COREDO > Opening bank accounts > SERBIA

SERBIA

Despite its modest size and a population of just 7 million, and the serious upheavals suffered by the country in the early 21st century, Serbia is now a fairly promising area of South-Eastern Europe. Serbia boasts a dynamic economy and a stable and universal banking system, which is very popular with the citizens of the CIS countries, along with the jurisdictions in countries such as the Czech Republic, Latvia or Estonia. All the latest banking regulations in the country are aimed at meeting European requirements, as Serbia is on the verge of joining the EU. However, the strict European rules do not apply to Serbian banks yet.

At present 27 banks are operating in Serbia. Among them there are state and private banks as well as banking institutions with foreign ownership. All Serbian banks are well capitalized and offer a full range of modern banking services. The best banks according to experts are Banca Intesa, Komercijalna Banka, UniCredit, Societe Generale, Raiffeisen, AIK and Eurobank.

ADVANTAGES OF OPENING A BANK ACCOUNT IN SERBIA

Among the advantages of the Serbian banking system the following are worth mentioning:

availability of accounts in different currencies: US and Canadian dollars, Euros, Swiss Francs, Russian Roubles, British Pounds, Swedish Kronas and Japanese Yens;
premium services, namely: letters of credit, bank guarantees as well as SEPA and SWIFT payments;
wide range of online banking services, mobile banking as well as possibility of obtaining debit cards;
possibility of running e-commerce business through Serbian banks;
back-to-back deposits via Serbian legal entities;
state deposit insurance.

It is important to highlight that Serbia is not a party of the CRS protocol on the exchange of tax information, which means that data regarding non-resident accounts is not transmitted anywhere.

ACCOUNT OPENING PROCEDURE IN SERBIA

Our company is ready to provide you with effective assistance in the matter of opening an account in Serbia. We provide this service in a comprehensive manner, starting with advice and preparation of a complete set of documents and ending with obtaining the supporting documents for the account opening and handing them over to the applicant. Many our clients ask whether it is necessary to travel to Belgrade to open a bank account. Visiting Serbia is not necessary. Most banks in this country allow remote account opening.

The process of verification by a banking institution and the opening of an account takes 14 days or more. It all depends on the requirements of the chosen bank and the type of your business.

Please contact us if you ever need to open an account in Serbia. Our specialists have extensive experience in working with local banks and are ready to help in choosing the proper bank for your business as well as assist in preparing the necessary documents.

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