Estonia Credit Institutions License

Companies registered in Estonia must obtain a license to carry out credit activities. This is an authorization document that is issued based on a petition, provided a filing of the full package of documents and their compliance with the requirements of the state regulator.

Most often these are firms that exist in the form of a limited liability partnership or a joint-stock company. The company is registered at the initial stage. Joint-Stock Companies are created by at least 4 individuals, 3 of which are members of the company’s board of directors, and 1 becomes a member of the management board. It is necessary to have at least one founder – an individual or a legal entity.

To obtain a license for a small credit institution, companies must meet the following requirements:

  • to form authorized capital – 50 000 euros;
  • to hire qualified staff who can provide advice, formalize loan agreements;
  • to develop internal control rules;
  • to organize an audit of annual reporting;
  • to submit a report to the Financial Inspectorate.

Preparation of the Petition

When preparing a petition for a small credit institution license, it is necessary to collect the following documents:

  • the charter – a copy shall be sent;
  • a business plan;
  • a document evidencing the payment of capital (equity, share);
  • a starting balance sheet;
  • a description of planned activities;
  • an information on the company’s management, members of the board of directors (full name, contacts, work experience, education);
  • a list of services provided;
  • a company structure;
  • instructions on the organization of internal control, accounting;
  • information on persons with a significant share of participation;
  • an information about the auditors.

If the joint-stock company or its manager has a 20% or more interest in other companies, it is necessary to add data on such companies to the above list. The authorized bodies also request a confirmation that the company’s employees have a specialized education, sufficient knowledge and experience of work in credit institutions.

Cooperation with “Prifinance”

We provide a full range of services when registering a license for a small credit institution – from preliminary consultations to representation in all instances and delivery of permits. The scope of our work includes:

  • a collection of documentation for the company registration – as a rule, it is a joint-stock company, for the opening of which you will need an application for registration, charter, shareholders’ decision;
  • a preparation of powers of attorney for work on behalf of the customer and in his interests, a representation in authorized bodies;
  • a registration of JSC – can be carried out remotely or directly at a notary (in the second case, an employee of “Prifinance” accompanies the customer);
  • an opening of a bank account;
  • an opening of accounts for shareholders (including in securities);
  • a choosing and employment of an auditor;
  • a collection of documents for filing an application for a license;
  • a payment of state duty for registration of a joint-stock company and filing a license application;
  • a representation in state structures.

In addition, employees of “Prifinance” help to develop a business plan, to translate documentation into the language of the chosen jurisdiction. We perfectly master the knowledge of the legislation and all the nuances in the licenses execution. For customers, this means an elimination of the risk of errors and violations of the requirements of the state regulator.

We shall minimize the risk of refusal in a license issue, save your time and personally hand over the permissive documentation necessary to start working in the legal field of the chosen country.

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