Damalion is the leading consulting firm which helps international clients to open their personal bank accounts and business bank accounts in Republic of Serbia.
Recently, the Serbian government has been energetically involved in reforming the country’s economy in general and the financial sector specifically.
Serbia’s close alliance with the World Bank and the IMF has led to the complete restructuring of its banking world and, today it uses the most productive transaction security technologies, has well-educated personnel, and it provides top-quality banking services.
There is something everyone looking for in a bank account, which is an optimal financial solution, the one that will turn out most beneficial for them personally or for their businesses.
Who can open a bank account in Serbia?
The beneficiary of a Serbia bank account can be a natural person, as well as a legal entity, such as a company (local or foreign), a branch, and a representative office. The conditions for opening each vary but they generally follow the same direction.
Advantages of a bank account in Serbia
As more and more foreign investments are streaming into the country, the banking sector’s role is becoming ever more significant.
Recently, the Serbian banking sector has come to be dominated by major global banking brands from Europe and beyond. And this is clearly one of the conditions for Serbia’s banking success.
Below is a list of the benefits you can get with a Serbian bank.
- opening an account is reasonably easily
- you can open an account without a minimum deposit
- there are multiple brands of multinational banks to choose from
- international information exchange isn’t required,
- you can receive a multi-currency credit or debit card (EUR, USD, and RSD)
- there are banks available in Serbia with much lower bank charges than competitors
- compliance in banks is relatively understandable and loyal
- tariffs are set low in comparison with other European countries
- you can find banks in Serbia in which its staffs speak English and most major languages (English, German, Russian, Spanish, Arabic, Chinese, etc)
Conditions for opening and maintaining a Serbian bank account
Non-resident banking is gradually tightening the requirements for customers, and this trend is likely to continue in the future. But at the same time, it is relatively possible to open an account in Serbia as a foreigner. There are just a few conditions that must be met, for instance:
- You (the beneficiary) have to be transparent. A KYC check (Know Your Client) will be conducted.
- You have to be available at all times in case questions arise.
- Your transactions on the account have to be legal, etc.
List of documents required for opening a Serbia business bank account
The requirements for opening a company bank account in Serbia vary and it usually depends on the jurisdiction of business registration, the structure of the company, and the directions of activity conducted in the company.
But generally, you will require the following package of documents:
- The company’s extract from the Register with apostlile (an original and a translation by a legal translator are obliged )
- Certificate of Incumbency (an original and a copy translated into Serbian by a legal translator)
- Certificate of Good Standing
- Notarized and apostilled Power of Attorney for opening a corporate account
- Articles of Association and other authorized company documents
- Illustration of your business activities
- Copies of passports of the beneficiaries or controlling persons such as the directors, managers, etc.
- Power of Attorney if the account is being opened remotely
The banks may demand a letter illustrating the structure of the company signed by the director or the authorized individual. You will also require a certified sample of signatures and filled-out forms for opening a bank account signed by the person identified in the Power of Attorney.
The bank account registration process
The initial step in this process is compiling all the required documents for the bank, and having the application form filled out. If you plan on opening the account remotely, then you should issue a power of attorney to a representative who will handle this issue.
The account registration process involves the following steps:
- Step 1: Pre-approval of the client’s candidacy by a banking institution.
- Step 2: Sending the original documents under apostille to Serbia to the assigned representative (or a client’s visit with documents to Serbia), only if the client’s candidacy is authorized during pre-approval.
- Step 3: Submission of documents to the bank, identification, signing of the bank forms, and conclusion of an agreement for opening the account (if you visit the bank personally, communication with the banker will be conducted in either English or Russian).
- Final step: Receiving everything you require to manage your account. These generally are an agreement with the bank, a corporate card and a local SIM card for accessing client banking.
Note that for foreign companies, the account processing time range from two to four weeks.
A merchant account
You can also open a merchant account with a bank in Serbia. To do this, two conditions must be met:
- You have to get a Serbia Tax ID, and
- the account will be opened in the national currency (Serbian dinars/RSD)
The Serbian banking system provides an extraordinary combination of advantages for opening a business bank account, either made for a company or a natural person.
Serbia is different from most countries concerning the opening of bank accounts for companies and their branches.
If you have decided to open a bank account either for your company or personally in Serbia, let’s go ahead and contact your Damalion expert now.
