If you are planning to open a bank account in Serbia or start a business, it is important to introduce yourself to all legal frameworks and procedures. Obtaining a Serbian residency permit can be a crucial step for those who wish to access all banking services, and understanding the regulations for opening an account or opening a company in Serbia will help you achieve your goals more easily
Foreign nationals, or non-residents, can open bank accounts in Serbia, either as individuals or legal entities. The process is straightforward, but certain requirements and conditions must be met to ensure legal and secure access to banking services.
If you are interested in opening an account or planning to open a company in Serbia, it is important to understand the specifics related to non-residents. For individuals, the basic requirement for opening an account is to provide a passport or national ID card.
In some cases, additional documentation may be required to confirm your residency. If your passport does not contain information about your place of residence, you will need to provide a copy of your national ID card or residency registration from the Ministry of Internal Affairs of Serbia.
When it comes to opening an account, a non-resident can submit a request directly to the bank, either in person or through a proxy. If a proxy is used, the notarized document must be submitted and cannot be older than two years.
For foreign investors who wish to open a company in Serbia or register a business activity, there is a specific procedure for opening a bank account. In addition to providing complete documentation that confirms the legal status of the company, the bank will, by the Anti-Money Laundering and Counter-Terrorism Financing Law, carry out additional checks.
One of the key steps is the identification of the company’s beneficial owner, which involves determining the individual who directly or indirectly holds at least 25% of the company’s shares or has significant influence over the decision-making process regarding the company’s operations. This process is essential for ensuring transparency and protection against illegal financial activities, thereby enabling smooth and secure business operations in Serbia.
Although non-residents can open a bank account in Serbia, it is important to note that there are certain restrictions when it comes to using all banking services. Non-residents, for example, do not have access to loans or overdraft facilities, which can be an important factor when deciding whether to open an account.
For those wishing to open a company in Serbia, it is important to note that many banks require entrepreneurs to be tax residents of Serbia. This means that you will need to obtain a tax identification number, which may extend the time needed to open an account but is necessary for legal business operations in Serbia.
