Opening a non-resident corporate account requires careful thinking and awareness of current market opportunities and limitations. We recommend seeking expert advice simply because it is very hard to match your business features, needs, and preferences to a bank that will onboard you and provide all the services you need at a reasonable fee (however, it is easy for the specialist who knows the situation in the market). Just to illustrate, if you need a crypto-friendly bank, the choice may be limited, and you may be desperate trying to open an account with several banks and being turned down. Serbia is one of those recommendations that can be conditionally called “universal”, and we will focus on this jurisdiction in our post.
Serbia is a popular destination for business and banking at the moment. If you want to discover more information about it, you can explore our portal called Serbia Wealth which is entirely devoted to this country. You can also book a session with our experts for a free initial discussion of your needs (bank account, company, relocation, and so on). If we see that Serbia is not the best destination for your requirements, we will recommend other countries to you free of charge. And if you want us to take any administrative steps for you, we will do so at a reasonable fee.
Non-Resident Accounts: Current Problems
Non-resident companies have been facing problems opening a bank account in recent years, and countries that used to be friendly to foreigners are no longer that hospitable as far as banking services are concerned. The main reason for that is the global fight against terrorism financing, money laundering, and tax evasion which is gaining momentum. The rules and regulations are being tightened, and the banks have to comply – or pay fines or even lose their license.
The banks are now required to meticulously check the background of each customer to avoid being penalized for dealing with unreliable clients. These requirements make the banks very cautious, and they turn down many non-resident customers just to be on the safe side.
The situation is not hopeless, though, and some banks are ready to accept non-resident customers after a thorough due diligence check. The demand for foreign banking is still high as it means security, diversification, and sometimes even the convenience of doing business.
Where to Open an Account?
We used to open accounts in numerous jurisdictions, but now we often offer Serbia as the most viable option.
We recommend our services as this is a 99% guarantee of success (nobody can give you a 100% guarantee except for scammers), and here is an important reason why. The banks are reluctant to make their cooperation with non-residents publicly known as it may attract more attention from the regulators than is comfortable for normal operation. That’s why they prefer working with professional representatives.
Mind the restrictions, though: if your company is registered in Iran, North Korea, the Bahamas, Botswana, Ghana, Yemen, Pakistan, Syria, Tunisia, Trinidad and Tobago, Sri Lanka, or Ethiopia, you will not be able to open an account in Serbia.
Foreign Account In Serbia: Documents
Submission of documents is a very important step as mistakes in forms often result in being turned down. Our experts double-check every paper to eliminate this possibility. Here is an approximate list of documents you will have to submit:
- An extract from the Company Register (with an apostille, issued no more than three months ago)
- A translation of the above document into Serbian (it has to be done by a sworn translator)
- Certificate of Incumbency issued no more than three months ago. It should also bear an apostille, and you will need a sworn translation into Serbian.
- Certificate of Good Standing
- Articles of Association and other corporate documents
- Description of the activities the company is engaged in
- Copies of all company managers’ and beneficiaries’ passports
In some cases, you will need to submit a description of the company structure signed by the director (and if you do, signature samples are required to be provided as well).
Some banks want you to fill out the forms. Our specialists have the forms readily available, and they can provide them to you.
There is one thing that will make interaction with Serbian banks considerably easier: a local residence permit. You can easily acquire it if you buy real estate or start a company in the country, and we highly recommend that you do it.
Keep in mind that Serbia complies with OECD requirements with regard to automatic information exchange.
Opening a Serbian Corporate Account: Cost
This service costs 6,000 euros, and it includes meticulous preparation and checking of documents, choosing the right bank, interacting with bank employees, and the procedure of account opening.
This is a standard case, though. The price will be higher if your company has a complicated ownership structure or you use a nominee service as we will have more work to do to make sure the bank sees you as a reliable potential customer.
You will additionally have to pay the cost of power of attorney issuance (if you want us to open an account for you remotely) and the cost of documents translation into the Serbian language (about 20 euros per page).
You may decide to visit the country yourself to open an account, and in this case, you will be accompanied by our representative.
Opening a Corporate Account: Procedure
- Please get in touch with us and tell us that you need a corporate account in Serbia.
- Give us basic details about yourself and your company so that we can decide whether we are able to render the service in your case.
- If the service is possible, we will draw up an invoice, and you will pay the cost of our services using any method that is convenient to you, from Bitcoin to Western Union.
- Collect the documents in accordance with our recommendations and send them to us.
- As soon as we receive the package of documents and the payment, we will start the procedure of a business account setup with a Serbian bank.
Interested in the offer? Don’t delay – simply click on the above link to talk to us!