Setting up a Sole Trader in Serbia
Setting up a Sole Trader in SerbiaUpdated on Tuesday 22nd October 2019
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A sole proprietorship in Serbia is relatively easy to register. This is the simplest business form available in the country and the structure that allows entrepreneurs to have complete control over their businesses. The legal aspects of forming a sole trader in Serbia can be explained by one of our Serbian lawyers who can also help foreigners apply for the proper business visa for this country. They can also assist foreigners in obtaining the special licenses and permits for their activities.
Main steps for opening a sole proprietorship in Serbia
A name verification needs to be made at the time the formalities for opening a sole proprietorship started. This is the first step for which complete attention needs to be offered because the name of the business must comprise the entire name of the proprietor, followed by the label “preduzetnik” and the place where the business will be located. The following steps should be considered at the time the sole trader is registered:
- The name reservation of the sole trader is valid for 60 days.
- The registration form must comprise details about the activities of the business.
- The sole proprietorship in Serbia is registered with the Serbian Business Register Agency.
- The valid passport and visa, plus the proof of the paid fees need to be submitted.
Foreign investors should ask for legal advice when registering a sole proprietorship in Serbia and skip any possible misunderstandings in matter of documents. They can talk to one of our lawyers in Serbia and receive in-depth legal assistance and support.
Do I need a bank account for my sole trader?
Yes, it is mandatory to have a bank account linked to the sole proprietorship. This will serve the future financial activities of the business, mentioning that a bank account can be open after the decision on sole trader registration is made. It is good to know that banks in Serbia can access the documents of registration of a sole trader. All the formalities involved in opening a bank account in Serbia can be explained by our Serbian attorneys.
Can I register a sole proprietorship online in Serbia?
Yes, the Serbian Business Register Agency works as a one-stop-shop that allows the online registration. The submission of documents and the payments of fees can be made online, however, some might find it a difficult process for which legal assistance and support is needed. Instead of acting on your own in a foreign country, you should seek legal advice from one of our lawyers in Serbia who can take care of the formalities involved for the registration of a sole proprietorship in Serbia. Feel free to get in touch with our team and ask for legal assistance for starting a business in Serbia.
Registering the business activity in Serbia
Sole proprietors in Serbia must register only one business activity which can be selected from the Regulation on Classification of Business Activities in Serbia. However, entrepreneurs are allowed to add extra activities, if they meet the mandatory requirements.
Do I need to register a seat even if the activities will be on the field?
Yes, a sole proprietor is obliged to register the seat of the business, even if the activities are made in the field and not at the office. This is the residence address of the business which will be mentioned in the Certificate of Incorporation. Legal advice in this matter can be offered by one of our lawyers in Serbia.
Can I have more than just one sole trader in Serbia?
According to the Serbian Law, both local and foreign entrepreneurs can only have one sole proprietorship registered in Serbia. Make sure you understand the requirements and the legislation for opening a sole proprietorship in Serbia and ask our Serbian lawyers for legal support.
Why make investments in Serbia?
Serbia became quite appealing for foreign investors in the past decades. The developments made in varied sectors of interest like public services, infrastructure, transportation, legislation and many more. Also, international investors can direct their businesses in Serbia’s free trade zones and benefit from no VAT for import and export of goods. Below you can find interesting details and facts about the investments and economy of Serbia:
- • Around USD 39,8 billion was the total FDI stock for Serbia in 2018;
- • The total FDI stock registered in Serbia last year represented around 78.6% of the country’s GDP;
- • The World Bank 2019 Doing Business Report ranks Serbia 48th out of 190 worldwide economies;
- • Serbia is part of the Central European Free Trade Agreement alongside Turkey and Russia.
We invite you to contact our law firm in Serbia and ask for legal advice if you want to register a sole proprietorship in Serbia.