Serbia has a stable and universal banking system, and it provides integral banking services to whomever what to open a bank account, eg., natural persons and legal entities.
The Serbian banking sector has been dominated by major international banking brands from all over the world. And this is one of the contributions to Serbia’s banking success.
As a natural person, or a legal entity, such as a company (local or foreign), looking to do business in Serbia, opening a bank account is essential. And luckily for these individuals, Serbian financial institutions have an excellent reputation in the banking sector, which helps account holders in their transactions and activities.
What makes banking in Serbia highly attractive?
In addition to being reputable, Serbia‘s banking sectors provide the following advantages:
- There is something everyone looking for in a bank account, which is an excellent financial solution, this can be found in a Serbia bank account.
- All banks in Serbia offer internet banking services to simplify most financial transactions, for both companies and natural persons.
- Foreign and local entrepreneurs can benefit from a wide range of banking services, tailored to their business needs.
- Bank accounts in Serbia can be opened in foreign currencies, and there is the availability of back-to-back loans through Serbian legal entities
- The Serbian banking sector has a strong foundation, so opening a bank account in Serbia opens your business to plentiful financial opportunities.
- Opening a Serbian bank account is reasonably easy, also you can open an account without a minimum deposit
Additionally, all Serbian banks provide remote banking services to access the accounts opened with them.
Serbian bank account registration process
The process of opening a bank account in Serbia can vary depending on the bank in question, but it generally involves the processes stated below.
First of all, you (the beneficiary) will choose a suitable bank, then compile all the required documents for the bank, and have the application form filled out.
Requirements document for opening a bank account in Serbia
For a personal account
- ID (e.g. your passport)
- a document confirming your residence address
- residence permit administered by another country (this is only needed if you have citizenship of one country and reside in another)
- the bank forms
If you are a foreigner in Serbia, you will have to provide information about your residency in Serbia. The bank will then ask for personal information, such as the source of funds. You will then provide a particular form as part of a bank account application.
Documents required for legal entities
The requirements for opening a company bank account in Serbia vary but generally, you will require the following:
- extract from the register
- certificate of incumbency
- director’s and owner’s passport copy
- certificate of good standing
- illustration of your business activities
- articles of association and other authorized company documents
- power of attorney
Depending on the structure, extra documentation may be requested by the bank.
Standard process for opening a bank account in Serbia
The procedure of opening a Serbia bank account differs depending on the bank, but generally, the main steps are explained below.
- After choosing a suitable bank for you, and compiling all the required documents for the bank.
- You then request for opening and submit the essential documentation
- The bank will approve the client’s candidacy
- The bank’s opening payment will be paid and the bank will activate the account
- Finally, you’ll receive everything you require to manage your account.
Opening a Serbia bank account from abroad
Bank account in Serbia can be opened for non-residents (company or personal).
This bank account in Serbia can be opened via power of attorney, so the presence of the beneficiary (Director for the owner) isn’t required.
If you want to opening the account without being physically present, you should issue a power of attorney to a representative who will handle this issue. Your Damalion expert can offer support in this matter.
Note that non-resident banking is gradually tightening the requirements for customers, so there are a few conditions that will be met. E.g, you (the beneficiary) have to be transparent and your transactions on the account have to be legal. Also, a KYC check might be conducted.
Are you ready to open a Serbian bank account for personal or business use?, let’s go ahead and contact your Damalion expert now.
