Timeframe/Process

The timeframe for a private limited company to be registered in the Estonian Commercial Register varies from 1 to 5 working days, depending on the origin of the shareholder(s).

The Financial Intelligence Unit has up to 60 (or 120 days, if extended) to grant or refuse to grant a virtual currency service license.

The FIU may revoke the license granted based on:

• intentional submission of incorrect information upon application for an activity license, which affected the grant of a license, provided that if such information had not been submitted, the grant of an activity license would have been denied;
• renouncement of economic activities;
• validity of a relevant prohibition on economic activities imposed by a court judgment or arising from the law in a relevant area of activity in respect of an undertaking.

In addition to the above, the FIU may revoke the license if:

• the undertaking has a license from the Financial Supervision Authority;
• the undertaking fails to follow the precepts of the supervisory authority (FIU);
• the operation in the requested field of activity has not started within six months from the grant of the license.