Offshore Bank Account Formation – Republic of Serbia
Banking System in Republic of Serbia
There are about 31 commercial banks currently functioning in Republic of Serbia. This number has come down from 88 banks, which were functioning there in the year 2000.
Most of these 31 banks are authorised banks for doing international banking operations. The banking sector of Republic of Serbia is still undergoing a considerable amount of restructuring.
In Republic of Serbia, the law on banks provides the regulatory framework for the entire banking sector. This law is responsible for determining the manner and conditions, which are needed for establishing a bank. It also determines the supervision of banking operations and keeps control over the bank transactions. It only decides, whether a bank needs to be discontinued or not.
The authority to supervise over the banking sector is vested in the National Central Bank of Republic of Serbia. The banking law at Serbia states that any buyer, who is buying more than of 5% of the banking capital, must have approval from the National Bank of Serbia. The required initial capital of for a bank in Serbia is US $ 11 million.
The banking law at Serbia stipulates that an executive board having two members should be managing the banks. This banking law of Serbia introduces more responsibilities for auditors in the banking sector. This law also calls upon to set up a risk management unit within each bank.
Those foreign banks, who are interested in opening their representative offices at Serbia, can only do so if they meet the condition of reciprocity. This includes the purpose of reciprocity of doing market research in banking and in financing. This also includes the purpose of reciprocity in advertising, promotion and representation.
A representative office does not carry the status of any legal entity and cannot engage in banking operations.
Serbia is an emerging market economy where the main contribution towards the economy comes from service industry followed by energy and transportation industry. There are a few local banks which do provide offshore banking service. Rests are international banks which have local offices.
Banks Available at Serbia
It is a local bank in Serbia and provides facilities like account formation. However, one must be careful while setting up an account as they don’t have enough of balance in their accounts. It is good for saving small amounts of money as maintenance fee is less. However, they provide higher interest rates as compared to other local banks.
It is a Romanian bank which provides offshore banking services in Republic of Serbia. They provide banking services to SME’s, individuals. They offer highly sophisticated internet banking and also maintain the full privacy of the account holders. They also provide high interest rate on the savings account as compared to local banks. Moreover the assets are highly secured which means that account owners need not worry about losing out their money in case of any crisis.
Documents Required For Opening Bank Account
Banking Benefits in Serbia
- Higher interest rate
- Developing economy
- International banks provide high security
- Maintains confidentiality of the customers
Why form an offshore bank account with DNS?
We have been helping individuals and companies to open up their bank account in various offshore locations. We have a cumulative experience of over 25 years in forming bank account for our customers. The process is hassle free and you just need to share some basic documents with us after which our account manager will handle all the necessary paperwork.