Business

Startup Package for new business

 
Stage 1

1. Electronically via company registration portal
2. Acquisition of an incorporated company
3. According to the instructions given on this page
Stage 2

Enter company registration portal using for authorisation your ID card, Mobile ID or Internet Bank.

Portal guide
ID card guide
Stage 3

Choose from the menu “Registration of an enterprise and changing its data” >> “Registration of a new enterprise” and fill in the required forms. From the same environment you can also initiate opening a Startup account in bank.
 
Stage 4

Make a contribution to the share capital to the Startup account that has just been opened. To make a contribution, the company need not have a Startup account; the contribution is transferred to the deposit account of the register via the bank link
 
Stage 5

SEB automatically notifies the registrar of the accrual of share capital to the Startup account. Confirmation about the receipt of an application for a review is sent to your e-mail address.
 
Stage 6

You will receive confirmation about making or not making an entry to your e-mail address entered in the telecommunications page.
 
Stage 7

In case of a positive answer, come to an SEB office to open a current account.
 
Stage 8

File an application in the company registration portal for transfer of share capital to the current account of the company.
 
Stage 9

Company registration portal >>
Business Client Startup Package
 

The special prices of the start-up package are valid for one year after you initially open your current account.

  Ordinary price Special price for business client start-up package
Monthly fee of Visa Business debit card 0,96 euros free of charge
SMS alerts 0,19 euros free of charge
Internal bank transfer in the Internet Bank 0,16 euros free of charge
Domestic transfer in the Internet Bank 0,38 euros free of charge
International EU payment in the Internet Bank 0,38 euros free of charge
Monthly fee of payment terminal with Internet connection 5 euros free of charge
Formalisation and monthly fee of the individuals’ Super+ Plan for board members 2,24 euros free of charge

Start-up loan – you can use the start-up loan in the amount of 64,000 euros based on KredEx guarantees and sureties of the owners of companies in order to launch a business and acquire additional capital.

Offers from partners – in addition to discounts on banking services you can use the following offers of SEB’s partners, which are valid for you for one year after submitting the discount flyer to the service provider. The discount flyers will be given to you with the start-up package at an SEB branch.
  • iPlanner – a tool for writing a business plan;
  • Free accounting software HansaRaama;
  • Free sales management software solution from Pipedrive;
  • Discounts on calling rates, phones and the mobile Internet from Tele2;
  • Company website from Edicy for half the price.

Advantages

  • Formalisation free of charge.
  • By using the discounts of the start-up package, you can keep your expenses under control.
  • If you need financing, you will receive free consultation from the client executives of SEB about loans as well as leasing.
  • The professional assistance and advice of SEB’s specialists will help you find solutions for satisfying the different needs of your company.
  • Several discounts on banking services for board members.
  • You can use the special offers of the partners of the business client start-up package.

The following documents are required for acquiring a start-up package:

  • a printout of the central database of registration departments of county courts about the registry card of the respective register;
  • an identification document of the company’s representative: passport, ID card or drivers licence.

For applying for a start-up loan:
  • loan application;
  • a business plan or description of how the loan will be used with financial projections included;
  • in the event of an operating company, an annual report for the financial year ended and the most recent interim report for the current financial year that cannot be older than 120 days.

The business client start-up package contract can be entered into at the nearest SEB branch.
iPlanner
 

iPlanner guides the user through the different phases of drawing up a business plan and makes the more complicated calculations required for analysis. iPlanner helps you see a bigger picture of where your company is heading, considering the changing forecasts and business conditions.

In order to use the iPlanner application you need to log in to the Business Client Startup Package using your Internet Bank username and fixed password (that you use as a private client).

iPlanner Enter the trial version of iPlanner
Startup account
 

Payments or transfers cannot be made from the Startup account. After registering a company, the Startup account can be converted into a current account of the company. Thereafter it is possible to use the amounts accrued to the Startup account.

To open a Startup account, please submit the following to the bank:
  • in case of several founders a notarised memorandum of association; or
  • in case of a single founder a notarised foundation resolution.
  • 1. Choose the form of enterprice
      • Private limited company (OÜ)
      • Public limited company (AS)
      • Limited partnership (Usaldusühing)
      • Self-employed person (FIE)
      • General partnership (Täisühing)
      • Commercial association (Tulundusühistu)

  • 2. Choose a business name for a company
    • Business name is the name entered in the commercial register under which the undertaking operates. A company may have only one business name. The business name of a company cannot be similar to other business names entered in the commercial register in Estonia.

