Published on and written by Cyril Jarnias
The idea of setting up a company in Serbia is attracting a growing number of French and international entrepreneurs. Moderate taxation, a symbolic share capital, quick registration, and 100% foreign ownership allowed: on paper, the country checks many boxes. But what does it really cost to set up the structure and then run it on a daily basis?
The cost information presented comes from official data from the Serbian Business Registers Agency (APR/SBRA) and several specialized firms. It offers a detailed, realistic, and quantified overview, covering both initial registration fees and annual charges to expect.
Why Serbia Attracts So Many Foreign Entrepreneurs
Serbia has positioned itself as a regional platform between the European Union, the Balkans, Russia, and even the Eurasian Economic Union. Without being an EU member, it has free trade agreements with the EU, CEFTA, EAEU, Russia, Turkey, EFTA, and benefits from preferential schemes (GSP) with several countries.
Operating costs in Serbia are 30 to 50% lower compared to Western Europe.
Another key point: the Business Registers Agency (APR), established in 2005 with support from the World Bank, Microsoft, and USAID, functions as a centralized electronic window. Procedures are largely digitized, and company formation can be completed entirely remotely via a power of attorney, without the founder having to travel to Serbia.
What Types of Companies and What Minimum Capital?
In Serbia, several legal forms are possible, but the vast majority of foreign investors choose the limited liability company – « društvo sa ograničenom odgovornošću », abbreviated D.O.O. (equivalent to an SARL/LLC).
Among the main forms:
| Legal Form | Abbreviation | Number of Shareholders/Partners | Minimum Legal Capital | Liability of Shareholders/Partners |
|---|---|---|---|---|
| Limited Liability Company | D.O.O | 1 to 50 | 100 RSD (~1 €) | Limited to contributions |
| Closed Joint-Stock Company | A.D. | 1 to 100 | 10,000 € | Limited to contributions |
| Open Joint-Stock Company | A.D. | > 100 | 25,000–25,500 € | Limited to contributions |
| General Partnership | O.D. | ≥ 2 | No minimum | Unlimited, on the personal assets of partners |
| Limited Partnership | K.D. | ≥ 2 (general + limited partners) | No minimum | Mixed: unlimited for general partners, limited for others |
| Sole Proprietor | PR | 1 natural person | No minimum (but a minimum tax) | Unlimited, confusion of business/personal assets |
| Branch of a Foreign Company | – | Depends on the parent company | No separate capital | Lack of separate legal personality |
The D.O.O. overwhelmingly dominates the landscape, and for good reason:
– Symbolic legal capital: 100 Serbian dinars, approximately 1 €.
– Maximum of 50 shareholders/partners, natural or legal persons, local or foreign.
– Limited liability, simple structure to manage, flexible for SMEs and startups.
The minimum legal capital to form an LLC in Serbia is 100 RSD (Serbian dinars), as confirmed by the law and administrative practice. Although some sources mention 500 €, this is a confusion. In practice, many investors opt for a larger capital to strengthen their credibility with banks, but this remains optional and not a legal requirement.
For joint-stock companies, the thresholds are more standard:
| Type of Joint-Stock Company | Minimum Share Capital | Main Characteristics |
|---|---|---|
| Closed Joint-Stock Company (CJSC) | 10,000 € | Max. 100 shareholders, not listed |
| Open Joint-Stock Company (OJSC) | 25,000–25,500 € | May be listed, over 100 shareholders |
Partnerships (O.D. and K.D.) do not impose a minimum capital but involve unlimited liability for partners, making them unattractive for foreign investors wishing to compartmentalize their risk.
Official Registration Fees with the APR
Company registration in the business registry is done with the APR (or SBRA in English). This agency functions as the Serbian commercial register, with a very detailed fee schedule published in the Official Gazette.
For the registration of a “standard” company (D.O.O., A.D., cooperative, etc.), fees are currently in the range of only a few dozen euros.
Current Fee Schedule (Decision 131/22, valid until 2026)
| Operation | Amount in RSD | Approximate Amount in €* | Method |
|---|---|---|---|
| Company registration (paper) | 6,500–6,780 | ~58–60 € | Paper filing |
| Company registration (electronic) | 5,900–6,150 | ~52–55 € | Online |
| Sole proprietor registration | 1,600 | ~14 € | Paper |
| Branch registration of a local company (per branch) | 3,100 | ~27 € | Paper |
| Company name reservation | 1,600 | ~14 € | Paper |
| Registration certificate (extract) | 1,900 | ~16–17 € | Paper |
The amounts in euros are indicative, calculated using an average exchange rate.
Payments must be made in advance to the APR’s official account (number: 840‑29770845‑52, model 97). It is imperative to use a specific “poziv na broj” (reference number), which must be generated via the online tool provided by the agency.
In addition, there are specific fees for certain operations (recorded in the same official decision): data modification, dissolution, change of legal form, etc.
Upcoming Fee Schedule: Fee Increase from January 1, 2026
A new fee decision provides for a general increase in fees starting January 1, 2026. For a business founder, the order of magnitude remains moderate nonetheless.
| Operation (from 2026) | Amount in RSD | Comment |
|---|---|---|
| Company registration (LLC, A.D., association, etc.) | 8,000 | One-time establishment fee |
| Registration of “special” entities (media, agencies…) | 4,000 | Includes license grant/renewal |
| Data modification or annotation (company) | 4,000 | + 3,000 RSD per additional change |
| Branch registration (per branch) | 4,000 | Same for modification or deletion |
| Change of legal form (e.g., D.O.O. → A.D.) | 8,000 | Per affected company |
| Company dissolution | 4,000 | 2,000 for “special” entities |
| Penalty for late filing of a modification | 6,260 | In addition to modification fees |
| Name reservation/renewal | 2,000 | 1,400 RSD for sole proprietor |
| Registration of share ownership | 500 | Per shareholder/partner |
| Bankruptcy filing registration | 12,000 | 6,000 for micro-enterprises |
Even after this increase, the pure registration cost remains one of the lowest in the region.
Cost of Ancillary Services: Notary, Translations, Legal Assistance
APR fees are only one component of the budget. Expenses related to the preparation and legalization of documents must be added.
Visit to the Notary
The founding act (articles of association / foundation deed) must be authenticated by a Serbian notary. Fees are regulated by an official schedule but vary according to the complexity of the case and the value of the capital.
The observed ranges:
| Type of Notary Fee | Indicative Amount |
|---|---|
| Verification / certification of the foundation deed | ~30–50 € for a standard D.O.O. |
| Overall notary fee range (incorporation) | ~50–200 € |
| Unit cost for signature certification | A few euros per signature |
For joint-stock companies with high capital or complex operations, these amounts can rise, as the fee may take into account the transaction value.
Translation and Legalization of Foreign Documents
If a founder is a foreign company, an extract from the registry of its country of origin is required, along with an official translation into Serbian. Identity documents of individual founders may also require translation, depending on the case.
Overview of common expenses associated with managing a project or activity.
Startup expenses for equipment acquisition, software licenses, or installation fees.
Recurring expenses such as subscriptions, maintenance, consumables, and utilities.
Salaries, social charges, and expenses related to internal or external human resources.
Investment for team skill development via courses, seminars, or certifications.
Budget allocated to unplanned expenses or necessary adjustments during the project.
| Expense Item | Price Range |
|---|---|
| Translation of a foreign registry extract | ~50–100 € |
| Various translations (passports, legal documents) | ~50–300 € depending on language and volume |
| Apostille / legalization | Varies by country of origin |
Translations must be done by a court-sworn translator in Serbia, then often certified by a notary.
Consulting and Intermediation Fees
Formation can be done directly, but many foreign investors use a firm (lawyers, tax advisors, specialized companies) to manage the entire chain: incorporation, obtaining an electronic signature, bank account, registered address, sometimes even residence permits.
Fees are generally in a wide range:
| Type of Service | Typical Cost |
|---|---|
| Simple legal assistance for incorporation | ~250–600 € |
| “All-inclusive” packages (formation + bank + address + e-signature, etc.) | ~500–1,500 € or more (e.g., 589 €, 1,899 €, 2,900 € depending on provider) |
Providers like STATT, HLB TM Consulting, Northbridge Strategy, CompanyFormationSerbia.com, or adriacom offer this type of integrated service.
