How do I start a business in Serbia?

To start a business in Serbia, follow 6 steps: Reserve company name, Prepare and notarise founding act, Register with SBRA, Open a corporate bank account, Register for VAT if applicable, Register employees with PIO and RFZO. The process takes approximately 32 days and costs around $185 USD.

What types of business entities can I register in Serbia?

Serbia offers 4 entity types: Limited Liability Company (min capital: $1, foreign ownership: 100%); Joint Stock Company (min capital: $3000000, foreign ownership: 100%); Branch of Foreign Company (min capital: $0, foreign ownership: 100%); Entrepreneur (Sole Trader) (min capital: $0, foreign ownership: 100%).

Can foreigners own a business in Serbia?

Yes, foreigners can own businesses in Serbia. Limited Liability Company allows up to 100% foreign ownership. Joint Stock Company allows up to 100% foreign ownership. Branch of Foreign Company allows up to 100% foreign ownership. Entrepreneur (Sole Trader) allows up to 100% foreign ownership.

What is the minimum wage in Serbia?

The minimum wage in Serbia is $530/month (EUR). Average monthly wage is approximately $950. Standard work week is 40 hours with 20 paid leave days per year.

How much does it cost to run a business in Serbia?

Estimated monthly overhead for a small business (5-10 employees) in Serbia is approximately $6000. Office rent averages $11/sqm/month. Skilled workers average $1500/month. Typical break-even: Tech 14 months, Services 9 months, Retail 12 months.

Countries SerbiaBusiness Guide

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Start a Business in Serbia

Complete guide: entity types, registration, costs, taxes, labor laws, and break-even analysis

~32 days

Setup Time

~$185

Setup Cost

15%

Corporate Tax

100%

Foreign Ownership

#44

Ease of Business

Entity Types

Entity	Min Capital	Foreign %	Liability	Min Shareholders	Best For
Limited Liability Company Drustvo sa Ogranicenom Odgovornoscu (DOO)	1 RSD	100%	Limited	1	Most common vehicle for foreign investors - RSD 100 minimum capital, full foreign ownership, simple e-registration
Joint Stock Company Akcionarsko Drustvo (AD)	3,000,000 RSD	100%	Limited	1	Larger enterprises and Belgrade Stock Exchange-listed companies
Branch of Foreign Company	None	100%	Unlimited	0	Foreign companies extending operations - parent retains liability
Entrepreneur (Sole Trader) Preduzetnik	None	100%	Unlimited	1	Freelancers and IT contractors - flat-tax regime widely used by IT specialists

Registration Steps

Reserve company name

Check name availability with the Serbian Business Registers Agency (SBRA) online portal

1-2 days

~$15

Serbian Business Registers Agency (SBRA)

Prepare and notarise founding act

Draft the founding act and have signatures certified by a Serbian notary or apostilled abroad

1-3 days

~$100

Serbian notary

Submit founding act, director and shareholder details, and registered address; SBRA issues registration including tax ID in 3-5 business days

3-7 days

~$70

SBRA

Open a corporate bank account

Open an RSD and EUR account with a Serbian bank; bring articles, registration certificate, and beneficial owner KYC pack

3-10 days

Free

Commercial Bank

VAT registration is mandatory above RSD 8 million turnover; voluntary registration is also available

1-7 days

Free

Tax Administration of Serbia

1-3 days

Free

PIO and RFZO

Total Estimated

32 days max$185

Tax Framework

Corporate Income Tax15%

Flat 15% corporate tax, one of the lowest in Central Europe. R&D super-deduction of 200%. IP Box regime taxes qualifying IP income at 3%. Tax holidays of up to 10 years for investments above EUR 8.5 million creating at least 100 jobs.

VAT (PDV)20%

Personal Income Tax10-20%

Capital Gains Tax15%

Dividend Withholding15%

Tax Treaties60 countries

Tax Incentive Zones

Free Zones in Pirot, Subotica, Zrenjanin, Novi Sad, Krusevac, Smederevo, Svilajnac, Kragujevac, Sabac, Apatin, Belgrade, Vranje, Uzice, and Priboj offer 0% customs and VAT on imports for re-export plus regional aid grants. R&D super-deduction at 200%. IP Box regime at 3%. Cash grants of EUR 3,000-EUR 10,000 per new job for qualifying investments.

Labor Laws & Costs

$530/mo

Minimum Wage

$950/mo

Average Wage

40 hrs/week

Work Hours

20 days/year

Paid Leave

1 weeks/year

Severance

15.15% of salary

Employer Social Security

19.9% of salary

Employee Social Security

Required

Foreign Worker Permit

Foreign Worker Quota: Annual government quota by sector. IT specialists, executives, and intra-corporate transferees benefit from a streamlined work permit pathway.

