Limited Liability Company (LLC) is one of the most frequently used company forms in Serbia due to its flexibility.
Its key characteristics include:
- Shareholder(s) can be both foreign and domestic citizens/companies;
- Shareholder(s) are not personally liable for debts of LLC;
- Low minimal share capital (1 EUR) which can be paid within 5 years of LLC incorporation;
- Relatively straightforward incorporation procedure.
LLC incorporation procedure – how long does it take?
The competentauthority for company incorporation is Serbian Business Registers Agency (SBRA). SBRA is obligated to render a decision on incorporation of LLC within 5 days upon submission of all the necessary documents. However, as there are other steps to be taken after LLC incorporation, the whole process usually takes a few weeks until completion, depending on the process of documents preparation, presence of shareholders in Serbia and other circumstances of each case.
LLC incorporation procedure – what are the main steps?
Main steps forcompany incorporation in Serbia are performed in the following order:
- Drafting Articles of Associationand its notarization at the public notary in Serbia;
- Submitting an application forLLC incorporation before the Serbian Business Registers Agency (SBRA);
- Opening a bank account in a local bank;
- Submitting tax application through a licensed accountant within 15 days upon company incorporation;
- Registration of Ultimate Beneficial Owners (UBO) in SBRA within 15 days upon company incorporation.
Should shareholders or directors be present in Serbia for LLC incorporation?
The sole LLC incorporation within the SBRA can be performed by a lawyer based on notarized
Power of attorney, without the presence of its shareholders or directors.
However, the UBO registration needs to be performed by using a qualified electronic signature that has to be obtained in person by the director of the company. Considering that UBO registration is due 15 days within company incorporation, presence of the director in Serbia is still necessary for at least one occasion.
*This article has an informational purpose and it does not contitute a legal advise. For legal support please contact your lawyer or our law office on office@kalicaninlaw.rs or telephone number +381644340234.