Protect your funds and use them freely – How to park your business in 5 easy steps!
Financial and banking markets of Europe have undergone some drastic changes in the last 10 years. Traditional safe and private banking is practically extinct. Even Switzerland, as a worldwide recognized stronghold of asset protection and traditional banking, changed its view on privacy protection.
In such climate, collapses of banking markets in Latvia, Cyprus and Andorra came as surprise to many. Caught off guard, many clients of small private banks in such jurisdictions, found themselves with their assets lost, accounts frozen or closed and with no possibility to move them anywhere else.
Bank just closed your account. You cannot move or use your own money?
Like many others you are now in search of a banking solution that can offer not only safety of funds and range of modern banking services, but also a solution for worldwide trend of data exchange.
One of most interesting jurisdictions now is Serbia. Still relatively unknown but quite stable country, with long banking tradition and possibilities for business development.
If you decide on Serbia as a new parking lot for your assets, Association Welcome to Serbia will help you settle and develop your business. You can just relax and follow our lead.
Step 1 We choose bank
Serbian banking system has lots of benefits, being that Serbia is on direct crossroad from West Europe to Turkey and far on to the Middle East. Banks could be divided in seven groups Local, EU, Russian, America, Turkish, Dubai and one Chinese bank.
The National Bank of Serbia is founded in 1884 and its main goal is to achieve and maintain price stability and formulates and implements monetary policies. It also manages foreign exchange services and supervises financial institutions and banks in Serbia.
There are 26 banks in currently working in Serbia and majority of them are representatives of the biggest European banks like Unicredit, Intesa, Société Geaneral and Raiffeisen bank.
Serbia is not part of CRS automatic exchange of data so data of clients in Serbian banks will not be shared with other countries.
Step 2 Establish relationship with the bank
Using extensive knowledge on Serbian regulation and banking Welcome to Serbia managed to establish good relations with all Serbian banks.
That means that WTS can help you not only choose a bank that is best suitable for your business but also prepare documentation needed for each of them.
That makes compliance procedure faster and good communication between Serbian bank and foreign clients that WTS provides, help banks being more efficient in procedures of account opening.
Step 3 We help you open an account
Procedure of opening bank account in Serbia is surprisingly straightforward. Especially in comparison to other similar jurisdictions.
It is important to know all document requirements for each bank. Also, it is quite important how you disclose ownership structure of your company to the bank, by using registry extracts and other relevant corporate documents that prove who are UBOs of the company are.
If everything is done the right way, entire process can be done remotely, using limited Power of Attorney.
Step 4 Safely store or freely use your funds
Accounts in Serbia are available in American dollar, Euro, Swiss franc, Turkish lira, Russian rubble, Pound sterling, Canadian dollar, Danish krone, Japanese yen, Swedish krona.
In Serbian banks, you will be able to get premium services for your documentary payments such as Letter of Credit, Bank Guarantee nonstandard SWIFT payments. Back to back (cash deposit) loans are also available through Serbian legal entities. Separate agreements are done for deposit and for loan contract.
The other very important benefit regarding Serbian banking market is state deposit insurance so the funds are secured in amount of EUR 50.000 per bank.
Step 5 Move ahead with your business!
With transaction available to all major banks in the world, it is up to client to choose best way to move or utilize its assets.
Serbia as a country in development is very open to all investors and business on an international level, so after moving money to Serbia, it is very common for clients to seek opportunities for business development in this part of the world.
By providing expert knowledge, support and Family Office service along with other forms of support, Welcome to Serbia team can help you every step of the way.