Do you wish to begin the Serbia company formation process in the Republic of Serbia? You are not a resident, but you are interested in establishing a presence in the Serbian market as a new entity.
The initial inquiries that likely arise in your thoughts are:
- Who can open a company in Serbia?
- What is the procedure for company formation in Serbia?
- What type of legal entity could, and should I establish?
- What are the differences between them?
If you are looking for the answers to these questions, you should stay tuned to this text, because you are the one that is eligible to establish a company in Serbia.
To answer your first question, the legal entity in Serbia can be established by any person, legal or private, regardless of citizenship. The possibility to open a company in Serbia, is the same for everyone, without any special conditions or limitations regarding the country of origin.
Furthermore, aside from the fact that a shareholder can come from any part of the world, the company’s legal representative doesn’t necessarily need to be a citizen of Serbia. Hence, there exist various structural possibilities.
For instance, the shareholder and the legal representative, i.e., the managing director could both be citizens of the Russian Federation, without any limitation. On the other hand, a citizen of the Russian Federation can be the company’s founder, and the company’s director is a Serbian citizen. Alternatively, a Serbian citizen can be the founder, while a Russian citizen acts as the director.
The above-mentioned are just examples and possible options, whereas when establishing a company your hands are free in giving the founding and managing roles to whomever you choose. However, depending on the legal basis on which you are engaging these persons, they might have the right and the obligation to obtain a temporary residence permit in Serbia and a work permit in Serbia.
How to Open a Company in Serbia?
Opening a company in Serbia is administered by certain rules, and with the support of experienced lawyers specializing in company formation matters, when the ownership structure is non-complex, the procedure can be completed in just over 10 business days. For example, that would be the case if the owner(s) is a natural person, physically present in Serbia. In more complicated scenarios, especially when the owner is a foreign legal entity, the process tends to take a bit more time. A new Serbian legal entity is established after the registration procedure before the Serbian Business Registers Agency (hereinafter: the BRA) and the opening of a company’s bank account in Serbia.
Before you register your company, there are other business decisions and steps that you must make, such as:
- Choosing an Adequate Legal Form for your business
- Choosing the Appropriate Business Name for Your Company
- Making decisions regarding the ownership structure
- Choosing the Business Address
- Appointing the Managing Director of Your Company
- Choosing the prevailing business activity of Your Company
- Making decisions regarding the amount of the share capital
- Choosing the bank, in which you wish to open a Company’s business bank account
- Choosing an accountant
- Drafting the Memorandum of Association (MoA)
In Serbia, incorporating the company is only done exclusively online. This means that a Memorandum of Association and other company establishment-related documents have to be in the form of an electronic document. There are various ways to achieve this, and your attorney can play a significant role in figuring out the best and most personalized approach for opening your company. Not to mention, that Serbian attorneys are allowed to certify and turn the necessary physical documentation into electronic documents. We have already covered all the specifics of the online company registration in Serbia.
When all the documents and forms are finalized and submitted to the BRA, your company will receive the final decision on incorporation and you will be able to open a business bank account and start performing your business activities.
Types of Company Formation in Serbia
Choosing the right form for your company is very important. Based on this decision, you will either make it or break it.
Specifically, when determining the appropriate structure, it’s essential to take into account multiple factors, including the nature of the business, the workforce size, the company’s scale, the shareholder count, and more. All of these elements should be carefully weighed when selecting the optimal structure.
What you should bear in mind is that following appropriate provision, the Republic of Serbia recognizes four legal forms of companies, and additionally, determine entrepreneurship as a form of performing business activity.
Forms of companies recognized by Serbian law are:
- General partnership company,
- Limited liability company,
- Limited partnership company,
- Joint-stock company.
Each structure comes with its own benefits, and the most appropriate one will be determined by your business requirements.
A limited liability company (LLC) is the most common form that the clients choose, as it is the most suitable option for a wide range of business activities.
Nevertheless, there are instances where registering as an entrepreneur may be more cost-effective, particularly from a tax perspective. In the case of performing certain prevailing business activities, apart from the regular procedure, it would be mandatory to obtain permissions from the competent state authority.
For instance, to open a pharmacy in Serbia, you need to obtain the permission of the competent ministry, the Ministry of Health.
