Open a non-resident corporate bank account in Serbia remotely
Do you want to open a foreign bank account for your company? We invite you to set up such an account in Serbia. The account can be opened remotely without travelling to Serbia. Any business company that is registered outside Serbia is considered a non-resident company in the country.
The problem of opening an account with a foreign bank: where does it come from?
Over the recent years, it has become extremely difficult to set up a bank account abroad. Moreover, it has become virtually impossible in some countries that used to be friendly to foreign entrepreneurs. Sometimes the situation can be close to absurdity: a week ago the bank confirmed that everything was all right and today it denies service to your company because some new government regulations have been put into effect.
The main reason why banks refuse to service non-resident clients is the fight against money laundering, tax evasion, and terrorism financing. International organizations and large countries that experience serious lack of tax funds have declared war on evaders – no more, no less.
This war has already had thousands of innocent victims: from offshore jurisdictions that have to readjust their business models to individual companies and persons who have lost their deposits or whose capitals have been ‘frozen’.
Under the new rules imposed by the rich and powerful, any bank will face severe fines or even license termination in case it accepts an unreliable client and services him or her. Besides, the fines can be levied not only by the local regulative authorities but by foreign ones as well. By American authorities, for example…
These dark perspectives make banks overly cautious, which leads to service denial to most corporate (and sometimes private) non-resident clients.
Notwithstanding this fact, however, the demand for non-resident banking still exists. It is often needed for security and asset diversification and for comfortably doing business as well.
Some banks are ready to service foreign clients but only after a meticulous due diligence checks and under some strict rules.
Where and how can you open a foreign corporate bank account?
Setting up a bank account abroad has become quite problematic indeed. The best option would be to use professional advice in order to solve this problem. The experts know, first of all, what jurisdiction to choose to open a foreign bank account.
Secondly, they know the exact banks that will agree to service non-resident clients as well as their conditions and requirements.
Previously, we would help our clients open accounts in all sorts of jurisdictions – offshore, mid-shore, and onshore – with many different kinds of banks and payment systems. Under the current conditions, we suggest that you should give an eye to Serbia prior to considering setting up a bank account in any other national state.
The most pleasant thing about Serbia is that opening a foreign bank account is viable there. It can even be done without a personal visit to the country if you hire us for this purpose. You have to be careful, however, as the banks are reluctant to publicize their cooperation with foreigners. You have to understand them: if the word spreads easily that a bank services foreign clients, it is bound to attract some unnecessary attention to this bank from the controlling agencies.
This is the reason why banks prefer to work with professional representatives of prospective international clients rather than the clients themselves.
As anywhere else in the world, the bank in Serbia will want to start with a security and reliability check. You will need to prove the legality of your business, the legality of your sources of capital, submit the financial reports, and other documents in order to pass this test. But please do not worry: this is a crucially important stage of obtaining the banking services but we will tell you what documents are needed and how to draw them up to receive no complaints on the part of the bank administration.
Several Serbian banks will take on foreign clients today. There is no need to feel troubled unless your company is registered in the following countries: Iran, North Korea, the Bahamas, Botswana, Ghana, Yemen, Pakistan, Syria, Tunisia, Trinidad and Tobago, Sri-Lanka, and Ethiopia.
Besides, your business activities have to be lawful and not connected with cryptocurrencies.
You can open an account in RSD (Serbian dinar) and also in EUR, USD, or CHF.
You will have access to your account via an Internet banking application. Some banks require a minimum initial deposit of up to 100,000 euros while others do not have minimum deposit requirements at all.
If you issue a Power of Attorney to us, we can open an account in Serbia on your behalf while you can stay where you are.
Important: even though it is challenging to set up a foreign bank account, keeping it going is not less difficult. The first several transactions that you use the account for will be key indicators of your reliability as the bank client.
It is imperative to stay in touch with the bank and react to its enquiries fast at the initial stage of service. When the bank calls you and requires some confirmation documents from you, you have to be able to supply them within 24 hours.
We fully realize that his is a tough requirement to meet. There can be some objective reasons such as an ailment or a vacation, for example, that may make you unavailable at a certain point in time. This is why we are offering to employ our Serbian office as a back-up contact. In case the bank cannot reach you, they can call us and we will answer their questions for you. This service is free of charge at the initial stage of your cooperation with the bank. Afterwards, you can decide if you still need it for a fixed pay or you do not. Actually, when you have established firm relationships with the bank, you may not need this service.
Setting up a non-resident corporate bank account in Serbia: the documents required
Submitting the complete package of application documents is central to acquiring banking services all over the world and Serbia is no exception. In order to set up a bank account for a non-resident company in Serbia you will have to supply the following documents:
- An apostilled extract from the Company Registry less than three months old;
- A translation of the extract into Serbian performed by a sworn translator;
- Certificate if Incumbency less than three months old, translated and apostilled;
- Good Standing Certificate;
- Company charter and other corporate documents;
- Description of the company business activities;
- Passport copies for all company beneficiaries and managers.
Some banks require a company structure description signed by the director. In this case, signature samples will be also required. In all cases, you will have to fill out the application forms provided by the bank. (We have the forms and we will supply them to you.)
We recommend that you consider the possibility to acquire Serbian legal residence permit via purchasing some real estate in the country or establishing a company branch there. It is easier for a legal resident of Serbia to open a bank account there than for a foreign national. The company can remain a non-resident one.
Please also bear in mind that since 2019, Serbia has joined the automatic exchange of information group in conformity with the OECD requirements.
The costs of setting up a non-resident corporate account in Serbia
The price of this service is 6,000 EUR. It includes preparing the documents, selecting the bank for you, talking with the bank officers, and account opening proper.
If your company has a complicated ownership structure or if you use nominee services, the volume of our work is going to be larger and, consequently, the price will increase. You can clarify the details with our consultants via [email protected].
Additional costs will also include translation of the application documents into the Serbian language (20 EUR per page) and issuance of the Power of Attorney for remote account opening.
You can visit Serbia yourself if you wish. (It is a nice country to see, by the way.) In this case, the Power of Attorney is not needed.
Other advantages that Serbia offers to foreign investors and entrepreneurs
In addition to the possibility to set up a foreign corporate bank account in Serbia, there are other opportunities in the country that you may find interesting. It is not so difficult neither too expensive to establish a local company with a bank account in Serbia or a foreign company branch with an account in a local bank.
If you wish, we can also assist you in opening a personal bank account in Serbia.
Please learn more about these opportunities by contacting us at [email protected].
The procedure of setting up a non-resident corporate bank account in Serbia
- Please write to us to [email protected] and tell us that you want a corporate bank account opened in Serbia.
- Provide basic personal and corporate information so that we can determine if servicing you is possible for us.
- If we find that it is, we will ask you to cover the cost of the service that starts at 6,000 EUR.
Payments can be made by a bank transfer, with your credit card, or with the use of Bitcoins, MoneyGram, WebMoney, Western Union, and other suchlike payment instruments.
- Supply the full package of application documents to us.
- On receipt on the documents and the payment, we will begin the process of your corporate account opening in Serbia.
Should you have any questions, please do not be too shy ask them by writing to [email protected]. Go ahead and open bank accounts all over the world with us!
Tags #Corporate Bank Account in Serbia