Serbia has been developing at a tremendous speed in the past 5 years due to the efforts of its government which does its best to attract foreign investors. Major European, American, and Chinese investors are here, and your company can join in! Take advantage of a benign taxation system, excellent banking with a wide range of services, well-developed infrastructure, and more. You will get a European quality at prices that are still much lower than in Europe! However, nobody knows how long it will last as the country is planning to join the EU in 2025 and the prices may go up – but you still have the time to start your business here.
If you want to delegate all the administrative hassle to us, we will be happy to help you at a reasonable fee via our local office in Belgrade! Click on the link to contact us right now.
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Serbian Company Formation
A Serbian company can be formed within just 7 days! Let’s look at the main steps you will have to take:
- Choose an appropriate legal form for your Serbian company (this is important, so do not hesitate to seek our help if you doubt which one will be best suited for your business).
- Suggest a company name and get it approved before the company is set up.
- Choose the appropriate economic activity codes.
- Obtain a valid address (you can use a legal address, of course, but we strongly recommend that you take care of full substance in Serbia to enjoy more flexibility).
- Draft the Memorandum of Association that will differ depending on your company’s legal form.
- Collect the package of documents required to set up a Serbian company.
- Discuss anything that remains unclear with our experts.
- We will submit the documents to the relevant authorities.
This is an initial stage, and congratulations – it is over! However, there is more to be done as you will need to:
- Get in touch with Serbian tax authorities to register your company.
- Register your company for VAT purposes (this step is not mandatory, but it is very important as it will help to assess the scope of your business in Serbia, the intentions of founders, and the company’s potential for future expansion).
- Open a corporate bank account.
- Obtain an electronic digital signature for your company (e-signature)
Choosing a Legal Form
The most popular legal form is, no doubt, a limited liability company (LLC). However, this is not the only one available, and you can also opt for a joint-stock company, a limited partnership, a partnership, or a sole proprietorship. And here are some additional forms:
- Representative office of a foreign company
- Branch office of a non-resident company
- Branch office of a resident company
The advantages of an LLC in brief:
- Foreign employees can be hired without any limitations.
- This is the most common form that most entrepreneurs find convenient.
- And, of course, the limited liability of company members is one of the most attractive factors.
Becoming a sole proprietor also has its benefits:
- The accounting requirements are much less complex.
- The registration procedure is quick and simple.
However, remember that you are liable with all your property.
Additional Considerations
Choosing a Company Name
Let’s look at the details that will help you:
- You will need special permission if you want to use the word Serbia in the name (or the permission of a relevant country if you use its name).
- Needless to say, your name should look polite.
- Choose a unique name that does not infringe on any intellectual property rights.
- The name may be given in Serbian (both Cyrillic and Latin characters are possible).
Choosing Economic Activity Codes
Here are the main details you should know:
- You will need specific approvals to engage in certain activities.
- You need to select the main type of business when you set up a Serbian company, but you can also choose extra or secondary codes if you want to.
- Additional codes may require permits and licenses.
- The main business activity is the one that brings the largest profit.
Legal Address
- If you are on a tight budget, you can have a virtual legal address rather than a physical office.
- While choosing a virtual office is a perfectly lawful option, full substance will bring more stability and ensure better conditions for expansion in Serbia.
Documents
Here is the minimum package required to set up a Serbian company:
- Memorandum of Association.
- A bank receipt that proves the payment of all applicable registration fees.
- Documents that provide identification information on the company founders.
- A standard application form.
You can set up a Serbian company in person (which means paying a personal visit to the jurisdiction) or online. If you choose the second option, you will need to appoint a designated representative and provide a notarized power of attorney (this is the way our customers usually get a company).
Corporate Account
Opening a corporate bank account in Serbia is not as easy as it is sometimes described in different Internet sources. However, we know all the ins and outs, and we will help you! Here are the documents you will need:
- Certificate of Good Standing
- A standard application form
- Notarized Articles of Association (translated into Serbian)
- An extract from the register
- All beneficiaries, managers, and directors should provide copies of personal ID documents
- An apostilled power of attorney required to set up a bank account
- An Incumbency Certificate for the company’s manager
- Description of the company’s business activities in any form
Please follow the above link to read more details about remote company establishment in Serbia or get in touch with our experts to discuss any issues. The help is just a click away from you!