Published on 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.
Good to know:
The National Bank of Serbia (NBS) supervises the financial sector as the central bank and prudential regulator. It applies Basel III principles and governs the sector through several specific laws, notably on banks, payment services, foreign exchange operations, anti-money laundering and counter-terrorist financing, protection of financial services consumers, as well as on digital assets.
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.
20 to 30
This is the estimated number of commercial banks active in the described banking landscape.
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.
Good to know:
Serbia is presented as a strategic platform for accessing European and international markets. It has an extensive trade network with the EU, Russia, China, the US, and the Middle East, and benefits from numerous free trade agreements (EU, EFTA, CEFTA, Turkey, UK, China). Opening a local account simplifies transactions via SWIFT and allows, in some cases, SEPA-like payments in euros.
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.
Good to know:
The standard corporate income tax rate is 15%, one of the lowest in Europe. Significant incentive schemes exist: tax credits for large investments, double deduction for certain R&D costs, favorable regime for intellectual property income, and benefits for investing in innovative startups. For a foreign company, this allows locating functions in a competitive tax environment while benefiting from a legal framework aligned with international standards.
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:
Main Banks in Serbia
Overview of the main banking institutions operating in Serbia, including subsidiaries of international groups and domestic banks.
Banca Intesa
Subsidiary of the Italian Intesa Sanpaolo group, market leader in Serbia.
OTP Banka Srbija
Controlled by the Hungarian banking group OTP.
UniCredit Bank Srbija
Institution linked to the Italian UniCredit group.
Raiffeisen Banka
Subsidiary of the Austrian Raiffeisen Bank International group.
Erste Bank
Bank of Austrian origin, member of the Erste Group.
NLB Komercijalna banka
Attached to the Slovenian banking group NLB.
Banka Poštanska Štedionica
Serbian postal savings bank with public capital.
AIK Banka
Serbian bank oriented towards SMEs and the agricultural sector.
Eurobank Direktna
Linked to the Greek Eurobank Ergasias group.
Bank of China Srbija
Serbian branch of the Chinese group, heavily oriented towards corporate clients.
Mirabank
Domestic Serbian bank offering personalized service.
Mobi Banka
Bank positioned as being almost entirely digital.
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.
Tip:
Corporate accounts in Serbia can be opened in Serbian dinars (RSD) and a wide range of international currencies, including the euro (EUR), US dollar (USD), British pound (GBP), Swiss franc (CHF), Russian ruble (RUB), Turkish lira (TRY), Canadian dollar (CAD), Danish krone (DKK), Japanese yen (JPY), Swedish krona (SEK) and sometimes Chinese yuan (CNY). Banks provide IBAN and SWIFT details for these accounts and support international transfers, mainly via the SWIFT network. Furthermore, some banks offer SEPA-compatible operations to facilitate euro payments to Europe, although Serbia is not a member of the SEPA zone.
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.
99
For a Serbian company, the success rate for opening a bank account is close to 99%.
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%.
Example:
A company based in an offshore jurisdiction can facilitate its access to the Serbian banking system by creating a local branch with a physical address, local accounting, and real costs (substance). This structure allows it to meet bank requirements while maintaining the main legal liability at the offshore headquarters.
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.
Good to know:
Some banks allow an initial analysis of the file remotely but require physical presence for the final signing. Others, more rarely, permit a fully remote process via a notarized and apostilled Power of Attorney, where a local agent (lawyer or provider) acts on behalf of the company to submit documents, attend interviews, and sign.
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.).
Attention:
Timeframes vary from a few days to three weeks for a well-documented local company and can extend over several weeks for a non-resident account, especially if the company belongs to a complex structure or operates in a sensitive sector (online gambling, crypto-assets, unregulated financial services).
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:
Documents Required to Open a Bank Account in Serbia
To open a corporate bank account in Serbia, you will need to provide a complete set of legal, financial, and identification documents. Here is the list of essential items requested by banking institutions.
Company Legal Documents
Certificate of Incorporation or Registration, Articles of Association or equivalent, and a recent extract from the commercial register confirming the company is active (often less than 30 to 90 days old).
Ownership Structure and UBO
Current shareholder list and ownership chart, clearly indicating the Ultimate Beneficial Owners (UBO).
IDs of Involved PersonsProof of AddressBusiness & Financial Information
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.
