Open a Corporate Bank Account in Serbia

Published on January 14, 2026 and written by Cyril Jarnias

Opening a corporate bank account in Serbia has become a strategic lever for many European and non-European entrepreneurs. The country combines a stable banking system, relatively low costs, attractive taxation, and a regulatory framework increasingly aligned with the European Union, while remaining outside certain constraints like the automatic exchange of tax information. But behind this appealing image lies a highly regulated reality, marked by strict KYC/AML procedures, heavy documentary requirements, and significant differences between resident and non-resident accounts.

This guide provides a comprehensive, practical, and reasoned overview of what it truly means to open a corporate bank account in Serbia, whether you are establishing a Serbian company, setting up a branch, or seeking a non-resident corporate account.

Understanding the Serbian Banking Landscape Before Opening an Account

Even before choosing a bank, it is essential to understand the financial environment in which your business will operate. Serbia is a relatively small banking market on a European scale, yet very dense and heavily regulated.

The Serbian banking system is characterized by a strong presence of foreign groups and by comfortable solvency. The sector’s solvency ratio was reported around 20% in 2023, well above international minimum requirements, and the level of non-performing loans is in the low single digits. Customer deposits are covered by a deposit guarantee agency that insures up to 50,000 euros per depositor and per bank.

Here is a simplified overview of the market:

Key Indicator	Indicative Value
Number of commercial banks (latest data)	20 to 29
Majority foreign ownership among banks	> 70% (approx. 21 banks with majority foreign capital)
Sector solvency ratio (2023)	~ 20.3%
Deposit guarantee	50,000 € / bank / depositor
Total loan volume (2024)	~ €32 billion
Growth in personal loans (2024)	~ 8.4%

Internationally, Serbia was removed from the FATF’s “grey list” in 2019, after strengthening its anti-money laundering framework. It has joined the CRS system for automatic information exchange, but according to sources, has not yet begun regular exchange flows. For foreign companies, this environment thus combines enhanced compliance with still-significant banking confidentiality.

Why Open a Corporate Bank Account in Serbia?

Opening a corporate account in Serbia responds to several strategic logics, going well beyond simply managing a local account number.

Operationally, any company registered in Serbia must have a professional bank account to conduct its business: paying salaries, settling suppliers, remitting taxes and social contributions, possible deposit of share capital for certain types of companies. For a subsidiary or a branch, this account is also the gateway to the local market.

The country also offers an appreciated cost advantage. Banking fees are often lower than those in some EU countries, whether for account maintenance, transfers, or card fees. Operating costs—rent, salaries—are also lower than in most European capitals, making the establishment of a structure with “substance” relatively affordable.

Finally, Serbia is not yet fully engaged in automatic exchange of banking information via CRS, which reinforces the confidentiality of accounts, subject to compliance with local laws and reporting obligations in the tax residence country of the beneficiaries.

Banks and Types of Services Accessible to Businesses

To open a corporate bank account in Serbia, you must first choose a bank. The National Bank of Serbia’s website lists all authorized banks. The choice is based on the company’s profile, its ownership structure, its sector of activity, the expected transaction volume, and the need for international services.

Among the commercial banks most frequently cited in studies:

These players generally offer similar products: current accounts in dinars and foreign currencies, multi-currency accounts, online and mobile banking services, debit or credit cards (Visa, Mastercard, and the local DINA card), acquiring solutions, letters of credit and guarantees, cash flow financing, foreign exchange products, and even asset management and investment funds for some.

Digital services are well developed: e-banking, m-banking, SMS or email notifications, USB tokens or access codes to secure connections, and even APIs and integration with accounting software for a few institutions.

Types of Structures: Company, Branch, or Non-Resident Account

Opening a corporate bank account in Serbia does not look the same depending on whether you create a local entity or just want a non-resident account for a foreign company.

Serbian Company (DOO, AD, etc.)

The most common form is the limited liability company (d.o.o.), which can be established with a symbolic minimum capital of 100 dinars (less than one euro). Once the company is registered with the Serbian Business Registers Agency (SBRA), it obtains a registration number and a tax identification number (PIB/TIN). From there, opening the bank account is almost automatic, as long as the file is complete and the activity does not present a particular risk from an AML perspective.

Branch of a Foreign Company

The other option is to create a branch of a foreign company. Legally, it is not a separate entity, but a local extension of the parent company. For tax purposes, the branch is treated as a resident for its activities in Serbia, with its Serbian profits taxed at 15%. Opening an account is also very well accepted by banks: sources mention a success rate comparable to that of local companies, close to 99%.

Non-Resident Corporate Account

Finally, some banks allow a foreign company to open a non-resident corporate account without creating a structure in Serbia. The practice is significantly more restrictive. Non-resident accounts are considered more risky from a compliance standpoint, especially for companies registered in low-tax transparency jurisdictions. KYC/AML checks are strengthened, required documents are more numerous, fees are higher, and rejection rates are significantly greater.