Qualified Electronic Signature: An Often Underestimated Expense
In Serbia, the qualified electronic signature is not an option: it is mandatory for most online procedures, including:
– electronic company registration;
– filing of annual accounts and tax returns;
– registration of ultimate beneficial owners (UBOs);
– many interactions with public administrations.
An electronic signature certificate is issued by an accredited certification authority. To obtain it, the identity of the applicant, who is usually the company director, must be verified beforehand.
Average costs:
| Obtaining Method | Approximate Cost | Indicative Timeframe |
|---|---|---|
| With the director’s physical presence | ~100 € | Up to ~15 business days |
| Remotely via power of attorney | ~500 € | Includes agent/provider fees |
This item therefore weighs significantly on the initial budget, especially if the founder cannot travel to Serbia and must delegate.
Registered Address: Virtual Office or Physical Premises?
To be registered, a company must have a registered office in Serbia. For most service activities, it is not necessary to rent a full office: a simple registered address or virtual office is sufficient.
Virtual Office: Economical and Legal Solution
The virtual office is expressly permitted as a registered address by the authorities, provided the activity does not require premises open to the public (restaurants, retail stores, schools, etc.).
Typical services:
The official address provides a registration and correspondence point, with mail reception, storage, and forwarding (physical or scanned). It also includes a local phone number (sometimes a fax) and may offer, upon request, additional services like meeting rooms, secretarial services, or document archiving.
Current rates are around:
| Virtual Office Service | Indicative Cost |
|---|---|
| Basic monthly package | ~50–100 €/month |
| “Standard” annual package | ~600 €/year (often advertised as 50 €/month) |
| Promotional offers (some providers) | ~27–39 €/month depending on commitment period |
Several operators (Relocation Serbia, NCR Lawyers, Davinci Virtual, etc.) offer addresses in Belgrade, Novi Sad, or Niš, with slightly higher prices for prestigious business districts.
Renting Physical Offices and Coworking
For activities requiring a physical presence or an on-site team, one must consider renting premises.
– Private offices in Belgrade (center): starting from ~500 €/month.
– Coworking: generally between 100 and 200 €/month per desk.
– Rent per m²: around 8–20 €/m²/month, with peaks at 25 €/m² for prime locations.
These costs remain low compared to many EU capitals, but represent a significant jump compared to a simple virtual office at 50 €/month.
Bank Account Opening: Fees and Timeframes
Opening a business bank account is a mandatory step after registration. It is done with a bank operating in Serbia (Intesa, Raiffeisen, OTP, NLB, etc.), often with multi-currency accounts (RSD, EUR, USD, GBP, CHF).
Banks typically request:
– the APR registration certificate;
– the articles of association / foundation deed;
– identity documents of the director and ultimate beneficial owners (UBOs);
– sometimes documentation showing the ownership chain up to natural persons.
Costs:
| Banking Item | Indicative Amount |
|---|---|
| Account opening fee | 0–300 € depending on the bank |
| Monthly account maintenance fees | Variable, generally modest |
| Potential fees for capital deposit | Small percentage of the deposited amount |
Some banks require the physical presence of the director; others accept a power of attorney. Account opening timeframes range from one week to one month, depending on the bank’s KYC policy.
How Much Does It Really Cost to Create a D.O.O.?
By aggregating the different items, a realistic budget can be estimated for a standard D.O.O., created remotely, with a registered address and outsourced accounting.
Indicative Startup Budget for a Small Service Company (D.O.O.)
| Expense Item | Realistic Range |
|---|---|
| APR registration fees (online) | ~50–60 € |
| Notary (foundation deed, signatures) | ~50–200 € |
| Official translations | ~50–300 € |
| Qualified electronic signature | ~100–500 € (depending on presence) |
| Legal assistance / incorporation package | ~500–1,500 € |
| Virtual office (year 1) | ~600 € |
| Bank account opening | 0–300 € |
| First month of accounting | ~150–250 € |
In practice, several sources converge on a total budget on the order of:
– 1,350 to 2,150 € for a “clean” setup of a small company, including:
– incorporation + legal assistance (500–1,500 €)
– e‑signature (100–500 €)
– virtual office (~600 €/year)
– bank (0–300 €)
– first month of accounting (~150 €)
In addition to incorporation fees, the share capital (even if symbolic) must be provided for, and, if the founder travels to sign, travel expenses. A power of attorney can avoid the latter.
