“After years of trying to open a bank account of my Seychelles company, I have managed to revive it by forming a branch in Serbia, which once again gave me full access to banking services. Splendid!”
А Seychelles holding company, registered as a Corporation, was operating for the last three years without a bank account, which caused seemingly unsolvable problems. After Client approached our offshore business experts, branch registration process was immediately initiated, in order to provide the company with much needed bank accounts. Given that the TIN number was assigned to the branch, which is not, according to Serbian Companies Act, a separate legal entity, main company continued using the same TIN number abroad, as well as the account of its branch.
“Never in my life I have experienced prompt service of this kind. Company and account in 15 days. And remotely!”
After experiencing banking problems with his other structures, Client initiated a process of comprehensive business optimization, which started with a registration of Serbian LLC. First step was to cede a number of rights to a new company, which allowed the waiting incoming payments to be executed. Keeping in mind visa free regime between Serbia and China, Client will visit Serbia in the following weeks, but the whole process, including legal agreements with the existing structures, was executed via POA. Affiliate marketing is treated as a high-risk activity in most of the European banks, but after submitting mandatory documentation Client never encountered problems in Serbian banks.
“When I first started working with WTS, I thought it will be great to be their representative in my country. As a lawyer with international experience, I was impressed by Serbian Endowment, a perfect replacement for Anglo-Saxon trust.”
Given that the Anglo-Saxon Trust lost his main purpose after the implementation of OECD rules regarding information exchange, a number of professional intermediaries recognized the need to offer a new solution to the existing Clients. Serbian Endowment gives positive answers to three most important questions regarding fiduciary services: the Client remains in control of the assets; assets can be used only in favor of the Beneficiaries (Client directly or Client’s family members); assets belong to the Endowment and aren’t considered as the personal assets of the Founders, Board Members or Beneficiaries.
“Family Office is just what I needed. No more boring correspondence with banks and State authorities, so I can concentrate on finding new Clients. Never have I worked with former bankers before.”
Client’s company in Serbia was formed two years ago, but it was operating as a dormant structure for most of the time. A procura was registered in the Serbian Business Registry, on the name of our fiduciary services expert, in order to catch momentum regarding the relations with Serbian Tax Administration, start using the already opened bank accounts and define the invoicing strategy with the assigned accountant. Our experts continue to provide consulting services to the Client on monthly basis, and two Serbian citizens were employed with the help of Welcome to Serbia associates. This kind of business development assistance was provided under the VIP Family Office Agreement.
“Serbia means calmness and hospitality. To be honest, I was afraid of such serious step: registering a company and applying for residency in the country I have fallen in love with. My Attorney helped me to obtain required documents and permits. Looking forward to getting my tax residency declaration!”
After analyzing the Client’s needs, he was offered a help of our in-house Attorney at Law, who provided the Client with required state company registration documents and represented the Client in front of state authorities responsible for the granting of residency permit in Serbia. Given that the Client was granted a residency permit for the second year consecutively, the Tax Residency Declaration issuing procedure was initiated and only the formal requirements remain. Keeping in mind double taxation avoidance agreement between Serbia and Spain and the overall expenses of this process in compare to other jurisdictions, Client managed to save a considerable amount of funds, that were later invested in the local company.
“After Andorran banking system collapsed, I found myself in no man’s land. Then Serbia appeared. People say that Serbia is between West and East: For me, Serbia is above West and East.”
Our management board members were monitoring the collapse of Andorran and Latvian banking system from the inside. As former bankers, after a comprehensive analysis of the Serbian banking sector, they prepared a system of solutions made especially for the purposes of overcoming such problems. Serbia didn’t join the sanctions against Russian Federation, so the Russian citizens can execute their business plans in the friendly atmosphere. Most importantly, Serbian banks are welcoming the Clients whose activity is wholesale of different products, and some of them even have direct correspondence with Russian based banks.
“Thank you WTS! Everything works just perfectly. I appreciate your help especially during first transactions and activation of e-banking. I recommend Serbia and your service to all my friends.”
The client from Russia whose activity is trading with IT services was having problems with transactions through his corporate bank account in Estonia. After forming a branch in Serbia and opening an account this client finally continued working with his partners. The client is more than satisfied with e-banking and opportunity which he received in Serbia although Russian clients are under sanctions in many countries but not in Serbia.
“Your team did all as agreed. Our branch account is working perfectly, and we finally solved our trading problems! We appreciate your advice on any subject regarding accounting and regulatory and hope it will stay this way in future cooperation also. Thanks!”
“Спасибо за вашу помощь при открытии личного счета. Все было сделано за пол дня, как мы и договаривались. Меня это удивило больше всего.”
The client has contacted us for assistance in opening personal bank account. He was informed about benefits of process. He flew to Serbia for one day and was surprised that the service was done within 90 minutes. He flew back home and started operating through personal bank account after 10 days, as soon as his e-banking service was activated.
“I was skeptical about starting the process of forming a company, which you recommended. First of all it seemed impossible to do al in 30 days. I also thought there must be more documents required, but the company was really formed in 5 days and I have not one but five accounts active. I appreciate e-banking service and help of your team for informing me on any bank or accounting request.”
Client with activity of international trading had to close bank account in due to a new regulatory. He was having huge problems because of lack of the account. He initiated a process of registration of Serbian LLC. After forming a company in one week, the banks were also very expeditious which allowed the client to start signing the contract with partners in less than a month. The whole process was done remotely through PoA. But what was important for our client, it is the fact that Serbia did not accept sanctions against Russia so banks and government institutions behave according to this also.
