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Establishing a branch of a foreign company in the Republic of Serbia. Service offer

Foreign company’s branch registration procedure. Employment of foreign employees by a Serbian branch of a foreign company. Fees.

Contents

  1. Foreign company’s branch registration procedure
    1. 1) Registration in the Serbian Business Register
    2. 2) Registration in the Central Register of Beneficial Owners
    3. 3) Opening a local bank account
    4. 4) Tax registration
  2. Employment of foreign employees by a Serbian branch of a foreign company
  3. Fees

Foreign company’s branch registration procedure

1) Registration in the Serbian Business Register

The branch registration procedure requires taking the following steps:

  1. Collect a package of apostilled documents for the parent company (Extract from the Trade Register, Register of Directors, Register of Shareholders, Articles of Association) and for the branch representative.
  2. Draft the documents of the branch (Resolution to establish a branch, Regulations on the obligations of the branch, Regulations on bank accounts) and make a power of attorney from the parent company to Serbian lawyers authorizing them to perform the necessary registrations.
  3. Submit the packages of documents for branch registration at the Serbian Business Registers Agency (SBRA).

2) Registration in the Central Register of Beneficial Owners

  1. Obtain an electronic signature for the representative of the Serbian branch of a foreign company from the Chamber of Commerce and Industry of Serbia (the representative must attend personally to collect the electronic certificate);
  2. Register the ultimate beneficial owner(s) of the parent company in the Central Register of Beneficial Owners.

3) Opening a local bank account

Upon successful completion of the registration, the branch is required to open a bank account at a bank of its choice.

4) Tax registration

Serbian law sets a 15-day deadline for registering new companies and branches of foreign companies with the tax office and for submitting all necessary documentation.

Employment of foreign employees by a Serbian branch of a foreign company

Regardless of where the employee actually works (remotely or in a Serbian office), that employee will need a work permit. One cannot be employed by and work for a Serbian branch of a foreign company without a properly issued work permit.

A branch in Serbia may employ entirely foreign staff; there is no requirement for a branch to have any local employees.

Employees’ salaries must be paid in local currency (Serbian dinar – RSD) from the branch’s account at a Serbian bank to the employee’s account at a Serbian bank.

It is possible to obtain a work permit remotely, but employees will need to travel to Serbia to get a Serbian temporary residence permit.

Fees

Services
Fees (EUR)
Total cost of establishing a Serbian branch of a foreign company
Includes:
- drafting of the branch’s documents and support of the registration procedure;
- drafting of all other documents required for the registration;
- obtaining of an electronic signature for the branch representative from the Chamber of Commerce and Industry of Serbia;
- registration of ultimate beneficial owners of the parent company in the Central Register of Beneficial Owners;
- assistance with account opening at a local bank;
- assistance with registration at the tax administration of Serbia.

Does not include:
- translation, certification and legalization of documents;
- administrative fees (an advance payment of EUR 380 is required to cover them);
- office rent and drafting of a lease agreement.
3 850
Annual maintenance (starting from the second year), including the annual fee of the registered agent, but not including Compliance fee
3 985
Office rent in Serbia
from 880 / month
Our fee for finding office space (does not include the fee for drafting of a lease agreement)
825
The Serbian real estate agent’s fee, if any, is payable separately as invoiced by the agent (the fee of local real estate agents can equal 1–2 monthly rents)
as invoiced by the real estate agent
GSL agency fee in the case of signing of a lease agreement (one-time)
10% of the annual amount
Obtaining a work permit for employees (per foreign employee)
715
Obtaining a Serbian temporary residence permit* (per person)
715
Drafting an employment agreement and employee handbook (per employee)
2 750
Preparation and submission of non-dormant financial statements
100 – 400 / hour (based on time spent)
Shipment of documents
275
Compliance fee
Payable in the cases of:
- incorporation of a company,
- renewal of a company,
- liquidation of a company,
- transfer out of a company,
- issue of a power of attorney to a new attorney,
- change of director/shareholder/beneficial owner, except the change to a nominee director/shareholder,
- signing of documents.
385 (standard rate, includes the check of 1 individual)
+ 165 for each additional individual (director, shareholder, or beneficial owner) or legal entity (director or shareholder) if such legal entity is administered by GSL
+ 220 for each additional legal entity (director or shareholder) if such legal entity is not administered by GSL
495 (rate for high-risk companies, includes the check of 1 individual)
110 (signing of documents)

*An employee is required to get one, along with a work permit. It can also be issued to the employee’s family members.

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from EUR 4 235
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