Buying a company by Power of Attorney

When using the services of LIIVIKAS, there is no need to travel to Tallinn in order to buy a company as the transaction can be concluded at an Estonian notary’s office with a Power of Attorney.

 

Buying a company by a Power of Attorney costs an extra € 100 in addition to the regular price because it requires additional work and the text of the Power of Attorney must be translated from English into Estonian by a sworn translator.

 

In the case the notary does not authenticate the signature added to the text in English, the buyer must have a sworn translator translate the text into the local language and, after authentication by the notary, the entire Power of Attorney together with the notary’s authentication from the local language into English.

 

We will send the text of the Power of Attorney to the buyer by e-mail. The text of the Power of Attorney is signed by the buyer at a notary’s office of the respective country.

After that the document is apostilled or legalised, depending on the country.

 

Pursuant to law, a document without an apostille or legalisation is not valid and cannot be used in Estonia. Notaries, the commercial register and banks do not accept such documents.

Apostille is not required for documents authenticated by a notary of Russia, Ukraine, Latvia or Lithuania in conformity with a treaty between the respective countries.

 

 

The bank account opening procedure has changed

 

It has not changed for the companies of Estonian residents and an account for such a company can be opened the same day as before.

 

Pursuant to the new procedure, if it is a company which is registered in Estonia but the members of the management board or the owners of that company do not live in Estonia, it is possible to open an initial current account within 10 working days. An actual connection of the company to Estonia is a prerequisite for opening a bank account here.

 

If your company operates exclusively outside Estonia, it cannot open a bank account in Estonia and you have to address a bank of the country where your company mainly operates in order to open a bank account.

 

On banking days from 9 a.m. to 5 p.m., a member of the management board can submit an application for opening an Estonian bank account at any branch. The decision for opening the account will be made within 10 working days. If the decision is positive, the member of the management board can sign a current account agreement and a banking services agreement in the same branch where the application was submitted.

LHV Bank is an exception: if a member of the management board holds an Estonian e-residency card, the board member can use the card for digitally signing the agreement for using the bank account after the bank has made a positive decision. The bank card and the codes will be sent to the address of the company’s registered office by post.