Banks will no longer ask - Where is the seal?


Good news for all companies!


After the adoption of the amendments of bylaws from payments area by the National Bank of Serbia, provisions are adopted that prescribe that from October 2017 companies will not be obligated to use seals in certifying payment orders, domestic and foreign. This decision was adopted to support the government in creating favorable business environment.  


Also, for opening new accounts, depositing signatures, bills of exchange and other documents seal will no longer be necessary as certification.


In parallel, the National Bank of Serbia is active in promoting electronic banking with companies, stimulating them in using all benefits of e-banking. And there are plenty. From the reduction of costs, saving time spent in banks waiting, savings in paper for documentation that is significantly reduced in everyday business. 




Goal - Business Environment Improvement


The NBS, in 2014, with the adoption of the Law on Payment Services, with the adoption of accompanying bylaws, practically cancelled the obligation to use seals for companies, but this was not the practice, so, businessmen continued using seals in payment services. Now, with the decisions adopted, it is clear that the banks cannot refuse providing payment services in case the client does not wish to use the seal. 


Companies and entrepreneurs can rid themselves of the obligation to use the seal, by submitting to the bank a written request stating so. When this happens, the bank is obligated to enable delivery of signed payment orders that are not sealed as of the following day. 


Likewise, from October, during the opening of new accounts, companies and entrepreneurs are not obligated to seal applications for account opening, specimen signature cards, orders as well as other documents regarding payments. 


By these decisions the government met one of the requirements of its program, for which Working Group was formed for cancellation of obligation of using seals and issuing invoices in hard copy, with participation from NBS representatives. The basic goal was the improvement of Serbia's position on the Doing Business List published by the World Bank, with the reduction of economic costs. 

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