Apply for Corporate Accounts in Montenegro Remotely. Professional Help for Non-Residents

Foreign companies benefit a lot from holding corporate accounts in Montenegro. Access to classic banking products, business, and investment opportunities in this attractive European jurisdiction is a virtue in its own right. Besides, it can be your springboard for success in other markets. Our services are a a reliable and efficient way to bypass the likely challenges for non-resident businesses in Montenegro. 

Horizons and benefits for holders of non-resident corporate accounts in Montenegro

Montenegro is an Eastern European country known for many strengths, including a stable high economic growth. Though it is not in the SEPA area and direct payments across EU countries are not available, its currency is Euro. Besides, Montenegro is an EU candidate and is preparing to join the European Union in 2025. Such prospects enhance the economic appeal of this jurisdiction yet now. 

Companies with bank accounts in Montenegro can undoubtedly take advantage of the opening opportunities to develop partnerships, enter other markets, explore new financial products, and acquire advanced instruments. For example, you may profit from currency exchange operations (Swap, Forward, SPOT), order investment services. 

Our experts recommend to foreign companies a Montenegrin bank which is a reputable multipurpose financial institution. It offers all conventional and many advanced banking services, tools, and solutions for international payments in different currencies. The bank positions itself as a reliable, customer-oriented company. 

Benefits available to non-resident clients holding corporate accounts with the recommended bank in Montenegro:

• access to a full range of banking products and services
• opportunity to make international payments in different currencies
• individual approach to clients
• internet and mobile banking
• corporate payment cards in euro and other currencies
• SWIFT payments
• remote account opening
• professional support in English and some other languages of its target client categories
• same-currency or converted payout of foreign currency transfers from abroad 
• financial and investment services, including securities trading, trust and custody transactions, wealth management. 

For non-resident corporate clients, the recommended bank is a unique financial partner with an extensive portfolio of banking services, including the following:

• domestic and international transfers in different currencies
• loans/deposits
• provision of bank guarantees
• deposit accounts 
• e-banking
• bank cards
• forfeiting
• factoring
• financial leasing
• currency exchange.

The target client group of the bank is companies of all forms of ownership and business sizes, including non-resident entities.   

The tariff policy of the recommended bank follows the principles of transparency and customer-specific pricing. The overall attitude to corporate clients builds on friendliness, mutual trust, and awareness of the clients’ business needs. 

Constraints posed to non-resident clients wishing to apply for corporate accounts in the recommended bank in Montenegro 

In 2018 the bank decided to work mainly with onshore companies. Owners of offshore companies holding corporate accounts were allowed time to redomicile or transfer funds to another bank. 

As of today, the bank considers opening corporate accounts for companies that meet the following requirements:

•  file reports in the country of registration
•  pay income tax in the country of registration
•  have an office in the country of incorporation.. 

Restrictions on the place of incorporation

The recommended bank, as well as the correspondent bank, may avoid or restrict cooperation with certain clients, depending on the place of incorporation/location of their company or business activity,

The recommended bank offers preferential treatment to companies from certain countries. For example, applicants from Ukraine enjoy more favors because of the growing popularity of  Montenegrin tourist destinations with Ukrainians. This special welcome to applicants from the places generating inbound tourist flows is justified by Montenegro’s economic dependence on tourism.

Restrictions on the type of activity of corporate clients

Restrictions on the type of activity of corporate clients 

Corporate account opening may be difficult for companies that 

• practice harmful or exploitative forms of labor, including forced labor
• engage in illegal or banned activities
• produce or trade in ozone-depleting substances subject to international control and termination
• develop driftnet fishing in the marine environment, use nets longer than 2.5 km
• undertake activities that affect lands of indigenous peoples without their consent. 

Essentials to consider before you apply for corporate accounts in Montenegro 

To open a business account with a bank in Montenegro and use it as long as you need it, a foreign company needs to prove that all its operations are legal, and its activities are transparent. If there are signs of fictitious or fake data, such as sending payments to or receiving funds from dubious recipients, the bank may refuse/suspend cooperation. 

