Starting a business in Serbia can be a complex process, involving legal and regulatory requirements that can be challenging to navigate without expert guidance.
Hiring a lawyer to help with this process is a common solution, but relying solely on an individual expert can be risky, as they may not provide all the necessary information to their clients. In this blog post, we will explore a case study that illustrates the importance of having full support from all aspects when setting up a business in Serbia.
Case Study – Why you shouldn‘t rely on one expert when starting a business in Serbia?
In this case, a client wanted to set up a small business in Serbia, related to selling jewelry as a retail business. The client hired a lawyer to help with the registration process and assumed that everything would be taken care of once the business was registered. The lawyer successfully registered the business and provided the client with all the necessary documentation.
However, the lawyer failed to inform the client about all the other legal and regulatory obligations that come with setting up a business in Serbia, most important of all – his tax obligations, mainly the deadline to submit the initial tax report within 15 days from the company registration. As well as the obligation of having a licensed accountant for the purpose of submitting regular financial and tax statements.
A few months after registering the business, the client received a letter from the Tax administration informing him that he had failed to comply with certain regulations and was facing penalties. Confused and frustrated, the client reached out to his lawyer for guidance. However, the lawyer was unable to help him, as they did not have expertise in the specific area.
Our client then realized that he had made a mistake by relying solely on one lawyer for his business setup. He started doing research on his own and found out that there were several other legal and regulatory requirements that he had to comply with, such as tax and accounting obligations, data protection regulations, and labor laws.
He turned to our company and found that we provide full legal, administrative, and accounting support of business, being specialized in working with foreign clients, and having a team of more than 15 experts, including lawyers specialized in different fields, licensed accountants, tax experts, financial advisors among others.
This case study illustrates the importance of not relying solely on one expert when setting up a business in Serbia. It’s crucial to work with lawyers and other experts who have expertise in the specific areas of law related to the business and who can provide comprehensive guidance throughout the entire process.
It’s also essential to do your own research and stay informed about all the legal and regulatory obligations that come with starting a business in Serbia.
By doing so, you can avoid potential legal issues and ensure that your business is set up for success.