Documentation required for opening a bank account – legal entities

Opening a business (giro) account for legal entities is one of the first and most important steps in establishing and running a stable business. To make the process easier for you, we have prepared an overview of the necessary documentation and key information.

WHAT DOCUMENTATION IS REQUIRED?

Before submitting your application, prepare the following documents:

• Application for opening a bank account
• Extract from the CRPS (Central Registry of Business Entities)
• Decision from the CRPS
• KDP (Card of deposited signatures)
• Certified signatures of authorized persons
• Statement of beneficial ownership
• Articles of Association and Incorporation Decision
• Tax Identification Number (PIB) and VAT registration decision
• Copies of ID cards (or passports for foreign nationals) of the executive director, beneficial owners, and authorized persons
• PEL forms
• Questionnaires for legal entities
• Temporary residence and work permit in Montenegro (for foreigners)

The bank may also request additional documentation, such as a lease agreement for business premises or cooperation agreements with clients, depending on your company’s activity.

HOW LONG DOES THE PROCESS TAKE AND WHAT ARE THE COSTS?

• Fees: depend on the bank and range from 50€ to 500€
• Processing time: on average between 10 and 30 days, depending on the bank’s internal policies

·         Once the documentation is submitted, the bank reviews the application and informs you of the next steps and timeline.

NOTE: YOUR COMPANY CAN OPEN ACCOUNTS IN MULTIPLE BANKS.

At Perfectum, we provide comprehensive support throughout the process of opening a business bank account.

Schedule a free consultation today and ensure that your account opening process goes smoothly and without stress.