How to set up IT business in Serbia – case study analysis
- Client information
- The client is a computer programming company based in Dubai (UAE). As the client had legal and banking restrictions in his business in the UAE, he decided to move his business and employees to Serbia.
- A shareholder of the Company contacted WTS based on the recommendation of our satisfied client who is of the same nationality as the shareholder of the company in Serbia.
- The company is registered in Serbia based on PoA without the shareholder’s presence
- The company is an LLC
- Shareholder of the company is a Chinese citizen
- Directors of the company are shareholders of the company and a Serbian citizen
- The registered activity of the company is computer programming (in Serbia only one activity is being Registered and they can conduct other activities as well)
- Legal foundations
- The company signed Master Services Agreement for IT Services with Clients based on which invoices are being issued to the company. The company has contracted and issued invoices for services related to the video game industry.
- Two directors act independently in the business without restrictions.
- The company signed accounting agreements with our specialized company (mandatory expenses following laws)
- The company signed a family office agreement with WTS
- The shareholder and Director, who is of Chinese nationality, were not visiting Serbia.
- The account is opened with a Western-European bank branch (Raifaissen Bank) in Serbia in local currency and the second account is a multi-currency account
- Serbian Director obtained e-banking devices through which the Directors controls the accounts. The Serbian Director, after obtaining the consent of the other director and the founder, executes payments from the bank account for transactions in Serbia and abroad.
- The company exclusively executes payments and receives funds in EUR
- Employees of the company
- The company employs IT and marketing specialists with Chinese citizenship. The number of employees with Chinese citizenship was ten at one point.
- WTS carried out the complete procedure for obtaining Visa D, Temporary residence, and work permit in Serbia for company employees. The time frame for completing this procedure is 60-90 days, with a note that after obtaining Visa D (30-40 days), the employee could work legitimately in Serbia. WTS provided the necessary visas and permits for all employees who applied to work in Serbia, without a single rejection by the police authorities.
- One year after obtaining and renewing temporary residence in Serbia, the employees successfully applied for and received visas for travel to the EU and the USA.
- WTS provided services to find apartments for employees.
- The company provides WTS’s accountancy company with agreements and invoices every month.
- The company also provides WTS’s accountancy company with the required documentation.
- WTS’s accountancy registers the Company for VAT declarations.
- WTS’s accountancy prepares financial and tax declarations yearly
- WTS’s accountancy helps the Company to optimize the tax base following local laws, bylaws, and rulebooks
- The company proposed WTS as a way of doing business that would ensure that it does not pay VAT for services it would perform abroad electronically.
WTS team is primarily orientated towards business and 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, the Russian Federation and Serbia for the last 30 years.
For more information regarding business and banking solutions in Serbia, please please don’t hesitate to contact us.
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