As a foreigner who has just arrived in Montenegro 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.
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.
Montenegro banks accept almost all nationality and residency clients (except clients from US and countries in UN sanctions list).
No minimum balance is required.
We will help you choose a bank.
Copy your personal and company documents
A personal presence of the owner or account signer is required in order to open a bank account in the Montenegro. You cannot open a bank account in the Montenegro remotely!
Within 1-2 days the account is opened.
In order to open an account with a bank in Montenegro, the director of a company must have and submit the following documents:
Personal Identification – You will need the personal details of those involved in the business. Generally this includes owners, shareholders, partners, authorized signers, beneficial owners and directors. Each of these people will need to supply proof of identity, usually in the form of a passport with notary or apostille.
Account Signatures’ Right – If you are one of several owners you will need to show a resolution from your co-owners or board granting you the right to handle the finances of the company/open an account/control the account. If several individuals will be operating the business account then you will need to show proof of their identity. Any individual who is to have access to the account and be an authorized signatory must show proof of identity.
Certificate of Incorporation – If your company is a Limited Liability Partnership or Limited Company you will need to provide a Certificate of Incorporation verifying that your company is licensed and registered.
Certificate of Incumbency – This document lists the names of all individuals (directors, shareholders, officers etc.) involved in the company and states their role in the company, corporate office and obligation (incumbency) to the company.
Memorandum of Association – If your company is a Limited Liability Company you will need to show the bank a Memorandum of Association (MOA) which you would have received during the registration when establishing your company. The memorandum defines the relationship between the shareholders and the company setting out the Articles of Association that state how the company is to be run and owned.
Articles of Association – You will need to show the bank the documents used to register and form your company. The bank will require the Articles of Incorporation that were filed in the jurisdiction where your company was registered. This document states the purpose of your company and the role of its members.
Possible Additional Requirements when opening a Corporate Bank Account
Business Plan – Some banks may ask to see your business plan that sets out the company’s purpose and strategy.
List of customers – Occasionally the bank will ask to see a list of your company’s clients.
List of Main Suppliers – You may be asked to provide a list of suppliers or an invoice from a supplier dated within the last 3 months.
Expected Cash-flow – When opening a corporate account the bank may ask for a projection of anticipated transactions. This should give the bank a better idea of the expected monthly cash flow and credit you may need.
Take into account that the bank has the right to ask for any documents it wishes. If you choose not to supply the required documents the bank is likely to reject your application for a business account. It is best to approach the bank with as much information about your business as they may require. A corporate bank account at a respected financial institution is essential to running a successful business.
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.
For foreign companies, there are multiple advantages for opening non-resident accounts in Montenegrin banks, the main ones are:
Opening a corporate bank account for clients has become more difficult due to tougher procedures of checking new clients. It is possible for a person to visit the Montenegro and open a company here, spend time and money, and still to fail opening an account. Moreover, you will not be informed about the reason of denial. To avoid such an outcome, contact our specialists, and we will prepare all the necessary documents in advance to open a bank account in the Montenegro. Our skilled specialists are familiar with all the aspects of the process and have the information about which company account you can open in every bank.
Companies in Montenegro are classified according to the degree of risk for banks.
It is important to note that each financial institution has its own specific requirements for opening a corporate bank account. This procedure requires a lot of time as well as certain expertise from an applicant. There are mandatory stages of registration, but every bank can have its unique peculiarities. That is why you should entrust this to our experts.
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.
The time required to open bank account in Montenegro depends on account type (personal or corporate account), selected bank and completeness of the documents. On average it takes from one to two weeks. There is no requirement to stay in the Montenegro all this time. To open an account you need to come to Montenegro for one day only. When the bank opens account, the banker will contact you and send your account details and, after a while, would send you the access data for the Internet banking.
Of International Bank Account Number (IBAN) is mandatory for all electronic payments and receipts within and outside the Montenegro (except for making payments through a credit card). IBAN is a unique to the account. So, you will have a distinct IBAN for each of the accounts you hold in the same or different banks. Banks are required to inform their account holders of their unique IBAN.
Why do you need a Montenegro personal bank account?
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.
Banks in the Montenegro offer «Online banking» service for all clients. This gives you a perfect way of managing your company’s assets, no matter where you are. Moreover, online banking in theMontenegro has multi-level protection. You can perform any financial operations online.
Contact our specialists, who will help you pick the best bank in the Montenegro taking into account specifics of your business. To learn more, contact us by the given number by submitting an online request.
A foreign company can issue a debit card if necessary. Debit cards have many benefits, such as conduction of any financial operations or withdrawal of cash from any ATM. Some cards have restrictions directly set by bank, so you should consult bank representatives or our specialists when having your debit card issued.
It can be possible to open a bank account of several types in Montenegro for a registered company. There are the following:
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:
Choose the right Package for your business