Entrepreneurship Agency
To establish entrepreneurship, there is no condition to deposit a certain amount of money as share capital. The fact that entrepreneurs do not invest a share of capital relies on the fact that, as a natural person performing a business activity, the entrepreneur is a sole proprietor, whose personal assets and property are not separated from their business. In other words, the individual initiating the entrepreneurship may bear personal responsibility for its obligations. This means that all the duties and obligations resulting from business activities have an unlimited impact on the entrepreneur’s personal assets, and all debts or fees may be charged from it.
For instance, let’s say that you are registered as an entrepreneur in Serbia, whereas you (as a natural person) own a condo in Novi Sad and 30.000 EUR in your personal bank account. If your business incurs any debts, you will be liable for your personal assets – your apartment and money in your account.
Entrepreneurship is registered after applying the BRA, with no need to present any other type of the founding act.
The benefit of running a business as an entrepreneur lies in its simplicity, especially in the setup process and other day-to-day operations. In addition, the procedure of registering an entrepreneur is significantly easier and cheaper than forming an LLC.
The BRA also allows the online registration of entrepreneurs. Although it is possible to electronically establish single-member as well as multi-member LLCs, their establishment is more complicated than establishing an entrepreneurship agency.
Opening an LLC
As previously stated, opting for an LLC is the most prevalent choice when establishing a company in Serbia. Under the Law, LLC represents a company in which one or more entities (natural persons or legal entities) are shareholders in the company’s share capital. The minimum amount of share capital needed for the registration of the LLC is 100 dinars (less than 1 EUR).
For founders seeking to obtain a temporary residence and work permit based on their position and role within the company, a minimum amount of 250 EUR is required.
In addition, for certain, specific business activities, a specific minimum share capital is foreseen. For instance, financial leasing companies.
Each member of the company can have only one ownership stake. An ownership stake is a non-dividable whole. However, the size of the shares for different members can vary..
Therefore, if an already existing member is increasing their equity in the company (for instance, by transfer of equity), they won’t acquire more share interest in the company, but their percentage of equity in the company will increase.
For instance, if you had 25% of shares in one company, and a member who is leaving the company (Shareholder A) transfers to you their 25% on the grounds of the Share Transfer Agreement, your percentage of interest in the company after the transfer will be 50%.
Generally speaking, the shareholders are not liable for the company’s obligations. More precisely, they are liable only up to the number of their stakes invested in the company. This would mean that if you invested 100 EUR, you will be liable for up to that amount. Nevertheless, if the members lift the corporate veil and misuse the rules of limited liability, they will be held responsible for the company’s obligations. For example, if the member misused their position in a way stipulated under the Law, the creditors are entitled to sue him. If the creditor(s) prove(s) that the member misused their position in the company, the member will not be able to hide behind the company and will be liable for the company’s obligations.
In most cases, the LLC is a company with few members and a low amount of share capital. This form of legal entity is suitable for medium and small businesses. Nonetheless, numerous sizable enterprises, equipped with an advanced manufacturing system and boasting over 1000 employees, also operate under the structure of limited liability companies (LLCs). Based on their share in the company, members can manage the company’s profit and decide whether they want to distribute it among themselves or not.
Company Formation in Serbia: Procedure
The company formation procedure is very similar for all business entities, having a straightforward structure. The process of opening a company in Serbia includes drafting the acts and preparing the necessary documentation required for the company formation, such as electronic signatures, forms, passport copies, etc.
Future company owners also need to electronically sign the founding document or enlist the services of an attorney at law to do so on their behalf, find a (virtual) office for their company, and set up a bank account.
The above-mentioned steps can be summarized as collecting the necessary documentation and drafting essential acts so that you can proceed to the next step – company registration.
Hence, registering the company with the Business Registration Agency (BRA) is just one step in the overall process of establishing a company. Regardless of your business plans on when to start operating or the aim of establishing a company, once the legal entity is registered, the obligatory legal norms apply to every Serbian legal entity.
You assume correctly; it’s about taxes. Hence, in the first 15 days after registering at the BRA, the entity must submit its first tax application, known as the advanced tax application. Besides the purpose of applying and registering a new entity with the tax authorities, the point of this advanced tax obligation is also to subjectively evaluate the potential profit of the company in the first year of starting a business. This evaluation is the factor that would set the company’s tax obligation for that year.
Furthermore, there could be additional responsibilities associated with your registration as a VAT taxpayer. Keep in mind that not everybody is or should be knowledgeable in the procedures before the tax authorities, soliciting an accounting company in Serbia is always recommended.
