• Mardo Soo

All about In account Estonia company formation

Estonia is considered as one of the developed countries. It is believed that Estonia can boast an advanced economy with high income. Also, Estonia was recently ranked 4th freest economy in Europe and 1st in terms of internet freedom.

How to start a company in Estonia- get started:

Step 1:

Application submission: Submit an application and receive a digital ID. A state fee is €100 and additional fees apply, depending upon the chosen pick-up location.

Step 2:

Choose a service provider: The next step is to choose a service provider and establish a company. To do this,

Step 3:

Registration: Register the company by paying a state fee and hence form your company’s structure. It will cost you €190.

Step 4:

Apply for business banking: Now, you have to find a fintech partner in the marketplace in order to cover your company banking needs.

Do you know?

Estonia has become the first EU jurisdiction that has legalized the work of the crypto sector? It also allows us to legally organize and carry out ICO on the basis of blockchain technologies.

When companies obtain Estonia crypto license, they then can provide services for exchanging, circulating, transferring and storing virtual currency. Such companies also provide cryptocurrency to their customers in local offices and worldwide using digital channels for transferring information.

Crypto Licenses in Estonia- How to obtain these:

The following are the processes and requirements which are necessary for obtaining two licenses in Estonia. These allow companies to do crypto business:

These licenses are known as:

License 1. Providers service of exchanging a virtual currency against a fiat currency License 2. Providers virtual currency wallet service

License 1 allows you to exchange fiat to crypto and vice-versa.

License 2 allows you to provide e-wallet services for virtual currencies. One can generate and keep encrypted keys on behalf of the client.

Additional Information- (License issuing and refusal):

These two licenses are issued by the Estonian Financial Intelligence Unit (FIU, or RAB in Estonian). This unit may refuse to issue the license in case the provided documentation is invalid or not sufficient.

Process- How to obtain a crypto license:

To obtain the Estonia crypto license, one needs

To have a company: Along with the company registration, the client should have already started the process of obtaining the criminal record documents. The documents should be for all the shareholders, board members, the compliance officer (responsible person) and UBOs (ultimate beneficial owners). Please note that the criminal record should be in English and certified with an apostille. The documents should be fresh i.e. not older than 3 months.

To provide the required documentation: Along with the application to the FIU, one will also need to present the KYC/AML procedural rules and internal auditing rules documentation.

The time period for obtaining crypto licenses:

The company registration time totally depends upon whether you already have an e-residency card or not. If you have this card, it takes a few days. With the power of attorneys, it will take around 1.5 – 2 weeks.

Once the documents are submitted to the FIU, they take up to 30 working days to decide whether they will issue the license or not.

Banking Process:

No doubt, banking is the most complex part of the whole process. The bank account application process is carried out by the clients, as the banks want to communicate to the entrepreneurs directly.

41 views0 comments

Recent Posts

See All

​© 2020 Companyinestonia.co I Service provider of trust funds and companies I Operating license nr. FIU000276