“WTS thanks for the prompt service. We are planning to come to Serbia in September and spend all our free time there. Your help with finding apartment and signing the agreement with landlord is very appreciated. See you soon!”
The client with IT activity from Cyprus has decided to open a company in Serbia since his existing company couldn’t open account in Estonia bank. The process of forming a branch was done remotely, in just 5 days and the bank account was opened after two weeks. Our team has helped him activate e-banking and through Family Office agreement is taking care not only about his contact with bank and accounting, but also organizing transport from and to the airport, finding apartment and other necessary activities in connection with legal entity.
“After 2 years of trying to open a bank account for my Cayman Island company, I have succeded to do so through a branch of the foreign company in Serbia for time period of just 20 days.”
Client with a company based in the Cayman Islands, engaged in a business related to computer programming. Due to the specifics of the business the company does, banks around the world have not been willing to engage in a business with the company in the past two years.
After succesfuly establishing the branch of the foreign company in Serbian Business Registry, we have managed to open 2 bank accounts in local banks. Client is able to use both of his accounts without any problems. Also, through the e-banking option, every client transaction goes through daily and the business completely becomes easier.
“My first work experience with WTS team has been very positive. You can rarely find such fast and quality service in the rest of the world. To obtain the residence within just a month- POSSIBLE!”
The client has approched us with a simple task. He wanted to obtain a Serbian residence. We have managed to do so by establishing the company in Serbia. The company engages in consulting activities and manages its business activities almost without problems. Once the company was established, we started the process of opening an account with banks. Within 15 days an account was opened through which the client conducts his transactions almost daily. After opening the account for company, it took us only a month for client to get his residency approved.
“It’s been absolutely amazing from the teachers that I’ve met, to the friends I’ve made. I really couldn’t have asked for a better time here Belgrade.”
When a client graduated from a school in his hometown in India, he had the desire to get an opportunity to study at a European university. As all universities were too expensive to enroll, the client came to our Welcome to Serbia Association website. We can say that we were able to offer a unique solution. We managed to enroll the client in the desired faculty, which is the Faculty of Medicine, University of Belgrade. The client is currently in her second year of basic studies.
“As the owner of a non-resident corporate account, I am very positively surprised by the speed with which a non-resident account is opened in Serbia for my company registered in Cyprus. The company is dealing with cryptocurrency trading. In less than a month, almost without any difficulty I got a bank account for my company, which is fully operational and which I use without any extra paperwork.”
As the owner of a Cyprus-based company that also deals with crypto currency trading, the client has repeatedly encountered rapid account opening and rapid account closure. More than once, after just one transaction, the bank simply decides to block or close the account. Having come to our site, the client who contacted us and at the meeting we held decided to try to open a non-resident account because the client expressed his desire to open an account through a non-resident structure. In less than 2 months, a bank account was opened to the client, and the e-banking option through which the client operated without any additional paperwork was successfully and successfully formed.
“When the Welcome to Serbia team managed to open an account for my company based on B. V. I. I thought that was the end of our cooperation. However, because of the need to keep my account operational, I decided for additional option and that is to have Family Office service. When I signed up for Family Office services, I got my accountant who I can rely on and also the whole team was available to me at any time.”
The client started to cooperate with our team when we succeded to open an account for his company, which was stationed in the British Virgin Islands, and engaged in the activity of advertising agencies. We managed to open the account through the establishment of a branch of a foreign company. After we managed to open the account, the need arose for account maintenance as well as constant communication with the bank and our accountant. The client has signed one of our Family Office packages and our team of experts is at his constant service.
“My Estonian company with cryptocurrency activity is working through Serbian branch like a clockwork. Accounts opened in three different banks with E banking. Before Serbia I had problem opening bank accounts for my company.”
One of the key characteristics of Serbian jurisdiction is flexibility. This feature of Serbia is best shown in cases where company form different jurisdictions are accepted and accounts for them were opened even after these companies had issues opening bank accounts in their countries of origin.
“I highly recommend WTS family office service. Through this WTS team maintain communication with banks, tax authorities, business registry. This allows me to focus on the important things.”
One of the reasons I would recommend Family office service from WTS association is their multilingual support. Their Turkish language support made explaining needs and requirements so much easier and helped me organise things perfectly at the moment of most importance, at the beginning.
“As a consultant expert I had a problem with finding solutions for clients whose accounts were closed in Cyprus. Mutual business partner suggested WTS association and Serbia as a solution and it payed of.”
OECD conventions regarding substance and newly imposed AML rules are creating lots of issues even to clients with transparent businesses whose activities or structures are now treated with high risk due to the new AML rules and regulations. Due to the flexibility of Serbian law and banking system operating under it, this partner succeeded to provide his clients with banking solution through advising with WTS experts.
“One meeting with WTS team was enough to convince me that this is reliable partner in jurisdiction with so much potential”
Over 50 years of combined international experience in banking and management Swiss holding companies are testimonial to expertise that WTS senior partners have. This experience and potential Serbian market have given opportunity to this partner to suggest his clients new possibilities for investment.
“My account was closed in Latvia and due to my PEP status I had a problem opening bank account.”
Due to my PEP status according to new AML regulations my relationship with the bank was marked as high risk. Being that bank in Latvia did not want prologue cooperation with me I was asked to provide them with new bank account that funds can be transferred to. Again, my PEP status presented itself as an issue trying to open new bank account, until Serbia and WTS team were presented to me.