The branch office must bear the same as the parent company, meaning it must operate under the same trading name;
the are no share capital requirements for setting up a branch office in Montenegro, however, the amount of money for the operations must be established by the parent company;
Here is some necessary information that should be helpful if you need a bank account as a private person or have founded a company, so your bank account is one of the prerequisites for your business.
Montenegro Bank Account – Key Features
Banks in Montenegro do not participate in the Automatic Exchange of Information (AEOI) or Common Reporting Standards (CRS) schemes at this time.
If Montenegro gets its wish of joining the EU in the next decade they will have to join AEOI at that time.
That means that banks here don’t automatically report account holdings to national governments.
Montenegro is the only remaining country in Europe using the EURO as their official currency who has not yet signed OECD automatic exchange of information.
It’s probably fair to characterize Montenegro as a country with a somewhat high level of bank secrecy, at this moment.
In order to open an account with a bank in Montenegro, the director of a company must have and submit the following documents:
It is possible for companies in Montenegro to open more than one bank account.
To submit an application for commercial Internet banking (national and international), some banks request additional notarized passport and confirmed signature of the company’s director.
It can be possible to open a bank account of several types in Montenegro for a registered company. There are the following:
For foreign companies, there are multiple advantages for opening non-resident accounts in Montenegrin banks, the main ones are:
The procedure for opening an account with the Montenegrin bank takes an average of 14 days, depending on the bank and the jurisdiction of the company.
To open a non-resident account in Montenegro for a legal entity, it is necessary at the first stage to remotely fill in the application form and send it to us via email in a scanned form, along with the company’s registration documents. After necessary checks, the bank may require additional documents.
It is necessary to submit:
If the companies did not approve the opening of a non-resident account in Montenegro, usually the management of the Montenegrin bank does not explain the reasons for the refusal.
If the companies did not approve the opening of a non-resident account in Montenegro, usually the management of the Montenegrin bank does not explain the reasons for the refusal.
Why do you need a Montenegro personal bank account?
Security and privacy for your money. Montenegro has a good level of banking secrecy (Montenegro does not participate in CRS or AEOI). Individuals appreciate Montenegro bank accounts for the privateness as well as protection they provide.
If you are a non-resident, and by that, you are a person with permanent residency in a country that is not Montenegro, or your legal entity, i.e. a private enterprise registered abroad, you can open your bank account quickly.
The only document needed to get a Montenegro bank account is a valid passport.
To open a bank account in Montenegro you will have to visit your local bank branch in person.
There are two types of bank accounts at Montenegro’s banks, which depend on the type of transaction:
National accounts, which are for making payments within Montenegro, and
International accounts, for moving money into or out of the country.
Funds you move into Montenegro will land in your international account. You’ll have to transfer money to your national account in order to pay bills or withdraw cash.
As a foreign citizen, you can open an account with your name. As a bank account holder, you can freely raise or pay in their account cash in EUR or foreign currency that is convertible into Montenegro in unlimited amounts. Also, you can receive payments to your account and perform non-cash payments and transfers, following foreign exchange regulations.
As a non-resident, you must come to the bank’s branch and provide your passport for the opening of all these types of accounts. A worker will ask you for some extra information that is not available on your passports, such as the exact address of your home or contact information. This is how the procedure is completed, and you have opened an account in only a few minutes.
There are more bank account options for private persons: current account (to receive payments), current account (general purpose – for personal payments), savings account and foreign currency account.
Since 2002 Montenegro uses euro as its domestic currency unilaterally, though it is not an official member of the euro zone.
Montenegro Bank Account – Key Features
Foreign currency accounts with no fee for non-residents
No requirements for providing a minimum deposit or proof of income
Remote access (e-banking) with token and PIN
Lowest fees for maintenance and transfers
VISA, MasterCard debit and credit cards
Customer service in English, Russian and Montenegrin
Montenegro Bank Account Opening Service
Montenegro is becoming an increasingly popular offshore banking destination for several reasons:
Montenegro uses IBAN system to identify bank accounts which facilitated international payments.
However, there are also several drawbacks in offshore banking of Montenegro:
Banking is well developed in Montenegro. Montenegrin banks offer the same services like any other banks in the world. The Central Bank of Montenegro is in charge of Montenegrin banking system, and the official currency in Montenegro is Euro (€). If you want to know more about issues like money transfers, or account opening, you can check that on the bank list below:
Retrieved from:https://www.euraxess.me/montenegro/information-assistance/banking