Estonia Corporate Banking — LHV, SEB & Swedbank for OÜ

The three main banks for OÜ accounts are LHV, SEB and Swedbank. LHV is the most crypto- and fintech-friendly, so technology companies and digital-asset businesses gravitate to it; SEB and Swedbank sit closer to traditional sectors. All three run full KYC and beneficial-ownership checks. Onboarding takes about 2 weeks from document submission.

LHV asks for certified documents on every director and ultimate beneficial owner, a business plan setting out revenue sources and transaction volumes, proof of real economic activity in Estonia, and 1–2 years of financial history for an existing business. For crypto OÜs it also checks MiCA CASP authorisation status — or a legacy VASP registration during the transition — or the justification for an exemption. The review takes 10–15 business days.

Remote onboarding is available at LHV for e-residents who authenticate digitally. SEB and Swedbank usually require an in-person visit to Tallinn for non-resident directors, though video KYC sometimes works. When the bank wants an in-person introduction, we arrange it through our Estonian practice. That noticeably lowers the risk of rejection over thin substance documentation.

The most common reasons for rejection: thin business substance (no Estonian clients, address or staff), an unclear source of funds or revenue model, crypto (CASP) activity without a MiCA authorisation, politically exposed persons (PEPs) among the beneficial owners, and high-risk jurisdictions in the ownership chain. Rejection also waits where the stated purpose diverges from actual transactions. INNOVA runs a client against these criteria before submission.

Yes. Licensed EMIs — Wise Business, Revolut Business, Genome — operate under Estonian or EU-wide licences and provide a EUR IBAN without physical presence. Fine for transaction banking; they won't replace credit facilities or regulated activity. For regulated fintech OÜs, we build a multi-bank strategy — complementary EU accounts.