Foreign Company Bank Account in Serbia

When a foreign company needs a Serbian account

Foreign companies that work with Serbian partners often find it practical to hold funds locally. A Serbian account makes it easier to receive payments from Serbian clients, pay local suppliers and costs, and hold money in euros or dinars.

A foreign company that holds an account in Serbia remains a non-resident. Having an account does not by itself create a Serbian company or a branch.

Receiving payments from Serbian clients
Paying Serbian suppliers, consultants or service providers
Covering the costs of a project or an office in Serbia
Holding funds in euros or dinars
Paying costs related to property the company owns in Serbia

Account, branch or Serbian company?

Before opening an account, check whether an account alone is the right structure. If the foreign company will do business in Serbia on a continuing basis, employ people or sign contracts locally, a Serbian subsidiary (DOO) or a registered branch may be more appropriate. Both are registered with the Business Registers Agency (APR) and then open accounts as Serbian residents.

A non-resident account suits companies whose business is mainly abroad but which have regular payments to or from Serbia. The tax consequences of doing business in Serbia, such as VAT obligations or a permanent establishment, should be checked separately with a tax adviser.

Corporate documents the bank will ask for

Foreign public documents usually need an apostille under the Hague Apostille Convention and a certified Serbian translation by a Serbian court interpreter. Some countries have agreements with Serbia that waive the apostille, while documents from countries outside the apostille system need full legalization. Check this before you order the documents.

Banks generally expect recent extracts. If the extract is too old by the time of the meeting, the bank may ask for a new one, which means a new apostille and a new translation.

A recent extract from the foreign company register
Articles of association or an equivalent constitutional document
List of directors and shareholders, if not shown in the extract
Information on the ultimate beneficial owners, with copies of their passports
A company decision on opening the account and on authorized signatories
A power of attorney, if a representative signs on behalf of the company

What Serbian banks look at

Banks want to understand three things: the business link with Serbia, the source of funds and the ownership chain up to the natural persons. A trading company with a contract with a Serbian buyer, owned directly by one person, is easy to understand. A company owned through several holding layers in different countries, with no visible activity in Serbia, will receive more questions.

Prepare documents that show the link, such as contracts or offers with Serbian partners, invoices, a description of the planned payment flows and an estimate of monthly volumes. Show the source of funds with the company's financial statements or bank statements.

Simple and transparent structures generally move faster. If the structure is complex, explain it in a one-page chart with names, countries and ownership percentages that match the corporate documents.

Step by step, and common mistakes

Common mistakes are apostilling documents before checking that they contain everything the bank needs, translating only part of a document, bringing an outdated extract, using a power of attorney that does not cover opening and operating an account, and leaving out beneficial owners who sit above a holding company.

Confirm with the bank which documents it needs and how recent they must be
Obtain the register extract and other documents, then the apostille
Have the documents translated by a Serbian court interpreter
Prepare the company decision and the power of attorney, if needed
Attend the identification meeting with the director or an authorized representative
Activate the account and e-banking

When to involve a lawyer

Legal help is most useful before the apostille, because corrections after that cost time. Our office reviews your documents before they are apostilled, organizes certified translations, prepares the power of attorney and communicates with the bank's compliance team in English. The bank decides independently whether to open the account.

Frequently asked questions

Can a foreign company open a bank account in Serbia?

Yes. A company registered abroad can open an account at a Serbian bank as a non-resident legal entity. It must provide apostilled and translated corporate documents and information on its beneficial owners, and each bank decides under its own compliance rules.

Does the director of the foreign company have to come to Serbia?

Banks usually require identification of the person who represents the company. Whether an authorized representative can do this instead depends on the bank, so check before you plan the trip.

Do I need to register a Serbian company to have a Serbian account?

No. A foreign company can hold an account as a non-resident. If it will run continuing business in Serbia, a Serbian company or a branch may be more suitable, and that question should be answered first.

Who can translate the documents?

Banks and authorities in Serbia generally require a translation made and certified by a Serbian court interpreter. Plan for the translation to be done after the apostille, so that the apostille is translated too.

In which currency can the account be held?

A foreign company can hold accounts in dinars and in foreign currencies such as euros. The use of each account is subject to Serbian foreign exchange rules, which the bank explains at opening.

How long does the bank review take?

It depends on the bank and on the complexity of the ownership structure. A complete and consistent file avoids the most common requests for additional documents.

This guide provides general information and is not legal advice for your specific case. Send us your question for an assessment.