Open an account in Montenegro

Is it possible to open an account in Montenegro for non-resident?

Opening a bank account abroad can be a difficult procedure. For example, it is necessary to provide more than ten documents in Serbia, while it is necessary to pay minimum amount for opening an account in Croatia.

What is the state of play in Montenegro?

The process of opening an account with a bank passes quickly for natural persons-non-residents and legal entities registered abroad. The only difficulty is to choose a suitable financial and credit organization, since more than ten banks provide non-residents with account opening service in Montenegro.

Popular banks in Montenegro:

1. Erste Bank.
2. Prva banka Crne Gore.
3. Hipotekarna Banka.
4. Lovćen banka.
5. NLB Banka.
6. Ziaraat Bank.
7. CKB Banka.

According to the Central Bank of Montenegro, 15 commercial organizations have licenses for financial activity in the country, only 6 of which are resident institutions. In 2016, the category “Bank of the Year” from the international magazine The Banker (publication of the Financial Times Group) was awarded to Erste Bank in Montenegro.

Each company in Montenegro must have at least one commercial bank account. Before its opening it is necessary to register a legal entity in the Company Registration Office in Podgorica.

In order to open an account with a bank in Montenegro, the director of a company must have and submit the following documents:

• all statutory documents for the company;
• identification documents for all company participants (passports, proof of place of residence);
• confirmation of welfare and solvency of the shareholder/beneficial owner of the company (movable/immovable property, personal assets/liabilities);
• CV of the shareholder/beneficial owner;
• certificate from the bank of the shareholder/beneficial owner;
• statements on the bank account of the company, contracts with counterparties, invoices.

Banks have the right to request additional documents.

Open an account in Montenegro: types of accounts and required documents

1. Agreement on opening and maintenance of the account.
2. A bank card with signatures of the director and/or signature of the authorized representative (to be obtained and signed in the branch office of the bank). A copy of the bank card is to be transferred to the director of the company after signing a contract with the bank.
3. OP (signature confirmation) - the form approved in the Main Court.
4. A document on the taxpayer’s identification number (PIB) issued by the tax authority of Montenegro.
5. Tax number of the company (PDW) in Montenegro.
6. Deed of incorporation of the company.

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.

Types of bank accounts

It can be possible to open a bank account of several types in Montenegro for a registered company. There are the following:

1. National bank account of the company, including Internet banking service and TAN Number System.
2. International bank account of the company, including:
   • number of the account;
   • SWIFT code;
   • IBAN-number;
   • Service of Internet banking and TAN Number System.
3. National debit card with Master Card or Visa. It is used for national payments, gives access to local ATMs, works in almost every country.
4. International commercial VISA card.

Natural persons-non-residents can open a bank account in Montenegro:

1. National (national currency account and savings account).
2. International (Giro Konto) in euros. International private bank account in United States dollars or British pounds should be used separately, and it incurs additional costs.
3. Credit card. Visa Electron debit credit card can be used all over the world.

You can open an account in Montenegro quickly and easily with the help of competent specialists of Law&Trust International. Working in the sphere of international business for more than 15 years, the company has a lot of positive feedback from satisfied clients. Order account registration service and become one of them!