Montenegro is not a member of the European Union, but it uses the euro as its official currency. This means that individuals who open a bank account in Montenegro can enjoy the benefits of the eurozone, including free movement of capital and access to the European payment system. If you are interested in opening a bank account in Montenegro, you are welcome to get in touch with our company formation agents.
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Types of bank accounts in Montenegro
There are several types of bank accounts available in Montenegro for individuals and businesses, each with its own features and benefits. Here are some of the most common types of bank accounts, if you are interested in setting up any bank account, our company formation agents in Montenegro can help:
- Current Account: A current account is a standard bank account used for day-to-day banking activities, such as depositing and withdrawing money, paying bills, and making transfers;
- Savings Account: A savings account is a bank account that allows you to save money and earn interest on your balance. Interest rates vary depending on the bank and the account type;
- Fixed Deposit Account: A fixed deposit account allows you to deposit a lump sum of money for a fixed period, usually ranging from one month to several years. The interest rate is typically higher than that of a savings account, but you cannot withdraw your money until the fixed term expires;
- Foreign Currency Account: A foreign currency account allows you to hold money in a currency other than the local currency, such as USD or EUR;
- Business Account: A business account is designed for companies and allows them to manage their finances, including making and receiving payments and accessing credit facilities;
- Online Account: An online account is a type of current or savings account that can be managed entirely online, with no need to visit a bank branch.
It is advisable to research the features and fees of each type of account and choose the one that best suits your needs. Or you can also get in touch with our company formation specialists for information. Furthermore, if you are interested in a Montenegrin virtual office, our agents can help you get one.
How can foreigners open corporate bank accounts in Montenegro?
Foreigners can open a bank account in Montenegro, but the process may vary depending on the bank and the type of account they want to open. So, it is recommended to get in touch with our company formation specialists in Montenegro. They can help businessmen in opening a corporate bank account. However, here are also some general steps you can follow to open a corporate bank account in Montenegro:
- – Choose a bank: The first step is to choose a bank in Montenegro that offers corporate banking services;
- – Prepare the documents: You will need to prepare the necessary documents, which may include a copy of your passport, proof of address, tax identification number (if applicable), and the company’s registration documents;
- – Schedule a meeting: Contact the chosen bank and set up a meeting to discuss the account opening process. It is important to inquire about the bank’s specific requirements and procedures for opening a corporate account;
- – Attend the meeting: Attend the meeting with the bank representative and provide them with the necessary documents. They may ask for additional information or documentation, so be prepared to provide it;
- – Wait for the approval: The bank will review your application and make a decision to approve or deny your request for a corporate account. If approved, you will be provided with the account details and any other necessary information.
Please note that some banks may have specific requirements or restrictions based on the type of company or business activity. It is recommended to seek the advice of our Montenegro company formation agents before proceeding with the account opening process. They can assist you throughout the proceedings of corporate bank account formation.
Furthermore, if you are interested in starting a branch office in Montenegro and need assistance for opening a corporate bank account for it, our company formation agents can assist you.
Requirements for opening a bank account in Montenegro
The requirements for opening a bank account in Montenegro may vary depending on the bank and the type of account you want to open. However, here are some general requirements that you will need to meet:
- – Valid identification: You will need to provide a valid passport or other government-issued ID to open a bank account in Montenegro. The ID should have a photo and signature, and it should be current and not expired;
- – Proof of address: You will need to provide proof of your current address, such as a utility bill, rental agreement, or bank statement. The document should be recent, usually not more than three months old;
- – Proof of income: You may need to provide proof of your income, such as a pay stub, employment contract, or tax return. The bank may also require additional information, such as the source of your income;
- – Minimum deposit: Some banks may require a minimum deposit to open an account. The amount required may vary depending on the bank and the type of account you want to open;
- – Additional documentation: Depending on the bank and the type of account you want to open, you may need to provide additional documentation, such as a reference letter from a bank in your home country, a residency permit, or a business registration certificate.
It is advisable to consult the bank you want to open an account with to confirm the specific requirements and documentation needed. Or our company formation consultants in Montenegro can also offer you updated information in this regard. With their assistance, you can open a corporate bank account in Montenegro without unnecessary delays.
In addition to this, the services of our agents are also at your disposal if you want to open a D.O.O in Montenegro.
Foreign Direct Investment in Montenegro (FDI)
Please find Montenegro’s FDI for 2021 below:
- – FDI stocks were 6,361;
- – The number of Greenfield Investments was 3;
- – The value of Greenfield Investments was 99 million USD.
Please contact our Montenegro company incorporation agents if you want to learn about the types of bank accounts in this country. Besides this, our agents can also help you set up a bank account in Montenegro.