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What It Takes to Register a Company in Serbia
A large number of businesspeople from various countries of the world choose Serbia when they want to have a company registered in Europe. Why? The answer is usually quite straightforward: to bank there. Serbian legislation allows local banks to open accounts for non-resident companies too but the bankers are reluctant to do so in most cases. So, it is possible for a foreign legal entity to set up a bank account in Serbia but it is going to be highly problematic. On the other hand, the local banks (of which there are about thirty in the country) will gladly take you onboard if you have a company registered in Serbia.
Banking in Serbia is an opportunity not to be missed. The service quality is superb, the staff speaks many foreign languages, no security deposits are usually required, and the account maintenance costs are considerably lower than they are in Western Europe. This said, Serbia is a European country that is to join the EU soon. What makes the idea to establish economic presence in the Balkan state even more attractive is the opportunity to register a Serbian branch of your company registered elsewhere. Offshore company owners in particular make full use of the chance to set up their company branches in Serbia. An offshore-registered company with a European branch and a European bank account… how good does that sound!
It does not take too much effort, time or money to register a company in Serbia and open a corporate account for it there. As is to be expected, setting up a company in a foreign country does require some preparatory steps and it does involve certain costs. Registering a company in Serbia is going to cost you a few thousand euros (dollars, pounds, etc.). As far as the timeframes are concerned, it is possible to establish a company in the country within a week or so. Opening a bank account may take longer but not too much longer: two or three weeks. What may be pleasing to know is that both the company and the bank account in Serbia can be opened remotely if you apply for professional assistance. You can issue a Power of Attorney that authorizes a Serbian lawyer to register the company and open the bank account on your behalf. But then again, there are some natural wonders to see in Serbia and the architecture of Belgrade, the capital of the country, is breathtaking indeed. So, you might as well want to spend a few days in Serbia and complete both tasks yourself.
The list of documents required for registering a company in Serbia is rather extensive. First, you have to supply a copy of your ID such as your passport, for example. Second, you need to provide proof of your residential address. As is the case with many other countries, the Registrar in Serbia will accept a recent utility bill as proof of address. Third, you have to complete an official application form when registering a company in Serbia. The form can be obtained from the Serbian company registration office. Fourth, you have to bring a confirmation of the fact that your company will have a registered legal address in Serbia. This is a requirement that cannot be ignored: your Serbian-registered company has to have some economic substance in the country. Theoretically, a virtual office could do the trick but we recommend that you should opt for a physical office for business security reasons. Fifth, you have to supply a document that describes the types of the business operations that your prospective Serbian-based company is going to be engaged in. Next, you have to bring a certificate stating the amount of your company’s charter capital. In accordance with Serbian legislation, the charter capital can be symbolic. Finally, you have to provide signature samples for all company officers.
Please bear in mind that the list of application documents is going to be even longer in case you are registering your company in Serbia in the name of a legal entity. If, for example, your company domiciled elsewhere is going to act as the owner of your Serbian company, you have to supply all the personal identification documents for all company founders and owners as well as the package of the corporate documentation (place and date of company registration, its name, registration number, and so on). To make things even more complicated, the corporate documents need to be translated into the Serbian language and notarized. As you can see qualified professional advice will come in handy if you decide to register a company in Serbia.
As to opening a corporate bank account in Serbia, each bank will ask you to fill out several application forms (up to five). The forms may be somewhat different but each banker that you apply for services to will want to be 100% sure that the money you are investing in the Serbian company formation comes from legal sources.
