Mihajlo Buric, Author at Welcome to Serbia

10 compelling reasons why you should start a startup company in Serbia

Serbia stands out as an exceptionally cost-effective and accessible destination for establishing and operating a company, with the Serbian Government’s unwavering commitment to nurturing entrepreneurship. In essence, substantial resources are allocated to support budding entrepreneurs, even in the face of setbacks, as they endeavor to self-finance their startups.


Whether you plan to launch a business in Serbia or any other location, the decision hinges on a multitude of factors that align with your business objectives, available resources, and market opportunities.


Here are 10 compelling reasons why you should start a startup company in Serbia:


1. Cost-Efficiency:

Serbia presents a highly cost-efficient business environment, particularly when compared to many Western European counterparts. Lower operational costs for office spaces, salaries, and various expenses are particularly appealing for startups aiming to maximize their initial investments


2. Skilled Workforce:

Serbia boasts a well-educated and proficient workforce, particularly in domains such as IT, engineering, and the sciences. This provides a distinct advantage for tech startups or those demanding specialized technical skills.


3. Strategic Location and Connectivity:

Serbia’s strategic geographical location offers convenient access to both Western and Eastern European markets, making it an ideal base for businesses with aspirations for regional expansion.


4. Government Support:

The Serbian Government has been proactively working to enhance the business environment and attract foreign investments. They extend a helping hand to startups through incentives and support mechanisms, including tax benefits and grants.

• A mere 3% corporate income tax (CIT) is levied on revenues generated from intellectual property developed within Serbia.
• Research and development (R&D) expenses are eligible for double deduction.
• Tax Credits for Investments in Startup Enterprises.
• Founders are exempt from income tax


5. Emerging Tech Hub:

Serbia’s technology sector has been growing, fostering a vibrant IT community and a surge in tech startups. Belgrade, the capital city, has earned recognition as a thriving tech hub, hosting a multitude of tech events, conferences, and networking gatherings.


6. Access to EU Markets:

Although not an EU member, Serbia has established a Stabilization and Association Agreement with the European Union, granting companies based there favorable trade relations and access to EU markets.


7. Cultural Diversity:

Serbia’s rich cultural diversity provides a strategic advantage to businesses aiming to create products or services tailored to diverse markets. The multicultural environment offers invaluable insights into varying consumer preferences.


8. Flourishing Startup Ecosystem:

Serbia has been developing a supportive startup ecosystem with incubators, accelerators, co-working spaces, and networking events. This nurturing environment facilitates connections, learning, and business growth for aspiring entrepreneurs.


9. Untapped Market Potential:

Depending on your industry, there may be untapped or underserved markets within Serbia or neighboring countries ripe for early entry and capture.


10. Quality of Life:

Serbia offers a high quality of life, including an appealing cost of living, making it an enticing prospect for both entrepreneurs and employees. A balanced work-life dynamic can substantially enhance productivity and job satisfaction.



Nevertheless, before embarking on your startup venture in Serbia, conducting comprehensive research and due diligence is crucial. Consider the legal and regulatory requirements, market demand for your product or service, competition, potential challenges, and more. Every location has its unique advantages and challenges, so aligning these factors with your business goals is essential for achieving success.


For more information on launching a startup in Serbia, we invite you to contact Welcome to Serbia.”

Key Amendments to Serbia’s Aliens Act in 2023

In 2023, Serbia introduced significant amendments to its Aliens Act, reshaping the rules and regulations governing foreign residents in the country. While some changes are being praised on social media, these revisions have also imposed stricter rules for foreigners and those facilitating their stay in Serbia. In this blog post, we’ll explore the noteworthy changes and their implications.




Extended Residence Permits


As of August 2023, residence permits can now be granted for up to three years. This longer duration simplifies administrative processes for both the government and residents.



Introduction of the “Single Permit”


The “single permit” concept streamlines the process by combining residence and work permits into a single document, valid for up to three years. This simplification benefits both foreign workers and the authorities.



Permanent Residence permit after 3 years


It is possible to apply for permanent residence permit after three years of living in Serbia on the basis of temporary residence permit.



