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Balkan hub with low taxes and growing IT sector
Region
EASTERN EUROPE
Corporate Tax
15%
Setup Time
2 weeks
Currency
RSD
Serbia, at the Balkan crossroads, offers competitive costs with EU membership aspirations. The country's company registration framework supports cost-effective business setup for regional operations.
With a population of 6.7 million, Serbia offers affordable European living with Slavic character. Serbian is official, with English growing. Belgrade provides urban amenities at modest costs.
Healthcare is available through mandatory insurance, with private options. Safety is generally good. The cost of living is low.
The nightlife, cultural scene, and hospitality attract growing international presence.
Corporate tax rate stands at 15%. Personal income tax is flat at 10%. VAT applies at 20% standard rate.
Serbia uses the dinar. EU accession negotiations continue. The economy has grown with manufacturing and services. Free zones offer additional incentives.
Company registration through the Business Registers Agency is efficient. The DOO (limited liability company) is the standard vehicle. Foreign ownership is unrestricted.
Company formation takes approximately 1 week. Minimum capital is RSD 100 (minimal). Annual compliance includes financial statement filing.
Serbia adopted the Digital Assets Law creating regulatory framework for crypto businesses. The National Bank registers virtual asset service providers.
The Games of Chance Administration regulates gambling. Online gambling licensing exists with established framework. Serbia has attracted some gaming interest.
EU accession timing is uncertain. Regional political factors require awareness. Infrastructure varies outside Belgrade.
Banking access is available through Serbian and international banks. Professional services are developing.
Serbia suits cost-conscious European operations, IT outsourcing, and regional Balkan positioning for their business setup.
Local: d.o.o.
Local: a.d.
Local: Ogranak
| Corporate Tax Rate | 15% |
| Personal Income Tax Rate | 20% |
| VAT / Sales Tax | 20% |
| Capital Gains Tax | 15% |
| Withholding Tax | 20% |
| Reduced Corporate Tax Available | Yes |
| Non-Resident Withholding Exempt | No |
| Tax Treaty Network | Yes |
| Banking Access | HIGH |
| Financial Privacy | MEDIUM |
| Currency Controls | SOME |
| Local Bank Account Required | No |
| Non-Resident Bank Account Allowed | Yes |
| Physical Presence for Banking | No |
| Banks Restrictive (High Risk) | No |
| AML Officer Required | No |
| MLRO Required | No |
| Compliance Officer Required | No |
| Data Protection Officer Required | No |
| Bookkeeping Frequency | Annual |
| Local Bookkeeping Required | Yes |
| Mandatory Audit | No |
| License Required | Yes |
| Local Director Required | No |
| Local AML Director Required | No |
| Local Legal Address Required | Yes |
| Local Physical Office Required | Yes |
| Required Share Capital | $50,000 |
| Capital Maintained in Account | Yes |
| Compliance Program Required | Yes |
| Travel Rule Compliance | National implementation based on FATF standards |
| Business Plan Required | Detailed business plan required with description of services, technical infrastructure, risk management and AML/CFT policies |
| Personnel Required | Directors with relevant qualifications and experience, AML compliance officer |
| Insurance Required | No |
| Remote Incorporation Possible | No |
| 100% Foreign Ownership | Yes |
| Min. Shareholders | 1 |
| Min. Directors | 1 |
| Shareholder/Director Same Person | Yes |
| Registry Public | Yes |
| Registry Access | National Bank of Serbia maintains register of licensed virtual currency service providers |
| Renewal Period | Annual |
| Accounting Filing Required | Yes |
| Accounting Filing Frequency | Annual |
| Financial Statement Required | Yes |
| Financial Statement Frequency | Annual |
| Accounting Audit Mandatory | Yes |
| Compliance Audit Mandatory | No |
| Technical Audit Mandatory | Yes |
| Corporate Income Tax Applicable | Yes |
| Dividend Tax Applicable | No |
| Capital Gains Tax Applicable | Yes |
| Territorial Tax Regime | No |
| VAT Applicable | No |
| Regulators | National Bank of Serbia (NBS) for virtual currencies, Securities Commission (SEC) for digital tokens |
| Licensing Fee | $0 |
| Licensing Fee Details | Application fees and administrative costs vary; capital requirements range from EUR 20,000 to EUR 125,000 depending on services offered |
| Permitted Business Models | Exchange, Custody, Trading Platform, Advisory Services |
| Permitted Activities | Buying/selling digital assets for cash or account funds, exchanging digital assets, custody and administration, operating trading platforms, advisory services |
