In accordance with the provisions of the Law on Investments (“Official Gazette of the Republic of Serbia”, Nos. 89/2015 and 95/2018), the Government of the Republic of Serbia adopted the Regulation on Determining Criteria for Granting the Incentives for Attracting Direct Investments (“Official Gazette of the Republic of Serbia”, No. 1/ 2019), which entered into force on January 19, 2019, whereby the earlier Regulation on Conditions and methods for Attracting Direct Investments (“Official Gazette of the Republic of Serbia”, No. 37/2018) ceased to be valid. The Regulation was continuously applied until the end of May 2023.
During May 2023, the Government of the Republic of Serbia adopted two Regulations on Amendments and Supplements to the Regulation on determining criteria for granting the incentives for attracting direct investments (“Official Gazette of the Republic of Serbia”, Nos. 39/2023 and 43/2023) (hereinafter: the “Regulation”), which entered into force May 20, 2023, i.e., from June 3, 2023.
The impression is that the amendments to the Regulation do not lead to major changes in the policy of investment incentives, but it is noticeable that the amendments are aimed at more capital-intensive projects.
In the following, we will provide an overview of the most important issues prescribed by the Regulation:
Who can receive incentives?
From the perspective of the Regulation, the question of whether the investor is owned by a domestic or foreign legal/natural person is not important. According to the Regulation, the investor can be a domestic company registered in the Serbian Business Registers Agency or a foreign company registered in a foreign business register. If the investor is a foreign company, it is necessary to establish a subsidiary company in the Republic of Serbia in order to perform the project, i.e., the subsidiary company will be the beneficiary of incentive funds.
Also, the beneficiary of the incentive funds is obliged to provide a minimum of 25% of eligible costs from their own resources or from other sources which do not contain state aid.
Classification of investors
The Regulation classifies investors according to size:
- Small economic entity – less than 50 employees and annual turnover or total annual balance sheet does not exceed EUR 10,000,000;
- Medium-sized company – between 50 and 250 employees and annual turnover does not exceed EUR 50,000,000 or annual balance sheet worth less than EUR 43,000,000;
- Large economic entity – over 250 employees and annual turnover exceeds EUR 50,000,000 or the annual balance sheet worth less than EUR 43,000,000.
It is important to note that if the investor operates within a group of related legal entities, the size is determined based on indicators at the consolidated level.
Activities for which incentives can be granted
Incentives can be granted to investors for investment projects in the following sectors:
- Production sector;
- Sector of services provided by service centres and support to business operations – services provided by means of information and communications technologies primarily to the users outside of the territory of the Republic of Serbia.
Incentives cannot be granted for realization of investment projects in the following sectors:
- traffic,
- hospitality industry,
- games of chance,
- trade,
- production of synthetic fibers,
- coal and steel,
- mining,
- tobacco and manufactured tobacco,
- arms and ammunition,
- shipbuilding of self-propelled sea-going commercial vessels with more than 100
- gross registered tonnage,
- airport,
- utility business activities,
- energy sector,
- broadband network sector,
- fisheries and aquaculture sector,
- software development except where these projects are aimed at project improvements, production and process or provision of service centers.
What types of incentives can be granted?
Incentives are approved for:
- direct investments – investments in material and non-material assets of companies such as real estate, production equipment, licenses, patents, software and
- employment of new employees, citizens of the Republic of Serbia on an indefinite and full-time basis.
For the purposes of the investment project, the investor determines the amount of eligible costs, and incentives are approved as a percentage of the eligible costs.
The eligible costs are:
- Investments in material and non-material assets starting from the submission date of the application for incentive granting until the expiration date of the period for realization of investment project;
- Gross salaries for the newly employed persons over the period of two years after the achievement of full employment with the beneficiary of incentive funds.
Rental costs of the business premises in which the investment project is realized are recognized as an investments in material and non-material assets, on condition that the rental period from the expiration date of the period for investment project realization is not shorter than five years for the large companies i.e. three years for small and medium-sized companies. Also, the costs related to the acquiring of a leased property, are taken into consideration only if the lease takes the form of a financial lease and includes the obligation to purchase property at the end of the lease period, where the costs incurred under this basis during the realization period of the project.
