ABOUT SERBIA

Amongst all the countries in Europe, Serbia is a landlocked country located at the crossroads of Central and Southeast Europe. The capital of Serbia is Belgrade, which is the highest populated city in the country and one of the oldest cities in Europe. According to the report of the World Bank, Serbia has been classified as an Upper Middle-Class income Nation. The currency of Serbia is Serbian Dinar (RSD) and the value of Indian currency is currently quite close to that of Serbian Dinar (approximately 1 RSD = 0.83 INR at the time of writing this article). The population of Serbia is approximately 6.69 crores as of 2025. The neighboring countries of Serbia are Hungary, Romania, Bulgaria, North Macedonia, Albania, Montenegro, Bosnia and Herzegovina, and Croatia. The most commonly spoken language in the country is Serbian. The majority of the Serbian population practices Orthodox Christianity, but other religions such as Catholicism, Protestantism, and Islam are also followed. Currently, there are several international airports in Serbia, with Belgrade Nikola Tesla Airport being the main international gateway. Regular flights are available from these airports to various parts of the world, offering convenient air connectivity. While landlocked, Serbia benefits from the Danube River, a major European waterway, which facilitates significant riverine trade through its ports like Novi Sad.

The standard corporate profit tax rate for companies in Serbia is 15%. Opesh Group of companies will be helping you in completing the Due Diligence process which includes financial planning, registration process, business options, and if required, even helping you find a Rental property for your office.

Establishing a business in Serbia has to be done with utmost care keeping in mind the laws of the country. The Serbian Company Law (Zakon o privrednim društvima) clearly outlines the procedures for foreign investors to register a company in Serbia. A foreign investor who is planning to start a business in Serbia can form various types of companies, such as a Limited Liability Company (DOO), Joint Stock Company (AD), General Partnership, or Limited Partnership. A Limited Liability Company (DOO) formed and registered in Serbia allows foreign investors to own 100% of the company in most sectors.

In case an investor is planning to establish a DOO in Serbia or a Joint Stock Company business setup, Opesh Group will be helping you in taking the right decision for setting up your business in Serbia and we will also guide you about how to follow the procedure while formulating your company in Serbia.

Types of Business which can be started in Serbia-

Automotive Industry – Serbia has a strong and growing automotive sector, attracting significant foreign direct investment. Opportunities exist in component manufacturing, assembly, and related services, particularly with the shift towards electric vehicles. Information Technology (IT) – Serbia boasts a rapidly expanding IT sector with a highly skilled and English-proficient workforce. This makes it an attractive destination for software development, IT outsourcing, cybersecurity, and digital transformation services. Agriculture and Food Processing – With fertile land and a rich agricultural tradition, Serbia offers substantial opportunities in modern farming, organic food production, and food processing. There is a strong potential for exporting agricultural and processed food products. Tourism and Hospitality – Serbia’s diverse landscape, historical sites, vibrant cities like Belgrade and Novi Sad, and thermal spas attract a growing number of tourists. Opportunities are abundant in developing accommodation facilities, cultural tourism, adventure tourism, and wellness tourism. Renewable Energy – Serbia is actively working to diversify its energy mix and has significant potential for renewable energy sources, especially hydropower, wind, and solar. The government supports investments in this sector to reduce reliance on fossil fuels. Manufacturing – Beyond automotive, Serbia offers opportunities in various manufacturing sectors due to competitive labor costs and a strategic location. This includes textiles, machinery, electronics, and consumer goods production. Infrastructure – With ongoing investments in transportation networks (roads, railways, and river ports) and other public infrastructure, there are considerable opportunities for construction companies and investors in infrastructure development projects. Healthcare and Pharmaceuticals – The healthcare sector in Serbia is undergoing modernization, creating opportunities for investment in private clinics, hospitals, medical device manufacturing, and pharmaceutical distribution.

Advantages of Starting Business in Serbia-

Serbia has signed Free Trade Agreements (FTAs) with the European Union, Russia, China, Turkey, and other key markets, providing preferential access to a vast consumer base of over 1.3 billion people. Its strategic geographical location in the Balkans, at the crossroads of major European transport corridors (including the Danube River), makes it an ideal hub for logistics and distribution. Serbia offers a competitive business environment with a relatively low corporate tax rate of 15% and various government incentives for foreign investors, including subsidies for job creation and investments. The workforce in Serbia is well-educated, skilled, and multilingual, particularly in technical fields, offering a readily available and cost-effective labor pool. Serbia has a stable macroeconomic environment and has made significant progress in economic reforms, making it a reliable destination for foreign direct investment. The country maintains good political and economic relations with both Eastern and Western countries, allowing for versatile business operations. Serbia operates several Free Trade Zones, offering customs duty and VAT exemptions for goods imported and exported through these zones, providing significant cost savings for businesses.

Business Opportunities for Indians in Serbia-

There are excellent and growing business opportunities in Serbia for new investors who are planning to expand their operations abroad. Serbia actively welcomes foreign businesses and investors, presenting a dynamic market with considerable potential. Indian investors can explore vast business opportunities in sectors such as manufacturing, IT, agriculture, and infrastructure. These sectors have experienced significant growth, attracting considerable investment.

Imports & Exports-

The imports and exports business is an ever-growing sector in any country. However, thorough research and development are crucial to identify suitable products for import or export and to assess market revenue potential.

Major items which are exported from Serbia to India-

Ignition wiring sets for vehicles Copper ores and concentrates Tyres (pneumatic, new, for motor cars) Maize (corn) Flat-rolled iron or non-alloy steel products Refined copper Raspberries (frozen)

Major items which are imported in Serbia from India-

Pharmaceutical products Organic chemicals Textiles and apparel Electrical machinery and equipment Coffee, tea, and spices Machinery and mechanical appliances

Manufacturing-

Many products are imported to Serbia from different countries, which has spurred many investors to set up manufacturing plants in Serbia. Indian investors can consider establishing manufacturing units for automotive components, pharmaceuticals, machinery, and food processing, leveraging Serbia’s competitive labor and strategic location.

IT and Digital Services-

Serbia’s thriving IT sector presents significant opportunities for Indian IT companies to establish development centers, offer outsourcing services, or collaborate on innovative digital solutions, benefiting from the skilled local talent pool.

Agriculture and Food Processing-

Given Serbia’s strong agricultural base and demand for diverse food products, Indian investors can explore opportunities in modern agricultural practices, food processing (e.g., fruit and vegetable processing), and export of agricultural commodities.

Major Indian companies which are currently working in Serbia-

Embassy Group (IT Park development) TAFE (Tractors and agricultural machinery, acquired IMT) CG Group India (Noodle factory) Indian pharmaceutical companies (e.g., through distribution or partnerships, as Serbia imports a significant amount of pharmaceutical products from India).

GDP = $88.9 billion (2024 est.) GDP Growth = 3.9% (2024 est.) Ease of doing business rank = 52nd in Global Innovation Index 2024 (World Bank EoDB index discontinued) GDP per Capita = $13,514 (2024 est.)

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