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“11 Trillion Euros Disclosed as Part of OECD’s Automatic Exchange of Information in 2019” –  Serbian Banks – CRS Free Zone

“11 Trillion Euros Disclosed as Part of OECD’s Automatic Exchange of Information in 2019” –  Serbian Banks – CRS Free Zone

The OECD revealed earlier this week that its automatic exchange of information program or the Common Reporting Standard (CRS) disclosed approximately 11 trillion Euros held in 84 million bank accounts in 100 participating nations. 

According to Angel Gurriá, the OECD’s Secretary General, “The discovery of previously hidden accounts thanks to automatic exchange of information has and will lead to billions in additional tax revenues.”

“voluntary disclosure programmes, tax investigations and related measures before the start of automatic exchange in 2017 and since then, have already led to the identification of more than 100 billion euros of additional tax revenues worldwide.”

Source: Taxlinked

104 countries accepted this standard and new participants join each year.
Are there still countries where this set of rules does not apply?
The answer is yes! 
Serbia is still not one of 104 countries that signed the AEOI convention. It is not even on the list of countries that set a date to join.

Please contact us for more information.
Email:, Mob:+381 60 062 29 40 (WhatsApp, Viber, Telegram)


What is CRS?

CRS or Common Reporting Standard is a globally accepted standard for the automatic exchange of financial information. It was developed by the Organisation for Economic Cooperation and Development (OECD).

CRS requires that banks and other financial institutions identify it’s customers’ tax residencies and report financial accounts held directly or indirectly by foreign tax residents to local tax authorities. It also requires tax authorities (in participating countries) to exchange this information.

104 countries accepted this standard and new participants join each year.

Are there still countries where this set of rules does not apply?

The answer is yes!

Serbia is still not one of 104 countries that signed the AEOI convention. It is not even on the list of countries that set a date to join.

The benefits of such a system are obvious.

What also should be highlighted when talking on this subject is the fact that there are 27 banks currently operating in Serbia.

Most of them are branches of major European, Russian, Turkish, and worldwide banking groups and they are able to provide a full range of banking services.

Those are the main reasons that Serbia is considered one of the most interesting destinations for individuals and companies that are planing business relocation and tax optimization.

More and more companies, not only from EU and CIS countries but also from jurisdictions that have been until recently considered as safe havens, are now looking for a better and safer solution.

Many of them found that solution in the form of a local Serbian company or by establishing a branch of an existing foreign company in Serbia.

And for many of them Welcome to Serbia is the key part of the solution.

Please contact us for more information.

Email:, Mob:+381 60 062 29 40 (WhatsApp, Viber, Telegram)

Konkurs – Direktor društva

Udruženje Welcome to Serbia za svoje klijente iz inostranstva,koji zbog pandemije virusa COVID 19 u svetu  nisu u mogućnosti da doputuju i da samostalno vode poslovane iz Srbije, raspisuje oglas za 


                                                 Direktora društva – Beograd


         Uslovi za kandidate:

  • VII-1 stepen /VSS;
  • znanje engleskog jezika,prednost poznavanje ruskog i španskog;
  • 3 godine radnog iskustva;
  • organizacione sposobnosti.


            Profil kandidata:

  • visok stepen odgovornosti;
  • sistematičan i analitičan pristup poslu;
  • visoko razvijena sposobnost planiranja, organizacije i brzog zaključivanja;
  • posobnost dobre poslovne komunikacije;
  • sposobnost rada u timu;
  • usmerenost na rezultate;


Opis poslova:

  • predstavlja i zastupa Društvo;
  • obezbeđuje zakonitost rada Društva;
  • zaključuje ugovore u pravnom prometu sa trećim licima i u poslovima spoljnotrgovinskog prometa;
  • sklapa ugovorne aranžmane sa klijentima;
  • obavlja i druge poslovodne funkcije od značaja za rad i poslovanje društva koje su u nadležnosti Direktora društva.


Direktor društva se angažuje na period od tri meseca,sa mogučnošću produžetka trajanja u zavisnosti od trajanja pandemije.

Ukoliko smatrate da ispunjavate  navedene zahteve, pošaljite svoj CV elektronskim putem.

Kandidati koji prijave prosleđuju putem elektronske pošte saglasni su da se njihovi podaci mogu koristiti za potrebe selekcije u smislu Zakona o zaštiti podataka o ličnosti.


 Rok za prijavu: 12.07.2020.
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The Roles and Responsibilities of the Nominee Director

As we promised in our previous blog, today we will talk about the roles and authorizations of a nominee director.
Below you will find the most common questions regarding this type of service.  

