If you are looking for a good place to live, work, or set up a business, take a close look at Serbia. The country is developing at a steady pace, attracting highly skilled professionals, investors, and entrepreneurs from all over the world. You can easily acquire a residence permit, then permanent residence, and finally apply for citizenship. The process will take 5 to 7 years, and you may get an EU passport when it comes to citizenship as the country is about to join the EU. The cost of living and taxes for individuals and legal entities are lower than on average in Europe, which adds to the country’s appeal.
Please visit our portal if you want to know more about what things look like after relocation to Serbia. There are many more articles on Serbia there, so you can have a look at Serbian banking, business, taxation, lifestyle, and so on. Please do not hesitate to get in touch with our expert to discuss your situation – especially if you have little time for extensive reading! The first session is free, and we will help you analyze your needs and preferences and make sure that Serbia is the country for you – or suggest other good options. And if you need our help with any practical issues, we can establish a company for you, open a personal or a corporate bank account, and so on. Click on the link right now to talk to us!
Serbian Economy: Overview
First of all, the country is interested in active development, so it has done its best to attract foreign entrepreneurs and provide advantageous conditions for them. Serbia has a beneficial geographical location between the East and the West, giving you access to numerous markets without additional duties payable. It also provides multiple free economic zones where you can register a company and take advantage of benefits for foreign business owners.
Here are some facts about the Serbian economy:
- The economy has fully recovered after the pandemic and is showing a growth of 2.5%-3.5% a year.
- Foreign investors bring 3 to 4 billion euros to the country on an annual basis, with the largest investors being from the USA, China, Russia, and the EU.
- Serbia boasts a robust banking sector with many excellent local banks and representative offices of numerous international banks.
- There are different tax incentives offered to foreign businesses: tax breaks for IT companies, special economic zones, and so on.
Best Business Spheres
When it comes to choosing a suitable business sphere for you, think first of all about your strengths, financial possibilities, and interests. If you have limited capital, it’s reasonable to set up a real estate agency rather than think of building a plant. However, if you have enough funds to build a plant, it will come at a lower cost than in other European countries.
You can provide services in Serbia in practically any sphere unless you have a very narrow specialization. Set up any business in this field as a sole proprietor or a full-fledged company and provide editing/translation services, and work as a coach, consultant, or personal assistant. The local and international markets are open to you, and you can render services remotely or on-site.
If your diaspora in Serbia is sufficiently large, you can provide customary services in your language, ranging from IT services or business consulting to hairdresser services.
You may choose Serbia as a comfortable home for different reasons, including love for the laid-back lifestyle or stunning nature, mountains or lakes, good location, or staying close to your family. In this case, an online business will be the best way out. Serbia is a good place to engage in design services, software development, e-commerce, SEO services, content projects (YouTube channels, podcasts, etc.), or web development.
This kind of business activity will require more administrative steps to take as you will have to get all permits and licenses, including a license to sell alcohol. However, this will hardly stop you if you have always dreamed of opening a café or s restaurant and you have something to offer! Serbia has a population of almost 7 million people, and you will have a lot of customers who love varied and tasty food among entrepreneurs, investors, and highly skilled migrants from across the globe. All that gives you a chance to succeed!
Your business may also have a different form than a kiosk or a restaurant: you can find customers who need daily rations to be supplied on a daily basis. This is quite a popular business model in developed countries – so why not implement it in Serbia?
Production of Resources
If you are interested in this industry, pay attention to the Serbian power plants, mines, and other large facilities that deal with the extraction and processing of resources. This niche is mostly occupied by large Chinese investors, but you may still find a place for yourself. Resources will always be in demand, regardless of the situation in the world.
There are a few factors that testify to Serbia’s great potential as a production ground for future Europe:
- The cost of the workforce is relatively low.
- There are special economic zones that provide an opportunity for tax reduction, including zero VAT and customs duties, on some products.
- The price of electricity is very low.
The ready-made products can be easily delivered to Serbian locations and beyond as Serbia is a convenient point in terms of transportation. There are some large companies that have their production facilities here (for example, Indesit, a well-known European company).
Import and Export Industry
Serbia is a well-developed commercial hub – even though it has no access to the sea. Special economic zones offer reduced or even zero customs duties, which is the reason why it is often used as a transshipment zone for cross-border trade that connects the East and the West.
In addition, Serbia is a party to numerous agreements that set zero duties (for example, with EU countries), which adds to its convenience for international trade.
Which business is the best to start? It is the one that will bring profit and enjoyment, which is true in any situation. If you want to register a company and open a corporate account remotely, you can do so by providing a power of attorney to us and paying for our services. Click on the link above to get in touch with our experts!