in cryptocurrency (virtual money) trading
  • which do not provide the bank with the requested information during the establishment of business relations and during the business relationship, which would allow the bank to implement the Know Your Customer principles at any time, to monitor and apply appropriate diligence measures
  • when the bank cannot identify or verify the origin of the company’s assets
  • whose company representatives, owners, or beneficiaries are included in the international list of persons involved or suspected of terrorism and its financing
  • whose main counterparties and customers are registered or located in countries included in the list of countries that do not cooperate in the field of combating money laundering, financing of terrorism and pose a potential threat to the global financial system (FATF) and included in the list of countries and territories that refuse to cooperate on Money Laundering and Terrorist Financing (NCCT)

Documents which should be provided

To open an account, it is necessary to provide:

  • Identity document of the representative(s) of the company
    • ID-card
    • passport of a citizen of the Republic of Estonia
    • digital identity card (EU) or residence permit card
    • driver’s license issued in the Republic of Estonia
  • Notarized Power of Attorney and a document proving the identity of the authorized person(s) in case the account would be opened by a person who is not a member of the company’s board
  • Completed Customer Questionnaire
  • If in the owners’ structure there are companies, then it is necessary to provide an accurate review and scheme of the ownership structure up to the final beneficiaries
  • Start-up accounts are opened for companies in the registration phase (based on the Estonian Commercial Code). When opening a Start-up account with a bank, a notarized Memorandum of Association should be submitted. Prior to company registration, only founders/shareholders themselves can make contributions to the starting capital.

Necessary steps

  • Download and fill in the Customer Questionnaire and Beneficial Owner Questionnaire
  • Sign them digitally or by hand
  • Provide the completed Customer Questionnaire and Beneficial Owner Questionnaire by hand to the bank office or send it electronically to helpdesk@tbb.ee
  • After a decision is made by the bank, you will be able to visit our office, where your identity as a company representative will be identified and where you will be able to conclude a current account agreement and Internet banking agreement

Estonian company with non-residents in the structure

General information

Opening a current account is free. Before making a decision on opening an account, the Bank charges a fee from the Customer for checking the materials and information provided in accordance with the price list (Fee for enhanced due diligence measures) and withholds this commission, even if the decision is negative.

The decision to open an account will be taken within 15 banking days after receiving all the necessary documents and receiving the necessary information. After the decision is made, the company representative will be informed about the decision in the order he has chosen (by phone, email).

A current account can be opened both in euros and in foreign currency. To open an account and to identify the identity of a company representative, we are waiting for you in our office with an identity document. If you are already identified and need to open an additional account, then you do not need to visit our office again – for this you can send your application and the necessary documents electronically to helpdesk@tbb.ee.

Customer requirements

Bank will start business relations with companies:

  • who have a significant relationship with Estonia:
    • one of the real beneficiaries of the company is a resident of Estonia
    • one of the legal representatives of the company is a resident of Estonia
    • the production unit, office or warehouse is or will be located in Estonia
    • investments in Estonia (real estate, share capital or participation in companies registered in Estonia)
    • jobs created or will be created in Estonia
    • company customers or contractual partners are in Estonia
    • the provision of services in Estonia or are directed to Estonia
    • the movement of goods occurs or will occur through Estonia
    • the legal entity is a taxpayer of Estonia
  • whose beneficiaries can be identified and the bank will be able to get all the necessary information
  • who are ready to provide the bank with all the necessary information that allows applying diligence measures in relation to the client both during the starting of business relations and during the validity period of such
  • when the purpose and nature of creating business relations, as well as the economic activities of the company are understood by the bank

Bank will not start business relations with companies:

  • that provides virtual currency wallet services and/or engage in cryptocurrency (virtual money) trading
  • which do not provide the bank with the requested information during the establishment of business relations and during the business relationship, which would allow the bank to implement the Know Your Customer principles at any time, to monitor and apply appropriate diligence measures
  • when the bank cannot identify or verify the origin of the company’s assets
  • whose company representatives, owners, or beneficiaries are included in the international list of persons involved or suspected of terrorism and its financing
  • whose main counterparties and customers are registered or located in countries included in the list of countries that do not cooperate in the field of combating money laundering, financing of terrorism and pose a potential threat to the global financial system (FATF) and included in the list of countries and territories that refuse to cooperate on Money Laundering and Terrorist Financing (NCCT)
  • whose representatives or beneficiaries are politically exposed persons in third countries