Recurring Costs: What a Company Costs Each Month / Each Year
Creating a company is inexpensive; the real question is: how much does it cost once operational?
Accounting, Payroll, and Compliance
All companies must maintain accounting in accordance with IFRS/IAS standards and file each year:
– annual financial statements;
– corporate income tax return;
– possible audit reports if certain thresholds are exceeded.
In practice, almost all companies outsource their accounting to a local firm.
| Recurring Service | Cost Range |
|---|---|
| D.O.O. accounting (VAT, “normal” operations) | ~250–500 €/month |
| Sole proprietor (PR) accounting | ~150 €/month (starting from) |
| Payroll management (per employee) | ~15–30 €/month |
| Annual audit (if required) | ~10,000–50,000 RSD or more (≈85–430 €) |
Some sources mention entry-level prices starting at 30 €/month, but for a company actually operating, with VAT and employees, one must budget significantly more.
Registered Address and Premises
Registered office costs are structural:
| Item | Indicative Cost |
|---|---|
| Virtual office (address + mail) | ~50–100 €/month (typically 600 €/year) |
| Coworking | ~100–200 €/month per person |
| Private office (Belgrade center) | Starting from ~500 €/month |
For a micro‑company without physical premises, the ” virtual office + basic accounting ” combo represents a base of recurring charges around 200–300 €/month.
Other Operating Costs
Added to these depending on the case:
– personnel costs (salaries, social contributions);
– software subscriptions (ERP, invoicing, CRM, etc.);
– professional insurance, civil liability, multi-risk;
– ad-hoc legal / tax consulting;
– banking fees and payment commissions.
These costs vary greatly by sector; difficult to quantify without a specific scenario, but they remain overall lower than in Western Europe, considering the local cost of labor and rents.
Taxation: How Much Will Your Company Pay in Taxes and Charges?
One of Serbia’s main strengths lies in its relatively simple and moderate taxation.
Corporate Tax, VAT, and Withholding Taxes
| Type of Tax | Rate in Serbia |
|---|---|
| Corporate Income Tax (CIT) | 15% flat rate |
| Standard VAT | 20% |
| Reduced VAT | 10% (basic food, utilities, newspapers…) |
| Personal Income Tax | 10% (basic proportional rate) |
| Dividend Tax | 15% (resident and non‑resident natural persons) |
| Withholding Tax (non-residents) | 20% on dividends, interest, royalties, gains, reduced by double taxation treaties |
| Withholding for entities in tax havens | 25% (20% for dividends) |
VAT becomes mandatory once turnover over 12 months exceeds approximately 8 million RSD (i.e., 68,000–70,000 €). Below that, VAT registration remains optional.
Serbia has double taxation treaties with over 60 countries, which allows for a significant reduction in withholding tax on dividends, interest, or royalties paid abroad, according to the applicable treaty.
Social Contributions and Labor Costs
Social contributions are shared between employer and employee. An indicative summary:
– total contributions (employer + employee) around 31–35% of the gross salary at the employer’s expense (total cost);
– for a gross salary of about 1,350 €, the sum of contributions + tax represents about 65% of the net in one cited example.
In detail, the main contribution rates are:
– pension and disability: ~20.5%;
– health insurance: ~14%;
– unemployment insurance: ~1.5%.
Percentage of possible payroll tax exemption when hiring unemployed persons.
Simplified Regimes and Sole Proprietors
For a sole proprietor (preduzetnik), there is a lump-sum taxation regime that is particularly attractive for freelancers and small activities, with a minimum monthly tax around 80 € in some cases.
Furthermore, a proprietor can be taxed on an actual basis or on a lump-sum basis, depending on the chosen regime and sector. The exact amounts depend on the location, type of activity, and the scales applied by the tax administration.
Tax Incentives and Investment Subsidies
Beyond standard rates, Serbia has implemented an impressive arsenal of incentives to attract productive and innovative investments.
