How to Open a Corporate Bank Account in Montenegro

Montenegro is an ex Yugoslavian country with a dramatic landscape and wonderful sea coast. It gained its independence in 2006. It is sometimes called a “Monte Carlo of the Balkans”, but it is not just that. There is more to it.

The banking sector is still under a lot of old Yugoslav influence (very strong banking). The country has adopted a EUR currency a long time ago and is already implementing EU laws in banking. However, now is the right time to invest in Montenegro or open a bank account there. The country has not yet joined CRS (Common Reporting Standard). Therefore, solid and stable banking with optimal privacy is available for non-residents.

Can Foreigners Open a Bank Account in Montenegro?

In general, the answer is yes. Private individuals would need to visit the country in order to open the account while foreign corporate clients can still open the account remotely. 

However, there are some limitations. Offshore companies are not accepted (particularly classical offshore) as well as some business activities such as forex, gaming, crypto etc (high risk business activities). 

Companies involved in trade, purchase and sale of goods, IT, marketing or any standard business activity are welcome to apply.

Why to Open a Bank Account in Montenegro?

There are several reasons why one should have a bank account in Montenegro. The first and most important reason is the solid and stable banking tradition. Second, banking is significantly cheaper than in the EU. Lastly, Montenegro is not a member of CRS yet. For some clients, this can make quite a difference.

Lastly, if you wish to have a business in Montenegro you will be surprised in a good way- Montenegro has one of the lowest tax rates in Europe with only 9% corporate tax. 9% is also applied to personal tax.

What Else Montenegro Bank Has to Offer?

Montenegro gives EUR 50,000 in deposit insurance. Banking is available for national and international payments for residents and non residents. No minimum deposit and balance are required. It is possible to open both USD and EUR accounts with dedicated IBAN.

Contemporary banking services such as e-banking and mobile banking are at hand. Corporate clients can get a VISA card.

Savings accounts are available for all clients with regular incomes, who want to save gradually for the fulfillment of their wishes or for additional financial security, with the most favourable interest rates.

Gradual savings is savings by which you pay as much money each month as you choose when you start saving. Portfolio management and investment consulting can be some of the benefits for non-residents as well. Safekeeping and administration of financial instruments on behalf of clients, including custody and related services, such as cash and collateral management is available too. Also, granting loans and credits to the investor can also be arranged.

Bank Accounts In Serbia

Why is Serbia interesting for banking?

There are 2 simple answers: diversification and banking stability.

Serbia is truly an awesome country and you probably hear about it a lot lately. It is not just about the lovely nature and economic boom during the last decade – Serbia has the most productive ground for bank account diversification. Serbia has not really decided yet between the west and east, if we are honest. And that is exactly what foreigners, wherever they come from, should use for asset diversification! Everyone is welcome.

Also Serbia is not yet a CRS member. This gives certain advantages to some clients.

What banks in Serbia can you recommend?

That is the sweet part and an even sweeter answer to the question. You can choose from a very rich palette of banks with very different origins and foreign investments. All Serbian banks are regulated by the Central Bank (well, like in any other country) but the majority of them is foreign capital. You can choose between Serbian, Russian, Chinese, Arab, EU, American and other banks. You can get a USD bank account in any of those. None of the banks requires you to put in initial deposit and there are no requirements towards minimum balance on the account. Keep in mind that we are now talking about current accounts. There are other options too.

The other important factor is economic stability. According to the World Bank, “Serbia has passed through a period of dramatic change, managing a rapidly evolving political and economic environment. Today, Serbia is a candidate country for the European Union membership, reflecting the significant progress made so far in structural and institutional reforms.”

You can find the list of Serbian banks and other valuable resources here.

What is required to open a bank account in Serbia?

There is only one requirement like in almost any other country and almost all banks – you have to be a resident. The best way to open a bank account is to form a branch of the mother company or simply a new company. For private individuals, they have to be residents to open a bank account in Serbia. 

It may sound like too much of a hustle and one can ask questions “Why don’t I simply open an offshore account then in another country? Why would I need to open a company first?” The answer is simple: Would you rather have your offshore account in a well known big bank or a small Caribbean bank? Besides, company formation in Serbia takes just a couple of days and is a fast and straightforward process that can be done completely remotely, as well as bank account opening.

Overall Serbia is a fantastic place for asset diversification and banking. After all, come and see it for yourself. Findove will be happy to be a host for you!