How to Open a Corporate Bank Account in Serbia

It is possible to open a corporate bank account for a foreign company in Serbia. It does not matter if your company is registered in Europe or in a different part of the world. All foreign companies are welcome to set up bank accounts in Serbia (with some reservations for offshore-registered companies – see below). Besides, setting a non-resident corporate bank account takes much less time and effort in comparison to many other European countries.

Foreign corporate clients do appreciate the high speed of bank account opening in Serbia. Belgrade and other Serbian cities are becoming really famous for that in Europe. Foreign citizens are welcome to apply for services to several banks including the following ones:

• Direktna Bank;
• UniCredit;
• Banca Intesa;
• Raiffeisen;
• And other banks.

Setting up a corporate bank account in Serbia is normally going to cost you a bit more than a thousand euros even though different banks charge different account opening fees. The account can be opened within 2 to 3 weeks, which is very fast by European standards.

Serbia is a European country that offers several important advantages that are uncharacteristic of many other European states. Moreover, Serbia’s prospects look amazing indeed as the country continues to develop at a fast pace.

Advantages of opening a corporate bank account in Serbia

Serbia is a former Yugoslavian Republic and currently a small independent country in Southeastern Europe with a population of 8.78 million people. It is not part of the European Union yet but it is planning to join the organization in 2025. Neither is Serbia part of the Eurozone and it uses its own national currency – the Serbian dinar (RSD). You don’t have to open a dinar account in a Serbian bank: dollar and euro accounts are also readily available. You can set up a bank account in some other national currencies too in Serbia.

The banks that we have listed above are not the only banks to be found in Serbia. Many of them offer the following unique advantages:

• Simplicity of opening a non-resident bank account in Serbia;
• High interest rates on dinar deposits;
• Client support in the English language.

Serbians are a Slavic people and Slavic people are well-known for their openness and cordiality. Bankers in Hong Kong or the UAE may be highly professional but they are certainly not as amicable as Serbian bankers are. Please visit Serbia Wealth website to learn more about the Serbian national character and the business opportunities available in the country.

Seven reasons to open a corporate bank account in Serbia

The Republic of Serbia has great prospects as it constantly improves its economy. At the same time, it already has some strong sides that are attractive for international entrepreneurs. The central benefits include the following ones:

• Serbia does not automatically exchange its residents’ fiscal information with other countries;
• Serbia is not found on any black lists;
• Serbia welcomes foreign nationals;
• Serbia welcomes foreign corporate entities;
• Serbia is a wonderful platform for international business operations;
• A bank account in Serbia can be opened remotely;
• The banking service fees are comparatively low.

Serbian banks charge considerably less for their services if you compare them to Austrian or Swiss banks. Needless to say, the tariffs can be different depending on the particular bank, but the table below will give you a general idea of how much it is going to cost to bank in Serbia (we are talking about having a corporate bank account there).

Opening a corporate bank account in Serbia is a solvable task but to find the best solution you need professional advice. Please do not hesitate to seek professional assistance if you would like to open a Serbian bank account.

You can also open a bank account in Serbia remotely but you have to realize that your choice of banks is going to be considerably narrower in this case.

Opening a corporate bank account in Serbia fully online is impossible. Remote account opening involves issuing a Power of Attorney in the name of a trusted agent in Serbia. On the other hand, you don’t have to pay a personal visit to the country to set up a bank account there. You can stay at home and your trusted agent will put all the necessary signatures on all the necessary documents.

Required application documents

You will have to supply the following documents (originals and apostilled copies) when applying for banking services in Serbia:

• Certificate of Good Standing (not older than three months);
• Certificate of Incumbency (not older than three months);
• Share certificate(s);
• Power of Attorney in the name of the account signer;
• Account signer’s passport and a passport copy;
• Account signer’s signature sample, notarized and apostilled;
• A notarized and apostilled copy of the company director’s passport;
• Company director’s signature sample, notarized and apostilled.

In addition to that, you will have to prepare a presentation (in PDF or PowerPoint) that will explain what your company does and how it conducts business operations. It will help a lot if your company has a functional website. Besides, a sample of the company seal is required.

Please note that when issuing a Power of Attorney, you will have to make a copy of it to leave with the bank administration. If you would like to set up a corporate account in Belgrade or elsewhere in Serbia on a personal visit, no Power of Attorney is going to be required.

Can you open a corporate account for an offshore company in Serbia?

Opening a bank account for a company registered in a zero-tax jurisdiction is going to be highly problematic in Serbia. The problem can be solved in two ways, however. If you want to open a bank account for a Canadian or a Scottish Limited Partnership, the task is solvable. The second solution is as follows: registering a branch (a subsidiary) of your offshore company in Serbia is quite possible. If you do that, you can open a bank account for the branch. Thus, your company registered in a zero-tax jurisdiction can acquire a European bank account, which is almost a miracle these days.

Opening a merchant account in Serbia

There are also certain specifics in Serbia as far as opening a merchant account is concerned. A foreign national can open a merchant account in the country after acquiring a local tax ID but it will have to be a dinar account. But then again, dinars are convertible into hard currencies.

Shortly speaking, opening a non-resident corporate bank account in Serbia is simpler than doing so in most other European countries. At the same time, professional assistance in the matter is highly desirable.