Serbia has attracted over €23 billion of inward foreign direct investment since 2007.
Since the onset of economic reforms, Serbia has grown into one of the premier investment locations in Central and Eastern Europe. A list of leading foreign investors is topped by world-class companies and banks such as FCA, Bosch, Michelin, Siemens, Panasonic, NCR, Yura, Magna, Continental, Calzedonia, Eaton, Stada, Falke, Swarovski, Ball Packaging, Sitel, Microsoft, Gorenje, Schneider Electric, Geox, Tarkett, Johnson Controls, Johnson Electric, Leoni, and many others.
A specialized Serbian Business Registers Agency (SBRA) http://www.apr.gov.rs/eng/Home.aspx and a short procedure make starting your business simple.
The business registration procedure in Serbia takes maximum 5 days, down from the previous 23. This process at the Business Registers Agency can be completed in just 3 days, with a few additional days for other procedures.
Choose from different Company types and enjoy the advantages of a Joint Stock Company, Limited Liability Company, General Partnership or Limited Partnership. The minimum capital required is as low as RSD 100 for a Limited Liability Company and RSD 3,000,000 or more for a Joint Stock Company.
You can find more info on how to start business in Serbia on Development agency of Serbia website: https://ras.gov.rs/en/invest-in-serbia/start-a-business
All regulations regarding the business operations in Serbia can be found on the website of the Serbian Business Registers Agency (SBRA) on the following link: http://www.apr.gov.rs/eng/LawsandBy-Laws.aspx
– Law on companies
– Law on registration procedure
– Rulebook on the content of the register of business entities and the documentation necessary for registration
– Law on the business registers agency
– Law on the Procedure of Registration with the Serbian Business Registers Agency)
There is a possibility of establishing an entrepreneur and a one-member limited liability company electronically.
Guide for electronic establishment: http://www.apr.gov.rs/%D0%B5%D0%A3%D1%81%D0%BB%D1%83%D0%B3%D0%B5.aspx
Ministry of Finance of The Republic of Serbia – Tax Administration
Tax Administration is a body within the Ministry of Finance. Tax Administration carries out assessment, control and collection of public revenues, issuing and revoking of authorizations to carry out exchange activities and audit of exchange activities, as well as activities of public administration in the area of the games of chance. Tax Administration of Serbia today comprises 180 organizational units, located on the territory of the Republic of Serbia.
To offset initial capital investments and ease the start-up of business endeavors, the Government of Serbia offers financial support for projects in the manufacturing sectors and services sector which may be subject to international trade.
A 10 year Corporate Income Tax Holiday is available for investors who hire more than 100 employees and invest more than 8.3 million euros (1 billion RSD). Tax holiday begins once the company starts making a profit.
Employment of people who were registered with the National Unemployment Agency for more than 6 months entitles employers to a sizable relief of taxes paid on net salary from the moment of employment until December 31, 2019:
-1-9 new jobs: 65% reduction,
-10-99 new jobs: 70% reduction,
-100+ new jobs: 75% reduction.
Besides the bank and leasing institutions, SMEs in Serbia can get help from governmental institutions (Ministry of Economy, Development agency of Serbia, Serbian development fund, Innovation fund etc.). Small entrepreneurs (especially in high-tech sector) can find sources of funding from international investment funds. More about the support mechanisms can be found on bellow mentioned websites.
Ministry of Economy https://privreda.gov.rs/,
Development agency of Serbia http://www.ras.gov.rs/,
Serbian development fund https://fondzarazvoj.gov.rs/lat,
Serbian Innovation fund http://www.inovacionifond.rs/,
Chamber of Commerce and Industry of Serbia http://www.pks.rs/.
Foreign companies are welcome to use all the benefits that free business zones in Serbia offer such as an exemption from the VAT for income generated through commercial activities.
As an additional benefit for companies to streamline their operations, many municipalities offer the possibility of operating within designated industrial zones. Such zones offer advantages such as a streamlined process for obtaining land, favorable geographic locations and ready-to-use infrastructure. Currently, fourteen of those industrial zones are also licensed free customs zones: Pirot, Subotica, Zrenjanin, FAS Kragujevac, Sabac, Novi Sad, Uzice, Smederevo, Svilajnac, Krusevac, Apatin, Vranje, Priboj and Belgrade.
Import into and export from these zones is free of VAT, customs and clearance. If goods are produced within zone using a minimum of 50% of domestic components, they are considered to be of Serbian origin and are therefore eligible to be imported into Serbian territory or exported without customs, pursuant to free trade agreements.
