Serbia is a well-known and attractive investment destination and a place to start a new business or to relocate the existing one, either in service industries or manufacturing. The reasons for this are numerous, including highly qualified professional manpower that can be engaged under rather favorable conditions for investors; convenient geographical location close both to supply and major export markets; tax burdens on the low end compared to other European nations and available investment incentives.
However, apart from the typical investors, the country is lately beginning to attract a large number of foreign entrepreneurs, individuals from all over the world choosing to live and work in Serbia, or rather from Serbia. Technological developments have created new or redefined existing jobs and demands and allowed particularly for the technology-assisted work conducted remotely in the number of sectors and industries. Thus, if you have built a startup, or intend to do so, if you plan to provide services online, or engage in business that can be conducted remotely, a time has come to consider a move and relocation of your business to Serbia.
Since profit is always an important motive, one should have in mind favorable tax conditions for entrepreneurs in Serbia. According to our experience, a foreign entrepreneur conducting business from Serbia may, as a Serbian tax resident, achieve more than 30% higher net profit, compared to the scenario where the same activity is carried out from such entrepreneur’s country of origin. Should one add in lower costs of office or living space and lower cost of living in general, even higher net profits may become achievable. In addition, Serbian regulations related to business registration, obtaining residence and work permits are rather liberal, allowing expatriates to fully regulate their status in a short period of time – the entire procedure can take less than a month and a half.
Finally, Serbia prides itself on its rich cultural heritage and allows expatriates to maintain the high quality of life. There is a large expat community, while the numerous international schools and kindergartens allow an easy relocation even for those deciding to move with their families. At the same time, due to a geographical location and excellent connections, most major European cities are within two-hour flight away. Thus, moving to Serbia does not mean business and personal relations with the homeland will be broken, on the contrary.
Considering all above mentioned, it is clear why more expatriate entrepreneurs are deciding to move to Serbia. If the nature of your business allows your work to be conducted remotely, you should consider Serbia as a destination, not only your business, but also as a place to live.
* This article was first published in the Camera di Commercio Italo-Serba newsletter. If you have any questions regarding the above, please contact Živković Samardžić Associate Sava Pavlović (firstname.lastname@example.org), or any of your regular contacts at Živković Samardžić. We are proud members of the Italian-Serbian Chamber of Commerce. You can find more information on the Chamber and subscribe to their newsletter at www.ccis.rs.