When venturing into new markets, understanding the initial expenses is crucial. In recent years, Serbia has emerged as an attractive destination, particularly for IT professionals.
Planning your finances in advance is vital for those considering business establishment, especially when accurate and consistent cost information may be hard to come by. This article aims to simplify this process for Serbian investors.
If you’re interested in establishing an LLC or registering as an entrepreneur in Serbia, here’s a breakdown of the fees you’ll need to budget for:
Administrative Fees
Administrative fees in the process of company formation include charges for notarizing the founders’ signatures and fees payable to the Agency for Business Registers, responsible for maintaining centralized, public electronic databases of businesses.
In Serbia, public notary offices charge only 360 RSD (around 3 EUR) for certifying one signature on the establishment document. The total fee depends on the number of founders involved. If a founder is represented by an attorney or authorized person, the fee increases to 900 RSD (around 8 EUR).
The Agency for Business Registers levies a fee of 5,900 RSD (around 50 EUR) for electronically registering a limited liability company. Registering as an entrepreneur incurs an administrative fee of 1,600 RSD (around 14 EUR), or 1,500 RSD (around 13 EUR) if the application is submitted electronically. It’s essential to note that electronic registration is mandatory for LLCs but not for entrepreneurs.
Translation Costs
When establishing a company in Serbia, you may encounter situations requiring a translator’s services. These include:
- Translation of an authorization for signing the establishment act,
- The presence of a translator before the public notary on the day of signing and notarizing the establishment act.
Translation costs are calculated per “translation page,” based on the number of characters. Prices vary depending on the translated language, the number of pages, and any applicable discounts. Translation services typically range from 12 to 20 EUR per page, depending on the language and the translation agency. For the translation of an authorization for company establishment, you can expect expenses in the range of 24 to 40 EUR.
The average fee for a court translator’s presence on the day of notarization is 50 EUR.
Cost of Obtaining a Qualified Electronic Signature
In Serbia, a qualified electronic signature refers to a collection of electronic data logically linked to other digital information with the following objectives:
- Confirming the true identity and authenticity of the signatory,
- Ensuring the validity and protection of signed data during transmission,
- Verifying the accuracy of electronic documents,
- Preventing the denial of responsibility for previously signed documents.
Exclusively, official certification bodies can issue a qualified electronic signature. In Serbia, five registered certification bodies offer qualified e-signatures, including:
- The post office,
- The Chamber of Commerce of Serbia,
- The Ministry of Internal Affairs of the Republic of Serbia,
- Halcom,
- E-Smart Systems.
Submitting a request to the Ministry of Internal Affairs (MIA) incurs no charges, whereas other certification bodies may impose fees. Notably, the Chamber of Commerce of Serbia, a favored choice among foreign investors, levies the following fees:
- Qualified electronic certificate with a reader: 3,900.00 RSD + VAT (around 40 EUR total),
- Qualified electronic certificate without a reader: 2,900.00 RSD + VAT (around 30 EUR total),
- Qualified electronic certificate on a USB token: 3,800.00 RSD + VAT (around 39 EUR total).
A qualified electronic signature can be stored on a chip card issued by the Serbian MIA, as well as on other storage devices such as a chip card, USB flash drive, or disk.
Summary
In summary, prospective investors considering Serbia can anticipate establishment costs of approximately 120 EUR for a Limited Liability company or 55 EUR for an entrepreneur, rendering Serbia an appealing investment hub.
Should you opt to enlist our assistance for this process, please don’t hesitate to reach out to us for a customized offer.
