Financial licenses in Estonia
The legislation of the Estonian Republic provides the possibility for entrepreneurs to offer various financial and investment services to their clients and offer support services based on the state licence of the financing institution.
According to the Estonian Commercial Code, Estonian companies are entitled to carry out any financial activity not prohibited by law.
The Estonian State controls the activities of financial companies in two ways:
There is no single law on licensing financial companies in Estonia, so there is no unified procedure for obtaining activity licences or registering activity notifications.
Each ministry or agency that controls a particular type of company’s activity determines its procedure and procedure for obtaining a licence.
Applying for a licence or notifying on activity is required after the company’s registration and before the commencement of activities in the area where licensing is required.
Obtaining a license
Filing an application and obtaining a financial licence is a consistent procedure established by law, requiring strict compliance with specific formal and material requirements arising from the relevant legal acts.
Company in Estonia OÜ can provide full legal support for obtaining a financial licence in Estonia and advise on all requirements established by law for the applicant company. Our lawyers will prepare and submit to the regulator an application with all supporting documentation necessary for the successful completion of the licensing procedure.
It should be considered that in the case of financial activities, obtaining a license is mandatory regardless of where the Estonian company operates. The necessary financial permit must be obtained in the country of registration in order to avoid possible complications and fines from the regulator in the future.
Consideration of an application
An application to obtain a financial licence is considered by the regulator from 60 to 180 days from submitting all necessary documents. An initial response to accept your application will be received no later than three working days after its submission. Your company (contact person) will be notified of the license issue by e-mail specified in the application. A financial licence in Estonia is issued electronically and is valid indefinitely (unless a request for a license for a fixed period has been submitted).
Modification of a license term
If the circumstances under which the financial licence was issued have changed, the regulator must be notified at least 30 days before the planned changes. If the change concerns the board, the proxy, the actual beneficiary or the owner of the company, a statement of no applicable penalty should be attached to the notification (certificate of absence of a criminal record from the country of residence not older than three months certified by a notary, with apostille or legalisation), if the person concerned is a citizen of a foreign State, the personal data of the new participant in the financial company (documents confirming conformity with the positions held — education, work experience, specialisation courses, financial knowledge) and a certified copy of the identity document.
Company in Estonia OÜ can assist in obtaining the following financial licences:
