Opening bank account in Montenegro

For foreign companies, there are multiple advantages for opening non-resident accounts in Montenegrin banks, the main ones are:

1. Montenegrin banks do not disclose information about their customers

Montenegro is not a member of the EU and the Euro Zone, but uses the euro currency (such countries include Monaco, Andorra, San Marino, Vatican)

Opening a corporate bank account for clients has become more difficult due to tougher procedures of checking new clients. It is possible for a person to visit the Montenegro and open a company here, spend time and money, and still to fail opening an account. Moreover, you will not be informed about the reason of denial. To avoid such an outcome, contact our specialists, and we will prepare all the necessary documents in advance to open a bank account in the Montenegro. Our skilled specialists are familiar with all the aspects of the process and have the information about which company account you can open in every bank.

2. Companies in Montenegro are classified according to the degree of risk for banks.

It is important to note that each financial institution has its own specific requirements for opening a corporate bank account. This procedure requires a lot of time as well as certain expertise from an applicant. There are mandatory stages of registration, but every bank can have its unique peculiarities. That is why you should entrust this to our experts. 

3. The procedure for opening an account with the Montenegrin bank takes an average of 14 days, depending on the bank and the jurisdiction of the company.

To open a non-resident account in Montenegro for a legal entity, it is necessary at the first stage to remotely fill in the application form and send it to us via email in a scanned form, along with the company’s registration documents. After necessary checks, the bank may require additional documents.

It is necessary to submit:

• request to open a non-resident account, which will contain all the necessary details of the legal entity (name, address, registration number, phone / fax, description of activities, etc.)
• decision on the registration of company (original or a copy certified by the by the institutions, which are not older than three months)
• a certified copy of the passport owner of the legal entity or the original power of attorney for the authorized directors with specimen signatures
• power of attorney for the authorized person to be on behalf of and in the name of the legal entity to dispose of funds in the account Bank (original) and translation into Montenegrin
• a certified copy of the passport of the authorized person (non-resident) or an ID card if the authorized person resident
• Memorandum and Articles of Associations – original and translation into Montenegrin
• Original form of verified signatories and notarized in Montenegro
• Ownership structure
• Beneficial Owner Declaration
• Covering letter with the explanation of bussines activities of the company

If the companies did not approve the opening of a non-resident account in Montenegro, usually the management of the Montenegrin bank does not explain the reasons for the refusal.