Serbia is not the only European country that offers attractive opportunities for owners of companies wishing to open foreign bank account. You can consider Latvia or the Czech Republic for this purpose too but Serbia might be more preferable in some respects. Serbian banks make it relatively easy for companies registered in other jurisdictions to set up bank account.
Opening a corporate bank account in some other countries can take weeks and even months sometimes but Serbian banks do not delay the process for too long. There are several banks in Serbia – both domestic and foreign – and you can choose to set up an account with one of the following banks, for example:
- Direktna Bank;
- API Bank
- UniCredit;
- Banca Intesa;
- Raiffeisen;
- and others.
Setting up a corporate bank account normally takes between 2 and 3 weeks in Serbia. At this page, you can find much more information about Serbian banks and bank accounts.
Serbia: characteristics and advantages of the jurisdiction
Serbia is a small country in Southeastern Europe with a population of 8.78 million people. The country is not a member of the European Union and neither is it in the EuroZone: the local currency is the Serbian dinar (RSD). You can set up a dinar account in the country but you can also set up euro and dollar accounts there. Some banks in the country open accounts in other national currencies as well.
Opening a corporate bank account in Serbia, you will find the following advantages:
- Simplicity of the account opening procedure;
- High interest rates on RSD deposits;
- Client support in the English language.
The Serbian Republic has good relations and close ties with many countries. It trades with the EU (the largest trade partner of Serbia), Turkey, Russia, the USA, China, and many other countries.
Seven reasons for setting up a corporate bank account in Serbia
Serbia looks attractive as it is but on top of that, the country has wonderful prospects. Here is where things stand for now:
- Serbia does not participate in the automatic exchange of information;
- Serbia is not found on any black lists;
- Serbia welcomes foreigners;
- Serbian banks welcome foreign corporate clients;
- Serbia is a perfect platform for international business operations;
- Serbian bank accounts can be opened remotely;
- The account maintenance cost is comparatively low.
Especially if you compare Serbian banks to Austrian or Swiss banks, you will see that the tariffs and commissions are much more attractive in Serbia. Many banks in the country do not require any security deposit and the commission on a transaction can be 0.25% to 0.4%.
It would be sensible to involve a specialist in the process of setting up a corporate bank account in Serbia if this is what you want to do. If you would like to open a bank account remotely, you simply cannot do without some professional assistance.
The matter is that you cannot do everything online. If you would like to avoid traveling to Serbia, you have to issue a Power of Attorney to a trusted agent in Serbia who will come in personal contact with the bank managers on your behalf.
Your legal adviser will tell you what documents are required for setting up a corporate bank account in Serbia. Please note that in addition to the application documents, you will have to prepare a presentation of your company (in PDF or PowerPoint, for example). Besides, you will have to have a company seal.
If you are planning to open a bank account in Serbia remotely, please note that you have to issue a Power of Attorney and an apostilled copy of it too. The document and its copy can be mailed to Serbia.
Can an offshore company set up a bank account in Serbia?
With professional support, it is possible. The task will become more feasible if you are opening an account for a Canadian or a Scottish Limited Partnership. However, opening a bank account for a company registered in a zero-tax jurisdiction is also possible even though it is difficult.
We would like to suggest that you consider API Bank in Serbia because this particular bank does open accounts for offshore companies. Please bear in mind that this bank does not service corporate clients whose business is Internet sales or Internet advertisement. On the other hand, it will take IT companies onboard.
The bank applies the following tariffs: account maintenance fee – 40 euros, outgoing payments – 0,25% (min 25 euros, max 500 euros). You can order corporate debit cards from the bank when you have an account there.
You can manage your account remotely because the bank will supply a token or a card reader to you (send it to you with DHL). Then you can use this device to access your account wherever you are.
Especially at the beginning of your cooperation with the bank, you will have to supply documents justifying every transaction that you make.
You will have to supply the following documents when applying for corporate banking services to API Bank:
- A description of your company’s activities (in English): please indicate your counteragents, specify your turnover, describe your products/ services, and justify the need to have a bank account in Serbia.
- If your company has a history, please supply bank statements for the las 6 months and ongoing contracts.
- You have to supply a full package of personal documents (passport copy, utility bills, diplomas, letters of reference, etc.) for the company owner.
- You all have to supply a package of corporate documents. The exact list of documents will depend on the jurisdiction where your company is registered.
Please note that you will have to have a personal meeting with a bank manager. The meeting can be held in Belgrade or some other European cities but it cannot be avoided in any case.
Your application for corporate banking services will be processed within 1 to 2 weeks. There is an account opening fee of a few hundred euros and the amount of the fee is going to grow if your company has a complicated corporate structure.
We would like to make a suggestion in conclusion. If you have an offshore-registered company, you may want to consider the opportunity of establishing a branch of that company in Serbia. The task of registering a Serbian branch of an offshore company is easier than the task of opening a bank account for an offshore company in Serbia. And the task of opening a bank account for the Serbian branch of your offshore company in Serbia is also easier than the task of setting up a bank account in the country for your offshore company directly. In this case, your offshore company will have to have two bank accounts but one of them will be in Europe.