Full Corporate Income Tax Exemption for 10 Years
Companies that:
– invest more than 8 million euros in fixed assets;
– and create more than 100 jobs,
can benefit from a corporate income tax exemption for 10 years, starting from the year they become profitable. This is one of the most generous regimes in the region for large-scale industrial projects.
“IP Box” Regime and R&D
Income from intellectual property (patents, software, etc.) can benefit from an “IP Box” regime:
– 80% of eligible income is excluded from the taxable base;
– which leads to an effective corporate tax rate of about 3% on this income.
In Serbia, research and development (R&D) expenses are eligible for a double tax deduction, significantly reducing the taxable base for companies.
Support for Startups and Innovation
For investments in innovative Serbian startups, a tax credit of 30% of the invested amount is provided, capped at 100 million RSD (approximately 850,000 €). Contribution exemptions also exist for founder‑employers of certain young companies, within salary caps.
Employment and Investment Subsidies
The country also offers direct subsidies for industrial and service projects:
Investor aids in Serbia are managed by the Development Agency of Serbia (RAS). They take the form of co-financing a portion of investment costs (CAPEX) and gross salaries for two years. The amounts and subsidy rates vary by region, with less developed areas offering higher percentages, sometimes reaching up to 40% of eligible salary costs.
For very labor‑intensive projects (200 jobs and more), additional aids can be added.
Free Zones and Special Regimes
Companies located in one of Serbia’s free zones (Pirot, Subotica, Zrenjanin, Kragujevac, Belgrade, etc.) benefit from a favorable customs and VAT regime, notably:
– VAT exemptions on certain commercial operations;
– import/export facilities.
This type of setup is particularly interesting for export-oriented industrial companies.
Procedures and Timeframes: How Long from Idea to Operational Company?
The registration timeframe itself is relatively short. Sources converge on:
– 5 to 7 business days for APR registration, once the file is complete;
– 10 to 30 days for the entire process (registration + bank account opening + UBO registration + first tax registrations).
A typical sequence, with professional assistance, looks like:
An example timeline for company formation in Serbia, based on a standard procedure, could be: Day 1: initial consultation and fundamental decisions (legal form, name, NACE activity code). Days 2–3: legal formalities including drafting and notarization of articles of association, as well as collection and translation of required documents for foreign partners. Days 4–7: electronic filing of the application with the Business Registers Agency (APR) to obtain the registration number, statistical code, and certificates for affiliation to pension (PIO) and health systems. Days 8–15: finalization with opening the company bank account, VAT registration if applicable, obtaining the electronic signature, and registering ultimate beneficial owners with the national registry.
Almost all these steps can be managed remotely with a power of attorney, drastically reducing the time and travel cost for a foreign founder.
Formation Cost: How Does Serbia Compare in the Region?
Compared to its Balkan neighbors, Serbia shows a particularly low entry cost, especially for LLCs.
Some regional benchmarks provided by law firms:
| Country / Region | Minimum LLC Capital | Typical Administrative Formation Cost |
|---|---|---|
| Serbia | 100 RSD (~1 €) | ~50–60 € APR fees + modest notary |
| Republika Srpska (Bosnia) | 0.5 € | ~100–250 € |
| Federation of Bosnia and Herzegovina | 512 € | ~80–100 € |
| North Macedonia | 5,000 € (1 € for simplified form) | ~100–200 € |
| Montenegro | No significant minimum | Actual fees much higher for foreigners |
| Croatia | 2,500 € | >900 € (including 455 € notary + registry) |
| Slovenia | 7,500 € | ~700–2,500 € |
| Bulgaria (EU, comparison) | 2 BGN (~1 €) | Moderate fees, CIT 10%, dividends 5% |
Serbia therefore stands out for:
The legal share capital to create a company in Serbia is symbolically set at 100 Serbian dinars (RSD).
Residence and Citizenship: Related Costs if You Wish to Relocate
One of the advantages often highlighted by providers: the possibility to obtain a residence permit by appointing oneself as director of one’s own Serbian company.
The main points:
– no legally required minimum investment amount;
– you must create an entity, appoint yourself as director/manager, and sign an employment contract with your own company;
– a combined residence and work permit can be obtained, usually for one year renewable.