Company Registration in Serbia
The company registration in Serbia is done in the: BRA via a one-counter registration system, which enables the company, along with registration, to receive:
- Company identification number (CIN)
- Health insurance number, issued by the National Health Insurance Fund (NHIF)
- Tax identification number (TIN)
The procedure begins by applying for registration, with the accompanying paperwork, which may be done directly in the BRA’s seat in Belgrade, in BRA’s organizational units, or via online electronic registration through the System for the centralized logging of the Serbian Business Registers Agency’s users.
Either the founder or the person authorized by the founder submits the paperwork.
It is also required for the decision on the appointment of the company’s representative and/or supervising committee to be registered in that period unless that is already incorporated as a part of the founding act.
Upon submission of the registration request to establish a company in Serbia, the company will be established within 3 to 5 business days, pending approval from the Business Registration Agency (BRA).
Company Formation in Serbia for Foreigners
Generally, foreigners can establish a company in Serbia under the same terms and conditions as local individuals. Nevertheless, there are certain specificities considering the company formation procedure itself when a founder is a foreign person.
For instance,, the founders often want to know how many times they will need to personally show up during the whole procedure of establishing a company. This is especially important for those who are not staying in Serbia.
Hence, the option to entirely avoid the founder’s presence makes the entire process highly convenient for anyone looking to expedite it. Every step of the process can be completed by the person empowered by the Special Power of Attorney, even the signing of the Memorandum of Association if the person is given a Special Power of Attorney.
Additionally, depending on the country of origin, for the documents (such as Special Power of Attorney) from your country to be accepted for international use:
- the document has to pass the procedure of the so-called full legalization or
- the competent authority has to put an apostille stamp on the document or
- the apostille may not be required.
What obligation will exist for you, depends on the state from which the document originates.
Regarding the third category, in cases when the full legalization or an apostille is not necessary for international use, Serbia has signed a bilateral agreement on the mutual release of legalization of public documents (note that for certain contracts, only some categories of public documents are exempt from legalization).
Serbia has concluded a bilateral agreement on the mutual release of public document legalization with the following countries: Algeria, Austria, Belgium, Belarus, BiH, Bulgaria, Czech Republic, Slovakia, France, Greece, Croatia, Italy, Iraq, Cyprus, Hungary, North Macedonia, Poland, Romania, Russian Federation, Montenegro, Ukraine, and Slovenia.
Finally, another specificity is that there are specific employer tax benefits for returnees and foreigners, which we have analyzed in detail.
Online Company Formation in Serbia
Company formation in Serbia is can be managed from the comfort of your home thanks to the qualified electronic signature.
Back at the beginning of 2018, the BRA enabled the service of the electronic registration of entrepreneurs. Afterward, the BRA allowed the same service for single-member companies as well as multi-member LLC companies.
To incorporate a single- and a multi-member LLC electronically, you should:
- have a qualified electronic certificate (electronic signature);
- install an electronic card reader and application for electronic signing;
- have a MasterCard, Visa or Dina payment card, to pay the fee.
Regarding the necessary documentation for the company formation in Serbia, mostly the same rules apply(as mentioned before). However, there are some differences.
Thus, the memorandum of association (MoA) that is attached to the e-application has to be in the form of an electronic document and signed with the e-signature of a member of the company or the company’s legal representative, if a domestic company is the future member of the company.
The downside of online company registration in Serbia is that for the moment, the application only supports the submission of an e-application for incorporation of a single-member LLC. The member can be a domestic or foreign natural person or a domestic legal entity.
In other words, it is not possible to file an e-application for the incorporation of a multi-member LLC when a foreign legal entity is one of the future members of the company.
If you want to find out more about company registration in Serbia and opening a company remotely, read our blog post.
Opening a Bank Account
After the BRA enacts the decision on the registration of the company, you will need to open the company’s bank account in the bank of your choice.
The documents needed to open a bank account in Serbia may differ based on the selected bank. Nonetheless, typically, the bank will request the following documents:
- A BRAs decision on company registration
- An application for opening a bank account
- The identity proof of managing directors/representatives
- A form of notarized signatures of persons authorized for representation (OP form)
- A card with deposited signatures of the bank
- The bank’s additional documentation such as a request for online banking or a contract for opening an account in each currency, etc.
