Package A — Estonian non-bank financial institution for guarantee and surety transactions (FIU authorisation)

Who it is for

Businesses that issue commercial guarantees and sureties and need a non-bank financial institution structure in the EU.

Price

All prices are in euros and exclude VAT. VAT is added where it applies under the Estonian Value Added Tax Act.

What the price includes

• Package A: a new Estonian private limited company (OÜ) owned by the client and the complete documentation for an application to the Estonian Financial Intelligence Unit (FIU) for authorisation to operate as a financial institution providing guarantee and surety transactions (performance bonds, advance payment guarantees, financial guarantees and other permitted commercial guarantee and surety transactions) to legal entities.
• Incorporation documents, articles of association and appointment documents; coordination of incorporation before an Estonian notary under a power of attorney and of the Commercial Register filings; beneficial ownership documentation
• FIU authorisation application and supporting documents, business plan and description of activities
• AML/CTF enterprise-wide risk assessment and internal procedures; KYC, beneficial owner verification, PEP screening and enhanced due diligence; international sanctions compliance policies
• Internal control procedures and allocation of responsibilities; FIU contact person, AML, KYC and sanctions compliance officer job descriptions; suspicious transaction reporting and escalation
• Guarantee issuance and approval, risk assessment, exposure limits and collateral management, liquidity and guarantee obligation management, claims examination and payment procedures
• Performance Bond, Advance Payment Guarantee and Financial Guarantee agreement templates
• Internal accounting policies, record retention and data protection, employee AML/KYC training, business continuity and operational risk procedures
• Compilation of the application dossier, submission coordination and communication with the FIU, including ordinary clarifications and amendments during the procedure

Not included in the price

• The FIU state fee for the application
• Office rental, recruitment and ongoing remuneration of the FIU contact person
• Notarisation, apostille, legalisation, translations and courier at actual cost
• Independent lawyers, auditors and regulatory specialists; personnel, capital, collateral and IT

State and notary fees

State fees and the fees of the supervisory authority are not included in the price; you pay them yourself.

• The FIU state fee for the application

Requirements

An Estonian FIU authorisation is not a banking licence and does not automatically grant direct SWIFT access or guarantee acceptance of instruments by other financial institutions. The competent supervisory authority decides on the authorisation; LexorCorp performs the agreed documentation and application coordination services but cannot guarantee that the authority will grant it. The first complete version of the regulatory documentation is prepared within one week after we receive all required source information; the official licensing procedure is separate from this and its time is set by the supervisory authority. The FIU decides within 60 days after receiving all required documents and data and may extend the period to 120 days (Money Laundering and Terrorist Financing Prevention Act § 71 (1)). Ordered and paid on this page: 50% of our professional fee when you order, the other 50% after the first complete version of the documentation is ready and before the final package is delivered. The FIU contact person must work permanently in Estonia; the client appoints the shareholders, management board members and responsible professionals.

Before we start

• An Estonian FIU authorisation is not a banking licence and does not automatically grant direct SWIFT access or guarantee acceptance of instruments by other financial institutions. The competent supervisory authority decides on the authorisation; LexorCorp performs the agreed documentation and application coordination services but cannot guarantee that the authority will grant it. The first complete version of the regulatory documentation is prepared within one week after we receive all required source information; the official licensing procedure is separate from this and its time is set by the supervisory authority. The FIU decides within 60 days after receiving all required documents and data and may extend the period to 120 days (Money Laundering and Terrorist Financing Prevention Act § 71 (1)). Ordered and paid on this page: 50% of our professional fee when you order, the other 50% after the first complete version of the documentation is ready and before the final package is delivered. The FIU contact person must work permanently in Estonia; the client appoints the shareholders, management board members and responsible professionals.

Documents and information we need from you

• Provide the source information and evidence (owners, managers, responsible professionals, activities, volumes, capital and collateral), appoint the people and sign.

Process

1. You: Provide the source information and evidence (owners, managers, responsible professionals, activities, volumes, capital and collateral), appoint the people and sign.
2. LexorCorp: Form the company, prepare the complete regulatory documentation and coordinate the application with the FIU.
3. Authority: Rahapesu Andmebüroo (Financial Intelligence Unit) decides.

How long it takes

The first complete version of the documentation is ready within one week after we receive all required source information. The official licensing procedure is separate and its time is set by the supervisory authority: the FIU decides within 60 days after receiving all required documents and data and may extend the period to 120 days (Money Laundering and Terrorist Financing Prevention Act § 71 (1)).

Law and requirements

• Money Laundering and Terrorist Financing Prevention Act
• Credit Institutions Act § 6 (1) 6) (guarantee and surety transactions as a financial service)
• State Fees Act § 269 (1) 2)

General information about our service, not legal advice.

Questions and answers

Related services and add-ons

• Office rental outside Tallinn — from €450 / month
• Recruitment of an Estonia-based FIU contact person — €700

Part of

• Licensed and regulated companies — from €3,500

Order: Package A · €17,500 See it in the price list