Published on and written by Cyril Jarnias
Montenegro, a small Balkan country experiencing rapid economic growth, is attracting an increasing number of foreign entrepreneurs drawn by its business-friendly environment. Opening a corporate bank account there is a crucial step to launching your business. Here is a detailed guide to help you successfully navigate this process.
Benefits of Opening a Bank Account in Montenegro
The Montenegrin banking system offers several advantages for foreign companies:
Financial Stability: Since its independence in 2006, Montenegro has significantly strengthened its banking sector. The Central Bank of Montenegro (CBCG) exercises strict supervision, ensuring the system’s solidity.
Use of the Euro: Although not a member of the European Union, Montenegro uses the euro as its official currency. This greatly facilitates international transactions and eliminates exchange rate risks for businesses operating in euros.
Bank Confidentiality: Montenegrin banks adhere to high standards of confidentiality while complying with international anti-money laundering regulations.
Modern Banking Services: The country’s major banks offer efficient online and mobile banking platforms, facilitating remote account management.
Openness to Non-Residents: Unlike some European countries, Montenegro relatively easily allows foreign companies to open bank accounts, even without a permanent physical presence in the country.
Good to Know:
Montenegro ranks 50th out of 190 economies in the World Bank’s Doing Business 2020 report, reflecting a favorable business environment.
Prepare Your File: Essential Documents
To open a corporate bank account in Montenegro, you will need to provide a set of documents. Meticulous preparation of your file is essential for a smooth process.
Company-Related Documents
- Company registration certificate in Montenegro or in the country of origin
- Company statutes
- Commercial registry extract (less than 3 months old)
- Montenegrin tax identification number (PIB) if the company is already registered in Montenegro
- Minutes of the decision to open a bank account in Montenegro
- Company ownership structure, including beneficial owners
Personal Documents of Directors and Signatories
- Valid passports
- Recent proof of address (less than 3 months old)
- Detailed CVs of directors and main shareholders
- Signature specimen for each authorized signatory
Financial Documents
- Detailed business plan for new businesses
- Financial statements from the last two years for existing companies
- Financial forecasts for the coming year
- Description of main revenue sources and key business partners
Translation and Legalization: All documents not written in Montenegrin must be translated by a sworn translator. Some documents may require an apostille or legalization, depending on their country of origin.
Good to Know:
Most Montenegrin banks have English-speaking staff, facilitating communication for foreign entrepreneurs. However, all official documents must be in Montenegrin or accompanied by a certified translation.
The Step-by-Step Procedure: From Application to Account Activation
Opening a corporate bank account in Montenegro generally follows these steps:
1. Choose Your Bank
Start by researching and comparing offers from major Montenegrin banks. Consider fees, online services, branch network, and each institution’s reputation.
2. Initial Contact
Contact your chosen bank, ideally by email or through their website, to express your interest in opening an account. Request a detailed list of required documents and procedures to follow.
3. Preparation and Submission of the File
Gather all necessary documents, ensure they are complete, up-to-date, and properly translated if needed. Submit your file to the bank, either in person if you are in Montenegro, or through secure electronic means.
4. File Review by the Bank
The bank will conduct a thorough verification of your file and your company. This step can take from a few days to several weeks, depending on the complexity of your structure and the origin of your funds.
5. Interview and Clarifications
It is common for the bank to request additional information or documents. Be prepared to quickly provide any required elements. An in-person or video conference interview may be necessary for directors.
6. Approval and Contract Signing
Once your file is approved, the bank will send you an account opening contract. Read it carefully, especially the general terms and conditions, before signing.
7. Initial Deposit and Activation
Make the required initial deposit to activate your account. The minimum amount varies by bank but is generally between 500 and 2000 euros for corporate accounts.
8. Obtaining Online Access
Once the account is activated, you will receive your credentials to access the online banking platform. Familiarize yourself with its features for efficient financial management.
Good to Know:
The total time to open a corporate bank account in Montenegro can range from 2 to 6 weeks, depending on the responsiveness of all involved parties and the complexity of your file.
Major Montenegrin Banks: Choose the Ideal Partner
The Montenegrin banking landscape is dominated by a few major players, each offering specific advantages for foreign companies.
Crnogorska Komercijalna Banka (CKB)
A subsidiary of the Hungarian OTP group, CKB is the largest bank in Montenegro.
- Extensive network of branches and ATMs
- Highly developed online banking platform
- Expertise in serving international businesses
- Sometimes higher fees than competitors
- Potentially longer account opening process
NLB Banka
A member of the Slovenian NLB group, this bank stands out for its strong regional presence.
- Ease for international transactions, especially with Balkan countries
- Investment advisory services for businesses
- Special offers for startups and SMEs
- Fewer physical branches than some competitors
- Online banking interface sometimes considered less intuitive
Erste Bank Montenegro
A subsidiary of the Austrian Erste group, this bank is known for its innovative approach.
- Advanced digital banking solutions
- Strong expertise in financing infrastructure and renewable energy projects
- Multilingual support, including in English and German
- Sometimes stricter acceptance criteria for new businesses
- Less extensive product range than some competitors for small businesses
Hipotekarna Banka
The only major bank in the country with predominantly Montenegrin capital.
- Excellent knowledge of the local market
- Often faster account opening process for foreign companies
- Attractive offers for tourism and real estate sectors
- Less developed international network than subsidiaries of foreign groups
- Less extensive range of online services than some competitors
Good to Know:
According to Central Bank of Montenegro data, these four banks together accounted for over 70% of the country’s banking assets in 2024, ensuring a solid financial foundation.
Optimize Your Banking Experience in Montenegro
Once your account is open, follow these tips to make the most of Montenegrin banking services:
Master the Costs
Regularly compare offers: The Montenegrin banking market is competitive. Don’t hesitate to renegotiate your terms or switch banks if you find better offers.
Opt for online services: Most routine transactions are less expensive when conducted via online or mobile banking.
Take Advantage of Exchange Services
Although the euro is the official currency, many Montenegrin businesses deal with partners using other currencies. Major banks offer competitive exchange services and hedging solutions against exchange rate risk.
Leverage International Banking Partnerships
Major Montenegrin banks have agreements with foreign banks, facilitating international transfers and access to financial services in other countries.
Stay Informed About Regulatory Developments
The banking regulatory framework in Montenegro evolves regularly, particularly to align with European standards. Keep yourself informed of changes that could affect your banking activities.
Good to Know:
The Central Bank of Montenegro regularly publishes reports on the state of the banking sector, available in English on its website. These reports are an excellent source of information for understanding market trends.
Conclusion: A Springboard to Success in Montenegro
Opening a corporate bank account in Montenegro is a crucial step for any entrepreneur looking to establish themselves in this dynamic market. Although the process may seem complex at first, meticulous preparation and a clear understanding of the requirements will allow you to navigate this process effectively.
The Montenegrin banking system, modern and constantly evolving, offers a solid foundation for developing your business, whether in tourism, real estate, technology, or any other promising sector of the country’s economy.
By choosing the bank that best suits your needs and optimizing your use of banking services, you will lay the essential financial foundations for your company’s success in Montenegro.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
