The country’s banking sector is integrated into the international financial system. Two thirds of commercial banks in Serbia have foreign owners. When opening an account with a Serbian bank, the company acquires a nice platform for international business operations due to an extensive network of correspondent banks around the world. In Serbia, you can find a bank that specializes in servicing large, medium, or small-scale business companies. The leading banks in the country are characterized by stable growth, high levels of investment portfolio diversification, and by prioritizing long-term cooperation with customers.
Even though prospective bank customers have to go through tough compliance procedures these days, non-resident banking in Serbia is quite possible. A growing number of people who used to bank in Switzerland, Austria, Latvia, Luxembourg, or Cyprus now bank in Serbia.
Main reasons for banking in Serbia:
- You can open a bank account in Serbian dinars (RSD) as well as other popular national currencies in Serbia;
- The country is not found on any black lists and it does not have an image of an offshore jurisdiction;
- Client support in English is readily available in Serbia;
- The compliance requirements are quite transparent and the bank officers are friendly;
- The tariffs are lower in comparison to other European countries: commissions on transactions are between 0.25% and 0.4% but a single commission cannot exceed 420 euros;
- The amount of security deposit is not more than 500 euros;
- SWIFT payments are available;
- An account with a Serbian bank allows working with all countries on the planet;
- It is possible to negotiate unique service conditions that will suit your business specifically.
Timeframes for opening a bank account
If you are opening a bank account for a foreign company, the timeframe is going to be between 2 and 4 weeks. Please note that in case the bank requests some additional application documents, the timeframe is going to be extended.
Opening a bank account in Serbia: available options
Option 1.
Open a bank account for a foreign company.
This is the most difficult task but it can be solved with professional support. Much will depend on the jurisdiction where the company is registered.
Option 2.
Open a bank account for the Serbian branch of a foreign company.
Registering a Serbian subsidiary of your company may be an especially attractive opportunity if you have counteragents in Serbia. The registration and maintenance costs are not going to be too high but most Serbian banks will easily take the subsidiary company onboard. It’s going to be part of the parent company but it will have its own legal address and its own accounting department.
Option 3.
Open a bank account for a company registered in Serbia.
The maneuver ‘register a company in a foreign country and open a corporate account there’ is a universal solution in the times of total de-offshorization. The same algorithm will work not only in Serbia but in many other countries too.
Conclusion
Serbia is a European country with good economic development prospects and it enjoys a good reputation in the international arena. It’s not associated with offshores and it’s not on the black or gray lists. The fact that it is possible to set up a non-resident bank account in Serbia makes the country especially attractive for international entrepreneurs. With a Serbian bank account, you can do business with partners from all around the world.
