Company industry: IT company
Company jurisdiction: Estonia
Shareholders: 2 Individuals from Estonia.
Banking needs:To receive payment from EU PSPs – SWIFT/ SEPA EURO
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Banking difficulties in Estonia
- They needed an EU bank in order to open a merchant account in the EU and receive payments.
- Most of the EU PSPs require an EU company and EU corporate account in order to open a merchant account with them.
They came to us asking for an assistance to open business bank account in Europe with dedicated EUR SEPA IBAN.
- We work with numerous Financial Institutions licensed in the EU.
- We assisted them to open account in Europe for their Estonian company.
- This way, the company has an account in Europe where all incoming funds from the EU PSPs can be accumulated.
What were the steps:
- Identify their needs and current difficulties.
- Collect company shareholder’s information from open sources – company registry
- Filling in the information in the financial institutions applications/ Corporate Questionnaire.
- Identify the relevant EMIs and comparing their offered fees for the specific business sector.
- Financial institution approved the application and open the company an account with the required services.
Case study Summery:
It took 2 weeks to open the account from the moment of the submission of the application to the chosen by the client EMI.