Direct costs:
Government fees for a residence application amount to approximately 220 €. Legal or immigration assistance fees vary by firm and are often included in packages. Having health insurance covering the stay duration is mandatory.
The processing time is generally 2 to 4 weeks. After several years of residence (3 years of temporary residence, then 3 years of permanent residence), access to Serbian citizenship is possible, but this process follows a different logic and involves additional administrative costs.
“Invisible” Expenses: What Not to Forget in Your Business Plan
Beyond obvious fees (APR, notary, accountant, rent), some items are sometimes overlooked by entrepreneurs when estimating the total project cost:
Main categories of operational expenses and service investments necessary for the functioning and development of a company.
Fees related to digital tools: invoicing, accounting, office suites, web hosting, and marketing tools.
Essential coverages: professional liability insurance, premises insurance, and IT equipment insurance.
Investments in human capital: job postings, selection processes, onboarding, and team skill development.
Costs of financial services: transaction commissions, card fees, and online payment gateway services.
Mandatory authorizations for certain sectors (pharmacy, defense, tourism, media…), including administrative and compliance costs.
Ongoing support: legislative monitoring, international structuring, double taxation treaties, and transfer pricing.
These elements do not cancel Serbia’s competitive advantage, but must be integrated to avoid cash flow surprises.
In Summary: Inexpensive Setup, Highly Competitive Operation
For an entrepreneur considering a service D.O.O. (consulting, IT, e‑commerce, etc.), the order of magnitude is as follows:
– Setup: on the order of 1,350 to 2,150 € all-inclusive (official fees, notary, translations, e‑signature, virtual office, first month of accounting, firm fees).
– Minimum operation (without employees, virtual office, limited activity): about 200–300 €/month for the address and basic accounting.
– Operation with employees and premises: everything depends on the number of employees and m² rented, but the cost of labor and rent remains significantly lower than in France or Germany.
Serbia offers an attractive tax framework with a 15% corporate tax, a standard 20% VAT (reduced to 10% for some products), and various targeted incentives. This makes it a competitive environment in Europe for SMEs and startups. It is crucial to anticipate all costs, visible and hidden, from the project setup phase.
For a French-speaking project holder, the next step usually consists of: defining a clear and detailed action plan to structure the project’s development and achieve set objectives.
– precisely define the business model and the real need for a structure (D.O.O., sole proprietor, branch);
– budget the setup and operating costs for 12 to 24 months;
– then compare this scenario, all costs included, with other possible jurisdictions.
On this ground, Serbia today has strong arguments, especially for digital, technological, and export-oriented activities that can fully benefit from its tax advantages and reduced operating costs.
A 45-year-old French business owner, experienced, with well-structured financial assets in Europe, wanted to diversify his activities by creating a company in Serbia to optimize his taxation and develop a holding or digital services (IT/tourism) activity.
Allocated budget: 50,000 to 100,000 €, covering initial capital, formation fees, and operational setup, without using credit. After analyzing several European and neighboring jurisdictions (Cyprus, Estonia, Serbia), the chosen strategy was to opt for a D.O.O. (limited liability company), the most common and flexible form for non‑residents, with corporate tax around 15% and an advantageous dividend regime according to treaties, combining flexibility and facilitated access to the regional market. The mission included: selection of a promising sector (IT, real estate, or tourism), name check and drafting of articles of association in Serbian, capital deposit in a Serbian bank, company registry registration in 7–15 days, obtaining the VAT number, connection with a local network (lawyer, accountant, registered address ~3000 €/year) and choice of structure (French or Serbian manager). This type of support allows taking advantage of the low formation cost, skilled labor at reduced costs, while controlling risks (language barrier, Franco‑Serbian tax compliance via the anti‑double taxation treaty).
Want to set up a company abroad? Contact us for custom offers.
Disclaimer: The information provided on this website is for informational purposes only and does not constitute financial, legal, or professional advice. We encourage you to consult qualified experts before making any investment, real estate, or expatriation decisions. Although we strive to maintain up-to-date and accurate information, we do not guarantee the completeness, accuracy, or timeliness of the proposed content. As investment and expatriation involve risks, we disclaim any liability for potential losses or damages arising from the use of this site. Your use of this site confirms your acceptance of these terms and your understanding of the associated risks.
Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
