Non-resident banking is very popular as it is a simple and accessible way of risk diversification and taking advantage of excellent banking services outside your home country. At the same time, the requirements are becoming more and more stringent, and we cannot say that opening a bank account for a company (especially for an offshore company) abroad is an easy procedure. However, the good news is that it is possible, and we recommend Serbia as a great financial destination where you can get a full range of European-quality banking services at much lower prices.
You are welcome to explore our portal and read a more detailed article on non-resident corporate banking in Serbia, as well as a lot of other articles that describe different aspects of doing business, living, and using accounts in this beautiful country. You can also get in touch with our expert to discuss your needs and make sure that Serbia is a suitable country for your banking needs – we do not charge anything for this kind of advice! And if you need our assistance with account opening in Serbia, you can order the service at a moderate fee, and we will help you on-site (you will have to visit the country and our representative will accompany you to the bank) or online (if you provide a power of attorney to us).
Serbian Banking for Non-Residents
There are not so many banks in Serbia that are ready to open corporate accounts for non-residents, but we will offer you some of these. Keep in mind, though, that you will have to fulfill certain conditions and not be subject to the existing limitations.
You will be turned down in 99% of cases if you have a company in Iran or North Korea or you reside in these countries.
Serbian banks also refuse to cooperate with companies based in monitored jurisdictions, like those on the FATF list of high-risk destinations (Pakistan, Bahamas, Ghana, Syria, Yemen, Botswana, and others).
If you need a crypto-friendly bank, you’d better tell us in advance as not all Serbian banks are prepared to work with crypto projects.
The main currencies proposed by banks are USD, EUR, RSD, and CHF.
You will have online access to your account via a secure and convenient Internet platform.
The minimum deposit required by the bank may vary from 0 to 100,000 US dollars, and that’s where we will select the bank in accordance with your preferences. The requirements for the minimum balance also vary greatly, so options will be offered on a case-by-case basis.
If you need cards, you should know that not all Serbian banks issue them. Those that do may work with dinars only or with the international Visa card system.
If your company has been turned down by other banks many times, issues may arise when you apply for a Serbian account as well. It does not mean a definite no-no, but you’d better be prepared for it.
Peculiarity of Serbian banks
There is one thing that should be taken into account when you work with Serbian banks: they want to know that you are a reliable customer, so they will closely monitor the first transactions you make. These are very sensitive, and the bank may ask questions about them.
During the first month, you have to be in touch with the bank if the employees try to reach you and get some clarifications. It is very important to provide the answer within 24 hours, or the transaction will be frozen.
We understand that this point is not very convenient for busy customers, so we have a way out: you should specify our office in Belgrade as the second point of contact. If the bank needs to get answers to any questions but its employees cannot get in touch with you, they will reach us and get all the information they need. This service is free for the first few transactions (which prove to be the most critical ones). If you decide to extend it, you will have to pay a small fee.
Documents
You will need to collect and submit the following package of documents to open a non-resident corporate account in Serbia:
- Certificate of Good Standing
- Apostilled extract from the Register (no older than 3 months, an original and a certified translation)
- Articles of Association and other official company documents (translated into the Serbian language)
- Certificate of Incumbency (no older than 3 months, an original and a certified translation)
- Description of the company’s business activities
- A notarized and apostilled power of attorney (if the account is opened online)
- Passport copies of the controlling persons (directors, managers, etc.) and beneficiaries
The bank may also request a letter that describes your company’s structure bearing the signature of the director/authorized person. You will also have to submit sample signatures and completed forms signed by the official mentioned in the power of attorney.
Tip 1. The requirements of Serbian banks for non-resident clients are becoming more and more stringent. You will need to meticulously fill out all the documents to minimize the risk of errors to be accepted. One tip we can give is to use our pre-approval service: it does not cost much, but it saves time. You simply have to complete a bank form, and we will submit it to the bank. If the reply is positive, it means that the bank will most probably open an account for you, so you can start collecting the full package of documents. Otherwise, you apply to another bank.
Tip 2. The list of services offered to residents is more extensive than the one offered to non-residents. We strongly recommend that you receive a Serbian residence permit to enjoy the full range of services (you can easily get one if you set up a local company or invest in Serbian real estate).
Conclusion
Please follow the above link to find out more about the corporate account setup in Serbia (namely, the cost and procedure). Get in touch with our expert to talk about the prospects of account opening – it is free! And if you decide that a Serbian account is exactly what you need, we will be happy to open it for you online or on-site. We wish you luck in your business endeavors!
