Opening a Corporate Bank Account in Serbia for Foreign Companies

Serbia is one of the few European jurisdictions where, under the current circumstances, it remains possible to open corporate accounts for foreign companies and subsequently conduct international settlements.

Such accounts are of particular practical value for beneficial owners and groups of companies that make, or plan to make, payments to and from the Republic of Belarus and the Russian Federation, and that are also building settlement chains across several countries. Serbian banks allow these flows to be handled legally and in a structured manner, provided that sanctions and compliance requirements are observed.

Our company supports the opening of corporate bank accounts for companies that are non-residents of Serbia, taking into account the client’s business structure, the group’s countries of presence, and the specifics of international payments.

Available Currencies for a Corporate Account

Corporate accounts with Serbian banks may be opened and used in the following currencies:

• EUR — euro
• RUB — Russian rouble
• AED — United Arab Emirates dirham (UAE)
• RSD — Serbian dinar
• CNY — Chinese yuan
• BYN — Belarusian rouble

The set of available currencies and the terms of their use depend directly on the company’s business profile, the countries of counterparties, and the internal policy of the relevant bank.

Documents Required to Open an Account

The list of documents is determined individually for each client; however, the standard package typically includes:

• current extracts from the company’s corporate registers (with an apostille or consular legalisation — depending on the company’s jurisdiction of incorporation);
• notarised copies of foreign passports;
• documents confirming the residential address of individuals within the management bodies and the ownership structure.

The final list of documents is determined after a preliminary review of the corporate structure and the business payment model.

Account Opening Procedure

The process of opening a corporate account in Serbia includes the following stages:

1. Bank compliance screening
   
   Average timeframe: 10 to 20 working days.

2. Signing of bank documentation
   
   After approval is obtained, the company’s director or another authorised person typically travels to Serbia in person to sign the documents.
   
   In certain cases, signing by proxy (under a power of attorney) is possible.

3. Access to internet banking
   
   Internet banking login details are provided within 3–5 working days from the date of signing the documents.
   
   Access is provided via a mobile application; where required, a physical token may be issued.

Internet Banking

• the interface is available in Russian and English;
• account and payment management is carried out remotely.

Restrictions and Regulatory Specifics

When using a corporate account in Serbia, it is necessary to take into account a number of important restrictions:

• banks do not process transactions involving sanctioned persons, goods, or services;
• operations in Russian roubles are possible only with non-sanctioned banks of the Russian Federation;
• payments:

1. with the Russian Federation are carried out exclusively in Russian roubles;
2. with the Republic of Belarus — in Russian roubles and, depending on the counterparty’s bank, in euros;
3. with the United Arab Emirates — in dirhams;
4. with China — in Chinese yuan and euros;

• transactions in US dollars (USD) are not currently available;
• transfers to the company’s own corporate account outside Serbia are possible subject to a certificate from the Serbian tax authorities (obtained separately under a power of attorney, with translation and filing of documents);
• opening deposits is permitted in foreign currency;
• individuals and companies that are tax residents of the Russian Federation and do not hold a residence permit outside the Russian Federation cannot carry out transactions in euros within corporate accounts with Serbian banks.

Our Support

REVERA provides comprehensive support at all stages of opening and using a corporate account in Serbia, including:

• analysis of the group structure and payment flows;
• selection of a bank taking into account the countries of counterparties and settlement currencies;
• preparation and review of the document package;
• liaison with the bank as part of compliance procedures;
• organisation of document signing and ongoing support thereafter.

If your business involves settlements between several jurisdictions, including Belarus and Russia, and you are considering Serbia as a settlement or transit banking centre, we are ready to propose a legally robust and practical solution. We take into account current sanctions restrictions, Serbian banking practice, and the requirements of banks’ compliance departments.

Authors: Bogić Sekulović, Anna Miritskaya.