Business bank account for a new EU company: opening one remotely

Why opening a business account takes planning

EU law gives consumers who live legally in the EU the right to a basic payment account. Companies have no such right: each bank or payment provider decides whether to accept a business as a client, based on its own risk rules.

The traditional route is a bank in the country where the company is registered. It works, but it often takes time and many banks ask for a meeting in person at the start, as know-your-customer and anti-money laundering checks keep getting stricter. Estonia’s e-Residency programme says the same: banks ask for a strong connection to Estonia, and e-Residency does not guarantee an account.

The alternative: a licensed e-money institution

An electronic money institution (EMI) is a payment company licensed and supervised under EU law. Several EMIs open business accounts fully online, with an individual IBAN in the company’s name for sending and receiving SEPA transfers. Your clients pay the company, not you personally.

Account terms, fees and accepted business types differ between providers and change over time, so compare them for your business model before you apply. Many companies start with an EMI account and add a traditional bank later.

What the provider checks

The onboarding is usually done online in three stages:

Timing depends on the provider and on how complete the file is. Paysera, for example, reviews company documents within 10 business days.

How we help

The MAXCORP banking advisory team helps you choose a bank or payment provider that accepts your business model, prepares the company documents and the business description the provider asks for, and supports you through the questions that follow. For regulated or crypto-related businesses, where accounts are harder to get, we plan the banking together with the licence. See banking advisory.