It is important to note that for the purposes of incentives, only investments in material and non-material assets incurred after the submission of the application for the allocation of funds, as well as the gross salary costs of those employees who were employed after the submission of the application for the allocation of incentives, are eligible. Therefore, in the business plan, the investor presents only those investments and jobs that will be incurred in the future, it is not possible to apply for incentives based on earlier investments.
Also, the agreed salary for each new employee must be at least 20% higher than the minimum salary in compliance with the regulations governing employment.
Investment Projects Eligible for Funds Granting
The Regulation prescribes the minimum amount of investment and the minimum number of employees that the investor needs to employ/invest in order to receive incentives depending on the administrative region unit where the investment is made. The entire territory of the Republic of Serbia is divided into five regions: Belgrade Region, Vojvodina Region, Šumadija and Western Serbia Region, Southern and Eastern Serbia Region and Kosovo and Metohija Region.
Minimum investments for the production sector
| Region | Minimum number of new employees | Minimal investment |
| Belgrade Region | 50 | EUR 500,000 |
| Vojvodina Region | 40 | EUR 400,000 |
| Šumadija and Western Serbia Region, Southern and Eastern Serbia Region and Kosovo and Metohija Region | 30 | EUR 300,000 |
Minimum investments in the projects relating to services provided by service centres:
| Minimum number of new employees | Minimal investment |
| 50 | EUR 150,000 |
Amount of incentive funds that can be granted
- Incentives for the eligible expenses of the gross salary of new employees related to the investment project
The table shows the amount of incentives for the production sector and the projects relating to services provided by service centres in connection with the eligible costs of gross salaries for new employees related to the investment project.
| Region | % of eligible costs of two years gross salaries | Maximum amount per newly opened work position |
| Belgrade Region | 20 % | EUR 2,000 |
| Vojvodina Region | 25 % | EUR 3,000 |
| Šumadija and Western Serbia Region, Southern and Eastern Serbia Region and Kosovo and Metohija Region | 30 % | EUR 5,000 |
- Incentives for eligible investment costs in material and non-material assets
Also, the beneficiary of the incentives implementing the investment project can be granted an increase in the amount of funds from the previous table in the amount of up to 30% of the amount of eligible investment costs in material and non-material assets, as follows:
| Region | % increase in the amount of funds |
| Belgrade Region | 10 % |
| Vojvodina Region | 15 % |
| Šumadija and Western Serbia Region, Southern and Eastern Serbia Region and Kosovo and Metohija Region | 30 % |
Maximum amounts of incentives
The amount of incentive funds calculated and approved in accordance with the Regulation cannot deviate from the maximum amount calculated in the manner and under the conditions established by the regulations governing the conditions and criteria for the compliance of regional state aid.
When determining the amount of funds that can be allocated, cumulation with previously approved state aid is taken into account, in accordance with the regulations governing the control of state aid.
Deadline for Realisation of Investment Projects and employment of new employees related to the investment project
Deadline for realisation of investment projects and for employment of new employees related to the investment project is up to three years from the submission date of the application for incentive funds granting, which can be extended following the conclusion of the agreement on incentive funds granting for up to five years counting from the submission date of the application for incentive funds granting, based on a duly reasoned request of the beneficiary of incentive funds, providing that the Council for Economic Development (hereinafter: “Council”) assesses that the circumstances which have led to the need for the extension of the period are objective and that the extension of the period is legitimate and appropriate i.e. that it will serve to achieve the objectives of the investment and of the economic development in the most efficient way.
If the investment is greater than EUR 5,000,000 deadline for realisation of an investment project is up to ten years from the submission date of the application for incentive funds granting.
Incentive funds granting procedure
The application for the grant of incentives is submitted to the Development Agency of Serbia (hereinafter: “DAS“) on the prescribed form and with the supporting documentation prescribed by the Regulation.
