Serbia business shape 2014
Serbia greatly welcomes foreign investment, as is shown by the Law on Foreign Investments (Official Gazette SRJ Nos. 3/2002 and 5/2003 and Official Gazette SCG No. 1/2003 [Constitutional Bill]), which prescribes certain exemptions and freedom exclusively assigned to foreign investors. This law introduces a freedom for foreign investment, a national treatment principle, legal security, conversion and unrestricted payment, down to book keeping, rights to profit and assets transfer and even the application of more favourable treatment than that provided by this law for a foreign investor or its investment if an international or bilateral agreement has been signed by the foreign investor’s country and Serbia. Since the democratic revolution in 2000, investment has been one of the highest priorities of every Serbian government.
The Serbian Investment and Export Promotion Agency (SIEPA) is a government organisation dedicated to effective serving of foreign investors and buyers, while raising Serbia’s profile in the minds of international business decision makers. Since SIEPA’s founding, which was performed in 2001 by the government of Serbia, its mission has been to support foreign companies in the course of business setup in Serbia and also to support Serbian companies when doing business worldwide.
The investor may encounter various financial incentives as an investment package has been prepared for investors into Serbia. State grants are offered for greenfield and brownfield projects in all industries, except for primary agriculture, the hospitality industry, retail, the production of synthetic fibres and coal…
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Briefings from JPM Jankovic Popovic Mitic
The new law came into force on 13 August 2014, and the deadline for privatisation of socially owned capital to be completed is 31 December 2015.
The amendments and supplements to the Bankruptcy Law that were adopted on 2 August 2014 came into force on 13 August 2014.