How to Open an LHV Business Account After Registering Your Company with eFinance

Opening a business account is an essential first step for any company. In this article, we will focus on LHV, one of Estonia’s leading traditional banks, which also offers account opening services for Estonian companies owned and managed by non-residents. We’ll explore the specific requirements, any limitations to account opening, and provide details on how to navigate the registration process, outlining the key information you’ll need to successfully open your business account with LHV.

Step 1: Register Your Company

You can begin the process of opening a business account for your company once it is established and the relevant details are published in the Estonian Commercial Register. If you haven’t yet registered your company, the most convenient and fastest way to complete the registration is to download the PILV by eFinance mobile app from the App Store or Google Play.

Step 2: Prove a Clear Connection to Estonia

For non-residents, LHV requires proof of a clear business connection to Estonia. Having an e-residency status alone is not enough to qualify for opening a bank account at LHV. You will need to submit additional documentation that demonstrates your company’s ties to the country, such as:

• An overview of your company's activities and clients.

• A detailed business plan, if applicable.

If your company is location-independent but registered in Estonia, you must still demonstrate why an account with LHV is necessary for your business operations. This requirement ensures that LHV accounts are used only by companies with legitimate ties to the country.

It’s important to note that LHV does not open accounts for companies registered in offshore locations or those with ownership structures that involve offshore entities.

Step 3: Provide Business Information and Submit Your Application

When applying for an LHV business account, you will need to gather and submit detailed information about your business. This includes:

• Business Name: The official name of your company.

• Registered Address: Your company's legal address, which must be in Estonia.

• Type of Business: Specify the legal form of your business (e.g., private limited company, sole trader).

• Industry Sector: Select the industry your business operates in.

• Company Registration Number: Enter the unique number provided during your company’s registration.

• Details of Beneficial Owners: Provide information about the owners and ultimate beneficiaries of the company.

For non-resident companies, you will also need to provide additional documents:

• A copy of the passport for all board members and any beneficial owners who hold over 25% ownership.

• A detailed overview of the ownership structure.

• An account statement for the past 12 months.

Once you have gathered the necessary information and documents, you can submit your application online by visiting the LHV Business Client webpage and selecting "Become a Client." These documents will help LHV assess the legitimacy and structure of your business to ensure it meets their regulatory requirements.

Step 4: Verify Your Identity

LHV requires both identity and business verification as part of the account-opening process:

• Identity Verification: You must provide a valid form of identification, such as a passport. Non-resident clients cannot be digitally identified and will need to visit an LHV office for face-to-face verification.

• Business Verification: LHV may request additional documents, such as a Certificate of Incorporation or a detailed business activity overview, if further verification is necessary.

Note: If you have already completed identity verification at LHV previously, you may not need to visit the office again. Instead, you can sign the client agreement digitally using your e-resident digital ID.

Step 5: Await Application Review and Approval

After submitting your application, LHV will review the provided information. The review process typically takes 5 to 10 business days, though it may take longer if additional verification is required. LHV will notify you via email once your application is approved, or if further documentation is needed.

Step 6: Set Up Your Business Account

Once your application is approved, you can set up and manage your business account through LHV’s online banking system. The setup process includes:

• Logging In to Internet Banking: You can access your account through LHV’s secure internet banking portal.

• Adding Initial Funds: Transfer funds into your business account from another bank.

• Ordering Bank Cards: You can order payment cards for yourself and authorized team members. LHV offers cards that support contactless payments and Apple Pay.

• Setting Up Additional Users: If necessary, you can grant access to your business partners or employees by setting them up as users in the internet banking system, with specific roles and permissions.

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LHV Pricing for Non-Resident Business Accounts

LHV offers competitive and transparent pricing for its business banking services. Below is a summary of the fees relevant to non-resident business clients:

• Account Opening Fee:

  • €300 for companies registered in Estonia with non-resident owners, or for companies registered in the EU and Norway (excluding Cyprus, Luxembourg, Malta, and the UK).

  • €600 for companies registered outside these regions.

  
  

• Monthly Account Management Fee:

  • €30 per month for companies registered in Estonia or the EU.

  • €60 per month for companies registered outside of the EU.

• Bank Card Monthly Fee: €2 per month per card.

• SEPA Payments: Free of charge for all companies within the SEPA region.

Please note that the account opening fee is non-refundable once the application has been submitted, even if LHV decides not to proceed with opening the account.

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Additional Features for LHV Business Clients

LHV offers a range of features designed to optimize your business banking experience:

• Instant Payments: SEPA instant payments are free and processed in seconds, available 24/7.

• Contactless and Apple Pay Cards: LHV bank cards support contactless payments and integration with Apple Pay, with free delivery within Estonia.

• Secure Online Access: You can access your account using an ID card, e-resident digital ID, Mobile-ID, or Smart-ID. Alternatively, you can purchase a PIN calculator for €50 to enable access to the internet bank and mobile app.

• Business Loans and Credit: LHV offers various financing options, including business loans and credit lines tailored to your company's needs.

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Conclusion

Opening a business account with LHV as a non-resident provides access to a highly reliable and comprehensive banking partner in Estonia. Whether you’re a digital entrepreneur using e-Residency or an international company with legitimate ties to Estonia, LHV delivers transparent pricing, robust online banking tools, and excellent support for non-resident clients.

To begin the process of opening your business account, visit the LHV Business Client webpage today. For additional assistance, LHV’s customer service team is available to guide you through every step of the application process.