It’s entirely possible to run an Estonian company/online business without owning a business bank account. I don’t recommend it, but it’s doable – in fact, very easily so.
If you are just starting out, you want to waste no time making money and accepting payments.
For such a situation – and particularly if your income isn’t more than $5,000 per month – the no bank account option is suited best.
Here’s How It Works
Start with a payment processor of your choice. There are many PayPal alternatives available. Stripe would be one example – and it is available in Estonia.
Stripe allows you to accept payments for products and services you sell online. (Here’s how to setup Stripe for your Estonian company.)
You keep the funds there until you need them for your business or have a business bank account.
Many other payment processors work in a similar way (Simply refer to the payment processor comparison here.)
The only services that don’t work that way are the ones who make a micro deposit and then pull back the deposit as a verification method (typically the case with PayPal).
Again, there are many PayPal alternatives to choose from.
I thought I need a bank account for my Estonian company?
Technically, you do. You see, you need to pay the share capital for your company. It has to come from your personal bank account and go into your business bank account.
However, you can delay that payment and as such, technically, a bank account isn’t required (right away).
Isn’t TransferWise/Revolut a real bank account?
They are referred to as electronic money accounts. Some offer features similar to a bank account, but no, they are not actual bank accounts.
Which payment processor is best for me?
Depends on your business model and customers. I talk about this more in-depth in my Estonian Company STARTERKIT. Watch the first video right away, simply head over to FORGEMASTERY.COM/MM