Eternity Law International — News — Doing business in Serbia

Doing business in Serbia

Published:
September 6, 2022

When choosing the country for launching a company, it is important to overview all possible variants and be aware of all features of doing business there. Let’s delve into the details of doing Serbian business.

Pros of starting a business in Serbia

  • Serbia has an excellent location in Europe. There are many trade routes between countries of the European Union and the whole world.
  • A great number of specialists. A lot of workers in Serbia have at least one education, amazing skills in languages and increasing potential.
  • Getting a residence permit via a company establishment.
  • The high number of duty-free trade agreements.
  • The tax system is agreeable.
  • On average the salaries in Serbia are far lower than in more economically developed countries. The employee gets about €830 there.

In general, the government of Serbia has made great attempts into increasing both economic and political steadiness. Financial accountability was increased through several actions, and the public sector underwent reform. Additionally, there has been a considerable reduction in the national debt.

Booming sectors of business in Serbia for foreigners

  • IT
  • Architecture and Building
  • Agriculture
  • Transportation
  • Energy
  • Medicine

How to start to do business in Serbia?

Becoming an owner of a company in Serbia is not an effortful process. Before setting up a business you ought to decide which type of company and what structure it will have.

It can be an LLC. It is allowed to have one or several founders who can unite resources and finances. Also, the company could be “a joint-stock company” or the easier choice is to start your own business as an individual, which exempts you from bookkeeping duties and requires you to pay a fixed sum of tax.

The minimum money requirement, which is defined by general laws, for an LLC is literally €1 and for public companies, this is approximately €25,000.

Process of the establishment

It consists of several phases such as:

  • Preregistration
  • Registration
  • Post-registration
  • Different kinds of approvals

Cost

  • No bribery
  • Only official expenses

Time

  • Each phase starts on a different day.
  • A phase fully completed online is noted as taking a half day.
  • After gaining the final document, the phase is deemed finished.
  • No previous interactions with authorities.

And there is the peculiarity. For conducting commercial activity in Serbia, every businessman has to own an account in one of the Serbian banks.

Pros of setting up a bank account in Serbia

  • Quickness

One of the most superficial account opening processes with few requirements for supporting documentation.

The period for committing to create an account is between one week and one month.

  • Low cost of servicing
  • Outstanding opportunities for international activity

Serbia intends to get EU membership. Serbia’s reforms, economic expansion and improved business climate have facilitated advancement in the financial system. The presence of a stable sector for the supply of different financial services with high-quality standards is also determined by the entry of significant investments into the nation from the most prosperous nations in the world.

  • Guarantee that, in the case of potential bank issues, the depositor would receive their money back.

Requirements for the owner

  • a person reached the age of majority
  • a person has good health.
  • a person has not committed any crimes.
  • a person is married, the union is monogamous, and it is legal

To summarise, Serbia is a great Balkan country for starting commerce activity. Authorities of the country contribute to the achievements of the economy and successfully tend to political stability.

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