Can a nominee director be a legal entity?

Yes, it can. A legal entity can act as a nominee director of a company.
The director and shareholder of such a legal entity are also nominees – individuals who  would sign for and on behalf of corporate nominee any documents of your company and take other actions necessary for the management of the company.
Firms providing nominee services offer ready-made companies that can act both as nominee directors and ‘shadow’ shareholders.

Can a nominee director manage a company?

The nominee director can initial various documents on behalf of the company. This is the authority given to him by the company law and normally specified in the articles. But what and when he should sign is, again, up to the beneficial owner alone.  They instruct the nominee and the nominee signs accordingly. The nominee director cannot ,therefore, manage the company at his or her sole discretion.

Can a nominee director control the activities of a company?

Generally speaking, it is possible to distinguish several types of control over a company’s activities on the part of a nominee. The first type is the so-called ‘total’ Swiss-style control, when all the company’s affairs, including operation of bank accounts are managed by the director. The second type is where a nominee does not operate the bank accounts, but always carefully reviews all the documents sent for signature for their compliance with the laws of the country of incorporation. The nominee will never sign a document in a language he or she does not speak, they will ask for a translation and then get a professional translator to check its accuracy.

Can a nominee director refuse to sign?

Yes, this is quite possible, especially if the nominee director suspects the beneficial owner of attempting to commit fraud. Sometimes a nominee director may refuse to sign a backdated document or a document referring to obligations which obviously cannot be fulfilled etc.

Can a nominee director withdraw money from the company account?

The only person who can withdraw money from the account is the account signatory, no one else. The signatory is usually the owner or a person who is designated by them and whose name appears on the bank card. Thus, the nominee director has no access to the account and may even not be aware of the account’s existence, unless the bank demands a director’s signature on its internal forms or unless the beneficial the owner informs the director accordingly. Nominee service providers do not regard the account signatory as a popular service and are in no hurry to offer it, though in certain circumstances this can be arranged.

To find out more about how Welcome to Serbia can help you to appoint a nominee director for a private company formation, get in touch with one of our experienced team today.
Once we have determined that this would be beneficial for your business, we take care of all of the paperwork that is required to get the process under way as soon as possible.

You can write us at, or simply call us on +381600622942. 

Nominee Director Services

The nominee director service may be used where a client doesn’t wish to be personally appointed or has to meet local requirements. The name of the director will appear in the corporate documents, in any business contract and in the jurisdiction’s business register.
Another advantage of using a nominee service is to place the “management and control” issue firmly outside a high tax jurisdiction. Upon appointment of a nominee director, a Nominee Director Agreement will be signed between the client and the nominee. It will guarantee the client that the nominee can only act or sign documents upon the client’s request and with the client’s prior approval.
Professional directors introduced by WTS work with the highest level of integrity and confidentiality.
Frequently asked questions
What are nominee services?
In terms of the law, nominee services are a system of contractual arrangements between nominees (directors and shareholders) and actual owners (beneficial owners) of a company.
Nominee services are an optional service under which a person other than the real owner who effectively manages the company is appointed as a director at the time of incorporation or at a later date. The nominee director does not control the business of the company and only act on
the instructions of the owner.

When are nominees needed?
First of all, nominees are needed when the country of incorporation has a public register of shareholders and directors, on which you do not wish your name to be listed.
Appointment of a nominee is also an obvious choice where it is beneficial for the proposed business of the company, — for example, you need to demonstrate that the company is managed and controlled from the jurisdiction of its incorporation; or you intend to set up a branch in another country and are unwilling to act as director, etc.

What is a nominee director?
The nominee director is a person who manages a company’s affairs, but who does not perform these duties at his sole discretion. The nominee acts strictly on instruction from the beneficial owner with whom he is bound by contractual arrangements. If the owner so wishes, the nominee director may have broader powers, but the beneficial owner is still able, at any time, to cancel the decision of the nominee director.
At the end of this week we will write what are the roles and authorizations of a director. Stay tuned. 
Meanwhile, subscribe to our newsletter and stay updated on the latest developments and special offers. 


Grow your IT business in Serbia

If you want to open an IT firm but not in your country, this is a perfect solutions for you. 

You are looking for other countries which would be good candidates for expanding or starting a new business.
Serbia is a place where the law is oriented to foreigner’s investments with a well-educated, intelligent and industrious workforce. This makes Serbia one of the best places for foreigner companies.

