OPENING A BANK ACCOUNT IN MONTENEGRO

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Montenegro has been recognized in recent years as one of the best countries to invest in, mainly because of its political stability, liberal economic regime of foreign trade, favorable tax policy (9% income tax, 7/21% VAT, 9% personal income tax) and of course its geographical position. Montenegro is also a member of NATO, OSCE and the European Monetary Union.

The above are only some of the reasons why a large number of foreign investors have decided to invest in Montenegro. But even if you are not looking to do business in or to invest in Montenegro, there are benefits to be obtained from opening a bank account in a Montenegrin Bank. For foreign companies, there are multiple advantages for opening non-resident accounts in Montenegrin banks. Worth noting are the following features of the Montenegrin banking system:

• Montenegrin banks do not disclose information about their customers;
• Montenegro uses the EURO currency even though it is not a member of the EU and the Euro Zone (similar countries include Monaco, Andorra, San Marino, Vatican);
• The financial system in Montenegro is recognized as very stable, even in times of crisis caused by the Covid-19 virus. Banks continue to operate regularly by offering a wide range of services such as e-banking, e-token, SMS notification, e-mail notification, business card, debit and credit.

The procedure for opening an account with Montenegrin banks takes an average of 14 days, depending on the bank and the jurisdiction of the applicant company as well as the completeness of the documents. A physical presence is mandatory and documents required to be submitted include:

• Bank account opening application form
• Copy of the passport
• Verification of signatures
• Extract from the company register
• Declaration of the ownership
• Notarized signatures of the legal representatives

If you are a non-resident physical person, you can open your bank account quickly. The only needed document to get a Montenegro bank account is a valid passport. As a foreign citizen, you can open an account with your name and as a bank account holder, you can receive payments to your account and perform non-cash payments and transfers, following foreign exchange regulations in accordance with the law on the prevention of money laundering and terrorist financing.

Our team of experienced professionals at Eurofast Montenegro has significant experience in this area and is ready to provide support and expertise with choosing the best bank option for you and your business needs, as well as guide you through all the stages of the bank account opening procedure.

For further details, don’t hesitate to contact our local manager – Mr. Fahrudin Sutkovic at +382 68 793 858 or fahrudin.sutkovic@eurofast.eu.

Eurofast is a regional business advisory organization employing local advisors in over 23 cities in South East Europe & Middle East . The Organization is uniquely positioned as one stop shop for investors and companies looking for professional services in South East Europe & Middle East.

23/11/2020