Question Investment Broker for Small Serbian LLC?

[NeoNeo]

Hello everyone,

I would like to open an investment account for my Serbian LLC (d.o.o).

For now, only Saxo Bank agreed to open an account for me, but they ask for a 100K EUR minimum deposit, which is a bit steep to start IMO. I am also not a big fan of their annual ~0.15% custody fees.
Interactive Brokers, Degiro, told me they don't open business accounts for Serbian companies...
Swissquote simply doesn't return my inquiries...

I don't need anything fancy with this account - ETFs, Well-known large-cap stocks are enough. Looking to invest 50-150K EUR with this account.

Would be great to get more recommendations and first-hand experiences. Appreciate any help!

Best,

 

[Martin Everson]

For now, only Saxo Bank agreed to open an account for me, but they ask for a 100K EUR minimum deposit, which is a bit steep to start IMO.

Looking to invest 50-150K EUR with this account.

Now those two statement together are confusing .

Would IB not open for you? Serbia got of the FATF blacklist a little while back so maybe not much interest in such a country especially a corporate account. If there is not a blanket ban on Serb companies by IB then try a IB WL like Caucasus Capital in Georgia also. Georgia may not look at a Serb company like.....

 

[NeoNeo]

Now those two statement together are confusing .

Would IB not open for you? Serbia got of the FATF blacklist a little while back so maybe not much interest in such a country especially a corporate account. If there is not a blanket ban on Serb companies by IB then try a IB WL like Caucasus Capital in Georgia also. Georgia may not look at a Serb company like.....

Hehe yeah, I see why it is confusing... I have the money but I don't want to commit 100K EUR outright without first getting a feel for the account. Once you open the account you start to see what they really charge you (hidden fees), their level of service, etc.
100K EUR transfers are not cheap... It is not so inconsequential to regret your choice.

I have an individual account with IB so I could easily talk with them and discuss, they told me directly that Serbian companies are not allowed...

Thanks for the referral to Caucasus Capital, maybe that will work. I have an individual bank account in Georgia, maybe that will score me some legitimacy points with them.

Any opinions on CIM Banque and Dukascopy for this?

Thanks for the help!

 

[Martin Everson]

Once you open the account you start to see what they really charge you (hidden fees), their level of service, etc.

I can tell you yup front Saxobank is not for you if fees are a concern. It is very expensive place to trade in small amounts especially if you have a buy and long term hold strategy. Only makes sense if you are buying mutual funds where there is no entry fees or custody fees if I remember. So if you can find the mutual funds rather then ETF containing stocks you want then its a cheap option as Saxo gets paid a part of the annual fund fees so they don't need to rob you on the trade.

I have an individual account with IB so I could easily talk with them and discuss, they told me directly that Serbian companies are not allowed...

Oh ok then. Then its unlikely any IB WL will allow you to open. I think all the WL will follow blacklist of IB itself.

Any opinions on CIM Banque and Dukascopy for this?

Maybe someone else can answer this question.

You can also try Naga - if they support the ETF's you want. They do offer corporate accounts they say here.

 

[KDX]

A Serbian LLC is something I don't hear about every day. Why Serbia? Just curious

 

[NeoNeo]

I can tell you yup front Saxobank is not for you if fees are a concern. It is very expensive place to trade in small amounts especially if you have a buy and long term hold strategy. Only makes sense if you are buying mutual funds where there is no entry fees or custody fees if I remember. So if you can find the mutual funds rather then ETF containing stocks you want then its a cheap option as Saxo gets paid a part of the annual fund fees so they don't need to rob you on the trade.



Oh ok then. Then its unlikely any IB WL will allow you to open. I think all the WL will follow blacklist of IB itself.



Maybe someone else can answer this question.

You can also try Naga - if they support the ETF's you want. They do offer corporate accounts they say here.

Thanks a lot man.

Naga doesn't seem to have the best reputation online (review scores, etc.), but maybe I can't afford to be too picky... I will check them out, thanks again!

A Serbian LLC is something I don't hear about every day. Why Serbia? Just curious

Belgrade is a great place to live, I love it here.

The LLC is my basis ticket here for the residency permit.

I just funnel my IT work contracts through it and enjoy the tax benefits on the way (its not 0, but it's better than what I had before).

I take a very small salary to avoid paying income tax, so most of the money accumulates on the business account - Thus the need arises to invest and do something with it.

Probably there's a more efficient way of doing this... but I prefer not to overcomplicate things if possible

 

[JimBeam]

I know for a fact that Raiffeisen Bank Serbia is working on developing platform where you'll be allowed to trade US stocks using them as a Broker.

Right now you can do it only on local stock exchange or buy some of their funds. Not a bad option if you just want to park your cash for a short period of time to mitigate some of the inflation... Početna - Raiffeisen Invest - clearly not a financial advice

You might also want to check CCTrader - Online Trading Platform in over 40 markets or even some local brokers like Our Services | Play smart use momentum or M&V Investments - Usluge but I guess their fees will be much higher than those you used to have on IB.

 

[NeoNeo]

I know for a fact that Raiffeisen Bank Serbia is working on developing platform where you'll be allowed to trade US stocks using them as a Broker.

Right now you can do it only on local stock exchange or buy some of their funds. Not a bad option if you just want to park your cash for a short period of time to mitigate some of the inflation... Početna - Raiffeisen Invest - clearly not a financial advice

You might also want to check CCTrader - Online Trading Platform in over 40 markets or even some local brokers like Our Services | Play smart use momentum or M&V Investments - Usluge but I guess their fees will be much higher than those you used to have on IB.

For some reason, Raiffeisen Serbia won't accept me as a client - Not as an individual nor my business. I have accounts in much stricter jurisdictions so I don't know what gives However, it's all for the best - I'm with UniCredit now and they are really great.

Thank you very much for your recommendations! As long as the fees are not %-based, and the service is good, I don't mind paying higher fees than IB.

 

[zzzzzz]

Hehe yeah, I see why it is confusing... I have the money but I don't want to commit 100K EUR outright without first getting a feel for the account. Once you open the account you start to see what they really charge you (hidden fees), their level of service, etc.
100K EUR transfers are not cheap... It is not so inconsequential to regret your choice.

I have an individual account with IB so I could easily talk with them and discuss, they told me directly that Serbian companies are not allowed...

Thanks for the referral to Caucasus Capital, maybe that will work. I have an individual bank account in Georgia, maybe that will score me some legitimacy points with them.

Any opinions on CIM Banque and Dukascopy for this?

Thanks for the help!

I had account at Saxo 15 years ago. High fees and constant harassment by their personal trader/chat/helpdesk to trade more. They probably get rewards or something.