Živković Samardžić contributed to the MSI’s ‘Doing business in Serbia’ guide

Conducting business successfully across international borders not only requires detailed knowledge of local laws, tax systems, regulations and customs, but the experience, skills and resources to support business activities on a global scale.

With a successful track record over more than 25 years, MSI Global Alliance is a global association of over 250 independent legal and accounting firms in more than 100 countries. 

Živković Samardžić, as a proud member of MSI, has prepared, together with ZS Tax & Consulting, MSI’s accounting member from Serbia, MSI’s guide on Doing business in Serbia. The guide, available for download at the MSI’s web site, provides current information about the financial, regulatory and legal considerations that could affect business dealings within Serbia. 

Should you need any additional information on the topics discussed in the guide, contact Ksenija Golubović Filipović (ksenija.golubovic@zslaw.rs), Živković Samardžić Partner, or any of your regular contacts at Živković Samardžić.

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Živković Samardžić on the public discussion of the Draft of the Law on Accounting at the Serbian Chamber of Commerce

At the initiative of SMART kolektiv, which was supported by the Koalicija za dobročinstvo (Coalition for benevolence) (LPF) whose members are the representatives of the Živković Samardžić Law Office, Kruna Savović and Nataša Sarić, a public discussion was implemented regarding the Draft of the Law on Accounting, in the period from August to September 2019. In the last year and a half, intensive work was carried out to prepare the draft of the law and the deficiencies shown by the practice of implementing the existing laws during six years were identified through many meetings.

Participants in this public discussion were the representatives of state authorities and institutions, representatives of business associations, such as the Serbian Chamber of Commerce, Foreign Investors Council, American Chamber of Commerce and others, as well as the representatives of auditing and accounting associations and representatives of the academic and civil sector. All participants in the public discussion participated actively and stated their comments regarding the text of the Draft of the Law on Accounting, where during a single public discussion more than 80 different participants submitted their comments regarding the text of the Draft of the Law on Accounting.

The reasons for objections to the Draft of the Law on Accounting submitted by the participants mostly referred to improving the quality of corporate financial reporting and strengthening the trust in financial and audit reports, as well as compliance with the requirements of the new EU regulations and meeting one of the measures for closing chapter six, as well as eliminating the detected deficiencies in existing decisions.

The team consisting of SMART kolektiv and attorneys from the Živković Samardžić Law Office proposed a change to the draft of the law which was adopted in the part referring to non-financial reporting by additional detailing of the obligations of compiling and the manner of compiling these reports. Additionally, the proposal of the team consisting of Smart Kolektiv and Živković Samardžić attorneys stating that other legal entities referred to in Article 2 of the Draft of the Law on Accounting (associations, foundations, endowments, etc.) should still implement special bylaws regulating the Chart of Accounts and the contents and form of financial statements forms, just like in the previous Law on Accounting, was accepted as well.

All mentioned proposals to amend the draft of the Law on Accounting have the purpose to improve the transparency of operation of civil organizations (associations, foundations, endowments) and prevent potential violation of the legal norm.

The law has been in the assembly procedure since 16 September 2019.

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IFLR1000 recognizes Branislav Živković and Miloš Milošević as Highly Regarded Lawyers and Igor Živkovski as Rising Star

IFLR1000 Financial and Corporate 2020 directory has once again ranked Živković Samardžić, one of Serbia’s leading law firms, for its financial and corporate practice as well as recognized Branislav Živković as Highly Regarded lawyer in M&A, Real Estate Acquisitions and Real Estate Finance, Miloš Milošević as Highly Regarded lawyer in Restructuring and Insolvency and Igor Živkovski as Rising Star in Corporate and M&A practice areas in Serbia.

Directory, released by International Financial Law Review, the market-leading financial publication for lawyers specialising in international finance in financial institutions, corporates and private practice, feature tiered rankings of the financial and corporate law firms and lawyers, recognized by their peers and clients to be the leading figures in their specialist areas, in more than 120 jurisdictions across the globe. The editorial for Serbia is available here.

Branislav Živković has been practicing law since 1988 and is a founding partner of Živković Samardžić. His wide-ranging experience covers mergers and acquisitions, joint ventures, privatizations, acquisition and corporate finance, transactional tax aspects, complex commercial contracts and real estate and project finance.

Miloš Milošević joined Živković Samardžić in 2010. He graduated at the University of Belgrade Faculty of Law in 1995 and spent 15 years in the judiciary, as a judicial clerk at the Commercial Court in Belgrade and the Supreme Court of Serbia, Judge at the Fourth Municipal Court in Belgrade and a Civil Law Appellate Chamber Judge at the District Court in Belgrade.

Igor Živkovski graduated at the University of Belgrade Faculty of Law in 2010 and has been with Živković Samardžić since 2013, after six-month internship at the United Nations International Criminal Tribunal for the former Yugoslavia in The Hague and two years with another reputable law firm in Belgrade.