In this case, obtaining an account can take several weeks, or even several months, and largely depends on the company’s profile, its ownership structure, the sector in which it operates, and the reputation of its jurisdiction of origin.

Summary Comparison

Criterion	Local Company (DOO)	Branch in Serbia	Pure Non-Resident Account
Tax Status	Resident (CIT 15%)	Resident for the branch	Non-Resident
Opening Success Rate	Very high (~99%)	Very high (~99%)	Low to Medium
KYC/AML Complexity	Standard	Standard to Enhanced	Enhanced
Banking Fees	Lowest	Intermediate	Significantly Higher
Letters of Credit / Guarantees	Generally available	Sometimes limited	Often unavailable
Need for Local Address	Yes	Yes	No
Typical Timeframes	10–15 days	10–15 days	From 2 months

General Conditions and Personal Presence

In practice, most Serbian banks require the physical presence of the legal representative or authorized signatories to finalize the opening of a corporate account. It is generally not enough to sign at a foreign notary or embassy: the person listed on the signature card must be present in Serbia to initial the forms, deposit their signature, and sign the account contracts. This is a direct consequence of the identity verification obligations under the anti-money laundering law.

The procedure takes place in several relatively standardized steps: initial contact with the bank, preparation of documents, file submission, KYC/AML checks, possible additional requests, acceptance or rejection decision, then signing of contracts and activation of services (dinar and currency accounts, e-banking, cards, etc.).

Documents Required for a Corporate Account

Serbian banks all have their own checklists, but the requirements largely converge. For a company already registered in Serbia, basic documents include the company registration decision, the extract from the business register, the tax identification number certificate (PIB/TIN), the specimen signature form (often called OP form) duly notarized if necessary, a signed account opening form, and various internal KYC-related declarations.

For a foreign company opening an account as a non-resident or via a branch, the documentary corpus is heavier. Institutions generally request:

For foreign companies, the rule is that documents must be translated into Serbian by a sworn translator when they are not already in Serbian or English. They often must be notarized, or bear the Hague Apostille if the country of origin is a member. Banks also insist on the recency of extracts and certificates: an extract from a register older than three months risks being rejected.

Example of Common Document Set for a Foreign Company

Category	Examples of Expected Documents
Legal Existence	Certificate of Incorporation, recent register extract
Governance & Capital	Articles of Association, shareholder list, UBO chart
Identity of Key Persons	Passports of directors, signatories, main shareholders
Addresses	Utility bill / lease (company), recent bill (directors)
Taxation	Foreign TIN, potential Serbian TIN, FATCA forms if applicable
Business & Financial Flows	Business plan, activity description, source of funds
Signature	Signature card, apostilled Power of Attorney if using an agent
AML/KYC Compliance	UBO declaration, KYC forms, PEP status

In the case of a newly created Serbian company, the translation and apostille work essentially concerns the parent company’s documents if the ownership is foreign. For a purely local structure, the documentation is simpler, as it comes from Serbian bodies (business register, tax administration) and requires neither translation nor apostille.

Specific Requirements Related to AML/KYC Compliance

Serbia applies a very detailed anti-money laundering framework. Banks are required to accurately identify their clients, verify the identity of any person acting on behalf of a company, identify ultimate beneficial owners, and monitor transactions over time.

They must also verify whether directors, shareholders, or UBOs are Politically Exposed Persons (PEPs) and apply enhanced due diligence if so. Any transaction deemed suspicious, or exceeding the threshold of 15,000 euros, must be reported to the Administration for the Prevention of Money Laundering.

Institutions are legally authorized to refuse account opening or to close an existing account when the client’s profile, their country of origin, or their sector of activity is deemed too risky. Companies active in gambling, certain crypto-asset niches, or linked to jurisdictions on high-risk lists may face systematic refusals.

Concrete Process: From Application to Account Activation

Setting up a corporate bank account follows a fairly standard path, even if each bank has its nuances.

Initially, the company chooses a bank, possibly with the help of a lawyer or specialized firm. This choice should consider the bank’s risk tolerance, its practice towards foreign companies, fees, digital channels, and required paperwork. Some banks are known to be more open to international clients, others prefer a more domestic profile.

The file is submitted to the bank, often in electronic and paper versions. The compliance department (AML) conducts an initial review, which may take several days. Additional information is sometimes requested: client contracts, bank reference letters, further proof of source of funds, directors’ CVs, etc. Once the review is positive, the bank summons the legal representative or their agent to sign the account contracts, general terms, and technical forms (e-banking, cards).

For Serbian companies, the account number must then be communicated to the tax administration within about fifteen days of opening, so that the authorities can track movements related to tax and social obligations.

Costs, Fees, and Financial Conditions

The costs of opening and managing a corporate account in Serbia remain attractive compared to many European jurisdictions, but with strong variations depending on resident or non-resident status.

Account maintenance fees are often between 5 and 50 euros per month, with the lower range for resident companies and higher amounts for non-resident structures. Foreign currency accounts are sometimes exempt from maintenance fees, while the dinar account bears a monthly fee.

