If you want to start or move your business to Serbia, you can freely do that, either by setting up a completely new entity (which may be owned by you directly or your existing company indirectly) or extending your existing business by registering its branch in Serbia.
The good news is that this all can be done remotely, via the power of attorney issued to lawyers, and the costs of the incorporation are quite low.
Also, you are allowed to have a virtual office in Serbia, and directors of your LLC, subsidiary or branch do not have to reside in Serbia.
Anyhow, the incorporation process is quite straightforward, but it does contain certain steps that must be followed and completed.
In such context, here are 3 main steps, with an estimated timeline for completion, as follows:
The founders must notarize 3 copies of MoA at the Public Notary and provide the Serbian Business Registers Agency (SBRA) with one notarized copy, among other documents.
Notarized MoA, along with prescribed registration forms filled out properly and supporting documents (for instance, copies of shareholder’s and director’s passports, etc.) are processed by SBRA, which usually issues the decision on entity formation even before the statutory 5 days deadline.
This is, among other things, contingent upon registering owners of the newly registered entity with the Serbian Register of Ultimate Beneficial Owners (UBO) for which registration issuance and possession of electronic signature for the owners is needed.
But, if owners are for any reason prevented from obtaining the electronic signature, or performing registration of UBO, then we do have tailored solutions for our clients to avoid delays which otherwise tend to be quite severe.
Finally, the selection of an appropriate bank for opening of bank accounts is now more important than ever, especially for certain categories of founders (such as citizens or residents from the Russian Federation, for instance) given that this may hinder and in some instances halt the successful ending of the incorporation process.