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Živković Samardžić advises Halkbank a.d. Beograd on privacy compliance and records management issues

Živković Samardžić, one of Serbia’s leading full-service independent law firms, has advised HALKBANK a.d. Beograd, subsidiary of Turkish HALKBANK, sixth largest bank in Turkey in terms of assets, on harmonization of their operations with the new Law on Personal Data Protection, which included review of relevant internal documents and policies, as well as the drafting of the new ones, where it was necessary.

Živković Samardžić team that has been working on the assignment closely alongside the HALKBANK a.d. Beograd team, was led by Ana Popović, Partner, Ivan Ljubisavljević, Senior Associate, and Milica Cicmil, Associate.

The privacy compliance was a prevalent business concern in Serbia this summer, due to the fact that the implementation of the new Law on Personal Data Protection, adopted last November and modelled after the EU General Data Protection Regulation (GDPR), has commenced as of August 21th, 2019. Should your company need more information on how to manage data, develop document retention strategies and achieve privacy compliance, contact Ivan Ljubisavljević, Živković Samardžić  Senior Associate, or any of your regular contacts at Živković Samardžić.

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Živković Samardžić Advises Prva TV on Merger with Its Affiliated Company

Živković Samardžić, one of Serbia’s leading full-service independent law firms, has advised Serbia’s national commercial broadcaster Prva TV, subsidiary of Kopernikus Corporation, on merger with Antenna Group Studios, its affiliated company for production and distribution of cinematographic works and television programs. As a result of the merger, Antenna Group Studios ceased to exist and became part of Prva TV.

Kopernikus, which was established in 1998, provides cable television and broadband services through cable and optical Internet facilities. As already reported, Kopernikus Corporation, owned by Mr Srđan Milovanović, acquired Prva TV and O2 TV in Serbia and Montenegro from Antenna Group at the end of 2018.

Prva TV is a Serbian commercial television network with national coverage. Launched on December 31, 2006 as Fox television, the network has since December 2009 to December 2018 been owned by the Greek media company Antenna Group. In March 2012, Prva TV expanded into the Montenegrin television market with the establishment of its sister channel – Prva TV Montenegro.

The Živković Samardžić team that has advised Prva TV on merger with Antenna Group Studios was led by Igor Živkovski, Corporate and M&A Partner.

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Živković Samardžić Advises Hidroelectrica on Winding Up of Its Serbian Subsidiary

Živković Samardžić, one of Serbia’s leading full-service independent law firms, has advised Romania’s biggest power producer, majority state-owned hydro power producer Hidroelectrica, on the winding up of its subsidiary in Belgrade, which was established in 2014.

Hidroelectrica, the most profitable state-owned enterprise in Romania, is a leader in hydro power generation and the major supplier of ancillary services required in the Romanian National Energy System, being a vital company in a strategic sector with implications for the national security. Employing more than 3,000 people, Hidroelectrica owns 208 power plants and pumping stations with a total installed capacity of 6,444 MW and an annual average power production of 14,039 GWh.

In 2018, Serbian state-owned electric utility power company Elektroprivreda Srbije (EPS) has signed an agreement with Hidroelectrica to improve the joint operation of the Đerdap hydropower plant on the Danube river.

The Živković Samardžić team that has advised Hidroelectrica on all legal aspects of the winding up of its Serbian subsidiary was led by Igor Živkovski, Corporate and M&A Partner.

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Živković Samardžić Advises South Central Ventures on Increase of the Share Capital of Its Portfolio Company LeanPay

Živković Samardžić, one of Serbia’s leading full-service independent law firms and market leaders in venture and growth capital, continues to support South Central Ventures (SCV) with their investments in the most promising tech startups in the Western Balkans region. Two months after advising SCV on its investment in LeanPay, a consumer financing Fintech startup that helps people pay for consumer goods on credit / in installments, the funding round has been completed by another share capital increase.

Fintech is still a fragmented industry and since the traditional financial institutions are fairly conservative in their digital transformation processes, the opportunity for such emerging companies with new business models as LeanPay still exists. SCV recognized the blend of technological talent combined with senior banking experience in LeanPay as an excellent opportunity to disrupt this market niche.

SCV manages the Enterprise Innovation Fund (ENIF), a venture capital fund focusing on highly specialised, innovative small and medium-sized enterprises in the Western Balkans. Investors into ENIF are the European Commission (EC), the European Investment Fund (EIF), the European Bank for Reconstruction and Development (EBRD), Kreditanstalt für Wiederaufbau (KfW) together with institutional and private investors from the Western Balkans. The € 40 million fund is dedicated primarily to early stage and growth investments, intended to fuel the international business expansion and growth.

For Živković Samardžić, this transaction marks another step in strengthening its expertise in startups & startup financing and represents its 5th transaction with SCV in the last 3 years.

