The Serbian banking sector’s extensive development is at the core of the general economic growth, improvement of the business environment, and social transformations of the country. As Serbia is a country that is very open to working with foreign companies, individuals, and legal entities, Serbian banks offer services for the opening of non-resident corporate and personal accounts.
Advantages of Serbia’s Banking system
Outline below are the main benefits of the Serbian banking system:
• Serbia banks provide integral banking services to non-residents, both to natural persons and legal entities.
• Serbia has a stable & universal banking system,
• Know-Your-Customer (KYC) processes are easy and straightforward.
• Serbia uses IBAN (International Bank Account Number) system to identify bank accounts that promoted international payments.
• Bank accounts can be opened in Serbian dinars (RSD) and foreign currencies (for instance, EUR, USD, or CHF)
• Availability of back-to-back loans through Serbian legal entities
• payments cards (Visa or MasterCard) are given together with the accounts.
• State deposit insurance
Requirements for opening non-resident bank accounts in Serbia
For a Serbian personal bank account
• Your Passport
• residence permit administered by another country (only if you have citizenship of one country and reside in another)
• a document confirming your residence address
• the bank forms
For a Serbian corporate bank account
• Bank forms
• an Extract from the Register
• a certificate of the top managers’ Authority, apostilled
• a Certificate of Good Standing
• certified and apostilled Power of Attorney for opening a business account
• the Articles of Association and other authorized documents of your company
• Illustration of the company’s business activities
• personal data of the legal representative of the foreign company
• number and value of shares
• address and the full name of the foreign company
• registration number of the foreign company
The process for opening the bank account, depending on the structure, is usually finalized in 1-2 weeks.
Standard procedure for opening a Serbia bank account
The procedure of bank account opening can differ depending on the bank, but generally, the main steps are explained below
• request for opening is submitted with the essential documentation
• the bank’s opening payment is paid
• bank activates the account and gives payment instructions
• the request for online banking is submitted
• bank commission for e-banking is paid
e-banking is activated and instructions for using the account are provided, and e-banking equipment is sent to the client
Serbian banking system
The national Bank of Serbia (NBS) is the central bank of the Republic of Serbia that fulfills the function of the regulator and administrator for the major part of the Serbian financial sector.
Founded in 1884, the NBS is in charge of prudential supervision and regulation of banks, as well as financial leasing companies, insurance companies, and electronic money institutions.
The objective of the National Bank of Serbia is to contribute, without bias to the maintenance and strengthening of the stability of the financial system and Economy of Serbia.
Banks in Serbia are independent in their quest for profit-oriented business activities based on the standards of solvency, profitability, and liquidity.
Every-day payment transactions are, with occasional exceptions, made in Serbian dinars, and one can use different types of credit cards.
Out of the total of 29 commercial banks, delivering a wide array of banking services, 21 are in majority foreign ownership. These banks could be divided into seven groups (Local, EU, America, Russian, Dubai, Turkish, and one Chinese bank), giving the clients the freedom of choice and also ensuring good conditions due to the competition in the banking market.
All Serbian banks provide remote banking services to access the accounts opened with them.
Are you ready to open your Serbian corporate or personal bank account?- Let’s go ahead and contact your Damalion expert now.