| Restricted Activities | Banks and financial institutions supervised by NBS cannot provide digital asset services or hold digital assets (except custody of cryptographic keys) |
| Cross-Border Service Allowed | No |
| Physical Inspection Required | Yes |
| Derivatives Allowed | No |
| RWA Tokenization Allowed | Yes |
| App Store Listing Allowed | Yes |
| Crypto Custody Allowed | Yes |
| License Required | Yes |
| Local Director Required | No |
| Local AML Director Required | No |
| Local Legal Address Required | Yes |
| Local Physical Office Required | Yes |
| Required Share Capital | $29,250,000 |
| Capital Maintained in Account | Yes |
| Compliance Program Required | Yes |
| Travel Rule Compliance | N/A for gambling |
| Business Plan Required | Detailed 3-year business plan required with financial projections and operational procedures |
| Personnel Required | Management with industry experience (5 years casino experience required for casino license applicants or majority shareholders) |
| Insurance Required | No |
| Remote Incorporation Possible | No |
| 100% Foreign Ownership | Yes |
| Min. Shareholders | 1 |
| Min. Directors | 1 |
| Shareholder/Director Same Person | Yes |
| Registry Public | Yes |
| Registry Access | Games of Chance Administration under Ministry of Finance |
| Renewal Period | Annual |
| Accounting Filing Required | Yes |
| Accounting Filing Frequency | Annual |
| Financial Statement Required | Yes |
| Financial Statement Frequency | Annual |
| Accounting Audit Mandatory | Yes |
| Compliance Audit Mandatory | Yes |
| Technical Audit Mandatory | Yes |
| Corporate Income Tax Applicable | Yes |
| Dividend Tax Applicable | No |
| Capital Gains Tax Applicable | Yes |
| Territorial Tax Regime | No |
| VAT Applicable | No |
| Regulators | Games of Chance Administration, Ministry of Finance |
| Licensing Fee | $58,500,000 |
| Licensing Fee Details | Land-based casino license: approx. EUR 500,000/year; Online casino license: EUR 2,500/month; Bank deposit guarantee of EUR 300,000 required; Daily risk cash deposit of EUR 10,000 |
| Permitted Business Models | B2C only (B2B suppliers not separately licensed) |
| Permitted Activities | Casinos, sports betting, slot machine arcades, online gambling, bingo |
| Restricted Activities | Classic games of chance (lotteries, bingo, tombola, keno) are exclusive to the state lottery company Državna Lutrija Srbije; Casino licenses limited to maximum 10 |
| Cross-Border Service Allowed | No |
| Physical Inspection Required | Yes |
| Player Fund Segregation | Yes |
| B2B/B2C Separate Requirements | No |
| License Required | Yes |
| Local Director Required | Yes |
| Local AML Director Required | No |
| Local Legal Address Required | Yes |
| Local Physical Office Required | Yes |
| Required Share Capital | $41,000,000 |
| Capital Maintained in Account | Yes |
| Compliance Program Required | Yes |
| Travel Rule Compliance | FATF compliant national framework |
| Business Plan Required | Detailed business plan with description of services, technical infrastructure, risk management, AML/CFT policies and financial projections |
| Personnel Required | Minimum 2 directors with relevant financial/economic education and experience; compliance officers as required |
| Insurance Required | No |
| Remote Incorporation Possible | No |
| 100% Foreign Ownership | Yes |
| Min. Shareholders | 1 |
| Min. Directors | 2 |
| Shareholder/Director Same Person | Yes |
| Registry Public | Yes |
| Registry Access | National Bank of Serbia maintains registers of licensed payment institutions and EMIs |
| Renewal Period | Annual |
| Accounting Filing Required | Yes |
| Accounting Filing Frequency | Annual |
| Financial Statement Required | Yes |
| Financial Statement Frequency | Annual |
| Accounting Audit Mandatory | Yes |
| Compliance Audit Mandatory | Yes |
| Technical Audit Mandatory | No |
| Corporate Income Tax Applicable | Yes |
| Dividend Tax Applicable | No |
| Capital Gains Tax Applicable | Yes |
| Territorial Tax Regime | No |
| VAT Applicable | Yes |
| Regulators | National Bank of Serbia (NBS) |
| Licensing Fee | $0 |
| Licensing Fee Details | Application and administrative fees apply; Capital requirements: PI services EUR 20,000-125,000 depending on services; EMI EUR 350,000 |
| Permitted Business Models | Payment Institution, Electronic Money Institution, Hybrid Payment Institution |
| Permitted Activities | Payment services (deposits, withdrawals, payment transactions, money remittance), electronic money issuance, payment processing |
| Restricted Activities | Banking services without full banking license; credit granting only under certain conditions linked to payment services |
| Cross-Border Service Allowed | No |
| Physical Inspection Required | Yes |