We offer you the opportunity to open a branch of an English or Scottish company in Serbia. In addition, you can acquire a European bank account, which will allow you to withdraw the funds from the parent company to the Serbian branch without any limitations. The registration procedure is completed fully online.
The advantages of getting a Serbian branch for a UK company
The UK’s business structures, such as limited liability companies and English and Scottish partnerships, face stricter regulations. Public registers of beneficial owners have had a negative impact on non-residents due to money laundering concerns. Opening branches of English or Scottish companies in Serbia is a viable alternative, providing a more conducive business environment.
Expanding reach: Serbian branch registration for English and Scottish companies
Why should business owners from the UK choose Serbia for branch registration? Here are some reasons:
- Option to register a branch for an offshore company;
- The Serbian branch can open a local bank account;
- Quick branch registration (1-2 months max) and bank account setup;
- Low branch maintenance costs: no annual renewal fee, affordable legal address rent (starting from 100 EUR per month), and accounting costs (starting from 100 EUR per month);
- There are no residency requirements for branch registration;
- Opportunity to obtain permanent residence in Serbia by establishing a business;
- Serbia’s potential EU accession by 2025;
- Fifty-four double taxation avoidance treaties;
- Remote branch registration (however, a personal visit is required for opening a bank account);
- Established banking system and expertise in financial instruments;
- The branch is registered in the Serbian register and assigned its own TIN but isn’t considered an independent legal entity;
- Opportunity to transfer funds from the parent company to the Serbian account if the British company’s account is closed).
The corporate tax rate on branch profits is 15%, but it is possible to lower effective rates through strategic coordination with the parent company. Serbia offers preferential programs, such as a 3% income tax rate for IT developers creating intellectual property within the country’s borders. Additionally, there are tax breaks for employees in 2024.
Documents for registering a Serbian branch of an English or Scottish company
The following documents are included in the application for registering a Serbian branch of a British company:
- Authenticated passport copies of the company owners and evidence of their residential addresses;
- Limited power of attorney for company registration and account opening. (We will provide a template for your convenience);
- Resolution of a British or Scottish company to establish a branch in Serbia. (We will provide a template to ensure compliance with Serbian legal requirements);
- Extract from the British Register of Companies with an apostille;
- Declaration that the parent company assumes responsibility for the obligations of the branch;
- Apostilled Certificate of Incumbency of the registration agent (dated no more than three months);
- Apostilled original of the Certificate of Incorporation (issued within the last three months);
- Confirmation statement of a Limited Partnership issued by Companies House (UK State Register), the most recent version available with an apostille.
The applicants must submit certified translations of all the documents into Serbian.
You will need proof of an active bank account for the parent UK company, obtainable from the bank or payment system. Strict adherence to seal and signature requirements is essential when submitting documents to the Serbian register.
For the branch’s bank account, if turnover exceeds 50,000 EUR, VAT documents with the responsible person’s signature must be sent to the tax office. Alternatively, funds transferred from the parent company are exempt from this requirement.
Serbian banks have stringent requirements for non-residents, but careful document preparation and pre-approval by the bank can facilitate account opening.
To access more services, consider obtaining resident status in Serbia through company establishment or real estate acquisition. Serbia has followed the CRS banking information exchange standard since 2019.
Opening an account is faster if you visit Serbia in person, especially if you have a personal bank account there.
Costs of establishing and maintaining a Serbian branch for English and Scottish companies
Our service fee for this type of registration starts at 8,500 EUR.
The price includes the following:
- registering a company branch;
- opening a bank account;
- assistance in document registration;
- payment of state fees;
- issuing a registration address;
- acquiring a TIN.
Company maintenance costs start from 250 EUR per month or 3,000 EUR per year, covering a registration address and basic accounting. For the second year and beyond, annual maintenance costs start from 3,000 EUR.
Serbian banks require several transactions to establish trust. Prompt responses to bank inquiries within 24 hours are crucial to avoid transaction freezes or account closure. In cases where quick responses are challenging due to personal reasons, appointing our Serbian office as a backup contact can ensure timely communication with the bank, preserving your account’s integrity.
This service is initially complimentary for critical transactions. However, if declined, maintaining regular contact with the bank is essential to safeguard your account.
The procedure of Serbian branch registration and bank account setup
Step 1
Sending a request to our team.
Step 2
Transferring the payment of the fee (from 8,500 EUR). Additional service costs are determined after a consultation.
Step 3
Submitting the documents for opening the company and establishing the bank account.
Step 4
We initiate the registration of a Serbian branch for your English or Scottish company. Together with opening a bank account, it typically takes 1-2 months.
Step 5
To open a bank account, you have to sign the necessary forms in person. You have the option to visit Serbia or receive the documents via mail, sign them, and send them back. A personal visit to the bank may be required, so please stay updated by consulting with the portal experts.
Step 6
Once the account is opened, you can commence business activities or transfer capital from the parent company.
On SerbiaWealth you can find more information about attractive business opportunities in the country.
