10 Best Small Business Opportunities in Serbia
Do you want to start a profitable business in Serbia as a foreigner? If Yes, here are 10 best small business ideas and investment opportunities in Serbia.
Over the past years, Serbia has been experiencing a steady economic growth and an increasing level of foreign direct investments. There has been a noticeable progress in the overall business environment, additionally influenced by maintaining the stability of both the exchange rate and the inflation.
Serbian is the official language of Serbia and English, Russian and German are also widely spoken in Serbia.
The major contributors to the economy of Serbia are the Construction Industry, the Mining Industry, the textile industry, the chemical industry, the pharmaceutical industry, the automobile industry, the food processing industry and the agriculture sector.
It is important to state that the economy of Serbia is said to be liberal and it enjoys loads of foreign investors.
Let us quickly go through the top 10 business opportunities that are available for investors who intend starting a business in Serbia:
1. Fast food business
Serbia is a fast, modern economy that offers a safe business environment for those who want to open a food business. If you intend to start a fast food business in Serbia, you must do it according to the Serbian regulations regarding health standards and taxation laws.
The Serbian state has several regulations regarding the functioning of a fast food. Some of them concern the employment of qualified personnel, others refer to kitchen standards.
You will have to be careful regarding the quality of your products and it is recommended to hire certified cooks. There are certain conditions that are imposed on the opening hours of your fast food that you must keep in mind when you open your company in Serbia.
2. Travel and Tourism Business
The travel and tourism industry is one of the key contributors to the Serbian economy, especially Belgrade. Have it in mind that you can start by trapping potential domestic and international tourists to become their guide or you can set up your own travel agency that would cater to their every need and make their visit a memorable one.
3. Beauty Salon
There is much to consider before opening a salon in Serbia, and it can all get far too confusing, especially if it is your first go at any kind of business. Before you do anything else, determine your target audience, study it, and analyze the competition.
The results you get from your analysis will define what kind of services are in demand and which ones are lacking. It will also help you define your concept and distinguish what services your salon can provide. It might also help you grab client’s attention from the get-go and offer something none of the salons in your area can offer.
4. Catering Business
When entering the catering industry, you’re expected to obtain special permits, issued in accordance with the services provided to the customers. For example, if the catering company – which can be set up like a small restaurant, pub or bar, serves alcoholic beverages, the investors will need alcohol licenses.
5. Scrap Metal Recycling Business
Scrap metal business is a small-scale business that is highly lucrative because there is hardly any country or city that you won’t find used and abandoned metal scraps.
Have it in mind that what you would need to put in place in other to successfully launch a metal scrap recycling business is the machines and equipment needed and how to operate them, a good knowledge of where to collect used and condemned metal and where to sell the raw materials generated from the recycling process, the legislation guiding the industry as well as strong entrepreneurial skills and determination.
6. Computer Repair Business
Every day, a lot of individuals require repair/troubleshooting of their computers/laptops. If you have the knowledge and expertise to handle computer repairs, then you can set up a computer repair/troubleshooting center. This service and many more can be offered to many people who still find computers complicated to maintain and terrifying if they go wrong.
7. Textile manufacturing business
The textile industry can be regarded as one of the most active in recent times, especially in Central Europe. Hopefully, it will continue to gain strong ground in times to come. If the idea of opening a textile business has fascinated you, it is time to take some action. Have it in mind that being in the textile industry means having close connections with the world of fashion and designing since textile businesses supply fabrics to these subsidiary industries.
There are two types of textile businesses, one that includes chains of stores selling all sorts of fabrics and the other that includes small stores that sell only a few, particular types of fabrics. Therefore, if you are planning to venture into the Serbian textile business, you must first decide what kind of textile you want to sell. Before you get the idea rolling, make sure you are sure about where you are headed.
8. Information Technology Services
Note that a lot of globally-renowned IT firms have already set up businesses in Central Europe owing to the growing potential and skilled labor available in this zone. You could set up a business that provides a variety of IT services such as wireless networks, or web development, social networking, website designing or other businesses depending on your interest. Cyber laws here are well-equipped to regulate the internet and are updated on a regular basis.
Note that you don’t need to be a big-box retailer to start an online store. Whether you sell directly to consumers or use a drop-shipping service, all you need is a website and the right e-commerce software to get started. You can sell your own products or items from niche suppliers. Alternatively, if you’re crafty, you can also sell your own handcrafted creations on online marketplaces.
10. Car Accessories Store
If you are looking for a small-scale business to start in Serbia and you know you have an interest in the automobile industry, then you should consider starting your own car accessories store business. Have it in mind that you don’t need a college degree to start your own car accessories and auto spare parts store, but you would need some form of informal training, you might have to work as an apprentice with someone who owns a car accessories and auto spare parts store. It makes it easier for you to learn how to manage your own car accessories and spare parts store.
Opening a company in Serbia is easy and straightforward. You will first need to decide on the company name and structure, LLC (“DOO” in Serbian) being the most popular option. You can have multiple members and directors under your LLC banner, however, only one active director (you) can apply for residency without a work permit.
You can also start a business in Serbia without a local partner or director, and the processing time from submission for registration takes no more than 3-4 business days to complete. Once your business has been registered with the governing bodies, you can move on to the next stages.