Hi Lyubomyr and thank you for your feedback. We definitely want to know about any bad experiences so we can fix the issue for e-residents.

The traditional banks in Estonia have their own guidelines for who they can issue business accounts to. Our advice from the programme is to work with a business service provider in order to set up your company with banking. The two main banks serving e-residents (until now) have been LHV and Swedbank so we shared some of their guidelines recently. You’re right — they do prefer entrepreneurs with a connection to Estonia and we know that is not a good enough solution for everyone. The good news is that there is considerable disruption taking place in the banking industry right now as fintech companies start offering business accounts too.

Holvi has now become the first fintech company to offer a business account for e-residents and it is now available to Ukrainians. You do not need to travel to Estonia and you do not need a connection here beyond e-Residency.

Are you able to join any of our events next week? It would be great to say hello.

Written by

Saunapreneur at EstonianSaunas.com. Previously Chief Evangelist at Estonia’s e-Residency programme.

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