The process of opening a bank account of a company established in Serbia by a legal person is more complex, as, in addition to the listed paperwork, requires submitting additional paperwork (Personal identification document of the ultimate beneficial owner of a legal entity, the company’s founder, in the form of an excerpt from the competent authority’s register and the founding act of the company’s founder).
If you are a legal entity or a natural person, who permanently resides or is registered in a foreign country, you can be a beneficiary of a non-resident bank account in Serbia.
The term “non-resident” refers to a person whose registered center of life or business activity is not in Serbia. In other words, it has to do with your citizenship or your company’s place of management.
You can open a non-resident bank account in Serbia in RSD (Serbian Dinar) or any other currency ( for instance USD, EUR, CAD, etc.).
There are multiple benefits of having a non-resident bank account in Serbia for both natural persons and companies.
Firstly, you can use the non-resident bank account for all common transactions such as receiving payments, ordering transfers, withdrawing money, etc. You will receive a Master Card or a Visa, which you can use anywhere in the world.
Moreover, it will save you time and money if you have business partners in Serbia and your cooperation requires mutual payments and investments. With a non-resident bank account, you will not have to go through the process of international transfers and pay huge fees for the transfer.
Finally, in some cases opening a non-resident bank account might even be obligatory. For instance, if your foreign company has a representative office in Serbia, a non-resident bank account of the parent company is used for the operations of a representative office.
Another possible way of doing business in Serbia is through a branch office.
A branch office, whether of a foreign or domestic company, represents an independent organizational unit operating within the territory of the Republic of Serbia to conduct the company’s business activities. In other words, both domestic and foreign companies can open a branch office in Serbia. Moreover, the branch operates not at the registered seat of the company but externally, engaging in activities in one or more alternative locations (cities). What is specific to a branch is that the prevailing business activity of the branch may (or may not) differ from the prevailing business activity of the parent company.
For instance, if the prevailing activity of the parent company is computer programming, the prevailing activity of the branch may be consulting activities.
Additionally, the representative of the branch and the representative of the parent company do not have to be the same person.
Finally, the branch office does not have the status of a legal entity, unlike the parent company. This practically means that the branch acts in the name and on behalf of the parent company, and the parent company is unlimitedly liable for the obligations of its branch towards third parties arising from the branch’s business activity.
Opening a Representative Office in Serbia
A representative office is the parent company’s separate organizational unit that can perform preliminary and preparatory actions to conclude legal transactions for the parent company. The representative office is not a legal entity and is authorized to conclude legal transactions only in the course of its current business operations.
In other words, the representative office is not authorized to enter into business contracts on behalf of the parent company or engage in business activities in Serbia on its behalf. It holds legal capacity solely for concluding transactions related to the ongoing operations of the representative office.
So, when a foreign company must trade goods and services through its business unit in Serbia, it is more appropriate to register a branch office, because the branch has the right to trade goods and services and makes a profit from a business – unlike the representative office.
How to Obtain an Electronic Signature?
To sign, submit, and authenticate documents electronically, you will need to acquire a qualified electronic signature.
To be able to take certain actions and fulfill your obligations towards state authorities, an electronic signature will be necessary for certain situations. For example, submitting financial statements during your company’s operations is only possible electronically, and for that, you need a qualified electronic signature.
Additionally, to register the Ultimate Beneficial Owner (more information below), the managing director would have to obtain a qualified electronic signature.
On the other hand, an electronic signature can facilitate your business even in situations where its application is not necessary. For example, if you are concluding a contract with your clients, signing the contract electronically will speed up the entire process compared to a wet ink signature. This especially applies to situations where the contracting parties are in different locations, countries, and even continents.
Finally, with the new possibility of an online LLC registration, it is now possible to electronically sign the founding document (note that this convenience is not possible if the document in matter transfers the right to immovable property).
If you want to obtain a qualified electronic signature, you have to apply to one of the authorized certification authorities for issuing qualified electronic certificates in Serbia.
You will receive your electronic signature in approximately two weeks from the date of your application. Furthermore, you will have to come in person and collect the signature.
Our short guide on using the electronic signature can help you decide which electronic certificate is the best for you and where to get it.
Registration of Ultimate Beneficial Owners (UBO)
One of the last steps in the process of founding a company is the registration of the Ultimate Beneficial Owner (hereinafter: the UBO) which the company is obliged to register within 15 days after the company’s formation.
