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Open a company with a bank account in Serbia

20. 09. 2022
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Registering a business in Serbia for non-resident is a quick process, as the registrar makes a decision within 1 or 2 weeks after the application submission. First of all you need to prepare all documents, fill out the forms correctly and perform the required actions. So what are the steps of opening a company with a bank account in Serbia?

Step 1. Determine the legal form of your business

There are a few types of businesses:

  • Individual entrepreneur / contractor business.
  • LLC.
  • A business partnership.
  • Limited Liability Partnership.
  • A joint-stock company.

The most popular form of registration in Serbia is an LLC. A company can have one or more founders and directors, which allows you to effectively manage your business.

Step 2. Choose a name

It is necessary to choose a name for the company, and you have to observe the following rules:

  • The company name must indicate the legal form of the business.
  • The company name in Serbian can be written in Cyrillic or Latin, and both Roman or Arabic numerals are allowed.
  • The company name can be named in a foreign language.
  • The company name has to be unique. The state website of the Serbian Business Registers Agency (SBRA) can help you to check whether it is available for registration.

Error in the name is one of the most common reasons for refusal of application registration. Our specialists will help you to get it right.

Step 3. Define activity code

Each country has a list of activities under which to register a business. For example, if you are opening an IT company you must indicate the code under which IT services are listed. It's necessary to specify this data when applying for business registration.

Step 4. Address

It is obligatory to have an office in Serbia, but it is possible to register a virtual address instead of a postal address. This option is suitable for small and new companies, which cannot afford to rent office space. Also, a virtual office is a great solution for companies whose activity is not tied to a specific location and who are working remotely.

Step 5. Articles of Association

Depending on the number of founders of the LLC, you need to prepare:

  • Decision on the LLC formation - if there is one owner.
  • Articles of Association - if there are multiple founders.

The memorandum of association must contain the following information:

  • Name of the company, its address, and registration number.
  • Information about the founders.
  • Activity code.
  • Authorized capital.
  • Financial and non-financial contributions of each member.
  • Date of contributions.
  • The share in the share capital of each owner of the LLC as a percentage.
  • Bodies of the LLC, their locations, and the rights of the representative.

The memorandum of association must be certified by a notary. The founder can be absent during this procedure if you issue a power of attorney to our company. Also, you need to fill out a notarized form indicating the list of persons who have the right to respond to third-party requests on behalf of the company. The founder's signature also has to be notarized.

Step 6. Filing the Paperwork with the Registrar

Registration of the company starts with applying to the SBRA, which should be done according to the template. To do this, you must visit one of the SBRA branches or apply via mail.

The application must be accompanied by the following papers:

  • Passports of the founders. If there is a legal entity among them, one must submit an extract from the registry where the company is registered.
  • Articles of incorporation with the signatures of all owners.
  • A receipt of payment of the business registration fee.

The application can be filed by a founder or an authorized individual or a trustee.

Step 7. Business Registration

The regulator carefully reviews the application and approves it if everything is in order. You receive:

  • Business number;
  • Your tax identification number;
  • Health insurance number, issued by the National Health Insurance Fund.

Step 8. Opening a bank account

After registration of the company, it is obligatory to open a corporate account in Serbia. To open a bank account in Serbia in 2022 you must submit:

  • Application for opening an account.
  • A notarized CS form with a list of authorized persons to represent the company.
  • Extract from the Commercial Register confirming the company registration.
  • Corporate documents (articles of incorporation, etc.).
  • Passports of the owners and directors.
  • Business plan.

If necessary, the banker can request the other documents. Verification usually takes a few days, and if all is well, the account will be opened. 

How to open a company in Serbia

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