Process of opening a business bank account in Serbia. Every company registered in the Republic of Serbia can open a business bank account in Serbia. So most often the activity is carried out through an LLC or Entrepreneur. If the shareholders are foreign citizens or foreign companies that have registered an LLC, the procedure for opening a business account in Serbia is more complicated than when it comes to Serbian citizens. 

Which is the best Bank to open business bank account in Serbia. The first step is to choose the wright bank where you will open a business bank account. There is large number of commercial banks in Serbia, but only some of them are the best when it comes to companies with shareholders and directors who are foreign citizens. In certain banks, we cooperate with the AML (Anti Money Laundering) of Bank and directors of those banks and through whom, in agreement with the client, the entire process of opening a business account can proceed without any problems, while respecting the bank’s business policy and the procedure for opening a business account in the bank.

List of Banks in Serbia. Foreigners who have registered companies can open accounts in registered banks in Serbia. Banks operating in Serbia are: ADDIKO BANK AD BEOGRAD, AGROINDUSTRIJSKO KOMERCIJALNA BANKA AIK BANKA AKCIONARSKO DRUŠTVO, BEOGRAD, ALTA BANKA AD BEOGRAD, API BANK AKCIONARSKO DRUŠTVO BEOGRAD, BANCA INTESA AKCIONARSKO DRUŠTVO BEOGRAD (NOVI BEOGRAD), BANKA POŠTANSKA ŠTEDIONICA AKCIONARSKO DRUŠTVO, BEOGRAD (PALILULA), BANK OF CHINA SRBIJA AKCIONARSKO DRUŠTVO BEOGRAD – NOVI BEOGRAD, EXPOBANK AKCIONARSKO DRUŠTVO BEOGRAD, ERSTE BANK AKCIONARSKO DRUŠTVO, NOVI SAD, EUROBANK DIREKTNA AKCIONARSKO DRUŠTVO BEOGRAD, HALKBANK AKCIONARSKO DRUŠTVO BEOGRAD, RAIFFEISEN BANKA AD BEOGRAD, UNICREDIT BANK SRBIJA A.D. BEOGRAD (STARI GRAD).

The process of opening a business bank account in Serbia step by step & How to open business bank account in Serbia. First of all, it is necessary to register an LLC or Entrepreneur in Serbia. From the day when the company is considered registered, we can start the process of opening a business account in the Bank. 

The first step in the process of opening a business bank account is filling out certain bank documentation and attaching certain evidence concerning the company’s shareholders and directors. This entire first step is important because based on this documentation, the bank gets to know the client and the entire documentation is forwarded to the bank’s competent services, especially the AML service (Anti Money Laundering), which conducts a detailed assessment of each shareholder and each director. This whole process of checking the company, conducting the shareholder, checking the director, can last in most cases 5 days, depending on the volume of the bank’s work at that moment.

Documentation to be filled in when applying for opening a business account in the bank. Questionnaire for a legal entity. This questionnaire answers the bank’s questions regarding the client’s data, data on the authorized person for representation, statement on whether the client is a US taxpayer. Questionnaire that refers to information about shareholders, to which they answer whether they are political officials. Questionnaire for the director in which he answers whether he is a political official in his country. Questionnaire – Get to know your client. In this questionnaire, the client provides information about the company that is registered in Serbia, information about shareholders, information about directors, the company’s activities, information regarding the reasons for establishing business cooperation with the bank, the question of whether the client will cooperate with companies from Serbia or to companies from abroad, information about the expected inflow to the account, all the services he wants from the bank, questions about whether the business account in the bank is opened through an attorney. The Request for opening a business account in the Bank is filled out, in which information about the company that is registered in Serbia, the expected turnover of the account in Serbia, the amount of transactions that will go through the account, information about the clients with whom the company will cooperate, is necessary here specify client names, client addresses, client countries, email addresses, web addresses.

Secound step in the process of opening a business bank account.  After the Bank and its competent departments have checked all the documentation you have filled out and attached, the Bank makes a decision on opening a business account for your company. 