Pre-Expiry Extension Applications


A welcome change introduced in August 2023 is the ability to apply for an extension of the residence permit before its expiration. This adjustment provides more flexibility to individuals planning to stay in Serbia for an extended period.



Stricter Rules for Foreigners and Their Hosts


The amendments extend their impact not only to foreigners but also to individuals responsible for foreigners’ presence within Serbia. This broader scope ensures greater compliance with the law.



End of Endless Visa Runs


The revised Aliens Act abolishes the practice of endless visa runs. Instead, it clearly defines a rule allowing a maximum stay of 90 days within a 180-day period. This change aims to regulate and monitor foreign visits more effectively.



Scrutiny of Passport Expiry Date


The practice of granting residence permits until the passport’s expiration date is being reviewed. This change may result in adjustments to the issuance of residence permits based on various factors.



No 183 days rule


Article 45, paragraph 2, previously requiring half of the residence permit validity period to be spent in Serbia, has been replaced. The new provision allows the Ministry of Interior to assess applications based on various elements and exercise greater discretion.



Impact on Processing Time frames


While the amendments aim to expedite application processing, the involvement of state security agencies may extend the overall time frame. Applicants should be prepared for potential delays.



Shift from Stickers to Biometric Documents


The familiar practice of placing stickers in passports is evolving into a more secure biometric document for both residence permits and permanent residence, improving document security.



Expanded Supervision Authority


The enforcement of the Aliens Act will no longer be solely the responsibility of the Ministry of Internal Affairs and security bodies. The employment service and labor inspectorate will also play crucial roles in ensuring compliance.



If you want to learn more about what these changes represent in practice, contact us to get a consultation with one of our experts.



Tax Obligations of Gold Bar Sellers and Purchasers in Serbia

Times of crisis, which are most usually followed by increased inflation, always re-raise the question of how to maintain the value of acquired money, i.e. how to invest it in the best way. The answer to this question depends on the degree of risk you are willing to take, and as you probably already know, there are more than one option.

However, there is one option which the investors now traditionally opt for in the face of unpredictable circumstances, and that’s investment gold. The investment company Goldman Sachs reminds us that the ideal moment for purchasing investment gold is the moment you realize the importance of such investment, apart from it always being the right moment.




Why investing in gold is a better option than buying real estate?


Although investing in real estate is a long-term profitable investment, you should bear in mind that there are certain limitations to it. Some of them include maintenance costs, the unpredictability of price movement and the inability to cash the property quickly, since real estate is by rule a non-liquid asset.


Savings interest rates are currently low, and under the risk of inflation, whereas government bonds are safe, but also bring low profit. On the other hand, cryptocurrency (such as Bitcoin) carries a potentially high profit, but not without big risk, due to its unpredictability, which is why many compare this type of investment with gambling.


Investment gold has none of the aforementioned flaws. Unlike real estate which captures your money for years and is difficult to sell in the times of crisis, the gold market is very liquid. Furthermore, gold is resistant to recession and political crisis, and according to the words of Milton Friedman, a Nobel Prize winner for economy: “Gold is the only currency which survived all inflations and other negative economic phenomena.”


Investment gold is not directly linked to other assets, such as stocks or bonds, which are affected by inflation. Unlike money which governments can endlessly print, the supply of gold is limited, which is why its price is not affected by the increase of money mass.
Unlike investing in cryptocurrency, the risk of losing value with gold is down to a minimum.

When it comes to possessing investment gold, the only thing you should think about is its safeguarding. While some investors keep gold in their houses, others opt for security safes in banks or firms specialized for gold purchase and selling, which has certain costs.





Gold price movement


In economic and political crises, the price of gold increased, which brought profit to its owners in situations when they needed it the most; in favor of which goes the fact that the price of gold in the past 50 years increased for the average of eight per cent a year. It is often said that gold is the only currency whose value increases constantly.


