Year: 2018

Deadline for registration in the Central Registry

In view of the recently established Central Registry of Ultimate Beneficial Owners, authorized persons of existing registered entities are obliged to, no later than 31 January 2019, register the data regarding the ultimate beneficial owner in the Central Registry, using a qualified electronic signature. Attached herewith is a bilingual guide which describes in more detail the procedures of registration in the Central Registry.

Law on Amendments and Supplements to the Company Law

Further amendments to the Company Law aim to enable the implementation of measures from the Program for Improving the Position of the Republic of Serbia on the World Bank’s Doing Business Report for the period 2018-2019.

Doing business Serbia

Aviv Park Pancevo

As advisor to BIG Israel, CSJ completed the transaction of buying Aviv Park in Pancevo. Attorneys Goran Cvetkovic and Mina Skoko headed the legal team working on this transaction.

Acquisitions Serbia

Law on Amendments and Supplements to the Company Law

On 1 October 2018, most provisions of the Law on the Amendments and Supplements to the Company Law come into force, while the provisions regulating the cross-border merger and absorption of companies, the European Society and European Economic Interest Grouping shall apply as of 1 January 2022. The main reason for adopting the Law is to harmonize the legal system of the Republic of Serbia with the acquis of the EU in the field of corporate law.

Doing business Serbia

Law on the Registration Procedure with the Cadaster of Real Estate and Utilities

the Law on the Registration Procedure with the Cadaster of Real Estate and Utilities entered into force on 8 June 2018, while the relevant bylaws for implementing the Law shall be rendered within 3 months. The Law aims to establish and maintain an accurate and wholesome record of real estate in order to ensure secure legal transactions, In accordance with this intention, a more simple procedure has been established, as well as short deadlines for state authorities.

Law on Central Registry of Ultimate Beneficial Owners

The main purpose of the Law, which entered into force on 8 June 2018, is the improvement of the existing system of detection and prevention of money laundering and financing of terrorism, and harmonizing domestic legislation with international standards in this field.

Law on Amendments and Supplements to the Law on Foreign Exchange Operations

The new Law’s primary objective is to ensure the free movement of capital that relates to portfolio investments and financial credits and loans with a maturity of less than one year, as well as the harmonization of legislation with international standards in the field of prevention and detection of money laundering and terrorist financing.

Law on Foreigners

The Law on Foreigners, which entered into force on April 3 2018, shall apply from October 3 2018. The main purpose for adopting the Law is to harmonize the national system in the field of controlling the circulation and status issues of foreigners with the directives of the European Union which regulate the specified area.

General Data Protection Regulation of the European Union

In April 2016, the European Parliament and the Council of the European Union adopted the Regulation on the protection of natural persons with regard to the processing of personal data and on the free movement of such data which shall apply starting from May 25th 2018. Although the Republic of Serbia is not a state member of the Union, the Regulation shall be applicable directly to certain business entities in the country.

Law on Amendments and Supplements to the Law on Personal Income Tax

The Law on Amendments and Supplements to the Law on Personal Income Tax has become applicable as of January 1st 2018, unless otherwise indicated. The purpose of the novelties envisaged by the Amendments to the Law is to incite entrepreneurship, eliminate obstacles for initiating and conducting business through the establishment of tax exemption, and reduce the gray market.