Category: Blog articles

“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: dm@welcometoserbia.org, 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: dm@welcometoserbia.org, Mob:+381 60 062 29 40 (WhatsApp, Viber, Telegram)

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.
Prijave slati na : office@welcometoserbia.org

Napomena: 

• Prijave koje nisu poslate na navedeni e-mail se neće uzeti u razmatranje.

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 office@welcometoserbia.org, or simply call us on +381600622942. 

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. 
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