Personal bank account in Montenegro

[intore]

Need some advice. I work in the affiliate marketing domain, I am EU citizen and I resell stuff such as remote desktop subscriptions, VPN, etc. I have a caribbean offshore but I already know Montenegro won't let me open a corporate account for my LLC. Let's say I fly to Podgorica and I open a personal bank account at one of the many banks there. Every month I will receive 2 bank transfers from my partner who is using Paysera, the amount will be around 4,000 Euros per transfer. My partner has a Cyprus offshore. Will Montenegro bank start making problems, such as asking me why I get this money, invoices, papers, and the usual bulls**t?
There is no way I can provide them papers because I'm simply selling stuff through affiliate links, I get a % based on the sales the partner company is getting through the links I'm putting in social networks, blogs, and other places.

 

[Tax Cow]

Have you got an affiliate agreement with your partner? That is your "papers" - a perfectly fine document for any source of funds checks.

You will only have a problem if you're mixing your personal and business wallets. I.e. your affiliate contract is signed by the Caribbean IBC but the affiliate program provider sends funds directly to your personal account. In that case, you should Photoshop the agreement or reach out to your partner for an amendment - the latter, if possible.

 

[intore]

Have you got an affiliate agreement with your partner? That is your "papers" - a perfectly fine document for any source of funds checks.

You will only have a problem if you're mixing your personal and business wallets. I.e. your affiliate contract is signed by the Caribbean IBC but the affiliate program provider sends funds directly to your personal account. In that case, you should Photoshop the agreement or reach out to your partner for an amendment - the latter, if possible.

Sure, I have a contract between my IBC and the LTD of my partner. No problem in telling him to make a new contract where the counterpart will be myself instead of my IBC. But I was wondering if it will be enough. Apart for the contract, there are no other papers I can provide them.

 

[Tax Cow]

Sure, I have a contract between my IBC and the LTD of my partner. No problem in telling him to make a new contract where the counterpart will be myself instead of my IBC. But I was wondering if it will be enough. Apart for the contract, there are no other papers I can provide them.

Additionally, the bank may ask to see your website, or just probe you more on how you find the customers - to be more confident that the contract isn't a fictional cover up for drug trafficking commissions or another illegal business. But that requires nothing extraordinary.

You're all set to deal with SoF (Source of Funds) checks.

 

[NicolasMaduro]

Most banks won´t allow you to use your personal account for business transfers. So this might also be an issue.

 

[JohnLocke]

You must show them the affiliate contract you may have or try to document it with your affiliate provider as best you can to show the bank that you are honest about your business model.

The whole banking system today may well be a frustrating area to satisfy as transparency rules are growing every day.

 

[Tax Cow]

Most banks won´t allow you to use your personal account for business transfers. So this might also be an issue.

With 2 incoming payments a month, he can probably get away with saying that it's a side hustle. Extra income; not employment, a one-man show and not a serious business.

That issue could be more intriguing to his local authorities who might want to collect more than just the PIT. But for risk reduction with the Montenegrin bank, it can help if the incoming amounts are a little smaller, and for that, two or three different banking relationships will help.

 

[John Spectre]

You guys are going away from montenegro banks.
Sure documents are required, but more important that due CRS acception banks dont want non residents and without connection with montenegro they just deny application.
Or open account, but will close it in near future.