Documents which should be provided

To open an account, it is necessary to provide:

  • Identity document of the representative(s) of the company and the beneficiary
    • ID-card
    • passport of a citizen of the Republic of Estonia
    • digital identity card (EU) or residence permit card
    • driver’s license issued in the Republic of Estonia
  • Notarized Power of Attorney and a document proving the identity of the authorized person(s) in case the account would be opened by a person who is not a member of the company’s board
  • Copies of valid identity documents of the non-resident beneficiary(s)
  • Summary of non-resident representative(s) and the non-resident beneficiary(s) of the company or link to LinkedIn profile
  • Completed Customer Questionnaire (please note, that all fields in the questionnaire are required)
  • If in the owners’ structure there are companies, then it is necessary to provide an accurate review and scheme of the ownership structure up to the final beneficiaries
  • Documents confirming relationship with Estonia:
    • partnership or customer agreements or correspondence with potential cooperation partners in Estonia
    • contracts with service providers (lawyers, accountants, etc.)
    • lease agreement
    • business plan or a brief presentation of the company
    • confirming goods movements CMR or bills of lading
  • Start-up accounts are opened for companies in the registration phase (based on the Estonian Commercial Code). When opening a Start-up account with a bank, a notarized Memorandum of Association should be submitted. Prior to company registration, only founders/shareholders themselves can make contributions to the starting capital.

If there are foreign companies among the owners of a company registered in Estonia, please provide the following additional documents:

  • Extract from the register or certificate of registration of a legal entity (a document certifying the legal basis for the creation or registration of an enterprise)
  • Document on which the activity is based (By-Laws, Articles of Association)
  • Minutes of the First Meeting of the Directors, Initial Resolution of the Members
  • Proof of legal capacity/existence/authority of a legal entity (Certificate of Good Standing, Existence or Authorization) if the legal entity was registered more than six months before opening an account, and the Bank cannot check the status of this company through the Internet in the public register of the relevant jurisdiction

Necessary steps

  • Download the Customer Questionnaire and Beneficial Owner Questionnaire
  • Fill in the Customer Questionnaire and Beneficial Owner Questionnaire and sign digitally or by hand
  • Provide the completed Customer Questionnaire and Beneficial Owner Questionnaire by hand to the bank office or send it electronically to helpdesk@tbb.ee
  • Pay the enhanced due diligence fee in accordance with the price list for the Bank details:
    • Recipient: AS TBB pank
    • IBAN: EE170000009380000381
    • SWIFT: TABUEE22
    • Explanation: Fee for enhanced due diligence measures for … (Company name)
    • Amount: … EUR (in accordance with the price list)
  • After receiving a fee for enhanced due diligence measures and the decision is made by the bank, you will be able to visit our office, where your identity as a company representative will be identified and where you will be able to conclude a current account agreement and Internet banking agreement

Companies, registered in other countries

General information

The fee for opening a current account depends on the country of registration of the company and is provided in our price list. Before making a decision on opening an account, the Bank charges a fee from the Customer for checking the materials and information provided in accordance with the price list (Fee for enhanced due diligence measures) and withholds this commission, even if the decision is negative.

The decision to open an account will be taken within 20 banking days after receiving all the necessary documents and receiving the necessary information. After the decision is made, the company representative will be informed about the decision in the order he has chosen (by phone, email).

A current account can be opened both in euros and in foreign currency. To open an account and to identify the identity of a company representative, we are waiting for you in our office with an identity document. If you are already identified and need to open an additional account, then you do not need to visit our office again – for this you can send your application and the necessary documents electronically to helpdesk@tbb.ee.