The investor may submit to the DAS a letter of intent relating to the realisation of an investment project. After reviewing the letter of intent, the DAS provides the investor with a legally non-binding notice of the possible level of subsidies granted.
The procedure of granting of incentives ends with the signing of the Agreement on Incentive Funds Granting between the Ministry of Economy of the Republic of Serbia and the investor.
Payment of granted funds shall be disbursed based on a request submitted which shall be delivered to the Ministry of Economy by the beneficiary of the incentive funds, in compliance with the Agreement. Granted funds shall be disbursed in instalments, in compliance with the Agreement and available budget funds. For more detailed information regarding the incentives for attracting direct investment, as well as for complete legal assistance in this regard, please feel free to contact our lawyers in the Corporate/M&A department, Partners Igor Živkovski and Sava Pavlović, or your regular contact person in Živković Samardžić Law Office.
Nova pravila za dodelu podsticaja za privlačenje direktnih ulaganja
U skladu sa odredbama Zakona o ulaganjima („Službeni glasnik Republike Srbije”, br. 89/2015 i 95/2018), Vlada Republike Srbije je donela Uredbu o dodeli podsticaja radi privlačenja direktnih ulaganja (“Službeni glasnik Republike Srbije”, br. 1/2019), koja je 19. januara 2019. godine stupila na snagu, čime je ranija Uredba o uslovima i načinu privlačenja direktnih investicija (“Službeni glasnik Republike Srbije“, br. 37/2018) prestala da važi. Uredba se kontinuirano primenjivala sve do kraja maja 2023. godine.
Tokom maja 2023. godine Vlada Republike Srbije je usvojila dve Uredbe o izmenama i dopunama uredbe o određivanju kriterijuma za dodelu podsticaja radi privlačenja direktnih ulaganja („Sl. glasnik RS“, br. 39/2023 i 43/2023) (u daljem tekstu: „Uredba“), koje su stupile na snagu 20. maja 2023. godine, odnosno 3. juna 2023. godine.
Utisak je da izmenama Uredbe ne dolazi do velikih promena u politici subvencionisanja investicija, ali je primetno da su izmene usmerene ka kapitalno intenzivnijim projektima.
U nastavku ćemo vam predstaviti pregled najvažnijih pitanja koja su regulisana Uredbom:
Kome se mogu dodeliti podsticajna sredstva?
Iz ugla Uredbe, pitanje da li je ulagač (investitor) u vlasništvu domaćeg ili stranog pravnog/ fizičkog lica nije od važnosti. Prema Uredbi ulagač može biti domaće privredno društvo, registrovano u Agenciji za privredne registre ili strano privredno društvo registrovano u stranoj državi. Ukoliko je ulagač strano privredno društvo, neophodno je da osnuje zavisno privredno društvo u Republici Srbiji kako bi izvelo projekat, odnosno zavisno privredno društvo će biti korisnik sredstava podsticaja.
Takođe, korisnik sredstava je dužan da za realizaciju investicionog projekta obezbedi učešće od najmanje 25% opravdanih troškova iz sopstvenih sredstava ili iz drugih izvora koji ne sadrže državnu pomoć.
Klasifikacija ulagača (investitora)
Uredba klasifikuje ulagače prema veličini:
- Malo privredno društvo – manje od 50 zaposlenih i godišnji promet ili ukupan godišnji bilans stanja ne prelazi 10.000.000 EUR;
- Srednje privredno društvo – između 50 i 250 zaposlenih i godišnji promet ne prelazi 50.000.000 EUR ili godišnji bilans stanja ne prelazi 43.000.000 EUR;
- Veliko privredno društvo – preko 250 zaposlenih i godišnji promet prelazi 50.000.000 EUR ili godišnji bilans stanja je veći od 43.000.000 EUR.
Bitno je napomenuti da ukoliko ulagač posluje unutar grupe povezanih pravnih lica veličina se utvrđuje na osnovu pokazatelja na konsolidovanom nivou.