      The business name of a self-employed person cannot be similar to the business names entered in the commercial register in the service area of the same registrar.

      The name of a non-profit association and a foundation cannot be similar to the names of other non-profit associations and foundations entered in the register in Estonia.

      Trademarks

      The name cannot include a designation that consists of words, characters or numbers that are protected in Estonia as a trademark or their combination without the notarised approval of the holder of the trademark, except in cases when the undertaking operates in the fields of activity for which the trademark is not protected.

      The name enquiry of the online information system of the commercial register enables the availability of the requested (business) name and trademarks in it to be independently checked. You are able to check for similar business names. The final decision on whether the requested name clearly differs from other names entered in the register before or may be confusingly similar to some of them is made by the assistant judge processing the articles of association and not by the Centre of Registers and Information Systems.

      The law does not state the rules for clear differentiation. In some cases one letter may be sufficient (pill and lill), while in other cases even three letters are not enough (Fotoluks and Photolux). To reach the right result, take into account the following:
      • in searching, do not separate capital letters from small letters;
      • search for the word both in the plural and the singular (lill and lilled), both in the nominative case and the genitive case (lille and lillede);
      • search for separate and compound words (pajulill and paju lill);
      • in case of similar sounding names, search for words that look different;
      • search by parts of the name.

      In case the search shows that the name in question contains a trademark, you should visit the website of the Patent Office at www.epa.ee for more specific information in order to find out in which area the trademark is protected.

      Since the result of a name enquiry depends on the skills of the person who does the search, be attentive and patient when searching.

      Source: https://ettevotjaportaal.rik.ee/help/help_eng.html

      Additional information:
  • 3. Prepare foundation documents
      • articles of association
      • memorandum of association / foundation resolution
      • contracts with members of the management board;
      • notification letter for the Labour Inspectorate

      Document samples are available here
      In preparing foundation documents you can also turn to a notary public for assistance.
  • 4. Optain required operating premits and licenses
  • 5. Open a Startup account in bank
    • Startup account is a current account of the company opened by the founder and used to transfer the monetary contributions to the share capital.
  • 6. Make the contributions
    • Opening a Startup account in bank, payment for shares, payment of state duty.
      • To open a Startup account (cost – according to the price list of the bank), the founders present to the bank a notarised memorandum of association (or, in case of one founder, a foundation resolution) and identity documents of the founders.
      • The founders transfer monetary contributions according to their holding to the Startup account.
      • The founders must pay for shares in full before they file an application for entry in the commercial register, unless the memorandum of association prescribes an earlier date.
      • The management board must file an application for entry in the commercial register within six months of signing the memorandum of association.
      • The funds transferred to the Startup account become available for the company after the receipt of a registration resolution from the commercial register (conversion of the Startup account in a regular account).

      Source: Aktiva.ee
  • 7. Pay state duties
      • The state fee for entering into the commercial register is 0.2% of share capital, but not less than 3,000 kroons and not more than 20,000 kroons
      • The notary fee for attesting the memorandum of association and the articles of association is 330 kroons. If there is more than one founder (attestation of the memorandum of association), the notary fee is 660 kroons.
      • Attesting the signatures on the application and signature sample sheet is 10 kroons each
      • An attested copy of a registry card of the commercial register costs 25 kroons
      • Attested copies of other documents (articles of association) from the commercial register cost 15 kroons.

      Source: Aktiva.ee
  • 8. Registration in commercial register
    • For registration, the following documents must be submitted to the commercial register: application for registration, memorandum of association along with articles of association, list of members of the management board, numbers of telecommunications of the company, statement of the bank on making a monetary contribution, operating license (if the activity specified in the articles of association of the company is included in the list of areas of activity subject to licensing), receipt on payment of state duty.

      The application can be submitted in the local department of the commercial register (Tallinn, Tartu, Pärnu, Lääne-Virumaa) or at a notary public who also provides legal counselling.

      The notary public checks and approves the information you have supplied and forwards them to the commercial register.

      Additional information: company registration portal
  • 9. Open a current account
    • After the Startup account is converted to a current account, the funds transferred there become available for transactions.
Financing
 

Companies that are just starting in business often have no strong collateral or using it as security for a loan is too expensive both in terms of money and time. We accept the surety of KredEx and the company’s owners as collateral for the loan.
Read more about Startup loan

Read more about grants of Enterprise Estonia for starting business
Read more about grants of Estonian Unemployment Insurance Fund for starting business
 
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Prior to the conclusion of each financial service agreement, we advise you to examine thoroughly the service conditions and if necessary, consult a bank officer.