GSL / Foreign Companies Audit / Audit Serbia

Audit of a Serbian company, financial statements, accounting, consulting in Serbia

Serbia is a country located in the centre of the Balkan Peninsula in Eastern Europe. Among the obvious advantages of doing business in Serbia are: friendly relations with both the European Union and Russia, low corporate tax rate, possibility of obtaining a residence permit and opening a bank account. Financial statements comply with International Financial Reporting Standards and auditing is compulsory for medium and large companies and groups.

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Service packages Legislation Audit Services
Preparation and submission of accounts
EUR 100-350 per hour
Audit of financial statements
EUR 100-350 per hour
Registration of a company for VAT
from 1 130 EUR
Preparation and submission of VAT / VIES / INTRASTAT returns
100 - 350 EUR per hour
Registration for the OSS (Union One-Stop Shop) – for intra-EU distance sales of goods and services
from 595 EUR
Obtaining an EORI number for a company
from 730 EUR
Consulting services and support during tax audits
EUR 100-350 per hour

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General requirements

The basis for the establishment of the accounting system in Serbia is the Law on Accounting, which prescribes application of the International Financial Reporting Standards (IFRS) and contains a description of the accounting policy and internal control system, chart of accounts and internal set of rules of annual recognition of assets and liabilities.

Annual financial statements include:

  • balance sheet;
  • profit and loss statement;
  • cash flow statement;
  • comprehensive income statement;
  • statement of changes in equity;
  • notes to financial statements.

Accounts signed by a qualified electronic signature of a lawful representative shall be filed through the special system of the Business Registers Agency in electronic form.

Companies that are obliged to be audited shall present the original auditor’s opinion.

Legal entities in Serbia are classified into micro, small, medium-sized and large enterprises depending on the average headcount of their employees, annual income and asset value on the date of making of their financial statements in the financial year.

Legal entities that do not exceed two of the following criteria are classified as micro enterprises:

  1. Average headcount of employees is 10;
  2. Operating income is 700,000 EUR;
  3. Average value of current assets (calculated as the arithmetic mean of the values at the beginning and the end of the financial year) is 350,000 EUR.

Legal entities that exceed two criteria for micro enterprises but do not exceed two of the following criteria are considered small enterprises:

  1. Average headcount of employees is 50;
  2. Operating income is8,800,000 EUR;
  3. Average value of current assets (calculated as the arithmetic mean of the values at the beginning and the end of the financial year) is 4,400,000 EUR.

Legal entities that exceed two criteria related to small enterprises but do not exceed two of the following criteria are classified as medium-sized enterprises:

  1. Average headcount of employees is 250;
  2. Operating income is 35,000,000 EUR;
  3. Average value of current assets (calculated as the arithmetic mean of the values at the beginning and the end of the financial year) is 17,500,000 EUR.

Legal entities that exceed two criteria related to medium-sized enterprises are considered large enterprises.

Audit of accounts

All companies classified as medium-sized and large (in accordance with the above criteria) and small companies whose income exceeds 4,400,000 EUR must be audited.

Companies that must be audited also include:

  • the National Bank of Serbia,
  • insurance companies,
  • financial leasing providers,
  • voluntary pension funds,
  • companies that manage voluntary pension funds,
  • open-ended and closed-ended investment funds,
  • companies that manage investment funds,
  • stock exchanges and broker-dealer companies,
  • factoring companies.

Time frame for preparation and submission of financial statements

Annual financial statements must be provided for public disclosure by 31 March of the current year for the previous year.

Legal entities that keep accounting records in Serbia shall file regular annual financial statements for the reporting year with the Business Register not later than on 30 June of the next year.

Legal entities whose financial year is different from the calendar year shall provide the Agency with its regular annual accounts for the reporting year for public disclosure not later than 6 months after making those accounts.

Liability for late filing

According to the provisions of the Law on Accounting, legal entities are imposed with a fine of 100,000 RSD (Serbian dinars, which is approximately 850 EUR) to 3,000,000 RSD (approximately 25,000 EUR) for a commercial offence.

Moreover, the company’s responsible person is imposed with an additional fine for a commercial offence of 20,000 RSD (approximately 170 EUR) to 150,000 RSD (approximately 1,275 EUR).

Consolidated financial statements

Enterprises that have one or several subsidiaries must prepare consolidated financial statements.

Consolidated and standalone financial statements along with an auditor’s opinion must be presented by 30 September.

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Banks of Serbia

Bank
The cost of opening an account, $
Global rating
Countrywide rating
GSL rating
3 500
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