E-Residency programme has partnered with the Finnish fintech company Holvi.
Holvi is the first digital banking service built for micro-entrepreneurs, freelancers and the self -employed. Holvi combines everything a modern entrepreneur needs in one simple to use service; from digital business account and Holvi Business Mastercard to paperless bookkeeping and from invoicing and expense management to collecting payments through Holvi’s online store.
Holvi accounts can be opened fully digital, you don’t need to travel to Estonia in order to access business banking anymore. Each Holvi account comes with an individual IBAN number which you can connect to payment service provides like PayPal.
To apply for the Holvi account for e-Residents, you will need to have already obtained the e-Residency digi-ID and registered your company in Estonia.
Does Holvi support USD or other currencies besides EUR?
Holvi currently supports EUR only but have other currencies in the pipeline. No definite rollout schedule yet. Their core platform has been multi-currency ready from the get go.
Are there limitations in which countries you can apply for e-Residency and Holvi account and where do you pay taxes?
Holvi is accepting e-Residents from across the world with a few exceptions. Unfortunately American citizens (FATCA reliable) can’t use their service. They also limit access for FATF high risk countries: http://www.fatf-gafi.org/publications/high-riskandnon-cooperativejurisdictions/
Is the Holvi bank account also available for individuals who obtain the e-residency card, or only for business entities?
Holvi only does business banking which means you need to have a registered company in Estonia. Setting up an Oü (limited company) in Estonia is easy and not very costly. You can set up the company directly as an e-resident, or via e.g. Profia, an Estonian company Holvi works with.
How can I set up my business in Estonia and how much does it cost?
You can set up your business in Estonia for example through Holvis partner Profia. Setting up your company has a one time fee of 660 eur+190 eur and once you have one, you can apply for the business account at Holvi, which will cost 35 eur per month for e-Residents. You can see more info here: https://about.holvi.com/e-residents/
Does Holvi allow businesses that are working with cryptocurrencies like Bitcoin and Ethereum?
Unfortunately Holvi does not support money service businesses for regulatory reasons, and cryptocurrencies are included in these.
Can I plug in Holvi to other payment processing solutions like WooCommerce for example?
Holvi actually comes with a merchant account built-in. With a Holvi account you can sell online and receive payments from your customers with all the major card schemes (Mastercard, Visa, Diners, Discover) and instant online bank payments in Germany, Austria and Finland (Sofort, Giropay and EPS). We also provide an integrated e-commerce platform for online sales. All of this is bundled directly in your Holvi account.
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