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 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.
BIG Fashion Park
In the capacity of advisor to BIG Israel, CSJ has completed activities on the purchase of 50.000 m2 of land which belonged to company Minel Kotlogradnja Real Estate and is located in Visnjicka Street, next to the BIG Fashion Park shopping mall.
BIG Fashion shopping mall
The Big Fashion shopping mall officially opened, marking the end of the transitional period. CSJ is engaged as the legal representative of the owner of the shopping mall, in charge of solving all issues that may arise in the operating of Big Fashion.
BIG Israel
CSJ announces the signing of the agreement between BIG Israel and Plaza Centers N.V. for purchase of the Plaza Shopping Center in construction in Visnjicka Street, at the location previously occupied by Kombinat Sport. Successful negotiations lasted two months and execution of the agreement is expected by the end of February 2017. CSJ partners Goran Cvetkovic, Mina Skoko and Jelena Jovicic headed the legal team who performed the due diligence and negotiated the conclusion of the agreement.
Law on Payment Services
In focus: On December 18th 2014, the National Assembly of the Republic of Serbia adopted the Law on Payment Services (hereinafter: the “Law”) which entered into force on December 26th 2014. Implementation of the Law is scheduled for October 1st 2015, except for provisions for which the Law provides shall become applicable after accession of the Republic of Serbia to the European Union.
Law on Payment Terms in Commercial Transactions
In focus: the Law on Payment Terms in Commercial Transactions was adopted on December 15th, 2012 by the Parliament of the Republic of Serbia (“Official Gazette of the Republic of Serbia” no. 119/2012 – hereinafter referred to as: the “Law”).