The price for one ounce of gold has been in constant increase since 2018, with little variation. The greatest value of 2,201 dollar per ounce in the world market was marked in April 2020, during the coronavirus outbreak. In the said period, the price of gold marked a 40% increase. Afterwards, a slight decrease in value followed, which spiked again on March 8, 2022 due to the war in Ukraine. One ounce of gold at that time was worth 2,043 dollars. As it became clear that the war in Ukraine would stay on, the price of gold decreased, and on October 6, 2022 it amounted to 1,716 dollars per ounce.


Since gold has already reached high price levels, financial consultants don’t usually recommend investing in gold to those investors who expect high profit in short periods or to those who aim for speculation. However, if you are planning to invest long-term to 10 or 20 years, gold may be a smart choice.





What is investment gold?


According to the VAT Act of the Republic of Serbia, both natural and legal persons may purchase gold in Serbia, and gold investments are considered to be the following:

– gold cast and minted bars, of mass accepted in the capital market, with the degree of fineness equal to 99.5% or more, and

– gold coins (ducats) with the degree of fineness equal to 90% or more, coined after 1800, which are or used to be a legal payment instrument in the country of origin, and which are usually sold at the price not higher than 80% of the value of gold in the open market, included in the coins. An example of such ducats that can often be seen in our regions is the Austrian gold ducat Franjo Josip, i.e. Franz Joseph.


Ducats have traditional distinctiveness, while gold bars have security ornaments of the manufacturer that are impossible to copy, an identification number and an international warranty which is valid and verified across the world. Each gold bar comes in a hermetically closed industrial packaging.


The majority of gold price is the actual value of this precious metal, but the costs of manufacturing, packing, distribution and packaging are also included, so the average price per gram is lower the bigger its mass is. Gold cast and minted bars may vary in weight, which makes it easier for the investors to invest different quantities of money.





Who are gold investors?


The money invested in gold bars usually originates from dividends, self-employed income, savings or selling real estate and ownership shares in some company. Even the legal persons were not immune to the trend of investing in gold, and they have been purchasing gold more and more frequently from undistributed profit. In such situations, the legal person is designated as the gold owner. Companies usually invest in gold in order to protect themselves from potential economic plunges and inflation.


Private transactions which include gold bars are usually dealt by direct contact between the sellers in the private market or through authorized dealers and financial institutions. The National Bank of Serbia regulates the import, export and trade of gold, but does not directly deal with private transactions.   





Tax obligations of investment gold purchasers and sellers


If you are planning to invest in gold bars, it’s important for you to know that purchasing and selling investment gold in Serbia is completely free of tax. However, if the company’s profit increases by selling gold, due to the difference between the selling and purchasing price, this income is subject to income tax at the rate of 15%.


In order to invest in gold in the compliance with the legislation, it is necessary to issue receipts and keep records on all activities related to investment gold. A special rulebook stipulates the manner of conducting payment, transactions and keeping records. The rulebook defines that the tax payer is obligated to keep a special record on the supply, the transactions and the record on the transactions performed through an intermediary. The record must contain details on the investment gold type, quantity and description. The data on the number and date of issued receipts, the name, or the identity of the legal or natural person that investment gold is sold to must also be recorded.


The tax payer is obligated to keep the record on all activities related to investment gold and related documentation until the expiry of the period for VAT assessment and collection. In financial reports, investing in gold is presented according to the invoiced price, i.e. the purchase price or net sales price, depending on which is lower.






The issue of investment gold shortage


The data from the World Gold Council indicates that since 2000 until today, the trend of investing in gold has increased for 12% annually. Interests spike in the face of extreme events, and especially during crises, when the level of uncertainty rises. Such times bring about gold shortages, due to the high demand, and a large number of requests for purchase are impossible to execute.






Future forecast


Rising inflation puts central banks across the world in undesirable positions where they try to keep inflation under control by increasing interest rates. If interest rates became so high that they attract the investors to invest money in savings deposits, the demand for gold could possibly subside.


Still, it’s good to keep in mind that the reasons to invest in gold, except for profit, are its many advantages that make this type of investment less risky. The current global situation is very unpredictable, and in such situations it is best to diversify risk to two or three alternatives since circumstances might change in a matter of only a few days.  