Delatnosti za koje se mogu dodeliti podsticaji
Podsticaji se mogu odobriti za investicione projekte u:
Podsticaji se ne mogu odobriti za investicione projekte u sledećim sektorima
Vrsta podsticaja koja se mogu dodeliti?
Podsticaji se odobravaju za:
- direktna ulaganja – ulaganja u materijalna i nematerijalna sredstva privrednih društava kao što su nepokretnosti, proizvodna oprema, licence, patenti, softveri i
- zapošljavanje novih zaposlenih, domaćih državljana na neodređeno vreme i sa punim radnim vremenom.
Ulagač za potrebe investicionog projekta utvrđuje iznos opravdanih troškova, a podsticaji se odobravaju u procentu od opravdanih troškova.
Opravdani troškovi su:
- Ulaganja u materijalna i nematerijalna sredstva od dana podnošenja prijave za dodelu podsticaja do dana isteka roka za realizaciju investicionog projekta;
- Troškovi bruto zarada za nove zaposlene u dvogodišnjem periodu nakon dostizanja pune zaposlenosti kod korisnika podsticaja.
Kao ulaganja u materijalna i nematerijalna sredstva priznaju se troškovi zakupa poslovnih prostorija u kojima se realizuje investicioni projekat, pod uslovom da period zakupa od dana isteka roka za realizaciju projekta nije kraći od pet godina za velika privredna društva, odnosno tri godine za mala i srednja privredna društva. Takođe, kao ulaganja se priznaju i troškovi zakupa imovine koja ima oblik finansijskog lizinga i sadrži obavezu kupovine imovine na kraju perioda zakupa, s tim što se kao opravdani troškovi priznaju oni troškovi nastali po ovom osnovu u periodu realizacije projekta.
Važno je napomenuti da se za potrebe podsticaja opravdavaju samo ulaganja u materijalna i nematerijalna sredstva nastala nakon podnošenja prijave za dodelu sredstava, kao i troškovi bruto zarada onih zaposlenih koji su zaposleni nakon podnošenja prijave za dodelu podsticaja. Dakle, u biznis planu investitor prikazuje samo one investicije i zapošljavanja koja će nastati u budućnosti, nije moguće konkurisati za subvencije po osnovu ranijih ulaganja.
Takođe, ugovorena osnovna zarada za svakog novozaposlenog mora biti najmanje 20% veća od minimalne zarade u skladu sa propisima kojima se uređuju radni odnosi.
Investicioni projekti za koje se mogu dodeliti podsticaji
Uredbom su propisani minimalni iznos ulaganja i minimalan broj zaposlenih koje je potrebno da ulagač zaposli/investira kako bi dobio podsticaje u zavisnosti od administrativno teritorijalne jedinice na kojoj se vrši ulaganje. Čitava teritorija Republike Srbije je podeljena na pet regiona: Beogradski region, Region Vojvodine, Region Šumadije i Zapadne Srbije, Region Južne i Istočne Srbije i Region Kosovo i Metohija.
Minimalna ulaganja za proizvodni sektor:
| Region | Minimalni broj novozaposlenih | Minimalno ulaganje |
| Beogradski region | 50 | EUR 500.000 |
| Region Vojvodine | 40 | EUR 400.000 |
| Region Šumadije i Zapadne Srbije, Region Južne i Istočne Srbije i Region Kosovo i Metohija | 30 | EUR 300.000 |
Minimalna ulaganja u sektoru usluga servisnih centara:
| Minimalni broj novozaposlenih | Minimalno ulaganje |
| 50 | EUR 150.000 |
Visina podsticaja koje je moguće dobiti
- Podsticaji za opravdane troškove bruto zarada za nove zaposlene povezane sa investicionim projektom
U tabeli je prikazana visina iznosa podsticaja za proizvodni sektor i sektor usluga servisnih centara i podrške poslovnim operacijama u vezi sa opravdanim troškovima bruto zarada za nove zaposlene povezane sa investicionim projektom.