Corporate accounts do not always require an initial deposit, but several banks ask for a minimum balance at startup, typically between 500 and 1,000 euros for foreign corporate structures. Exchange commissions for currency conversions hover around 0.5 to 1.5% depending on practices.

Cash withdrawals from the corporate account are allowed but must be justified by business activity, and may be closely monitored by the compliance department, especially if the amounts are high or frequent.

Indicative Summary of Main Fees

Type of Fee	Usual Range (Indicative)
Corporate account opening	100 – 500 € (more for high-risk non-residents)
Monthly account maintenance	5 – 50 €
Initial deposit (if applicable)	500 – 1,000 €
Outgoing international transfer	~ 0.2–0.4% or 15 – 35 €
National transfer in RSD	Low unit fees, sometimes flat-rate
Debit/credit cards	Variable issuance and renewal fees
E-banking / m-banking	Generally modest, sometimes included

Legal Framework, Banking Secrecy, and Data Protection

Banking secrecy is governed by Serbian law. It covers the client’s personal data, their financial situation, transaction details, and account balances. In principle, banks can only disclose this information with the consent of the individual or when the law obliges them to do so, notably at the request of courts, police, the tax administration, or anti-money laundering authorities.

Simultaneously, transversal frameworks such as the Law on Payment Services, the Law on Foreign Exchange Operations, and the Law on Capital Markets govern financial flows and access to payment services, with a trend towards gradual harmonization with EU rules, notably the PSD2 directive and open banking.

Specific Challenges for Foreign and Non-Resident Companies

Even though Serbia appears as a welcoming destination, opening a corporate bank account for a foreign non-resident company is far from a walk in the park.

The language barrier adds to these difficulties. The working language in branches is Serbian, and while major banks have English-speaking staff in large cities like Belgrade or Novi Sad, this is not systematic in all branches or for all documents.

Finally, an opening refusal can have serious consequences: some institutions record rejections and may refuse any subsequent application, complicating the search for another bank in the country. Hence the importance of meticulous preparation upfront.

Role of Specialized Providers and Local Assistance

Faced with this level of requirement, many foreign entrepreneurs turn to local providers: lawyers, consulting firms, registered office services, or company formation specialists. These players offer comprehensive support, from choosing the legal form (company, branch, representative office) to opening the account and setting up accounting.

Their intervention is particularly useful for:

The cost of these services varies significantly depending on the scope of the mandate: some charge a few hundred euros for targeted assistance with account opening, others offer “turnkey packages” (company + account + address + accounting) priced at several thousand euros. For a serious establishment, one must also budget for recurring costs related to the legal address and bookkeeping, which can start around 200 euros per month, or approximately 1,200 euros per year at a minimum.

Banking Market Trends and Impact for Businesses

The Serbian banking sector is undergoing transformation. Market consolidation continues, with regular mergers and acquisitions between institutions, often driven by foreign groups seeking to strengthen their regional presence. This consolidation is accompanied by rapid digitalization: widespread online banking, development of m-banking, QR code payments, etc.

Banks are also under pressure from ESG criteria, with increasing sensitivity to climate-related risks, governance, and social issues. For corporate clients, this may translate into increased attention paid to compliance, environmental impact profile, and transparency of their operations.

On the macroeconomic risk side, Serbia is not immune to inflationary pressures and interest rate hikes, which weigh on the cost of credit and may eventually lead to an increase in non-performing loans. Companies establishing in Serbia must therefore integrate this dimension into their cash flow and financing management.

Managing a Corporate Account in Serbia: Practices and Vigilance

Once the account is opened, the relationship with the bank must be managed proactively to avoid bad surprises. Companies must ensure they keep their information up to date: change in ownership, modification of headquarters, expansion into new markets or products, appointment of a new director. Any significant change in the risk profile must be reported to the bank.

The use of e-banking and cards must also take into account local particularities. Some features—like instant transfers or payment limits—depend on resident status and length of presence in the country. Foreign companies should progressively test the tools to ensure they meet their needs, especially if they operate remotely.

To optimize currency exchange costs and international transfer fees, many players combine the Serbian account with online payment solutions like Wise, Revolut, or PayPal, or use specialized low-cost transfer providers, especially for recurring flows. These solutions, however, do not replace the local account, which is essential for the day-to-day operation of the structure in Serbia.

Conclusion: A Real Opportunity, Provided You Accept the Rigor

Opening a corporate bank account in Serbia can be a real asset for a company focused on international business. The country combines competitive banking fees, advantageous taxation, good stability of the financial system, wide openness to foreign capital, and a strategic geographical location between the European Union and the Balkans.

Experience shows that companies that succeed in their banking establishment are those that prepare their file thoroughly, accept playing by the rules of compliance, carefully choose their bank, and often rely on local advice to overcome administrative and linguistic obstacles. In this framework, a corporate bank account in Serbia is not just another IBAN in an international portfolio: it is a genuine tool for development, credibility, and geographical diversification.