Serbia is not an offshore jurisdiction

In a few years Serbia became popular jurisdiction for foreign investors due to various benefits and generally positive investment environment.
Still, among individual entrepreneurs and also among small and middle size enterprises,
especially in case they have fully or partially operated in offshore jurisdictions it is noticeable that certain misconceptions related to Serbian jurisdiction still exist.


Such misconceptions do not, of course, mean that investors think of Serbia as an offshore jurisdictions: it relates to possibilities and obligations towards the state that are often neglected or misunderstood. In order to help our Clients and partners avoid mistakes, we will try to identify and explain most significant differences below.







Lately, even classical offshore jurisdictions started imposing substance rules to resident legal entities. In Serbia, in order to make sure your bank account is stable and in order to make sure you meet all legal requirements for obtainment of residency and work permits for company personnel, you need to have your company registered on a legitimate address and that the address/office is not a virtual one. Throughout bank account opening process bank will require information about the website of the company, personnel and other information regarding company address.


Substance rules are not exclusively related to requirements of banks and state authorities, but to AML/CFT procedures that can even be initiated and controlled by correspondent banks.





Accounting, financial and tax rates


Serbian companies are obliged to submit financial and tax reports to corporate registry and Tax Administration. Serbian financial reports are submitted in accordance with relevant international accounting rules.


Serbian personal tax rate is at 10 to 15% and corporate tax rate is at 15% as well. Serbian individuals and companies may be subject to capital gains tax, VAT and withholding tax (in case of payments to foreign legal entities). On the other side, Serbia offers tax incentives in various areas of business, with IT being the most beneficial.





Bank accounts: opening and executing transactions


Keeping in mind that the banks are, together with the central bank of Serbia, responsible for monitoring of transactions and cross-border payments, every transaction must be followed with adequate documentation, explaining legal and financial basis of the transaction and, in case goods are allowed, documentation related to subject goods that is being presented to the bank in the moment transaction takes place and even after the transaction is executed (for example, in case of advance payments for goods).


Payments to physical persons and payments received from physical persons are under special regime that regulates legal, administrative, financial and tax framework into which operations with physical persons must be put. One of the most common misconceptions about Serbian legal entities is that operations with physical persons are not subject to any special rules.


Another important difference is that Serbian companies cannot open accounts in foreign banks without permission given by central bank. Either way, this is a solvable matter.





Legal and transparency


Serbian legislation doesn’t recognize fiduciary services, I. e. nominees in ownership and management structure of the company are not recognized as such. Bearer shares are not allowed in Serbia (foreign companies with bearer shares are considered as high-risk structures in accordance with AML/CFT regulations).


In addition to that, it is mandatory that Serbian companies declare, within a semi-public, internal registry, their beneficial owners. Registered agents and secretaries do not exist as a legal category in Serbia. Serbian companies do not pay yearly renewal fee to the state.


Last but not the least: Serbian company can be registered in less than 3 working days which is on average faster if compared to company registration process in classical offshore jurisdictions.


Why IT Hub in Serbia?

In addition to its tourism and hospitality segment, Serbia offers new business opportunities that are certainly suitable for foreigners and their professional opportunities. When it comes to the IT sector in particular, we can definitely point it out as the most popular and highest-paying in our market, given the fact that developers are no longer people who just create interesting video games. 



Today, all types of businesses have a need for good IT professionals. It is the same in Serbia, which is why the salaries of programmers in Serbia are constantly growing.



Many foreigners, including our citizens, are rushing to open startup companies in this area, hoping for successful business results, which seem to always be achieved. Numerous tax incentives and exempts (Exemption from Income Tax and Contributions for Founders, Employing Newly-Hired Qualified Employees, etc.) have emerged in the Serbian business environment in the past couple of years, meaning that IT and tech companies are more inclined to develop their business in Serbia.