Customer requirements

Bank will start business relations with companies:

  • who have a significant relationship with Estonia:
    • one of the real beneficiaries of the company is a resident of Estonia
    • one of the legal representatives of the company is a resident of Estonia
    • the production unit, office or warehouse is or will be located in Estonia
    • investments in Estonia (real estate, share capital or participation in companies registered in Estonia)
    • jobs created or will be created in Estonia
    • company customers or contractual partners are in Estonia
    • the provision of services in Estonia or are directed to Estonia
    • the movement of goods occurs or will occur through Estonia
    • the legal entity is a taxpayer of Estonia
  • whose beneficiaries can be identified and the bank will be able to get all the necessary information
  • who are ready to provide the bank with all the necessary information that allows applying diligence measures in relation to the client both during the starting of business relations and during the validity period of such
  • when the purpose and nature of creating business relations, as well as the economic activities of the company are understood by the bank

Bank will not start business relations with companies:

  • that provides virtual currency wallet services and/or engage in cryptocurrency (virtual money) trading
  • which do not provide the bank with the requested information during the establishment of business relations and during the business relationship, which would allow the bank to implement the Know Your Customer principles at any time, to monitor and apply appropriate diligence measures
  • when the bank cannot identify or verify the origin of the company’s assets
  • whose company representatives, owners, or beneficiaries are included in the international list of persons involved or suspected of terrorism and its financing
  • whose main counterparties and customers are registered or located in countries included in the list of countries that do not cooperate in the field of combating money laundering, financing of terrorism and pose a potential threat to the global financial system (FATF) and included in the list of countries and territories that refuse to cooperate on Money Laundering and Terrorist Financing (NCCT)
  • whose representatives or beneficiaries are politically exposed persons in third countries

Documents which should be provided

To open an account, it is necessary to provide:

  • Identity document of the representative(s) of the company and the beneficiary
    • ID-card
    • passport of a citizen of the Republic of Estonia
    • digital identity card (EU) or residence permit card
    • driver’s license issued in the Republic of Estonia
  • An extract of the register or registration certificate of the legal person (document certifying the legal basis for the establishment or registration of a company: Certificate of Incorporation or Certificate of Organization) or its notarized copy
  • The protocol of the founding meeting or meeting of the founders (Memorandum or Resolution of Association)
  • Document on which the activity is based (By-Laws, Articles of Association)
  • A document certifying the authority of the legal representative (Resolution of the Management Body)
  • A notarized Power of Attorney, which provides for the right of a particular person to act on behalf of the relevant company, open and close company accounts with a bank, manage funds on the account, as well as an identity document of an authorized person (except when documents are provided by the legal representative of the company).
  • Proof of legal capacity/existence/authority of a legal entity (Certificate of Good Standing, Existence or Authorization) if the legal entity was registered more than six months before opening an account, and the Bank cannot check the status of this company through the Internet in the public register of the relevant jurisdiction
  • Copies of valid identity documents of the non-resident beneficiary(s)
  • Summary of non-resident representative(s) and the non-resident beneficiary(s) of the company or link to LinkedIn profile
  • Completed Customer Questionnaire (please note, that all fields in the questionnaire are required)
  • If in the owners’ structure there are companies, then it is necessary to provide an accurate review and scheme of the ownership structure up to the final beneficiaries
  • Documents confirming relationship with Estonia:
    • partnership or customer agreements or correspondence with potential cooperation partners in Estonia
    • contracts with service providers (lawyers, accountants, etc.)
    • lease agreement
    • business plan or a brief presentation of the company
    • confirming goods movements CMR or bills of lading

Depending on the country of registration of the company, the Bank may request additional information and documents in addition to the previous documents.

If there are foreign companies among the owners of a company registered in Estonia, please provide the following additional documents:

  • Extract from the register or certificate of registration of a legal entity (a document certifying the legal basis for the creation or registration of an enterprise)
  • Document on which the activity is based (By-Laws, Articles of Association)
  • Minutes of the First Meeting of the Directors, Initial Resolution of the Members
  • Proof of legal capacity/existence/authority of a legal entity (Certificate of Good Standing, Existence or Authorization) if the legal entity was registered more than six months before opening an account, and the Bank cannot check the status of this company through the Internet in the public register of the relevant jurisdiction

