The company registration process takes place in the Commercial Register. The amount of costs for company registration will depend on the type of legal entity being registered:
- RSD 5,900 (EUR 50.26) for a limited liability company
- 1,500 dinars (12.78 euros) for an entrepreneur
- 5,900 dinars (50.26 euros) for a branch of a foreign company
There are also other costs that must be covered before submitting an application - the notarization of the company's deed of incorporation, which amounts to 30 to 50 euros. In case the shareholder of the future Serbian company is a foreign company, it is necessary to have the extract from the trade register of the foreign company translated by a certified translator in Serbia, which costs from 50 to 100 euros.
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Steps before registering a company in Serbia
Choosing the legal form of incorporation
According to the Law on Business Associations of the Republic of Serbia, there are several types of organization of legal entities (legal forms of business associations). These include:
- Entrepreneur
- Limited liability company
- Partnership company
- Limited partnership
- Joint stock company
Additional organizational and legal forms are as follows:
- Branch of a domestic legal entity
- Branch of a foreign legal entity
- Representative office of a foreign legal entity
The most popular legal forms of companies are limited liability company (LLC), entrepreneur and branch of a foreign legal entity in Serbia.
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Choosing a company name
The business name must contain the name of the company, its legal form and the place of registration of the company's registered office. In addition, the business name must contain other elements in accordance with the Law.
When choosing a business name for your company, it is important to follow the recommendations, all legal regulations and restrictions. Before submitting the application for registration, it is recommended to check whether the company name is available and, if so, to reserve it in advance.
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How to choose a company's activity code?
All legal entities and business partnerships are required to select an activity code (the company's predominant activity). These are the types of activities that the company will primarily engage in to generate profit. In addition to the main activity, there are additional activities that a company can engage in. If an additional activity becomes dominant, it must be changed to the main activity. For limited liability companies, this means a change in the articles of association.
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Legal address of a company in Serbia
Registration of a legal address in Serbia is mandatory. This includes
- The address of the company's registered office
- Email address
- Postal address
- Virtual location address
- The company address can be anywhere in Serbia, but you can also register a virtual address.
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Preparation of the Memorandum of Association (MoA)
The establishment of a limited liability company (the most common form of legal entity) in Serbia begins with the issuance of a memorandum of association. The memorandum of association is a general legal act of the company issued by one or more founders of the company. The memorandum of association must be notarized.
The memorandum of association must contain the following information:
- Data on the company's members/shareholders
- Name of the company
- Address of the company in Serbia
- Selected activity code
- Total amount of the authorized capital
- Time of payment of the share in cash or issuance of a non-cash share
- Individual share of each member
- Powers of persons representing the company (directors)
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What documents are required to register a company in Serbia?
The most important documentation required to set up a company in Serbia:
- Unified registration application for establishment of a limited liability company and entry into the taxpayer register, signed by an authorized representative
- Proof of identity of the company's shareholders - a photocopy of the passport for a foreign citizen; if the founder is a legal entity, he/she submits an extract from the Register in which the foreign company is registered
- Articles of incorporation with certified signatures of all founders or participants
- Proof of paid LLC registration fee and proof of paid registration and issuance fees
- An application for the establishment of a company may be submitted by the founder, authorized person or trustee.
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Qualified electronic signature
A digital signature (qualified electronic signature) is required to sign, submit and certify documents electronically. An electronic certificate is also used to submit the company's annual financial and tax reports.
To obtain a digital signature, you must apply for its issuance to the relevant institution in Serbia (there are 5 of them that issue this type of certificate). After submitting the application, an electronic certificate is usually created within 15 business days. The certificate is issued in the name of the company's director, and only the director can personally pick it up at the relevant office.
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Submitting documents to the BRA
As we have already mentioned, the signatures of the founder(s) must be notarized before you officially establish a company in Serbia. After that, you can apply for registration with the BRA. You can do this directly at the BRA office in Belgrade, at BRA structural units or by mail.
When the BRA accepts your application, you will receive a company number (CN), a tax identification number (TIN) and a health insurance number issued by the National Health Insurance Fund (NHIF).
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Steps after company incorporation in Serbia
After the company is established, the following must be done:
Opening a bank account
In order to open a bank account, basic documentation is usually required:
- Application for opening a bank account
- Questionnaire with certified signatures of persons authorized to represent the company (CS form, notarized)
- Decision on company registration (from the Serbian Commercial Register)
- Card with signature samples of authorized persons
- Identity card of the director
- Additional bank documentation such as account opening agreement in each currency, requirements for internet banking
Reporting to the tax administration after company registration
After you have completed the initial steps, you need to file a tax return within the statutory deadline to become a new taxpayer. The tax return is submitted to the Tax Administration and is a declaration of income.
The statutory deadline for filing a tax return is 15 days from the date of incorporation or from the date of issuance of the Decision on Registration with the ARA.
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Serbia visa for business travel
The Serbia Business Visa gives you permission to enter Serbia and stay here for a maximum of 90 days within a six-month period as authorized. It allows its holder to engage in business activities, such as attending meetings or conferences, conducting or attending trainings, conducting internal audits, installing equipment, or providing other temporary services to a client or local branch.
Such cases will also be covered under the business visa category:
- Business meetings/Gatherings/Negotiations/Training
- Conference/Congress/Exhibition
- Scientific and research activities
- Journalists
- Official delegation
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Required documents for obtaining a Business Visa of Serbia
- Application form filled in in English or Serbian, signed and dated by the applicant (signed by both parents in case of minor children under 18 years of age)
- Passport. Valid for at least three months after the date of your transit through Serbia. We would like to add that the passport must be issued within the last 10 years and must have at least two free "visa pages".
- 2 Photos
- Residence permit/Visa (if your country of residence and citizenship are different)
- Travel itinerary and valid hotel/accommodation reservation with full address (name, street, city, postal code, contact information, booking link).
- Letter from a local employer (confirmation of employment)
- Proof of financial resources - personal bank statements for at least the last 6 months prior to application, personal property, assets, etc.
- Foreign health insurance with a minimum coverage of EUR 30,000
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Business visa for Serbia: the term of obtaining
The average time for issuing a business visa for Serbia is 3-10 calendar days. It depends on your country of application.
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Serbia Business Visa Application Fee
The visa fee for a Serbia business visa is 80 euros. In addition, depending on the country and place of application, you may have to pay other administrative fees, such as visa application center fees, courier fees, etc.
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Where to apply for a business visa
A visa is issued before arrival in Serbia. The visa application is submitted to the diplomatic and consular mission of the Republic of Serbia abroad.