According to the Corporation Act, in a limited liability firm, one or more of the participants possess stakes in the concern’s shareholding, as long as such individuals are not responsible for the business’s debts.
The process for registering an LLC is outlined in both the Corporate Act and the Regulations of the Serbian Commercial Registry. It is among the most alluring organizational models primarily because it requires only a little amount of money (100,000 RSD) and can be established quickly and easily.
Registration of LLC
The following steps must be taken to form an LLC, some of which are required and some of which are negotiable depending on the creator:
- Establishing a foundational deed and having it notarized;
- Investing the starting capital before filing the application form;
- Compiling the required paperwork for the Commercial Registry;
- Establishing a corporate account;
- Filing for tax identification number; and
- Creating a stamp.
Below is more information about these actions:
Founders’ deeds
The law specifies two different forms of establishing acts: (1) the determination act for single-member companies and (2) the contractual deed for multi-member firms.
The following components, as specified by the LRP, must be included in the Foundational Article regardless of its format.
Business name
The corporate name, LLC, and the site must all be included in the firm name. The name must be unique and represent the business activities.
Founder’s data
Deeds must contain the personal name of the creator and their residential address.
Share capital
The statute requires that the whole share capital of the corporation, which must be at least 100 RSD, be disclosed.
Submitting starting capital
To meet these requirements, a special savings account is formed, and the startup money is placed there before being registered with the BRA and creating a savings account. The initial, provisional account is promptly closed after authorization, and the funds are moved from it onto the checking account.
Arranging documents
The next crucial step is to gather all the paperwork required for incorporation with the Business Registers Office. The following papers are required for certification:
- Request application;
- Notarized founding act;
- Identification details of founders;
- Invoice of the registration fee;
- Bank statement to prove the submission of capital; and
- The approved decision on appointing a director.
The incorporation request must be filed within 2 weeks of the day the Establishing Order was notarized. A late filing fee of 6000,00 RSD is due if the request is filed after the deadline. The registry office makes a judgment regarding the licensing and notifies you of it in the subsequent five days.
Establishing a corporate account
A corporation needs a bank account to conduct trade. No matter which bank is selected, the authorized person needs to sign a corporate banking contract with the institution. The following paperwork must also be delivered to the bank for the opening of an account:
- Registration decision;
- Details of founders;
- Tax documents; and
- Clear financial history proof.
Tax registration
The corporation must then file for corporation tax in Serbia to effectively launch its operations in 2022. This is a crucial next stage after Serbian company registration. An auditor is assigned to the company’s headquarters on the day when the taxation request is submitted to confirm the licensing result and the legal grounds for using that site as the company’s headquarters.
Creating a stamp
It is entirely up to the owner whether or not they want to create the corporate stamp. In particular, it is mentioned in Business Act 25 that there is no special statute that can force an LLC to manufacture its stamp.