Necessary steps

  • Download the Customer Questionnaire and Beneficial Owner Questionnaire
  • Fill in the Customer Questionnaire and Beneficial Owner Questionnaire and sign digitally or by hand
  • Provide the completed Customer Questionnaire and Beneficial Owner Questionnaire by hand to the bank office or send it electronically to helpdesk@tbb.ee
  • Pay the enhanced due diligence fee in accordance with the price list for the Bank details:
    • Recipient: AS TBB pank
    • IBAN: EE170000009380000381
    • SWIFT: TABUEE22
    • Explanation: Fee for enhanced due diligence measures for … (Company name)
    • Amount: … EUR (in accordance with the price list)
  • After receiving a fee for enhanced due diligence measures and the decision is made by the bank, you will be able to visit our office, where your identity as a company representative will be identified and where you will be able to conclude a current account agreement and Internet banking agreement

Form of documents requested from non-residents upon opening an account

All documents submitted to the bank must be:

• original documents or notarised or equally otherwise certified copies and

• in case of foreign legal persons the documents must be legalised or certified with an apostille, unless an international treaty provides otherwise (documents issued by the Republic of Latvia, Republic of Lithuania, Russian Federation, Ukraine and Republic of Poland do not have to be legalised or certified with an apostille).

A public document of a foreign country should be first legalised in the Foreign Ministry or Foreign Mission of the foreign country where the document has been issued, and thereafter in a Foreign Mission of the Republic of Estonia or in the consular department of the Ministry of Foreign Affairs of the Republic of Estonia.

Notarised or certified documents on multiple pages must be bound together in such manner that it is impossible to separate them without leaving traces.

Language of the documents

In case of documents in foreign language the Bank will be entitled to demand additionally translation of documents into Estonian or any other language specified by the Bank. Translation must be performed by authorised translator or the signature of translator must be notarised.

Additional restrictions

• The bank is entitled to restrict services provided to legal persons founded in certain regions (e.g. certain electronic services).

• The bank is entitled to draw a list of countries and regions, where founded legal persons are subject to the duality principle upon the conclusion of settlement agreements with the bank.

• The bank may establish additional requirements and restrictions for non-resident legal entities.

NB! Decision about account opening for others non-resident legal persons will be made in 10 bank days after all requested documents are presented. Company representative will receive information about the decision via preferred channel (by phone, e-mail).

The SMS notification about revenues to the settlement account

The SMS notification about revenues to the settlement account is Bank service which gives to the Client the opportunity, without login into Internet bank and without using the ATM, automatically to  receive from Bank in the form of the SMS on the mobile phone information about any revenues to the account.

To join this service, the Customer has to conclude an agreement at a branch office.

The Customer has the right to determine independently the account on which he wishes to receive information and to set minimum amount for sending SMS-messages.

The fee for all SMS-notifications sent during the month is added and deducted automatically from your account on the last calendar day of the month.

In case of replacement of the mobile phone number, the client must terminate the contract on the basis of old number and sign new contract, specifying the new number.

Updating customer data

We ask our clients to renew their data in connection with tax information exchange

If you are a taxable person (individual or legal person) in any country than Estonia, we ask you to fill in the Client Data Questionnaire where shall be added all tax residence countries and respective tax identification numbers.

Client Data Questionnaire for private customer

Client Data Questionnaire for corporate customer and beneficial owner

There are several options for renewing customer data:

 Sending the filled in Client Data Questionnaire to the bank by e-mail or by mail (the electronically filled in Questionnaire must be signed and sent by e-mail to the address helpdesk@tbb.ee)

 Renewing customer data in Internet bank

 Renewing customer data in a bank office

Additional information from Customer Support at +372 66 88 066

Please be aware that if a customer does not provide the required information, the financial institution will be obliged to submit data of the person to the Tax and Customs Board.

Starting 1 January 2016, Estonian financial institutions are obliged to ask customers to provide the bank with all tax residence countries (including USA) where customers pay taxes and their taxpayer identification number.

The legal grounds for gathering and exchanging tax information under FATCA and CRS legislation are stipulated in the Tax Information Exchange Act.

Under the CRS, jurisdictions like Estonian Tax and Customs Board obtain financial information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis.

For more information, please visit the websites www.oecd.org/tax/ (CRS) and www.irs.gov (FATCA)