International
support

In more than 90 countries

Bosnia and Herzegovina

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Dominique Sigros
Head of International Desk Central and Eastern Europe

Support by the
Crédit Agricole group

Last updated: September 2021

The International Central and Eastern Europe Desk of the Crédit Agricole Group, based in Vienna, provides support to the Group’s business clients in Bosnia to help them implement their operations on location, particularly financial advice, opening accounts, financing residents and providing information on local businesses. It makes use of a local frontline partner bank with a significant network of offices in Bosnia-Herzegovina.

For non-banking matters, the International Desk offers the support of local law, notary and accounting offices and its partners as well as expertise in business internationalisation.

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Means of payment

With Bosnia and Herzegovina

Company cheque

Bank cheque

SWIFT transfer

Bill of exchange

Promissory note

Documentary remittance

Documentary credit

Usage

Weak / None

Weak / None

Common

Weak / None

Weak / None

Weak / None

Common

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Advice from the
international desk

General Information
Before setting up a business in Bosnia-Herzegovina it is highly recommended to consult the Bosnian administration and make use of the services of legal and tax consultancies well-established in this country, which is still not particularly open to foreign investment. The majority of economic activities are still regulated and subject to prior authorisation. It is therefore indispensable to seek information from the Bosnian Economic Chamber, of the Trade and Investment Promotion Agency and the Ministry of Foreign Affairs. The taxation system is highly attractive to businesses (the corporate rate is 10%). However, attention must be paid to the foreign exchange controls. Cash payment by SWIFT transfer before shipment is essential.

 

Means of Payment & Banking Specificities

Bank cheques or cheques issued by businesses should be avoided. They are not used in Bosnia-Herzegovina apart from by foreign banks that issue cheques in currencies payable outside of Bosnia-Herzegovina. The provision of an export credit agency backed financing or, potentially, an irrevocable and confirmed letter of credit should be considered.

Obtaining the confirmation of documentary credits is difficult in Bosnia-Herzegovina. Any such commitment will be studied on a case-by-case basis in accordance with the counterparty, the duration of the documentary credit and the willingness to deal with the country’s risk rating. The country’s risk remains high and the credit warranty costs remain costly.

Many transactions in Bosnia-Herzegovina are carried out using payment in advance. A clearing system for domestic transfers - GC Giro Clearing System - has been introduced.

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