For more information visit the Free Zones website: ww.usz.gov.rs/eng/pogodnosti.php
1. Ministry of Economy of Republic of Serbia through Sector for Development of Small and Medium Enterprises and Entrepreneurship has mission to provide transparent and predictable business environment, engage SME sector in policy and regulations, as well as to provide concrete forms of support to that sector through programs of financial support. Ministry also provides nonfinancial support to SME sector through free training, consulting and mentoring. This institution also works on development of entrepreneurial spirit, reforming the education system, introducing dual education and further education.
Website link: https://privreda.gov.rs/ministarstvo-na-dlanu/sektori/sektor-za-razvoj-malih-i-srednjih-preuzeca-i-preduzetnistva/
2. The Development Agency of Serbia supports the development of companies, especially small and medium enterprises and entrepreneurship. It carries out its role by proposing and implementing support measures, implementing development projects and supporting the development of partnerships. These activities are based on helping potential entrepreneurs to start their own business, improving the knowledge-based economy through specific programs of support innovation and competitiveness, supporting economic development of the environment, improving business infrastructure (business incubators, industrial zones), cluster development, and internationalization of Serbian SME sector
Website link: https://ras.gov.rs/en/sme-development
3. The Development Agency of Serbia coordinates network of 16 Accredited Regional Development Agencies. Regional agencies are located in following cities: Belgrade, Novi Sad, Subotica, Zrenjanin, Pančevo, Ruma, Požarevac, Loznica, Kragujevac, Zaječar, Užice, Kraljevo, Kruševac, Niš, Novi Pazar, Leskovac. The Development Agency of Serbia has intensively cooperation with those agencies through implementation of RAS’s programs for SME support.
4. Chamber of Commerce and Industry of Serbia – In accordance with the strategy for the development of micro, small and medium-sized companies and the implementation of the 10 principles of the Small Business Act, Chamber of Commerce and Industry of Serbia actively participates in dialogue with government institutions by proposing adequate legal regulations and interests.
Website link: http://www.pks.rs/PrivredaSrbije.aspx?id=20&idjezik=1
5. Development Fund of Serbia: http://www.fondzarazvoj.gov.rs/
6. Service for Entrepreneurship: http://www.preduzetnickiservis.rs/
7. Serbian Export Credit and Insurance Agency: http://www.aofi.rs/
Development Agency of Serbia (RAS) is a government organization dedicated to facilitating and implementing direct investments, promoting and increasing exports, improving the competitiveness of Serbian economy, as well as reputation, and economic and regional development of the Republic of Serbia.
RAS provides support to investors from the initial, question and answer stage of the investment all the way through the implementation and the entire lifecycle of the investment. RAS Direct Investment Advisors are available at all times to answer any questions or provide assistance. Website link: https://ras.gov.rs/en/about-us/our-services
Vojvodina Development Agency (RAV) is established under the auspices of the Government of AP Vojvodina, with aim to provide support for the implementation of the development policy of Vojvodina, agricultural policy and rural development policy. Our aim is to encourage the influx of foreign and domestic capital and to offer professional services to those companies willing to invest into Vojvodina. RAV investigates economic potentials and the existing resources, suggests the possible solutions for the development of economy, agriculture, energetics, tourism and rural development, giving the specific emphasis on innovations and technological upgrades. Website link: http://rav.org.rs/about-us/
Benefits that Serbia offers to potential investors: attractiveness of the location – good strategic position, adequate infrastructure, logistics advantages, availability of skilled workforce, a very good support of the Government of the Republic of Serbia and the local community, low costs of: labor force, office space, telecommunications and electricity.
To offset initial capital investments and ease the start-up of business endeavors, the Government of Serbia offers financial support for projects in the manufacturing sectors and services sector which may be subject to international trade. A 10 year Corporate Income Tax Holiday is available for investors who hire more than 100 employees and invest more than 8.3 million euros (1 billion RSD). Tax holiday begins once the company starts making a profit. Employment of people who were registered with the National Unemployment Agency for more than 6 months entitles employers to a sizable relief of taxes paid on net salary from the moment of employment until December 31, 2019: 1-9 new jobs: 65% reduction, 10-99 new jobs: 70% reduction, 100+ new jobs: 75% reduction. The attractiveness of the location, logistics advantages, availability of skilled workforce, and a very good support of the Government of the Republic of Serbia and the local community are the main reasons why invest in Serbia.
Government of the Republic of Serbia – https://www.srbija.gov.rs/
Ministry of Foreign Affairs – http://mfa.gov.rs/
Ministry of Economy – http://privreda.gov.rs
Ministry of Trade, Tourism and Telecommunications – http://mtt.gov.rs/
Development Agency of Serbia – http://ras.gov.rs/
Chamber of Commerce and Industry of Serbia – http://www.pks.rs/Default.aspx?idjezik=3