When the approval for opening a business account is obtained from the Bank, then the Client proceeds to sign the documentation for opening a business account and opening e-banking for the company, as well as receiving instructions for payments from abroad in USD, EUR, CHF, TRY, RUB, GBP, CAD, DKK, JPY, SEK. and other currencies that the client needs. When opening an account and signing the documentation, the client also fills out the documentation for creating cards for the company VISA card and DINA card. Bank VISA cards for business bank account. We emphasize that you do not get a VISA card for a business account in all banks, but only in one bank with which we cooperate. 

E-Banking for business bank account in Serbia. Also, as far as e-banking for companies is concerned, there are banks through which you access e-banking via a USB token, and there is one bank with which we cooperate where you access e-banking only on the basis of an access code, which means that you can use e-banking at that bank both via phone and laptop (which means that when the bank offers a USB token to access e-banking, it means that you do not have e-banking on your mobile phone). 

SWIFT (Society for Worldwide Interbank Financial Telecommunication) & Sanctions to Russia & LLC in Serbia. The SWIFT payment system is fully functional after opening a business account in Serbia. 

SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global financial messaging network that enables banks and financial institutions to securely exchange electronic messages and financial transactions with each other. It is used to facilitate international wire transfers, as well as other types of financial transactions such as automated clearing house (ACH) payments, cheques, and other financial documents. SWIFT does not actually transfer funds; rather, it sends payment orders that must be settled by correspondent accounts that the institutions have with each other.

On 26 February 2022, the United States and its allies announced they would remove selected Russian banks from the SWIFT global financial messaging network. Western Union Payment System stopped money transfer service in Russia on March 24 2022.

The expelled institutions from SWIFT are VTB Bank, Bank Otkritie, Novikombank, Promsvyazbank, Rossiya Bank and Sovcombank, as well as VEB, Russia’s development bank. 

Although several Russian banks are now cut off from SWIFT, they can still execute international transactions with other banks. If you open a company in Serbia and if you open a business account of your company in Serbia, you can have SWIFT to make payments to Russia and to receive payments from Russia.

Open Business Bank Account Remotely in Serbia. Open Business Bank account Online in Serbia. One of the most important questions asked by foreign companies and foreigners is whether it is possible to open a business bank account in Serbia remotely/online. The answer to this question is yes, we are the only company in Serbia that can provide the service of opening a business bank account in Serbia remotely/online (with the registration of company in Serbia remotely/online). 

With our service of opening a business account in a bank in Serbia, you can remotely receive the service of obtaining e-banking, as well as we can open an account to which you can receive payments in all currencies, especially in USD, EUR, CHF, TRY, RUB, GBP, CAD, DKK, JPY, SEK., and also pay in these currencies. 

The first step in this process is to open an LLC online in Serbia based on a special power of attorney that you certify in your country (notary+apostile or just notary), at the same time you will also certify (notary+apostile or just notary) a special power of attorney on the basis of which we can open a bank account without your presence and obtain e-banking. 

Process Open Business Bank Account Online/remotely. The first step in the whole process is to certify the power of attorney for opening a company in Serbia and the power of attorney for opening a business account in Serbia with a notary in your country. After you do that, we first register the company in Serbia and we can do that within 5 working days from the day we get the power of attorney to open the company in Serbia. After we register the company within 5 working days, we start the process of opening a business account in the bank and we do it all on the basis of a power of attorney. On the basis of the power of attorney, we fill in and sign all the bank’s documentation and then wait for the bank’s approval to open the account. As soon as the bank approves the opening of the account, we start signing the contract on opening an account in a foreign currency (EUR, USR, GBR, RUB and others), as well as signing the contract on the business account in RSD currency, signing the contract on e-banking, as well as other documents.  

Legal assistance with opening a business bank account online/remotely. When opening a business bank account, legal assistance may be necessary to ensure that the process is done correctly and that all necessary documentation is in order.

