The activity of an investment firm is regulated by the:
Operating licences for creditors and credit intermediaries are issued and can be withdrawn by Finantsinspektsioon (EFSA).
A creditor is an institution that provides credit to private persons, offers paid deferral, leasing or other assistance in financing, including concluding credit agreements and performing the necessary actions in its own name and on its account.
A credit intermediary is an entity that can be in charge of:
The licensing process is the same for both the licenses in question. The same legal entity cannot apply for both licences.
We recommend the company’s structure summarized below:
The BO(s) can establish the company via a POA, without travelling to Estonia. The BO(s) don’t have to travel to Estonia.
Estonian creditors and credit intermediaries have the right to provide cross-border services.
The legal fees involved in the application for creditors and credit intermediaries license can be assessed on a case-by-case basis and depend on the scope of work, and start from EUR 29.000.