It is quite easy to create a company in Estonia, but it is a much more complicated task to have a business account opened in Estonia. Estonia and Baltic countries have had serious money-laundering cases over the years, with some high-level investigations are still ongoing, and that has made strict banking regulations even more complicated and exhaustive. If you still want to go down this route, then be prepared to gather a bunch of documents, justify the reasons why you should have an Estonian account, and also have a face-to-face meeting in Estonia. Just so you know, it is not a requirement to have your business account at an Estonian bank. All EEA accounts are accepted by Estonian authorities. This might be the best way to go, especially if your business will be mainly operating in another country within the EU, as this can make your life a lot easier, especially if you are already a resident in that country.
Connection To Estonia; Traceable Income
If you have e-Residency card, are an Estonian resident, and have ties to Estonia, then you are most likely eligible for an Estonian bank account. If you are the single shareholder of the company, with easily traceable income, you will be looked at as a risk-mitigating factor for local banks, with a higher likelihood of getting an account opened. Having an Estonian bank account is a great advantage, as with the e-Residency card, or with the local ID card, you can make all of your transactions online.
Local banks are less likely to open business accounts for non-residents of Estonia if their companies are large, involved in manufacturing or wholesaling, act as an intermediary to sell the services of others, or only do business in their home country, or outside of the EU . This is mainly due to risk mitigation by the banks, as more complicated businesses require more profound research, and there could always still be a risk that something is unnoticed. These mistakes can cost millions to the banks.
Read more about Estonian business account opening from here: https://learn.e-resident.gov.ee/hc/en-us/articles/360000729058-Banks-in…-
Here, as well: https://incorporate.ee/learning-centre/bank-account-in-estonia