selecta.me@gmail.com

+382 69 590 433

Archive октобар 2019

Opening a company bank account in Montenegro

Opening bank account in Montenegro

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

  • 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

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.

  • In Montenegro, banks must report large transactions to government authorities.

It’s probably fair to characterize Montenegro as a country with a somewhat high level of bank secrecy, at this moment.

Opening a company bank account in Montenegro

Required documents

In order to open an account with a bank in Montenegro, the director of a company must have and submit the following documents:

  1.      the specific application form or forms issued by the Montenegro bank;
  2.      the Articles of Association of the company or other documents attesting the opening of the company;
  3.      the Certificate of Registration issued by the Trade Register in Montenegro;
  4.      the personal information of the company representative who will be the contact point for the authorities;
  5.      the contract which shows the deposit of the share capital with the respective bank;
  6.      the specimen signature of the person in charge of the management of the account;
  7.      the tax registration certificate issued by the tax authorities in Montenegro.

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.

Types of bank accounts

It can be possible to open a bank account of several types in Montenegro for a registered company. There are the following:

  1. National bank account of the company, including Internet banking service and TAN Number System.
  2. International bank account of the company, including:
    • number of the account;
    • SWIFT code;
    • IBAN-number;
    • Service of Internet banking and TAN Number System.
  3. National debit card with Master Card or Visa. It is used for national payments, gives access to local ATMs, works in almost every country.
  4. International commercial VISA card.

Opening of non-resident accounts in banks for legal entities in the territory of Montenegro

 

For foreign companies, there are multiple advantages for opening non-resident accounts in Montenegrin banks, the main ones are:

  1. Montenegrin banks do not disclose information about their customers,
  2. Montenegro is not a member of the EU and the Euro Zone, but uses the euro currency (such countries include Monaco, Andorra, San Marino, Vatican)

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:

  • request to open a non-resident account, which will contain all the necessary details of the legal entity (name, address, registration number, phone / fax, description of activities, etc.)
  • decision on the registration of company (original or a copy certified by the by the institutions, which are not older than three months)
  • a certified copy of the passport owner of the legal entity or the original power of attorney for the authorized directors with specimen signatures
  • power of attorney for the authorized person to be on behalf of and in the name of the legal entity to dispose of funds in the account Bank (original) and translation into Montenegrin
  • a certified copy of the passport of the authorized person (non-resident) or an ID card if the authorized person resident
  • Memorandum and Articles of Associations – original and translation into Montenegrin
  • Original form of verified signatories and notarized in Montenegro
  • Ownership structure
  • Beneficial Owner Declaration
  • Covering letter with the explanation of bussines activities of the company

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.

Opening a Bank Account for Foreigners

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.

Offshore Banking in Montenegro

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 has neither signed the Automatic Information Exchange Agreementnor indicated a timeline of the start of the automatic information exchange.
  • Montenegrin banks offer a variety of services for non-residents in retail and corporate banking, both to natural persons and legal entities.
  • Know-your-customer procedures are simple and straightforward, the banks do not require to provide documents confirming the source of money.
  • Montenegrin banks have English versions of their websites and employ English-speaking personnel.

Montenegro uses IBAN system to identify bank accounts which facilitated international payments.

However, there are also several drawbacks in offshore banking of Montenegro:

  • Banks in Montenegro have only limited offers in private banking as well as in asset and wealth management.
  • To open an account, Montenegrin banks require a branch visit and do not allow online account opening.
  • Although Montenegro has only „agreed in substance“ FATCA Intergovernmental Agreement (IGA), all Montenegrin banks have registered to participate in FATCA information exchange.
  • Deposit guarantee scheme in Montenegrocovers only up to 50,000 EUR per bank per depositor which is twice less than in the European Union.

Bank in 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