Specifically, all registered entities, including companies (excluding public joint-stock companies), branches of foreign companies, representative offices of foreign companies, associations, foundations, and endowments, are required to register the UBO.As previously mentioned, to register the UBO, the Managing Director has to obtain an electronic signature from one of the Certification bodies in Serbia. Afterward, by using the electronic signature, the UBO has to be registered within the Central Records of Beneficial Owners before the BRA.
You can find out more about who is deemed as UBO and what are the consequences if you don’t fulfill this obligation in our post about Ultimate Beneficial Owners.
Opening a Virtual Office in Serbia
In today’s era, where many individuals embrace a lifestyle as business nomads, the conventional approach of working from dedicated business premises appears overrated and unnecessary. The Covid-19 pandemic contributed even more to this, so many companies switched to remote work.
Why would you commit to one space? Why would you enter into new unnecessary contracts with landlords or property sellers? Your business does not require this kind of expense?
We acknowledge that. In such instances, there is an opportunity to register a virtual office in Serbia, serving as an official and formal company address. The virtual office in Serbia represents the set of services that the provider of the virtual seat is offering and taking over for your company. By providing these services at the virtual address the purpose of the company seat is fulfilled.
The service of the virtual office in Serbia provides the user with the necessary seat address of the company, receiving mail for the company, a registered phone number, acceptance of calls with filtering and forwarding messages to the company, and the possibility of occasional use of adequate office space.
Is it Possible to Open a Virtual Office in Serbia?
Yes, you can, and this is quite usual, especially for providers of intellectual services, to whom remote work is common.
Establishing a virtual office in Serbia is a straightforward process. You just need to determine the desired location for your office and select a service provider for your virtual office needs. Moreover, opening a virtual office in Serbia is very convenient for startups, entrepreneurs, and companies that provide their services online.
Nonetheless, even if you do not fall under any of these categories, that doesn’t mean that you cannot opt for the virtual office address. Also, it does not matter whether you are a domestic or foreign person.
Can I Open It Remotely?
Yes!
Unlike traditional office rental or purchase, where founders or managing directors are interested in checking the property in person, opening a virtual office can be completely done remotely.
Is the Location Relevant?
In reality, it is significant.
Similar to any other business decision you make, selecting the location for your virtual office is important. The chosen location for your virtual office, along with your online presence, carries equal importance to decisions like choosing your business name, logo, and more. Many customers will first look on the internet when looking for services and products. In other words, you must set up online directories to help build your online presence. How else will search engines like Google, Bing, Yahoo, or Yandex know when to suggest your company to your market?
Hence, you will be noticed more if you rent a virtual office in the middle of your target market.
For instance, a marketing firm may benefit from a virtual office that rubs shoulders with big, well-established companies.
Opening a Virtual Office in Belgrade
A virtual office in Belgrade is the right choice for you if you want to be in the center of everything.
Namely, Belgrade is the capital city of the Republic of Serbia where all the major domestic and international companies are (especially in the New Belgrade business area). Therefore, you want people to associate your business with other businesses in the area. Also, it will help your clients shape their perception of your size, stature, and credibility.
Establishing a connection to a capital city, particularly one like Belgrade which serves as a hub for significant business activities, is beneficial for the company’s branding.
Opening a Virtual Office in Novi Sad
Novi Sad is the second-largest city in Serbia and one of the most prosperous cities in the country.
Opening a virtual office in Novi Sad might be the right choice for you if you are a small business owner or an entrepreneur.
The advantage of Novi Sad is that it offers all the benefits of a big city but with lower costs compared to Belgrade. For instance, the lump sum taxation costs for entrepreneurs can be lower if they are registered in Novi Sad.
In addition, Novi Sad is one of the largest IT centers in Serbia, so many companies in the IT industry choose Novi Sad for this reason.
Advantages of Establishing a Company in Serbia
In addition to the straightforward, rapid, and uncomplicated company formation process, there are other numerous benefits of opening a company in Serbia.
Firstly, Serbia has reasonable tax rates compared to other European countries. For instance, the company income tax rate (CIT) in Serbia is 15%, while on the other hand, many European countries have almost twice as high rates, such as Portugal (31.5%), Germany (29.9%), France (29.9%), Spain (25%). [1]
Furthermore, Serbian laws provide various tax incentives and exemptions, fostering innovative activities and supporting the development of the IT industry. For example, there are some specific tax benefits for returnees and foreigners, which we have analyzed in detail.
Also, the Republic of Serbia is offering tax incentives for startups that perform innovative activities.
