Opening a business bank account in Kosovo

After registering with ARBK, the next step for most businesses is a bank account. Without one you can't take payments from other businesses, you can't pay taxes properly and your accountant's job gets much harder.

Do you really need one?#

• SH.P.K. and other legal-entity forms: yes. The company is a separate person from its owners, and its money belongs in its own account.
• Individual Business (B.I.): legally the owner and the business are the same person, but in practice yes. Payments from other businesses, tax payments and ATK checks are all much simpler when business money isn't mixed with personal money.

For the difference between the forms, see Individual business or SH.P.K.?.

Documents usually required#

Every bank has its own list, but expect:

For an Individual Business:

• the ARBK business registration certificate (with the NUI);
• the owner's ID card or passport;
• proof of address, if requested.

For an SH.P.K.:

• the ARBK registration certificate;
• the founding act or founding agreement and the statute;
• ID for the owners and the authorised persons;
• a company decision to open the account and naming who will operate it, if the bank asks for one;
• details of the beneficial owners, the individuals who ultimately control the company.

If an owner is a foreign company, expect more documents, usually translated and legalised. See Foreign company in Kosovo.

Why the bank asks so many questions#

Banks in Kosovo are legally required to know their customers (KYC) and to prevent money laundering. So they may ask:

• what the business does and who its customers are;
• where the starting capital comes from;
• how many transactions and what amounts you expect;
• whether you'll have payments to or from abroad.

Clear answers speed things up. Vague answers slow it down or lead to a refusal.

Who operates the account#

For an SH.P.K., the account is operated by the people the company authorises at the bank. They should match the authorised persons registered with ARBK. When the director changes, update both ARBK and the bank. Otherwise the new director can't make payments, or the old one still can. More in Authorised persons of a business.

The most common mistakes#

• Mixing money. Personal purchases on the company card, or business income landing in a personal account, create tax problems and make your accountant's job harder.
• Taking money out without paperwork. Money an owner takes from an SH.P.K. should be salary, a dividend or a documented loan.
• Forgetting to update the bank. The address, name or authorised persons change at ARBK but not at the bank.
• Paying the wrong account. Before paying a new supplier, check the account is in the name of the business invoicing you. How to check a business explains how.

Choosing a bank#

Compare monthly maintenance fees, transfer fees (especially international ones if you work with clients abroad), e-banking and POS options if you take cards. If you sell online, also ask about online card payments (e-commerce acquiring). See Starting an online business in Kosovo.