Open a bank account in Serbia: what are the advantages?

In 2019, the country's currency reserve was a record in recent years. The increase was due to interference in the domestic foreign exchange market, the development of the state economy also contributes to this trend. Investments are growing. Against this background, the banks of Serbia, which previously showed a growth trend, have become the most attractive.

Many businessmen seek to open an account in this country, which contributes to bringing business to the international level, and opens up access to development in the EU countries. Despite the increased requirements for non-residents to open an account, the country still remains the most loyal in this regard.

Account Opening Nuances

Creating a bank account in Serbia is relevant for those who are developing business in this state, or are planning to open their own company there. In this case, the banks of Serbia become a good solution. It is much easier for residents to open an account, they get some advantages.

Advantages of opening an account in this country:

• In Serbia, growth and continuous development of financial institutions is noticeable;
• Fulfillment by banks of various standards that apply in the European Union;
• Serbia does not impose sanctions on a number of countries;
• The country has a deposit protection program;
• The client has a choice of currency when creating an account;
• Ability to create a multi-currency account;
• Quick account opening, low cost;
• The ability to open an account has been deleted.

Since 2019, there have been some changes regarding information exchange. Now local banks can not provide the previous level of confidentiality, but this innovation affected not only the financial institutions of this jurisdiction, but also others.

Opening a bank account with non-residents has become a more complicated procedure. Many banks do not want to risk reputation and work only with reliable customers. Opening an account yourself is quite difficult. Our specialists in IT-OFFSHORE can help in opening and answer questions of interest.

What documents are needed to open a bank account

There is a list of documents that need to be collected in order to work with the financial institution of the country. An extract of the organization from the Register is required, including with translation into the national language of the state. In addition, you need a document on the credentials of an official. Documents must be issued no more than three months ago.

A power of attorney is required to open an account, documents of the organization with translation into the national language. These include the charter, a description of the organization. Additionally, copies of identification documents of officials, a detailed description of the structure of the organization will be required.