Lately, foreign entrepreneurs have encountered several problems when opening a corporate bank account in Slovenia. Also, foreigners who already have a corporate bank account opened in Slovenia, have had problems conducting business due to the banks closing their bank accounts without explanation. We have contacted banks to try and figure out the source of the problem.
Corporate bank account in Slovenia – problems when opening the corporate bank account
Foreign entrepreneurs who want to establish an LTD company in Slovenia, have to open a corporate bank account. Otherwise, the company cannot be established as they could not deposit the founding capital. When opening a corporate bank account, the shareholder can choose any bank in Slovenia for its client bank. But it is not mandatory for the bank to accept any client. Before confirming that they would open the corporate bank account, they have to check the client’s documentation.
It is important that the company they are establishing is conducting a business activity, which the bank accepts. Each bank has its own internal regulations what companies with which business activities they would accept as clients. Also, when evaluating the client, the client has to fill out an application to open a corporate bank account. In that application, they also have to write the nature of his business activity, foreseeable turnover and expected business partners in Slovenia. One of the most important aspects is if the company will do business on the territory of Slovenia.
Corporate bank account in Slovenia – problems after the company is already established
In our investigation, we have asked the banks about the main reasons, why the banks are closing a company’s corporate bank account. We have requested to directly name the laws and articles, that might cause them to close a corporate bank account. Most banks have not specified their reason, stating that they do not have to or have argued that this would be a confidentiality breach between them and the client.
The banks that did reply, said that that they have to fulfill the bank’s internal conditions in order to keep the corporate bank account. They state that the bank has to know their clients’ nature of business due to the Law on the prevention of money laundering and financing of terrorism. They require that the company has a long-term attachment of the persons and business entities to the Slovenian territory. In other words, if the company has business relations mostly with other countries, not Slovenia, they might require the company’s representatives to prove that he has business relations with Slovenia as well. In case he failed to do so, they would have the right to close their company’s corporate bank account.
Assistance of Data with your company’s business conduct!
To avoid these kinds of problems, the company Data is striving to receive more definitive answers from the banks. In the process, we are also advising foreign entrepreneurs what kind of questions they might face when opening a bank account in Slovenia to avoid unnecessary delays.
To future entrepreneurs, we are offering assistance with company establishment in Slovenia. To existing entrepreneurs, we are offering accountancy services with the possibility to receive legal support as well. Also, the legal department can assist you to understand the bank’s notice, should your corporate bank account be closed.
For more information about company establishment in Slovenia, you can write to our email [email protected]. You can also contact us over the phone 00386 1 6006 270 or 00386 40 530 718 (Viber, WhatsApp). You can also follow us on Facebook.