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Archive октобар 2019

Opening a company bank account in Montenegro

Opening bank account in Montenegro

As a foreigner who has just arrived in Singapore to open a business, there are many reasons why opening a local bank account should be one of the first things to check your to-do list.

This guide is only for foreigners in Montenegro. None of this applies to you if you’re a Montenegrin national. This is because the rules and standard practices that are applied to the  Montenegrins are vastly different from those that are applied to foreign nationals – EU or otherwise.

What should you know before opening a bank account?

 

Montenegro banks do not all have the same policies to open a business bank account.

 

Personal presence is a prerequisite for foreign nationals to open personal and corporate accounts.

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.

 

In Montenegro, it is not possible to open any corporate bank account for companies registered in Montenegro if the founder of such company is a legal entity / company from an offshore destination as it is for example British Virgin Islands etc.

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