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Coop Pank started cooperation with the e-residency program

Every year e-residents establish almost 20% of all new Estonian companies and about 30% of all new Estonian start-ups. Coop Pank has joined the e-Residency Marketplace online platform, through which e-resident entrepreneurs can access the international banking services offered by a local Estonian bank.

The new e-Residency Marketplace platform offers the opportunity to choose reliable and trusted partners from among Estonian companies to over 86,000 Estonian e-residents around the world. “Today e-residents have already established more than 18,000 companies in Estonia with a combined turnover of over 5 billion euros. In addition to direct income, these companies annually bring the Estonian state indirect economic benefits of millions of euros by consuming various services offered by Estonian businesses,” said Raimo Matvere, Head of partnership relations for e-residency.

He added that it is banking and financial services that are most in demand on the e-Residency Marketplace. “Therefore, the joining of Coop Pank, an Estonian financial services provider, to our platform is very encouraging. The partnership with Coop Pank is also an important indicator that the Estonian banking sector is ambitious, innovative and open to providing services to e-residents,” Matvere said.

Head of daily business customers banking at Coop Pank Erje Mettas, said that by using the e-Residency Marketplace they primarily want to reach e-residents who have really strong ties with Estonia: “We expect our services to be used by companies, at least half of which employees are located in Estonia or at least half of which banking operations are related to Estonia. Thus, we support the development and growth of the Estonian economy, help to attract foreign investments and create new jobs.”

According to Mettas, the business environment in Estonia is considered one of the best in the world, as it offers an easy to understand and business-friendly tax system, freedom of entrepreneurship, little bureaucracy, and transparent procedures. Coop Pank joined the program to provide e-residents with fast and flexible banking services. “Clients favour us for our excellent deposit interest rates and flexible individual approach,” added Mettas.

Services offered by Coop Pank to e-residents:

  • International payments
  • SEPA payments
  • Share capital contribution payments (and proof letter)
  • IBAN
  • BIC/Swift
  • Business banking account opening: 200–500 EUR
  • Business banking account monthly fee: 20–100 EUR
  • Debit and credit cards
  • Accepting payments via Banklink
  • Personal company account manager

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