Visa & Immigration

Visa-free or e-visa

Citizens of EU, US, UK, Canada, Australia, China, Russia, and around 90 countries enter visa-free for up to 90 days in any 180-day period. Others apply for an e-visa.

5 weeks

Processing time

$250

Estimated cost

Temporary Residence for Business Owners

Investor

Founders and directors of Serbian companies qualify for one-year temporary residence, renewable; leads to permanent residence after 3 years and citizenship after 3 more years

Long-stay visa for IT specialists

Remote Work

Serbia has introduced an IT-specialist temporary residence pathway for non-EU remote workers and founders in the tech sector

Work Permit Process: Employer applies for a single residence and work permit at the Migration Office; processed in 4-6 weeks

Business Environment

#44/190

Ease of Business Rank

5 days

Starting a Business

21 days

Registering Property

635 days

Enforcing Contracts

35/100

Corruption Perception

84%

Internet Penetration

RSD

Currency

UTC+1

Time Zone

GoodCould be betterHover a dot for the threshold and source. Sources: World Bank, Transparency International, ITU.

Serbian

Investment Zones & Provinces

Belgrade IT Cluster

Tech Hub

Belgrade

Incentives

Largest tech ecosystem in the Western BalkansStrong English-speaking technical talent at 40-60% lower cost than EUGovernment R&D super-deduction of 200% and 3% IP Box rate

Key Sectors

Software DevelopmentGame DevelopmentFintechAIBPO

Talent costs 60% lower than Berlin at comparable technical quality and English proficiency

Pirot Free Zone

Free Zone

Pirot (south-east Serbia)

Incentives

0% customs and VAT on imports for re-exportAdjacent to Pan-European Corridor 10Regional aid grants and reduced labour costs

Key Sectors

Automotive ComponentsTyre ManufacturingLogistics

Combined free-zone tax regime and 30-40% lower wages versus Belgrade reduce manufacturing costs significantly

Novi Sad Innovation District

Tech Hub

Novi Sad

Incentives

University of Novi Sad talent pipelineInnovation Fund grants for tech startupsLower rents and wages than Belgrade

Key Sectors

SoftwareHardware EngineeringAgriTechBiotech

Combined grants and 20-30% lower costs versus Belgrade enable longer runway for startups

Break-Even Analysis

Retail (months)

F&B (months)

Tech (months)

Manufacturing (months)

Services (months)

Typical Operating Costs in Serbia

Per-person or per-unit costs. Multiply by your team size for total estimates.

Office Rent	$11	per sqm/month
Skilled Worker Salary	$1,500	per 1 worker/month
Unskilled Worker Salary	$550	per 1 worker/month
Electricity	$0.1	per kWh
Business Internet	$22	per 1 connection/month
Est. Monthly Overhead (5-10 staff)	$6,000	total/month

Sources: World Bank Open Data, ILO, Numbeo Cost of Living Index, local government publications. Salaries reflect market averages and may vary by city, industry, and experience level. Last updated 2025.

Break-Even Calculator

Total Investment (USD)

Monthly Revenue (USD)

Monthly Costs (USD)

Tax rate applied: 15% (corporate rate)

months to break even

$7,650

monthly net profit

183.6%

annual ROI

$92,000

total cost to break even

Break-even progressFast recovery

Next Steps

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Key Considerations for Foreign Investors

Flat 15% corporate tax with 200% R&D super-deduction and 3% IP Box rate make Serbia highly attractive for tech and IP-intensive businesses

Belgrade hosts the largest tech ecosystem in the Western Balkans with strong English-speaking technical talent at 40-60% lower cost than the EU

Cash grants of EUR 3,000-10,000 per new job and tax holidays up to 10 years are available for qualifying investments above EUR 8.5 million

Serbia is an EU candidate country with a long-running accession process; gradual alignment with the EU acquis is raising regulatory standards

14 Free Zones across Serbia offer 0% customs and VAT on imports for re-export, well-suited for export manufacturing and logistics

Foreign investors can purchase real estate freely on a reciprocity basis with their home country; agricultural land has additional restrictions

Geopolitical positioning between EU, Russia, and China creates both opportunities (CEFTA, free trade deals) and complexity (sanctions compliance)

Last updated: 2025-Q4

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Start a Business in Serbia

Entity Types

Registration Steps

Tax Framework

Labor Laws & Costs

Visa & Immigration

Business Environment

Investment Zones & Provinces

Break-Even Analysis

Next Steps

Legal & Registration

Financial & Tax

Operational

Immigration & Visas

Key Considerations for Foreign Investors

Start a Business in Serbia

Entity Types

Registration Steps

Tax Framework

Labor Laws & Costs

Visa & Immigration

Business Environment

Investment Zones & Provinces

Break-Even Analysis

Next Steps

Legal & Registration

Financial & Tax

Operational

Immigration & Visas

Key Considerations for Foreign Investors