Živković Samardžić team that has advised SCV on this investment round was led by Igor Živkovski, Corporate and M&A Partner.

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Živković Samardžić Advises South Central Ventures on Investment in Startup LeanPay

Živković Samardžić, one of Serbia’s leading full-service independent law firms, has advised South Central Ventures (SCV) on its investment in LeanPay, a consumer financing Fintech startup that helps people pay for consumer goods on credit / in installments. LeanPay is focused on reinventing Point-of-Sale financing by providing instant and easy installment plans in all sales channels.

With offices in Belgrade, Zagreb and Skopje, SCV, through Enterprise Innovation Fund (ENIF), is focused on tech companies in the Balkans. The € 40 million fund is dedicated primarily to early stage and growth investments. Within the fund’s ‘seed pocket’, € 1.5 million is allocated for investments of up to € 100 000 per company. The majority of the fund is allocated for early stage and growth investments of up to € 3 million per company. These investments are intended to fuel the international business expansion and growth of the most promising tech startups that can show traction and prove their potential to “make it big”.

LeanPay’s solution provides advantages for both consumers and merchants. For consumers, it is easy to see the appeal of LeanPay POS financing. It is instantaneous and digital and can offer greater transparency on the total cost of the purchase, and it provides more flexibility when it comes to paying for goods and services. For merchants, the key selling proposition is getting more customers and higher sales. LeanPay’s solution increases conversion rates by offering consumers intuitive, seamless and error-free loan processes and delivers high approval rates for loan applicants.

Živković Samardžić has supported SCV with their earlier investments in Serbia, including investments in dryTools, City Expert, Alchemy Cloud Inc. and CUBE Risk Management Solutions.

Živković Samardžić team that has advised SCV on the transaction was led by Igor Živkovski, Partner, and included Ana Popović, Partner and Sava Pavlović, Senior Associate.

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Živković Samardžić Wins the 2018 Deal of the Year Award for Serbia

We are pleased to announce that Živković Samardžić has won the 2018 Deal of the Year Award for Serbia for its work on Belgrade Airport privatization.

Organized by the renowned CEE Legal Matters magazine, this is the second year that these awards were held and they are a way of recognizing the biggest and most important deals by leading law firms in Central and Eastern European jurisdictions. A two-tiered panel of leading lawyers from across the region selected winners for 17 different CEE jurisdictions.

The prestigious accolade was awarded on March 28, 2019 at the CEE Legal Matters Deal of the Year Banquet in Budapest. Before an audience of over 90 senior legal professionals from across Europe, Igor Živkovski, Živković Samardžić Corporate and M&A Partner, accepted the award on behalf of the firm.

“It is a huge privilege to receive this prestigious award, which reflects the dedication and commitment our team showed while working on this highly complex deal”, said Mr. Živkovski. “I would also like to congratulate our client, Belgrade Nikola Tesla Airport, and to express our sincere gratitude for the opportunity to work on this landmark project. Last but not least, congratulations to all the winners, as well as the organizers of this amazing event.”

“The significance of that deal was, ultimately, impossible for the two tiers of voters to ignore, and Zivkovic | Samardzic played an important role in making it happen”, said CEE Legal Matters Executive Editor David Stuckey. “We were pleased that the voters recognized the deal’s significance, and personally delighted that Igor Zivkovski from the firm was able to join us at the event and accept it in person. That’s an experience we expect to see repeated many times in the years to come!”

Živković Samardžić team that advised Belgrade Nikola Tesla Airport on this deal was led by Branislav Živković and Igor Živkovski, Partners and Sava Pavlović, Senior Associate.

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Živković Samardžić Advises Astonko, Subsidiary of Kopernikus Corporation, on Voluntary Buyout of Shares Owned by B92 Minority Shareholders

Živković Samardžić, one of Serbia’s leading full-service independent law firms, has advised Astonko, Serbian subsidiary of Kopernikus Corporation, on voluntary buyout of shares owned by 42 out of 43 minority shareholders of B92, a joint-stock company which owns O2 TV, Play Radio and o2tv.rs and b92.net web portals. On the completion of the transaction, Astonko has acquired 99.99% of shares of B92.

Kopernikus, which was established in 1998, provides cable television and broadband services through cable and optical Internet facilities. As already reported, Kopernikus Corporation, owned by Mr Srđan Milovanović, acquired Prva TV and O2 TV in Serbia and Montenegro from Antenna Group at the end of 2018.

B92 was established in 1989 as radio broadcasting to Belgrade audiences and has since grown into a company which includes a national radio and television network and websites. B92 and its journalists have won numerous prestigious international awards for journalistic courage and advocacy of human rights.

Živković Samardžić team that has advised Kopernikus Corporation on buyout of minority shareholders of B92 consisted of Nebojša Samardžić, Branislav Živković and Igor Živkovski, Partners and Sava Pavlović, Senior Associate.

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