The thing that we would point out as an advantage of the IT industry in Serbia is the “emperor of digital nomadism” or the so-called possibility for foreigners to register with the Business Registers Agency as entrepreneurs with the full assistance of our association, on the basis of which they could apply for a residence permit. Thanks to the “remote work” in this industry, a foreigner is enabled to easily and efficiently move to Serbia and perform legally registered IT activities here.



The Statistical Office of the Republic of Serbia determined that the highest average salaries in Serbia during the previous year were paid to IT experts. According to the National Employment Service, highly educated IT profiles get jobs faster than others and have the best chances of getting a job.



The data on one of the most popular employment sites in Serbia show that the number of advertised jobs in the IT sector has increased six times in the last seven years. A total of one fifth of the ads published on the mentioned site are those in which IT experts are sought. On the other hand, the large increase in demand is not accompanied by a sufficient number of IT professionals. According to the estimates, our market is currently lacking at least 15,000 developers. When it comes to the situation in the IT market, the fact is that employers are more likely to look for developers than the developers are likely to apply for jobs.



According to the information above, we offer foreigners to move their laptops to Serbia in the simplest possible way, with our help, to settle comfortably in their digital hubs and perform their IT activities as registered entrepreneurs from the comfort of their home in order to apply for the residence permit later. 



Please contact us for more information:

Email: dd@welcometoserbia.org  Mob: +381646594849 (WhatsApp, Viber, Telegram)





1. Client Information



  • Previous to the imposed strict substance requirements by the latest OECD Guidelines, the Client operated through Hong Kong and Cypriot legal entities
  • Shareholder of the Company contacted WTS via Jivo chat on the WTS website
  • Company is registered in Serbia on the basis of PoA without shareholder’s presence
  • Company is an LLC
  • Shareholder of the company is Russian citizen 
  • Director of the company is Ukrainian citizen 
  • Registered activity of the company is non-specialized wholesale of goods (in Serbia only one activity is being registered, but it may conduct other activities as well) 



2. Legal Foundations



  • The Company signed specialized and frame agreements with suppliers on the basis of which invoices are being issued to the Company 
  • The Company signed specialized and frame agreements with Clients on the basis of which company issues invoices to its Clients 
  • Director is the sole signatory 
  • The Company signed rental and accounting agreements with our specialized companies (two mandatory expenses are prescribed by law) 
  • The Company signed Family Office Services Agreement with WTS
  • Director visited Serbia for one working day in order to obtain Electronic Signature Card needed for the submission of financial and tax statements and used that visit to personally submit personal documents to the bank, as a form of identification



3. Banking



  • First account was opened in Western-European bank branch in Serbia in local currency, EUR, USD and RUB
  • Reserve account was opened in Serbian bank in local currency and the second account is multi-currency account
  • Director obtained e-banking devices through which the Director controls the accounts
  • Company almost exclusively executed payments and received funds in EUR



4. Algorithm of Work



  • The Company received funds from its Clients as advance payments
  • The Company used funds to buy goods in accordance with the Client’s order
  • The Company or the Supplier delivered the goods to the Client
  • The Company occasionally payed for marketing and IT services to foreign Suppliers (in that sense, the Company is not subject to withholding tax)
  • The Company’s website contains the list of brands and goods the Company is working with
  • PoAs are certified in Serbia or in a foreign country by the Director and on this basis WTS provides a range of services from the Family Office package (on-the-ground banking support, personal presence, correspondence with the registry and Tax Administration etc.)



5. Accountancy



  • The Company provided WTS’s accountancy company with agreements and invoices on monthly basis or quarterly
  • The Company also provided WTS’s accountancy company with documentation and information on the transport and delivery of the goods
  • WTS’s accountancy registered the Company for zero VAT declarations, given that the activity is not related to Serbia
  • WTS’s accountancy prepared financial and tax declarations yearly



6. Taxation



  • Tax base was formed based on the difference between the advance payments and the prices for the goods, minus the expenses for accountancy, rent, marketing and other on-demand services and Family Office services, so that only the profit is being taxed at 15% tax rate
  • WTS’s accountancy helped the Company to optimize the tax base in accordance with local laws, bylaws and rulebooks