Main reasons why you should open an IT company in Serbia are:

– More than half of a young population is attending IT Academies and College of Technology.
– Serbia is a developing country which is dedicated to attracting foreign direct investments.
– Foreigners have various benefits if they decide to open an IT company in Serbia.
 Law is on your side so you won’t have any problem with registration and filing when starting a new business.
– There is no language barrier, because everyone speaks English. This applies especially to the younger generations which are the main workforce of this country.
Your company won’t have many strong competitors and you can use this opportunity to your advantage.  

Big companies such as Google, Facebook and Oracle are still not present at the Serbian market. By opening an IT company in Serbia you would become competitive before these companies come here.  If you run your business successfully, you can develop enough to become a great competition in this region.

Be aware that Serbia is a state with huge potential. You will be able to enjoy subventions and other financial benefits for foreign investments, you can find good and loyal workers here, and you won’t have many strong competitors.


Change for the better

After several months of hard work and dedication, we are excited to present you our redesigned website.  

Our main goal was to make the previous website faster, easier to navigate, and more user-friendly.

As a business consultant company, it’s important for us to follow the latest trends  regarding our services. We are constantly trying to provide our clients the most accurate information and share our knowledge and expertise in the field of Legal, Accounting and Immigration services.

Our main goal with new website is to provide our visitors an easier way to learn about Welcome to Serbia services and to browse information based on their own choice. 

The new website gives better access to our unique services which are classified into 6 groups.
Each of the groups contains several services that are tailored to the client’s needs.

Amongst the new features the site contains integrated social media buttons for Facebook, Instagram, Linkedin and JivoChat to foster improved communication with the clients. 

We will be constantly updating our content with helpful information and company announcements in the Blog.

Visit and sign up for our emails to receive exclusive offers and latest business news.

Transformation is crucial to living your dreams, you must step up your game to a whole new level. 
Association Welcome to Serbia

Permanent residency by investments in Serbia

Ownership of real estate in Serbia is a chance to acquire permanent residency and citizenship while simultaneously optimizing your tax burden.

Benefits of Permanent Residence in Serbia

  • Serbia has achieved and maintained full price stability, exchange rate stability and financial stability, as well as political stability.
  • Serbia is an official future candidate for EU membership and according to experts, yet a maximum of 5 years to EU membership
  • Excellent educational facilities with free and compulsory education for children aged between seven and 15 years.
  • Stable and versatile banking system. E-banking (support available in English), M banking, Debit cards.Serbia is NOT part of the Automatic Exchange of Information convention.
  • Open access to the good medical and pension systems of Serbia.
  • Tax policies are flexible and non-restrictive.You can become a tax resident of Serbia one year after the first approval of the Serbian residency.
  • The naturalization process into Serbian citizenship takes in total of 8 years. It requires at least 3 years of permanent residence, which itself takes 5 years before you can obtain permanent residence status.
  • Minimum stay requirements are flexible.
  • Belgrade is one of the mos interesting cities in the world. The nightlife was set according to ranking # 1 in the world.
  • The naturalization process into Serbian citizenship takes in total of 8 years. It requires at least 3 years of permanent residence, which itself takes 5 years before you can obtain permanent residence status.

Investment Requirements

There are no minimum investment requirements to obtain temporary or permanent residence in Serbia.

EEA nationals and non-EEA nationals seeking permanent residency in Serbia must provide proof of:

  • Adequate financial resources to live in Serbia without becoming a burden for the social care system and adequate health insurance.

Residence Requirements

  • Applicants must first apply for a temporary stay permit.
  • EEA nationals must apply for a Certificate of reporting a temporary stay. This certificate has a validity of up to five years.
  • Non-EEA nationals must seek temporary work and stay permit. This permit has a validity of up to one year.
  • Application for a permanent residence permit can be made after a legal stay in Serbia for an uninterrupted period of five years.

Inclusion of Family Members

The Serbia Residence Investor Program’s applicant can include these family members when seeking temporary and permanent residence permit:

  • Spouse

  • Persons living in a common-law marriage by following with the Serbian law and children including adopted children under the age of 18.

In our comparative table you can find the crucial reasons why Serbia is your first choice for a residence in Europe.

Please contact us for more information.

Email:, Mob:+381 60 062 29 40 (WhatsApp, Viber, Telegram)

Serbia, your next business destination.

