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Product comparison
NON-RESIDENT CORPORATE BANK ACCOUNT | BRANCH OF THE FOREIGN COMPANY | COMPANY FORMATION | |
|---|---|---|---|
| Gratis services | None | 1 free aditional account for a branch + 1 free personal account (total free products in amount of 5.800) | 1 free aditional account for a company |
| Deadlines | From 2 months | up to 10-15 working days (both branch and account) | up to 10-15 days (both branch and account) |
| Status in Serbia | Non-resident | Resident of Serbia but not separate legal entity | Resident of Serbia and separate legal entity |
| Compliance | Treated as non – resident, more strict compliance | Treated as a resindent, minimum requirements – Certificate of Incorporation in Serbian business registry, main company corporate documents | Resindent company, even less requirements than in case of a Branch – Certificate of Incorporation in Serbian business registry, main company corporate documents (copies only) |
| Personal presence / remote possibilitiy | remotely and personal (both) | remotely and personal (both) | remotely and personal (both) |
| Taxation | N/A | 0-15% corporate tax only on Branch profit | 15% corporate tax |
| Difficulty level of work with the bank (after the account is open) | Documents required by international AML rules. Annual company renewal documents (good standing and incumbency) required. | Yearly documentation update for residents (simple and non-costly) | Yearly documentation update for residents (simple and non-costly) |
| Account opening success rate | Depends on the structure and bank discretion | 99% | 99% |
| Bank fees and future expenses with the bank | Bank fees including transaction fees are two times higher than fees for branch/company + there is one time yearly fee minimum 500 EUR | Yearly maintenance up to 50 EUR. Lower bank fees with maximum amount of bank fees limited to 200 EUR. | Yearly maintenance up to 50 EUR. Lower bank fees with maximum amount of bank fees limited to 200 EUR. |
| Bank guarantees and letters of credit | Not possible | Possible but limited | Possible without restraints |
| Residence optimization / CRS protection | Protection from CRS until Serbia signs AEOI convention. | Client can become tax resident in Serbia as director of Branch and can be fully protected against CRS. Personal taxation 10/15%. | Client can become tax resident in Serbia as director/owner of the company and can be fully protected against CRS. Personal taxation 10/15%. |
| Substance (optional) | N/A | Up to EUR 5000 yearly (accouting, physical office, registration address, 1 employee) | Up to EUR 5000 yearly (accouting, physical office, registration address, 1 employee) |
| Yearly costs | Offshore company yearly renewal minimum 1500 EUR yearly if offshore has nominees fees are approximately 2500 – 3000 EUR per year | Minimum 1200 EUR yearly (accounting + address) | 1200 EUR yearly (accounting + address) |
| Legality | 100 % Legal until change of the laws regarding non-resident business | 100% legal | 100% legal |
| Additional advantage | Protection from CRS, personal tax residence optimization for the future, low personal taxes, expected time to join EU: 2025, Nominee service, Cheap subtance, Longterm solution | Protection from CRS, personal tax residence optimization for the future, low personal taxes, expected time to join EU: 2025, Nominee service, Cheap subtance, Longterm solution |