7. Further Steps



  • Director of the Company started the process of obtaining Serbian residency
  • The Company started searching for modest office space and one employee in order to finish the process of forming substance in Serbia, taking into account recommendations of the OECD and correspondent banks
  • In the light of that, the Company signed frame agreement with one local supplier working with the same type of goods



Our team is primarily orientated towards banking solutions, as it consists of English, Russian, Spanish and Serbian speaking experienced bankers, lawyers and accountants, who have been successfully overcoming different business challenges of our Clients in Andorra, Switzerland, Russian Federation and Serbia for the last 30 years. 



For more information regarding banking in Serbia, please don’t hesitate to contact us.

email: dm@welcometoserbia.org; mob: +381 60 0622 940 (WhatsApp, Viber, Telegram)


Business Opportunities in Serbia During the Pandemic Year

Over the past year, we have encountered many blockages and impossibilities in the world of business and economics. That is why we have made an effort to enable our clients to start a company in Serbia (or a branch), always and with our assistance:



1) being physically present in our office;

2) remotely, from the comfort of their home, from the country they come from.



Life in Serbia currently offers many benefits: normal working hours of banks and state institutions, catering facilities, movement without any restrictions, affordable living costs as well as the offer of several different types of vaccines. Thanks to these, the Henley Passport Index, an organization that evaluates and analyses passports, has published an updated list of currently the most powerful passports in the world, i.e. data on whose citizens have the most benefits when traveling around the world. According to this list, Serbia’s passport is the 36th most valuable in the world, with the possibility of entering 135 countries without a visa.


There are three business activities that have flourished during the pandemic within our borders:



E-commerce: According to the Ministry of Trade, Tourism and Telecommunications, since April this year, the purchase of food over the Internet in Serbia has increased by 200 percent, clothing by 100 percent and technical devices and computer equipment by 50 percent.. As the director of a company told us, “we had so much work from week to week that I personally had to work in the field.”



IT industry: Developers, but also all other employees in the IT sector have officially felt the least consequences of the coronavirus pandemic, according to the combined data of our Chamber of Commerce. Serbia has a surplus of half a billion euros, which means that so much more has been exported than imported.



Home builders and builders state that people were in their houses a lot during the pandemic, so many decided to fix them. Also, the state of emergency introduced due to the coronavirus pandemic did not stop the realization of infrastructure projects in Serbia. According to the Ministry of Construction, Transport and Infrastructure, there were about 63,000 construction sites in Serbia in August 2020,  which is about 16,000 more than at the same time last year.


In order to alleviate the “crisis that no one has ever faced before”, the Government of Serbia has prepared a package of measures related to direct assistance to businessmen and employees.



Cash Grants



To offset initial capital investments and ease the start of business endeavours, the Government of Serbia offers financial support for Greenfield and Brownfield projects in the manufacturing sector and services, which may be subject to international trade.



Construction Land Transfer Subsidy



Government or a local municipality can sell construction land at a price which is lower than the market price in support of an investment project of national importance (if the land is owned by the government), or an investment project that promotes local economic development (if the land is owned by the local municipality.



Corporate Income Tax Relief



A 10-year Corporate Profit Tax Holiday is available for investors who hire more than 100 employees and invest more than 8.5 million euros (1 billion RSD). Tax holiday begins once the company starts making a profit. 



Payroll Tax Incentives



Employment of people who were registered with the National Employment Agency for more than 6 months entitles employers to a sizable relief of taxes paid on net salary from the moment of employment:

  • 1-9 new jobs: 65% reduction 
  • 10-99 new jobs: 70% reduction 
  • 100+ new jobs: 75% reduction 

(payroll tax incentives can’t be combined with Financial Incentives)



Double Taxation Treaties



Serbia has 61 effective double taxation agreements in place that cover income, capital, and property. In addition to having double taxation agreements in place with most European countries, Serbia has double taxation treaties in place with many countries in Asia and Africa.