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Types of business accounts:

• settlement accounts
• currency-specific accounts 
• debit card accounts
• Escrow accounts
• savings accounts
• investment accounts. 

Currencies

Funds are credited in the currency in which they were received or can be converted and credited in the currency of the account. That is why we recommend you open several multicurrency accounts to save on currency exchange. The Bank of Montenegro works with all major world currencies. 

In addition to conventional transactions involving currency exchange, the recommended bank offers other financial services to non-resident companies.

Corporate cards in Montenegro

The Bank of Montenegro offers Mastercard Business Debit multi-currency payment cards to corporate clients. Every card is linked to a special account and is not subject to payment and withdrawal limits. 

Payments and withdrawals from payment cards can be in two currencies – U.S. dollars (USD) and euro (EUR). 

Tariffs for payment cards

One-off card fee	€2.5
Monthly maintenance fee for the additional card from	from €5
Annual fee for additional cards	from €60
Fee for checking if your card is blacklisted (search in the ChexSystems records)	€25

Fee schedule for non-resident companies

All non-resident clients who opened accounts with a Montenegrin bank are clustered into 2 groups in the tariff schedule. This division is by the country of incorporation. 

• Group A jurisdictions: 

Antigua and Barbuda, Andorra, Aruba, Bahamas, Barbados, Bahrain, Belize, Brunei, Grenada, Grenadines, British Dependencies (Anguilla, Bermuda, BVI, Montserrat, Gibraltar, Turks and Caicos, Cayman Islands), Dominica, Costa Rica, Panama, Mauritius, Labuan, Maldives, New Zealand (Cook Islands, Niue), Netherlands Antilles (Curaçao, St. Maarten, Bonaire, Sint Eustatius and Saba), St. Lucia, St. Vincent & Tonga, Samoa, Seychelles, St. Kitts & Nevis, Sri Lanka, Palau, Vanuatu, Liberia, Marshall Islands, Nauru, Hong Kong (companies that do not operate in the jurisdiction and are not income taxpayers), UAE (companies registered in the Free Economic Zones), UK, Ireland, Canada (Limited Liability Partnership, LTD. д.).

• Group B jurisdictions: 

All jurisdictions not listed in Group A. 

How to apply for corporate accounts in Montenegro

Foreign companies applying for business accounts with the recommended bank in Montenegro need to collect all the required documents and fill out the questionnaire forms. The standard bank terms require a visit to a bank office in Montenegro or a foreign branch. With our help, you will be able to open a corporate account with a European bank remotely. 

The 6 steps:

After the bank’s approval, you can use the full range of its services in Montenegro.

Opening a corporate bank account in Montenegro is quite a challenging process, almost impossible without professional help. Before making a decision, the bank conducts a preliminary assessment of the potential client. Preparation is essential. Companies that do not take it seriously usually fail. Our experts are ready to provide full support at the stage of your initial application to the recommended bank. 

You will need to make certain payments to the bank yet at the stage of your application. The due diligence fee is €200 payable to the bank’s correspondent account. Then, for the notarization of the transcript from the court register, you have to pay a fee of € 150, which does not include the cost of the notary and translator’s services. After the approval, you will need to transfer the fee for opening an account. And only after that will it be activated and ready to use.

Required documents:

• Statutory and incorporation documents of the company
• Bank statements for the last 612 months
• CV of the beneficial owner, a business profile of the company
• Completed forms for the bank
• Proof of address (ownership or lease of the office and copies of rent payments)
• Document of appointment of the director (protocol, order, decision, memorandum), copies of the director’s ID/passport
• Power of attorney for the person representing the company and a copy of his/her ID/passport
• Register of founders or shareholders.
• Copy of the current ID/passport of the actual beneficial owner, notarized and apostilled
• PEP forms and FATCA statement
• Financial statements for the most recent accounting period (if applicable). 

All documents for the recommended bank in Montenegro need to be in English. Copies must be certified following the standards approved by the Hague Convention of 1961.