You can find out whether you qualify for some of these tax benefits in our blog post about taxation in Serbia.
Additionally, the existence of the Free Customs Zones, which offer investors the ability to conduct manufacturing and service activities without the payment of customs duties and taxes, makes Serbia a perfect destination. You can choose between 15 Free Customs Zones to perform your business activities.
Serbia provides specific state incentives for investors. Depending on factors such as the type of investment, industry sector, company size, number of employees, and other criteria, you can receive funding for your investment, covering up to 50% of the justified costs. If these reasons are not enough to persuade you to open a company in Serbia, find an additional 10 more reasons for investment in Serbia in our blog.
FAQs
Through work with clients, we noticed certain repetitive questions that inevitably arise when it comes to opening a company in Serbia.
As a result, we have chosen to address the most frequently asked questions posed by individuals, both natural and legal, who are keen on initiating their businesses and establishing a company in Serbia.
Company Formation in Serbia VS Company Registration in Serbia – Is This The Same Thing?
No, it is not.
As previously mentioned, company registration is just one of the steps in the process of company formation in Serbia.
A company is established after the registration procedure before the BRA and the opening of a company’s corporate bank account in Serbia.
Prior to the registration process, it is necessary to gather all the required documents and draft the company’s crucial document – the Founding Act.
Cost of Forming a Company in Serbia
The BRA’s website is transparent, and it includes detailed information on all fees.
For instance, administrative company formation costs in Serbia for 2022 are the following:
- LLC 6.500 RSD (approx 55 EUR)
- BRANCH/REPRESENTATIVE OFFICE OF A FOREIGN COMPANY 3.100 RSD (approx 27 EUR)
- ENTREPRENEUR 1.600 RSD (approx 14 EUR)
- LLC ONLINE REGISTRATION 5.900 RSD (approx 50 EUR)
- Registration and publishing of the MoA 3.100 RSD (approx 27 EUR)
Besides the expenses before the BRA, there are additional costs that may arise such as costs of notarization of the documents, costs of the official translator for the documents of a foreign company that wants to be a shareholder in the Serbian company, etc.
Sole Entrepreneurship or Limited Liability Company (DOO)? Which One Is Right for Me?
The response to this question relies on various factors, including the nature of the planned business activity, the intended number of employees (if any), revenue, and other considerations. Each option has its own set of advantages. The main advantage of sole entrepreneurship is the possibility of lump-sum taxation, regardless of the scope of the activity and the income you generate (up to a certain amount).
Additionally, the procedure of registering, as well as closing the entrepreneurial agency is significantly easier and costs less than forming (or closing) an LLC.
Sole entrepreneurship is adequate for small businesses and in most cases for a one-person company.
On the other hand, establishing an LLC provides numerous options in terms of your company’s size and the nature of the business activities you wish to undertake. Also, as mentioned before, the members of the LLC are responsible for the company’s debts only up to the value of their share.
Should I Establish a New Company or Can I Purchase a Shelf Company?
For those seeking a swift start, the most appealing option is to purchase a company that is already established and configured for that specific purpose.
Even though this possibility is not used in its full spectrum, the chance to avoid the complex and time-consuming bureaucracy and bank procedures is a trick that you can use to your advantage. Especially in the case of nonresident founders.
Is it permissible for the company’s name to be in a foreign language?
The company’s name may be in a foreign language or include certain words and characters in the Latin alphabet of the English language, Arabic, or Roman numerals.
We have already given detailed, practical instructions for choosing a business name in our blog.
What currency can I use for investment?
The company’s shares are always in RSD (Serbian dinar).
The payment of capital can be made in foreign currency, under the law governing foreign exchange operations, and the dinar counter value of shares is calculated at the median exchange rate of the National Bank of Serbia on the day of the deposit payment.
Can I Be the Founder and Managing Director Simultaneously?
You can easily take on the roles of both the founder and the managing director of the company, and it’s a commonly accepted practice.
Can I Obtain a Temporary Residence in Serbia Through Opening a Company in Serbia?
The documentation required for your temporary residence application in Serbia depends on the basis of your application. The specific documents you’ll need to present at the Police Department and subsequently to the National Bureau of Employment vary based on your role within the company. You can apply for temporary residence in Serbia as a founder, a company member, or a managing director, or by establishing an employment relationship or without an employment relationship, and also as an entrepreneur.