The registration of a company in our country, including the opening of bank accounts, is a very simple and fast procedure that can be completed in just one week, with the assistance of Welcome to Serbia´s office that is settled in the downtown area of our capital. That is why the number of freelancers, who want and have come to live in Serbia so far, who perform their registered activities from both their home and comfortable and well-equipped hubs in the very centre of Belgrade, has increased.

In any case, our company is available to assist all potential clients in the process of company formation and business development in Serbia.


Please contact us for more information:

Email: dd@welcometoserbia.org, Mob: +381646594849 (WhatsApp, Viber, Telegram)




The still modest rates of economic growth in the conditions of pronounced and stimulating macroeconomic and financial stability are the basic characteristics of the environment in which the banking sector of Serbia has operated in the last years. 

At the extraordinary meeting of the NBS Executive Boardin March 2020, when the Government of the Republic of Serbia also enacted the first measures against the situation in Europe and the world, a decision was made to cut all main interest rates of the NBS. The key policy rate was lowered to 1.75%, the deposit facility rate to 0.75% and the lending facility rate to 2.75%. This way, even before the state of emergency was declared, the NBS supported the domestic economy and, in that sense, all residents and non-residents operating in Serbia. 


No Sanctions


Given that the Republic of Serbia did not join sanctions against the Russian Federation and maintains the best strategic relations with the Russian Federation, the United States of America, EU and the People’s Republic of China, Serbian banks are open to work with the citizens of the Russian Federation and Belarus, as long as the Clients are providing the banks with invoices, agreements, specifications, customs declarations and other documents, supporting the particular transactions.



Key Benefits of Serbian Banking System Are as Follows:


  • stable and cross-functional banking system with 29 banks divided in 7 groups (local, EU based, Russian, American, Turkish and one bank from UAE and China),
  • accounts available in USD, EUR, CHF, TRY, RUB, GBP, CAD, DKK, JPY and SEK,
  • premium services, like a letter of credit, bank Guarantee, nonstandard and MT-103 SWIFT payments with back-to-back (cash deposit) loans through Serbian legal entities are also available,
  • basic and advanced e-banking services (support available in English) and mobile banking, 
  • debit cards: DinaCard, MasterCard and Visa card available in all their variations,
  • easy sale with Serbian banks e-commerce service, pay-by-link and similar services,
  • state deposit insurance (EUR 50k guaranteed deposit per bank).



List of Bank Operations Successfully Conducted by Our Clients:


  • cross-border commercial operations, such as incoming and outgoing transactions for services (IT, consulting, marketing, logistics, etc.) and reexported goods (food),
  • international acquisitions and mergers,
  • payrolls,
  • transactions conducted on behalf of mother companies that do not have accounts at the moment of execution (may not be treated as income or expenses of the branches in Serbia),
  • giving or receiving loans to and from non-residents,
  • work with brokerage companies, etc.


Association “Welcome to Serbia” with its banking and finance experts, in-house lawyers, associated attorneys-at-law and accountants,  Clients on a daily basis in order to harmonize their work with the regulations, especially with the Guidelines for Implementing the Decision on Terms and Conditions of Performing Foreign Payment Transactions issued by the National Bank of Serbia. Our experts are making sure the Clients can execute their business plans swiftly without additional formal and other requirements from the banks and state authorities.


Our team is primarily orientated towards banking solutions, as it consists of English, Russian, Spanish and Serbianspeaking experienced bankers, lawyers and accountants, who have been successfully overcoming different business challenges of our Clients in Andorra, Switzerland, the Russian Federation and Serbia for the last 30 years. 


For more information regarding banking in Serbia, please do not hesitate to contact us 

Email: dm@welcometoserbia.org; mob: +381 60 0622 940 (WhatsApp, Viber, Telegram)


Free Trade Zones in Serbia – the Connection Between East and West

The main goal of every company is to maximize profit and its main challenge is to minimize expenses.



As operating expenses often significantly vary across regions, countries, even areas within a country, they can easily create competitive advantage in the market.


Carefully pre-planned low costs have always yielded good results, which brings us to the main question – where should you set your business and how should you use this price diversity across the globe wisely.


