A business cannot function without a bank account. However, opening one nowadays has become – in some instances – a complex procedure that needs professional untangling.
In the present age of technology, further intensified by the
current pandemic, our reality has us working from home, at a
distance; seeing each other through Skype, Teams, Zoom and other
apps. In these times, opening and accessing a remote bank account
in order to ease our work should both be a priority as well as an
extremely easy process.
Unfortunately, this is not the case; on the contrary, banking is
one of the few sectors where digitization (although in place) is
not utilized too much, with bank-imposed conditions and procedures
becoming more and more rigorous as time goes by.
The growing transparency of international business, the upcoming
automatic exchange of financial account information (CRS) between
jurisdictions, and global anti-offshorization tendencies have all
significantly affected the banking sector, resulting in stricter
rules for both new and existing clients.
In certain cases, banks are refusing to open bank accounts
unless presented with proof of your substance, your offices, your
employees etc. For all these reasons the appropriate presentation
of your application to them is vital.
That is why Eurofast is here for you,
recommending solutions to make your choices easier. The fact that
our company has offices in a large number of locations in the
Balkans, with an active presence in all important countries in the
region, makes us particularly able to facilitate banking operations
and recommend the right path for our clients.
Specifically, Bulgaria, Romania, Montenegro and Serbia, each one
combining the local legislation with international or EU rules
(where applicable), all have certain specific requirements for
remotely opening a bank account for your company.
Our experts can initiate discussions with the respective banks
and prepare for you the required Due Diligence file (necessary for
bank account opening), so that the acceptance by the compliance
department becomes almost a formality.
Even within the same country, the banking procedures vary greatly depending on the bank and careful attention must be paid to specific steps. As a general overview, we can summarize the most common ones, but only a custom-made discussion or a specifically scheduled virtual meeting with our local consultants can guide you correctly.
All of the above countries allow the opening of Euro accounts,
even though two of them – Bulgaria and Romania- are already
for some time members of the European Union but have not adopted
the common currency yet. Accounts in local currencies can be opened
as well. This is important for clients with a multinational
presence of their business, such as online sales involving the
Additionally, almost all of the above countries are offering the
possibility to open accounts for a newly established company
without any business history, potentially without a face-to-face
interview with the bank personnel.
It is very important to note that in most banks recommended by
Eurofast there is no requirement for a minimum deposit,
particularly for business accounts.
Distinct solutions can be offered in the cases of requests for
e-merchant accounts, these being specific requests that require
increased attention in choosing the bank. However, our team of
experts is able to guide you on this issue as well.
What else you may need for an easy handling of the account?
Usually the main conditions a client has when deciding upon the
bank are the following: direct remote internet access, a card
attached to the account and – of course – logical bank
We can recommend how to choose a bank in a way that you can be
sure you will get all the above plus the best conditions for your
personal interest or/and your business. We are customizing our
approach, always offering tailor-made solutions for each client and
request we have.
Eurofast operates from fully fledged offices in Athens, Thessaloniki, Nicosia, Sofia, Bucharest, Belgrade, Podgorica, Tirana, Skopje, Zagreb, Pristina, Banja Luka, Sarajevo, Cairo, Alexandria, Tbilisi, Beirut, Erbil, Moscow, Kiev and Tehran. In addition to banking, Eurofast can also assist in many other related activities, ranging from forming a company in the regional markets, accounting and payroll services, Transfer Pricing files, PEO services, advisory in investment and M&A, citizenship and immigration services, to name a few. Due to our extensive expertise, we refer to ourselves as a "One Stop Shop" for your business and your company in this part of the world. We welcome your inquiries and look forward to assisting you in the Balkans.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.