In the highly dynamic and interconnected world of global business having paradigms of economic power being drawn and redrawn relentlessly, with reduced appetence for risk exposure and propensity to invest, Serbia has succeeded in maintaining its position as one of the leading foreign direct investment recipients in the world, proving that an unremitting desire to seek performance, improvements and productivity gains doubled by a sound economic policy is still the script for success and profitability.
„Serbia tops the Greenfield FDI Performance Index 2019 The south-east European country is ranked number one in the annual study by fDi Intelligence, a Financial Times.“
Well-developed business environment and openness to foreign investment, Serbia is definitely a business destination to bear in mind for any enterprise considering international projects.
„U.S. investors in Serbia are generally positive, highlighting the country’s strategic location, well-educated and affordable labor force, excellent English language skills, investment incentives, and free trade arrangements with key markets, particularly the EU.
Generally, U.S. investors enjoy a level playing field with their Serbian and foreign competitors.“ U.S. Department of State,2019 Investment Climate Statements”
Why invest in Serbia?
  • Stability – Serbia has achieved and maintained full price stability, exchange rate stability and financial stability, as well as political stability.
  • Human resources – besides its high levels of English speakers, Serbia ranks 27th out of 157 countries in the World Bank’s Human Capital Index, the highest in the Balkan region.
  • Financial Benefits and Incentives– in the past two years, the Serbian government has
    increased financial incentives, for example, special tax relief for large investments, by applying double deduction tax for every euro spent on R&D by a company in Serbia, and by offering a 30% tax credit for investments in start-up companies engaged in tech innovation.
  • Competitive banking sector – The banking sector in Serbia certainly comes under the
    category of one of the most stable, most developed, adequately capitalized and well-controlled segments of the national economy.
    „The European Commission has put Serbia on the list of third countries whose supervisory and regulatory arrangements in the banking sector are equivalent to the corresponding rules applied in the European Union (EU),the Commission said in a notice published in the Official Journal of the European Union.“
  • Customs Free Access to 1.1bn Consumers– Serbia can serve as a manufacturing hub for duty-free exports to a market of almost 1.1bn people that includes the European Union, Russia, Belarus, Kazakhstan, Turkey, Southeast Europe, the European Free Trade Agreement members, and the USA.

The best sector to invest now in Serbia

IT – Serbia’s technology cluster is gaining momentum and attracting FDI, for both its software and hardware expertise. Leading global technology companies including Microsoft, IBM, Schneider Electric, SKF Group, Adobe, Oracle, Google, HP, SAP, Siemens, Cisco and Ericsson have set up operations in the country or licensed outsourcing services to local firms.
Serbia has recognized as the top investment destination country and lots of successful foreign companies recognize Serbia as a good market for the re-location of their business.
WTS team offer a range of business support, from helping you to start a new business to create solutions as unique as your business. We combine the highest legal expertise with profound knowledge of the economic interests of our client.
Please contact us for more information.
Email:, Mob:+381 60 062 29 40 (WhatsApp, Viber, Telegram)


Why should you open the bank account in Serbia?

Special Offer until 31 July 2020

There are many benefits to opening the bank account through the branch office in
Serbia such as:
1. Greater Level of Control
A branch office is not considered a separate legal entity which means that its activities
are entirely managed by the parent company in terms of the decision-making process.
The branch does not have the status of a legal entity, and in legal transactions, it acts
on behalf and for the account of the company.
Due to this, the branch cannot become a subject of the suit, bankruptcy and
2. Tax benefits
From a taxation point of view, a branch office is often a better choice when compared
to a subsidiary company.
  • Funds received on behalf of the main company are not subjected to taxation.
  • The Branch of the foreign company has its tax number and is treated as a
  • resident.
  • Tax optimization and double taxation avoidance agreements with 64 countries.
  • Funds received on behalf of the main company are not subjected to taxation.

3. Easy Bank Account Opening
According to the Law on Foreign Exchange Operations, the foreign companies’ branches are residents and they operate via their resident bank accounts in Serbia. After registering a Branch office in Serbia, bank calmly refers to the new structure as a resident and are ready to open it account immediately. As of H2 2019, the banking sector in Serbia consists of 26 banks, with cumulative assets of EUR 32.4bn. Several European banking groups has its presence at the Serbian market: Banca Intes –Italy, Credit Agricole–France, Procredit Bank–Germany, RaiffeisenBank–Austria, Sberbank–Russia, Erste Bank–Austria, UnicreditBank –Italy, OTP Bank –Hungary, Eurobank–Greece, Bank of China –China, etc.

4. Residency in Serbia
A legal representative of the branch does not have to be Serbian resident but may apply for Serbian residency on this basis.

5. Cost-Effective Locations

  • Cost-effective setup and maintenance of the company
  • Easy visa and residency options for all nationalities

Our special offer valid until 31 July 2020

Bank account through Serbian branch office = EUR8.400
NOW EUR4.900
Additional Services: Remote bank account and company registration available
Please contact us for more information.
Email:, Mob:+381 60 062 29 40 (WhatsApp,
Viber, Telegram)