By all the parameters of business conveniences, Serbia takes place at the top of the list. Apart from being at the crossroad between East and West, and its good political relations with both Europe and all Asian countries, Serbia can be proud of its well-developed free trade zones.


There are 15 free trade zones currently active in the territory of Serbia and the import of goods from these zones increases year over year.


Within these zones, all kinds of business and industrial activities, including production, storing, packing, trading, banking and insurance, can be conducted.


A great advantage of the free zones in the territory of Serbia is that, apart from domestic ones, foreign companies can do business in these zones as well, while the earnings and income earned within a zone can be transferred to any country without previous approval and collection of taxes, customs and duties.



Doing business in these zones brings many benefits and significantly reduces expenses.



The main benefit is the facilitated taxation regime that includes exemption from VAT and customs for the import of raw and other materials, machinery, equipment and construction material intended for the production of export goods, while the import and export of the goods in a zone is unlimited. These VAT facilities also refer to the turnover of goods and services within one zone and between two free zones in Serbia, which additionally reduces expenses.


Furthermore, favourable conditions are also provided for the lease of all kinds of business facilities.



Apart from the benefits offered by doing business in free trade zones, there is a variety of benefits that Serbia itself offers:



  • Free trade agreements enabling duty-free export to the markets of CEFTA, EFTA, Russia, the Eurasian Union and Turkey
  • Preferential conditions for trading with EU, USA, Japan and Australia
  • 15% company income tax
  • 20% VAT
  • 10% individual income tax
  • Other low business expenses
  • Developed road, river and airline transport networks
  • Highly qualified workforce
  • Double Taxation Agreement signed with 61 countries
  • Tax relives for the creation of new jobs


For more information please contact us.

Email: dilic@welcometoserbia.org; Mob: +381600622947 (WhatsApp, Viber, Telegram)



The Taxation of Cryptocurrency – Serbia 2021

Serbia started regulating crypto industry as the country’s Law on Digital Assets went into effect.



In parallel with the adoption of the Law on Digital Assets, the Serbian parliament amended a series of tax laws, specifically the Personal Income Tax Act, Corporate Income Tax Act, and the VAT Act.



The most important amendments relate to the following:



  • Value Added Tax Law – Transfer or conversion of cryptocurrency to cash will be VAT exempt without the right to deduct input VAT.


  • Corporate Income Tax Law – Sale or other transfer against consideration of digital assets by legal companies will be subject to capital gains tax at the rate of 15%.  If a taxpayer invests the funds generated by the sale of digital assets in the share capital of a resident company in Serbia within 90 days of the sale, 50% of the capital gains tax will be exempt. A refund of 50% of paid capital gains tax will be made within 12 months from the date of sale of the digital assets. 



Non-resident entities will be subject to a 20% tax on capital gains realized from the sale of digital assets unless there is an applicable double taxation treaty that exempts such gains from taxation in Serbia. 



  • Personal Income Tax Law – Similar to the CIT Law, sale or other transfer against consideration of digital assets by individual taxpayers will be subject to capital gains tax at the rate of 15% on the positive difference between a contracted price, i.e. market value and acquisition value of the digital asset. Generally, acquisition value is documented as the price actually paid. In the case of digital assets acquired through ‘mining’ or from the employer through a share plan, acquisition value would be determined under specific rules. PIT Law prescribes a tax exemption for 50% of realized capital gains if the gain is invested into the share capital of a Serbian legal entity or investment fund.


  • Law on Property Taxes – Digital assets will be subject to inheritance and gift tax at the rate of 2.5%, whereby the tax base is the market value of digital assets at the moment they are inherited/gifted. Property tax and property transfer tax do not apply to digital assets.



These amendments will be applicable from 1 July 2021 when the Law on Digital Assets will start to apply.



For more information regarding the Law on Digital Assets and starting a crypto business in Serbia, please contact us.

Email: sm@welcometoserbia.org; Mob: +381 60 1849 443 (WhatsApp, Viber, Telegram)