Corporate Bank Account for Non-Residents

Opening a Non-Resident Corporate Bank Account in Serbia: A Simple Guide

Serbia has become an attractive destination for international businesses due to its strategic location, business-friendly environment, and relatively straightforward banking system. Non- resident companies looking to open a corporate bank account in Serbia can benefit from it stable banking sector and access to European and global markets.

Below is a step-by-step guide on how to open a non-resident corporate account in Serbia.

1. Can a non-resident company open a bank account in Serbia?

Yes, a foreign (non-resident) company can open a corporate bank account in Serbia without needing to establish a local subsidiary. However, banks will require specific documentation and may conduct due diligence before approving the account.

2. Benefits of a Serbian Corporate Bank Account

• Easy Access to European & International Markets:

          A Serbian corporate bank account allows businesses to engage seamlessly in cross-border transactions, facilitating trade and investment opportunities.                                  Furthermore, the account provides access to various financial services that can enhance operational efficiency and support growth strategies in the competitive          European market. 

• Lower Banking Fees Compared to Some EU Countries: Companies often experience lower banking fees compared to some EU countries,
  providing additional cost savings.
• Greater Flexibility in Currency Exchange Option (Serbia allows multi-currency accounts):

          There are no currency exchange restrictions in Serbia, as the country allows multi- currency accounts. This flexibility can be especially advantageous for businesses            involved in international trade.

• Enhanced Support for Business Development:
  Having a Serbian corporate bank account can improve your business’s credibility and facilitate smoother cross-border transactions. This accessibility is particularly beneficial for companies looking to expand their operations in the Balkans and beyond.

• Tax Efficiency for Certain Business Structures:
  Serbia offers various incentives and favorable conditions for foreign investors, which can contribute to tax efficiency. By leveraging these financial and operational benefits, businesses can strategically position themselves for success in a competitive landscape.

• Safe and Stable Banking System:
  The Serbian banking system is known for its robust regulations and strong commitment to financial stability. This reliability attracts foreign investors, allowing businesses to operate with confidence, knowing that their assets are protected and transactions are secure.

3. Requirements for Opening a Non-Resident Corporate Bank Account

To open a corporate account, banks in Serbia will typically ask for the following:

A. Corporate Documents

• Certificate of Incorporation – A document proving your company’s legal registration.
• Memorandum & Articles of Association – Shows the company’s ownership and management structure.
• Extract from the Business Register – A recent document showing that the company is active (from the country of incorporation).

B. Identification Documents

• Passport of the Company’s Representatives – Usually required for directors, shareholders, and authorized signatories.

• Proof of Address for the Company – A utility bill, lease agreement, or business license.

• Proof of Address for Directors & Owners – A recent utility bill or bank statement (usually within the last 3-6 months).

C. Financial & Business Information

• Business Plan or Activity Description – Some banks request an explanation of the company’s operations.

• Source of Funds & Expected Transactions – Banks may require information about the company’s expected turnover, type of clients, and transaction volume.

• Tax Identification Number (TIN) or Equivalent – If applicable, some banks may request a tax number from the country of incorporation.

4. Step-by-Step Process to Open a Non-Resident Corporate Account

Step 1: Choose a Bank

Some of the top banks in Serbia that offer corporate accounts for non-residents include:

• Raiffeisen Bank

• Banca Intesa

• UniCredit Bank

• OTP Bank

• AIK Banka

• Each bank has different requirements, so it’s recommended to contact them in advance.

Step 2: Prepare Your Documents

• Ensure that all documents are notarized and translated into Serbian (if not originally in Serbian or English).
• Apostille certification may be required if the company is registered outside Serbia.

Step 3: Visit Serbia (If Required)

• Visit Some banks require a personal visit by the company’s representative to verify identity and sign documents.
• However, some banks allow remote account opening through a power of attorney (PoA).

Step 4: Bank Compliance & Due Diligence

• The bank will conduct a Know Your Customer (KYC) & Anti-Money Laundering (AML) check to verify your company’s legitimacy.
• Additional questions or documents may be requested.

Step 5: Account Approval & Activation

• Once approved, the bank will provide the account number (IBAN) and online banking access.
• The account can be funded and used for business transactions.

5. Costs & Fees

• Account Opening Fees: Usually range between €100 – €500.
• Monthly Maintenance Fees: Typically between €5 – €50, depending on the bank.
• Transaction Fees: Vary depending on local and international transfers.
  Minimum Deposit Requirement: Some banks require an initial deposit (usually around €500 – €1,000).

6. Multi-Currency & Payment Options

• Serbian banks allow accounts in RSD (Serbian dinar) and major foreign currencies like EUR, USD, GBP, and CHF.
• International wire transfers via SWIFT are supported.
• Some banks offer SEPA payments for transactions within Europe.

7. Final Tips for a Successful Application

✔ Prepare documents carefully: Ensure all required documents are properly notarized and translated if necessary…

✔ Have a clear business purpose: Research banks to find one that meets your needs in terms of fees, services, and online banking capabilities.

✔ Choose the Right Bank: Research banks to find one that meets your needs in terms of fees, services, and online banking capabilities.

✔ Check for Personal Visit Requirements: Confirm whether you need to visit the bank in person before submitting your application.

✔ Ensure Tax Compliance: If your business operates in multiple countries, make sure you are compliant with tax laws in each jurisdiction.

Conclusion

Opening a non-resident corporate bank account in Serbia is a straightforward process if you meet the bank’s requirements.

With Serbia’s business-friendly banking system, low fees, and international connectivity, it is a great option for foreign companies looking to manage their finances efficiently.

If you need assistance with a specific bank or process, please don’t hesitate to reach out.

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