Bank account

Businesses based on cryptocurrencies and other blockchain-related activities face difficulties in opening a bank account. This is due to the fact that banks consider these companies as high-risk clients. All Estonian banks are very reluctant to onboard high-risk clients. The Estonian bank LHV is considered to be the one that is most open to blockchain-based business models but they focus mainly on larger companies, preferably with a license issued by the Estonian FSA, and is not keen on start-ups or crypto exchange businesses.

Please note that an Estonian company is not bound by the need to have an Estonian bank account. In case your business requires you to hold a traditional bank account, you can freely choose any bank within the European Economic Area (EEA).

NJORD can assist you to evaluate your actual banking/payment needs, so, please feel free to contact us for legal assistance.

In case your company’s payment needs can be satisfied with an account with an e-money institution or a payment institution, we suggest that you focus on getting onboarded with them instead of with a traditional bank. Please check that the institution you choose can issue a certificate for the payment of the share capital.