Which banks can be considered?
Currently, as a major bank, we are considering UniCredit, but you can open an account in a local company or a branch of a foreign company in most banks in Serbia. Customers will be able to decide on the spot (the number exceeds 20).
Many large banking groups around the world recognize Serbia’s potential. Here is the list:
Western Europe: Intesa Bank, UniCredit, Erste, Raiffeisenbank, Societe Generale
Russia: Sberbank, VTB, Expobank
United Arab Emirates: Mirabank
United States: Addico Bank owned by the US Investment Fund.
China: Bank of China
In what way should the newly created Serbian legal entity be retained?
- We provide customers with convenient mini home office services, and will provide your legal entity with everything you need. However, we provide various additional services, the cost of which depends on the wishes of the customers.
- The estimated cost of the company for one year:
• Accounting services: at least 600 Euros per year. It depends on the activity.
•Social insurance fee: 1200 Euros/year
•House rental starts from €2,400 per year
• Unscheduled expenses-receipt of letters, choice of residence and other expenses, 600 euros per year
•Personal medical insurance starts at 300 Euros per year
• The total amount is at least 5100 Euros per year.
Is it possible to remotely open a non-resident bank account of a legal entity and create a branch of a Serbian company or an existing legal entity (with a new resident account)?
Yes. We will prepare the English version of the lawyer’s limited power of attorney. You must certify the document from any notary public, and then send it back together with the apostrophe and other necessary documents.
In what ways can we continue to use existing legal entities while taking advantage of all the advantages of the Serbian system?
We provide unique solutions. Foreign companies can conduct business in Serbia by registering their business in a Serbian registration agency. Therefore, foreign companies do not need to obtain a new legal entity to obtain residency status.
The process runs quickly. With a limited power of attorney, the operation can be completed in three days without your presence. A bank account can be opened in less than 3-4 days. It takes about 7 days in total. Depending on the type of payment, the taxation may be close to 0%. Even if you need to pay corporate tax, it is only 15%.
If you want to avoid cumbersome bureaucratic procedures, change officials of offshore companies and don’t want to wait for months to open your non-resident bank account, this is the perfect solution for you.
On what grounds can you obtain a residence permit in Serbia?
After registering a new company or branch of an existing legal entity, you will obtain a residence permit in Serbia (depending on the submission of relevant documents). In addition, one of the ways to obtain a residence permit is to purchase real estate.
Our team can ensure the implementation of each method.
What are the advantages of Serbia in the international planning framework?
A company with a domicile is 5,000 euros. Including the annual fee of 5,000 euros to rent an apartment.
The price of a house to purchase real estate is 3,000 Euros (the minimum price for a house to be purchased is 10.000 Euros). 1,000 Euros per year
No need to report companies outside of Serbia
No need to report personal bank accounts outside Serbia
No need to report property and real estate outside of Serbia
There is no CRS. Serbia has not yet signed the CRS.
The only obligation is to report your personal income as a natural person worldwide.
- Right of residence in EU countries within 5 years
According to EU officials, Serbia will become a member of the EU within five years. This will provide you with the opportunity to travel and work visas free of charge within the EU. Obtaining an EU visa as a Serbian resident is relatively easy. Serbs do not need a Schengen visa.
- Western European Bank’s branch in Serbia does not have the CRS banking system:
The personal account is opened within a few hours. Easy and customer-friendly compliance.
The company account is opened within 3-5 working days.
- The possibility of family reunion. Wives and children can easily become residents of Serbia.
What are the financial benefits and incentives?
Corporate income tax relief. After the company starts to make a profit, the tax holiday begins.
Payroll tax incentives – up to 75% of social security and tax on payroll tax
Avoid double taxation. The Republic of Serbia has signed 54 effective double taxation agreements covering income, capital and property with most European countries, Russia, Ukraine, Belarus, Canada, the United Kingdom and the United Arab Emirates.
14 free trade zones, more than 200 multinational companies, turnover of 5 billion euros in 2015
What is the corporate tax system?
- Corporate taxation:
Corporate tax 15%
15% dividend tax
Possibility to use a large network of double taxation agreements established with 54 countries/regions
If the representative office receives funds from the parent company-0%
- Personal tax based on global annual income. (2015 data)
0% of the following income 18.000 euros
10% of income between 18.000 Euros and 53.000 Euros
15% of the price exceeds 53.000 euros
The deduction is tax deductible up to 50%.
A large network of double taxation treaties may be used.
The tax return must be submitted in mid-May of the following year of the fiscal year.
No need to report personal accounts abroad
No need to report holding company abroad
- Real estate tax:
Progressive and location dependent, usually no more than 0.4%.
- Wealth tax: 0%
- Inheritance tax and gift tax: 1.5%-2,5%
- Value-added tax: 20%
Many large banking groups around the world have recognized Serbia’s potential. Please refer to the following list:
Western Europe: Banca Intesa, Unicredit, Erste, Raiffeisen Bank, Societe Generale
Russia: Sberbank, VTB, Expobank
United States: Addiko Bank owed by US investment funds.
China: Bank of China
- A special tax of 3-5% is levied on the income of registered entrepreneurs below 50,000 Euros.
Serbia’s main advantages
- The availability of high-quality labor
5 university centers nationwide
Language proficiency (Serbia ranks 4th out of 76 countries/regions in BEI*. * Business English Index, Global English Companies, 2012)
- Competitive operating costs
According to EUROSTAT statistics, Serbia is the country with the lowest cost of electricity, gas, other fuels and landline telephones in 37 European states.
200-400€/m2 (average construction cost)
The average salary is 400 Euros.
Accounting services: minimum 600 euros/year. Depends on activity
Social insurance payment: 1200 Euros/year
House rental from 2400 euros/year
- Provide free tariffs to 1.1 billion consumers
EU: 506.8 million consumers, 66% of total exports
Russia, Kazakhstan, Belarus: 171.1 million consumers, accounting for 5.9% of total exports
CEFTA: 20.1 million, consumers, 18.6% of total exports
Turkey: 76.7 million consumers, 1.9% of total exports
EFTA: 13.6 million consumers, 0.9% of total exports
United States: 321.4 million consumers, 1.9% of total exports
- Political and economic stability
In the past 4 years, Serbia has taken measures to further improve political and economic stability. Since 2014, the government of the Republic of Serbia has taken measures to reduce government debt, including increasing fiscal responsibilities, reforming public administration,
- The best location
By car: The highway from Budapest to Sofia, Istanbul and Thessaloniki via Belgrade.
From Germany through Austria, Slovenia, Croatia to Belgrade
The highway is building a new highway to Montenegro.
By boat: The Danube, a waterway connecting Western and Central European countries with Southeast and Eastern European countries.
By plane: Nikola Tesla – Belgrade Airport – from Belgrade
Montenegro city center 20 minutes <45 minutes
Bucharest, Istanbul, Prague, Rome, Vienna, Zurich, Munich, Athens <1.5 hours
Berlin, Dusseldorf, Frankfurt, Kiev, London, Paris, Amsterdam <2.5h
Moscow, Dublin, Barcelona <3h
Near the sea. The Adriatic is only 45 minutes away from the plane.
- No sanctions will be imposed on the Russian Federation; Christian Orthodox countries
More than 50 spas and health resorts
4 ski centers
Near the sea. The Adriatic is only 35 minutes away from the plane. It takes 1 hour to fly to the sea in Greece.
Various international primary and secondary schools, such as: British schools, French schools, Russian schools, international schools, American schools, whose tuition is lower than equivalent schools in the Western world
The University of Belgrade was founded in 1808 and ranks among the top 300 in Shanghai University rankings