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Open a Foundation in Serbia

Updated on Monday 18th October 2021

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Open a Foundation in Serbia.jpgCharities or non-governmental organizations (NGOs) in Serbia are non-profit entities meant to collect funds for particular projects. The foundations, the associations and the endowments are three common legal structures or NGOs that can be established in Serbia and that cannot develop partnerships with private institutions or political parties. Foreign investors looking to open a foundation in Serbia can talk to our team of company formation specialists in Serbia and find out information about the requirements in this sense.
 

How is the foundation taxed in Serbia?

 
Because the charities in Serbia have no financial activities and make no profits, these are exempt from any taxation. This means that there is no VAT imposed and no other taxes for humanitarian products that enter from abroad. It is good to know that the Law on Associations 2009 controls the activities of charities in Serbia.
 

How can I open a charity in Serbia?

 
Individuals from abroad, whether entrepreneurs or not, can easily establish a foundation in Serbia without having to worry about a minimum share capital. On the other hand, businessmen interested in establishing an endowment should prepare a minimum share capital of EUR 30,000. We invite you to take a look at a few of the general requirements for opening a foundation in Serbia, with the mention that our Serbian team of company formation agents can help you with the registration formalities:
 
 
  • a foundation can own a property to commence and pursue its activities;
  • it is strictly forbidden to own a property as a member or a manager of a charity in Serbia;
  • at least three natural or legal persons can establish a foundation in Serbia;
  • the wages of the management board must not surpass double the average salary in Serbia.
 
Knowing the general rules for opening an NGO in Serbia will help foreigners decide on the type of foundation they are interested in. We are here to help you register a company in Serbia and also a charity.
 

The difference between a public charity and a private foundation

 
There is a clear difference between public charities and private foundations. While the former cannot make grants and rather deal with charities and provide various services, private foundations not only deal with the specific activities of this structure but may be the subject of grants. Here are other interesting details about the two entities:
 
  • • Most of the funds of a public charity come, as the name implies, from the public. This is where either individuals or government corporations come into play.
  • • Regarding private foundations, the money comes from the people who take care of the respective foundation, and here can be included all the family members or the corporations they manage.
  • • Normally, private foundations do not get involved in fundraising, while public charities do.
  • • If private foundations do not need a board of directors, public foundations must be controlled by such a board, but without family degrees.
 

The activities of a foundation in Serbia

 
The non-profit organizations in Serbia are usually seen in sectors like science, medicine, environmental protection, social child care, education, culture, or sustainable development, but not limited to these. Foundations can establish a series of humanitarian programmes and collect funds as the main activities. It is good to know that a charity in Serbia must register an economic activity as the main purpose of such an entity. Here's what other things you can do with a foundation in Serbia:
 
  • • You can turn your attention to disadvantaged areas and help modernize them.
  • • Education is very important anywhere in the world. If you want to open a foundation in Serbia and get involved in this field, then you can think about implementing technology in institutions that need it.

 

Documents required for a foundation in Serbia

 
Documents required for the registration of a foundation in Serbia include those of the founders, the certificate of registration of the respective entity, legalized copies of passports, and a document attesting to the objectives of the respective foundation. The authorities will also request the notarized version of the Memorandum or Resolution of the foundation and resolution on the establishment in Serbia attesting to the founding documents of the foundation.
 
Therefore, there are a number of documents that can be used to set up a foundation in Serbia. Therefore, you can get in touch with us and discover our services in terms of the registration of a public or private entity.
 
 

Management of charitable foundation

 
Foreigners who want to open a charitable foundation in Serbia must know local laws and abide by them. Regarding the management of such a foundation, it must be supported by a board of directors, either local or foreign citizens. This board may also include founding members, according to Serbian Law. Here are other interesting details about the management of charitable foundation:
 
  • • The chairperson and board of directors are appointed by the founding members.
  • • A charity foundation must also have a managing director. He/she can be from Serbia or another country if he has a residence permit.
  • • A family member or trusted agent may be appointed as the director of the charity foundation in Serbia.
 
If you also want to open a foundation in Serbia and you need help in this direction, we invite you to talk to our team of company formation agents in Serbia. Our specialists can help you with the formalities related to the documents and the registration with the relevant authorities.
 

Serbia, a popular business destination

 
Serbia is a country valued in terms of investment and business climate. The state offers many advantages to those who want to develop their activities and enjoy generous profits. Although not yet part of the European Union, Serbia has developed excellent economic relations with EU member states, also with Turkey and Russia, for example.
 
An economic recovery program has been implemented in Serbia in 2020, and it involves co-financing investment projects involving various companies. They have signed an investment agreement worth about USD 1.4 billion in Serbia, creating more than 5,000 jobs. Here are other interesting statistics about Serbia's economy:
 
  • • Around USD 52 billion represented the total FDI for Serbia in 2021.
  • • According to the 2020 Doing Business report, Serbia ranked 44th out of 190 world economies in terms of easy business conditions.
  • • Serbia is one of the few countries in Europe with the lowest corporate tax rate of 10%.
  • • With a strategic geographical position, Serbia has access to financial and economic destinations all over the world, through the channels created on the Danube, the Adriatic Sea, the Black Sea, and the Mediterranean Sea.
  • • Foreign investors who create jobs in the research and development sector in Serbia can receive incentives of up to EUR 10,000.
 
 
We invite you to get in touch with our team of company formation representatives in Serbia and ask about how you can open a foundation in Serbia.
 
 
 

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Call us now at +381605001680 to  set up an appointment with our company formation specialists from  Balkanski Centar Group. Alternatively you can incorporate your company without traveling to Serbia.

As our client, you will benefit from the joint expertize of local lawyers and international consultants. Together we will be able to offer you the specialized help you require for your business start-up in Serbia.

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