BlueOrange Bank KYC requirements
for a new company
Account opening process has 2 steps
1. Preliminary evaluation about possibility of bank account opening
BlueOrange bank is interested in opening accounts for foreign owned Estonian companies, but the KYC procedure must be done in full.
For the initial evaluation the following information must be presented:
- Company activity - enough detailed description that bank can understand what and how the company will work.
- Main clients and vendors names, countries to payments will be done, currencies etc.
- Name(s) and CV(s) of UBO(s) and related person(s)
- Additional data about UBO(s)
- Utility bill
- 3-6 months bank statement (or another document showing the source of income and financial situation)
The bank may ask for some additional information depending on the situation.
It is important to understand that without full and adequate co-operation from clients's side there is no positive result in this process.
2. Bank account opening process
When the above mentioned data is forwarded to the bank officials, they evaluate the information and give a preliminary opinion.
In case the preliminary opinion is positive then we move on to formal account opening process which must go through the bank account opening committee.
A positive preliminary opinion does not guarantee the account opening but gives indication that according to banks today's policy they can accept such clients.
However - because of different reasons it is possible that the committee makes a different decision and refuses the account opening.
Info and documents required
Mandatory info and documents
- Filling in an application to apply for account opening/banking card(s)/PIN-calculator(s)
- UBO's personal bank account statement 3-6 month or explanations about income to start the business
- Short description of the UBO's experience or CV
- UBO's utility bill (not required if home address is written in passport or ID card)
- Short description of the business.
- Registry card of the company (will be provided by KRM Advisor)
- Articles of the company in English (will be provided by KRM Advisor)
- Virtual office agreement (will be provided by KRM Advisor)
- Registrar of shareholders (will be provided by KRM Advisor and signed by client)
Non-mandatory but will support if you have any of the following
- Business card copy
- Linkedin profile
- Invoices, proforma invoices, contracts
Direct costs related to opening corporate account:
- Handling fee will be paid directly by the client to BlueOrange Bank 65 EUR (must be done before application will be handled). The bank will provide all the details after the face-to-face meeting.
- KRM Advisor fee includes the translation of documents.