As part of legal assistance, we mean:

1. Consultations related to a specific legal problem and what the client wants to achieve by opening a business account in a bank in Serbia. In accordance with the above, we will establish contact with the Bank and help the client realize his wishes regarding a business account in the Bank.
2. Draw special power of attorney to open business bank account,
3. Providing instructions on how to properly certify a power of attorney in your country so that it is ready for use in the Republic of Serbia (legalization of documents)
4. Filling out all necessary forms for opening a business account,
5. Communication with the Bank regarding supplementing the application for opening a business account in the Bank.
6. Obtaining other necessary documentation for opening a business account.
7. Reviewing and negotiating the terms of the account agreement with the bank.
8. Advising on compliance with applicable laws and regulations, such as the Business Policy of the Bank, Rulebook in the procedure for opening business accounts of the Bank,.
9. Draw Statements in which shareholders and directors point out the reason why they are unable to open an account personally and why they have authorized a proxy to open a business account for their company in Serbia
10. Assisting with any legal disputes that may arise in relation to the business bank account.

It is also important to note that, depending on the business structure, the bank may require personal guarantees from the business owners, which can have significant legal implications. A lawyer can help advise you on this and other risks.

It is important to consult with a lawyer before opening a business bank account to ensure compliance with laws and regulations and to minimize legal risks.

ABOUT THE BANKING SYSTEM OF SERBIA

National Bank of Serbia („Narodna Banka Srbije”)

The National Bank of Serbia („Narodna Banka Srbije”) controls the operations of all banks on the territory of the Republic of Serbia. The main goal of the National Bank of Serbia is to preserve stability in bank sistem in Serbia and contributes to preserving and strengthening the stability of the financial system. In Serbia, the first law governing the operation of banks was passed on January 18, 1883. There are 21 banks operating in the Republic of Serbia, some of which are domestic and some are international.

Deposit Insurance Agency. 

The deposit insurance system provides for a guarantee that every depositor shall be reimbursed for its total RSD and/or claims in foreign currencies arising out of the savings deposit, current account and other bank accounts, held with every bank, up to EUR 50,000 (insured amount – coverage level), regardless of the number of accounts of the individual depositor opened with the particular bank.

Deposits in foreign currencies in EUR (at EUR/each specific currency exchange rate in which deposits are held, calculated by applying the official middle RSD/EUR exchange rate and the official middle RSD/specific currency exchange rate, applicable on the day of opening of insolvency/liquidation proceedings against the bank by the competent court).

Q&A

1. Can I open a company business account in Serbia online?
   Yes Clinet can open company business bank account in Serbia online.
2. Can I open a company business account in Serbia remotely?
   Yes, you can open a business bank account in Serbia remotely.
3. Process of opening a business account in Serbia?
   First you need to register the LLC in Serbia (which can also be done remotely online), then you need to verify the power of attorney to open a business account.
4. Can I open a company in Serbia online?
   That you can register a company in Serbia online and remotely on the basis of a special power of attorney that you will certify in your country.
5. Can I open an LLC in Serbia online?
   Yes you can register LLC in Serbia online remotely.
6. When I open a business account in the Bank of Serbia online, can I get e-banking for that account?
   Yes, when you open a business bank account remotely online, we provide you with e-banking.
7. When I open a business account in Serbia, can I do business and to take payment from Russia?When you open a business account in Serbia, you can do business with Russian companies and European companies and other companies anywhere in the world.
8. I can’t come to Serbia, can I register an LLC in Serbia and open a business account online?
   Yes of course you can.

9. I have a company in the European Union and I want to do business with Russia and to receive payments from Russia and to make payments to Russia, is this possible? Of course, if you have a company in the European Union or anywhere in the world and you want to pay companies in Russia or receive payments from companies in Russia, you must first establish a company in Serbia and open a business account for that company in Serbia. After that, you can use the business account of the company in Serbia (via e-banking) to make payments in Russia or receive payments from Russia completely remotely.
10. I have a problem, because of the sanctions against Russia I cannot do business with Russian companies and I have a company in the European Union, how can I solve this problem? You can solve this problem by opening an LLC and a business account in Serbia.
11. What documents do I need to open a business account in a bank in Serbia online/remotley?

You need to certify a copy of your passport, as well as to certify a special power of attorney for opening a business account in your country, at a notary (in some countries, you also need to put an apostille stamp).