| Region | % opravdanih troškova dvogodišnjih bruto zarada | Maksimalan iznos po novootvorenom radnom mestu |
| Beogradski region | 20 % | EUR 2.000 |
| Region Vojvodine | 25 % | EUR 3.000 |
| Region Šumadije i Zapadne Srbije, Region Južne i Istočne Srbije i Region Kosovo i Metohija | 30 % | EUR 5.000 |
- Podsticaji za opravdane troškove ulaganja u materijalna i nematerijalna sredstva
Takođe, korisniku podsticaja koji realizuje investicioni projekat može se odobriti povećanje iznosa sredstava iz prethodne tabele u visini do 30% iznosa opravdanih troškova ulaganja u materijalna i nematerijalna sredstva, kako sledi:
| Region | % povećanja iznosa sredstava |
| Beogradski region | 10 % |
| Region Vojvodine | 15 % |
| Region Šumadije i Zapadne Srbije, Region Južne i Istočne Srbije i Region Kosovo i Metohija | 30 % |
Maksimalni dozvoljeni iznosi podsticaja
Maksimalni iznos sredstava podsticaja obračunatih i odobrenih u skladu sa Uredbom ne može da odstupa od maksimalnog iznosa obračunatog na način i pod uslovima utvrđenim propisima kojima se uređuju uslovi i kriterijumi usklađenosti regionalne državne pomoći.
Prilikom određivanja visine sredstava koja mogu biti dodeljena, uzima se u obzir kumulacija sa prethodno odobrenom državnom pomoći, u skladu sa propisima kojima se uređuje kontrola državne pomoći.
Rok za realizaciju investicionog projekta i zapošljavanje novih zaposlenih povezanih sa investicionim projektom
Rok za realizaciju investicionog projekta i zapošljavanje novih zaposlenih povezanih sa investicionim projektom je do tri godine od dana podnošenja prijave za dodelu podsticaja, a koji se nakon zaključenja ugovora o dodeli sredstava podsticaja može produžiti najviše do pet godina, računajući od dana podnošenja prijave za dodelu sredstava, a po obrazloženom zahtevu korisnika sredstava, ukoliko Savet za ekonomski razvoj ( u daljem tekstu: “Savet“) oceni da su okolnosti koje su dovele do potrebe za produženjem roka objektivne i da je produženje roka opravdano i svrsishodno, odnosno da se time na najefikasniji način postižu ciljevi ulaganja i privrednog razvoja.
Za ulaganja veća od 5.000.000 EUR, rok za realizaciju investicionog projekta je do deset godina od datuma podnošenja prijave za dodelu sredstava.
Postupak dodele podsticaja
Prijava za dodelu podsticaja se podnosi Razvojnoj agenciji Srbije (u daljem tekstu: „RAS“)na propisanom obrascu i sa pratećom dokumentacijom propisanom Uredbom.
Ulagač pre podnošenja prijave može RAS-upodneti pismo o namerama o realizaciji investicionog projekta, koje sadrži podatke o ulagaču i planiranom investicionom projektu. Nakon pregleda pisma o namerama, RAS ulagaču daje pravno neobavezujuće obaveštenje o mogućem nivou odobrenih podsticaja.
Procedura konkurisanja za podsticaje završava se potpisivanjem Ugovora o dodeli sredstava podsticaja između Ministarstva privrede Republike Srbije i ulagača.
Isplata dodeljenih podsticaja vrši se na osnovu podnetog zahteva koji korisnik sredstava dostavlja Ministarstvu privrede Republike Srbije, u skladu sa Ugovorom o dodeli sredstava podsticaja. Dodeljena sredstva isplaćuju se u ratama, u skladu sa Ugovorom i raspoloživim budžetskim sredstvima. Za detaljnije informacije u vezi sa dodelom podsticaja za privlačenje direktnih ulaganja, kao i za kompletnu pravnu pomoć u vezi sa tim, budite slobodni da kontaktirate naše partnere u Corporate/M&A odeljenju, Igora Živkovskog i Savu Pavlovića, ili Vašu redovnu kontakt osobu u advokatskoj kancelariji Živković Samardžić.