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Coface

Country Report
Country Report for
Investors and Exporters

serbia

July 2008

CREDIT INSURANCE | FA C T O R I N G | I N F O R M AT I O N | R E C E I VA B L E S M A N A G E M E N T
serbia Table of Contents

1. General Information 4

2. Economic Situation 5
Selected Indicators 2004 to 2009 6
Development of the Serbian Dinar vs. the Euro and US Dollar 6

3. serbia and the EU 7

4. Legal Framework & Useful Facts 8


4.1. Characteristics of the Legal System 8
4.2. Overview of Corporate Law 8
Stock Company 8
Limited Liability Company 8
Limited Partnership 9
Partnership 9
Non-commercial partnership 9
Sole Proprietorship 9
Subsidiary, Representation 9
4.3. Accounting and Annual Reports 9
4.4. Overview of Tax and Customs Law 10
Corporate Tax 10
Income Tax 10
Value-Added Tax 10
Excise Duties 10
Real Estate Taxes 10
Communal Taxes 11
General Tax Incentives 11
Custom Duties and Trade Barriers 11
4.5. Litigation 11
Civil Proceedings (Court System) 11
Arbitration Proceedings 12
4.6. Insolvency 12
Insolvency Law 12

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serbia Table of Contents

4.7. Securities 12
Mortgage (Land Register) 12
Pledge 12
Guarantee 13
Assignment of Claim 13
Warranty 13
4.8. Labour Law 13
Work Permits 13
Termination of Employment 13
Social Security Contributions 13

5. Business in serbia 14
5.1. Payment Conditions 14
Payment Performance 14
Instalments 14
Retention of Title 14
Financial System 14
5.2. Collection Procedures 14
Statute of Limitations 14
5.3. Acquisition of Real Estate 15
5.4. Investment Climate 15
5.5. Restrictions on Travel and Residence 15
5.6. Foreign Exchange 15

6. Checklist for Business Operations in serbia 16

7. serbia Online 17

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serbia 1. general information

Form of government: Republic


Area: 88,361 km²
Population: 9.396,411; density: 106 inhabitants / km²
Official language: Serbian
Local currency: 1 Dinar (RSD) = 100 Para
Capital: Belgrade – 1.3 million inhabitants
Major cities and population: Niš 237,000
Priština (Kosovo) 200,000
Novi Sad 192,000
Kragujevac 147,000
Subotica 101,000
Ethnic groups: 82.9% Serbs, 3.9% Hungarian, 1.8% Yugoslavs,
1.2% others
Religion: Majority Serbian-Orthodox; Catholic, Muslim; minority of
Protestant und Jewish
Natural resources: Coal, copper, bauxite, oil and natural gas, agricultural land
Membership in international UNO, IWF, OSCE, EBRD, IBRD, IFC, ICAO, EAN, MIGA, Danube
organisations: agency and Council of Europe

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serbia 2. Economic Situation

In spite of numerous internal political problems, Serbia is


considered to be a successful reform country with the backing
Country-Rating of the international financial community and a consolidated
financial and economic standing. Debt relief sharply reduced the
Coface Rating public sector debt burden, the banking system was restructured
C and privatised, and a suitable framework was established for
investments. Per-capita GDP has reached the level of Romania
and Bulgaria. In general, the country benefits from a skilled, low-
www.cofacerating.com cost workforce. In addition, the commencement of negotiations
for a Stabilisation and Association Agreement with the EU in
October 2005 and the prospect of accession provide further
impulses for this development.

Correspondingly, economic indicators have been good in recent years. The high growth of 8%
recorded for 2004 was neither matched in 2005 with an increase of 5% nor in 2006 with 5.7%. The
sharp increase in wages and the loosening of fiscal discipline have intensified that unfavourable
trend since 2006. However, the GDP is expected to increase at rates well above 5% in the coming
years. The effects of the more restrictive monetary policy options adopted since August 2007 and
the likely slowdown in worldwide demand should be offset by dynamic consumption spurred by
the continuing rise of wages as well as by investments made in recently privatised companies
and increased public spending. The excessively high current account deficit remains one of the
major weaknesses and will be difficult to reduce. Although mitigated by high foreign currency
reserves, foreign exchange risks have increased. Private foreign debt has also been growing
rapidly. Anti-corruption efforts need to be intensified and the reform of legal and administrative
institutions should be continued.

The most important growth sectors are construction and public works, transportation, trade
and financial services as well as electricity and gas supply. Deregulation and a reduction in
the minimum capital requirements for establishing companies have increased momentum in
the corporate sector. The political reorientation has resulted in a steadily increasing flow of
investment into Serbia, whereby the most important investor countries are the members of the
European Union. However, the recent political turmoil has made foreign investors more cautious.
Major deals planned for 2008 include the privatisation of the country’s large oil and gas provider,
NIS, and the second largest insurer DDOR.

The development of trade between Austria and Serbia is strong, with reactors, machinery and
mechanical equipment as the most important export goods (although data for 2007 is not
available). Austrian companies can be found mainly in the banking, insurance and leasing
sectors.

With the re-election of President Boris Tadic and the formation of a coalition government of Liberal
Democrats and Socialists after early parliamentary elections in May, further rapprochement to
the West seems certain. Designated Prime Minister is Mirko Cvetkovic. Problems could arise
externally due to the refusal also of the new government to recognise the Kosovo, and internally
because of taking the Socialists (SPS, Ex-Milosevic-party) into the coaltion.

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serbia 2. Economic Situation

Selected Indicators 2004 to 2009

Key Data 2004 2005 2006 2007(e) 2008(f) 2009(f)


Economic growth (%) 8.4 6.2 5.7 6.5 6.0 6.2
Inflation (%) 13.7 17.7 6.6 7.0 5.9 6.7
Gross fixed capital
n.a.. n.a. n.a. n.a. n.a. n.a.
formation (real in %)
Unemployment (%) 18.5 20.1 19.5 18.8 17.4 18.3
Budget deficit (in % of
0.0 0.0 -1.6 -2.5 -1.0 -0.9
GDP)
Merchandise exports
3,900 4,600 6,500 7,800 9,200 n.a.
(million USD)
Merchandise imports
10,900 10,200 12,700 15,500 17,400 n.a.
(million USD)
Current account
-12.0 -8.0 -11.7 -13.3 -12.7 -13.9
(in % of GDP)
FDI (in % of GDP) n.a. 5.9 14.2 5.3 5.6 5.8
Gross foreign debt
63.2 59.4 62.9 63.0 68.0 63.6
(in % of GDP)

(e) estimate
(f) forecast Sources: UniCredit Group New Europe Research Network, NBH, Coface S.A
n.a. not available

Development of the Serbian Dinar vs. the Euro and US Dollar

Average Exchange Rate 2004 2005 2006 2007 2008(f) 2009(f)


RSD/EUR 72.6 83.2 84.1 80.1 81.5 82.3
RSD/USD 67.0 67.0 73.0 76.8 n.a. n.a.

(f) forecast Sources: UniCredit Group New Europe Research Network, NBH
n.a. not available

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serbia 3. serbia and the EU

The EU entered negotiations for the preparation of a Stabilisation and Association Agreement
with Serbia in October 2005. This represents the most important step taken by Belgrade towards
EU integration to-date and is also a pre-stage for accession, which should take place in 2012.
However, this process has faltered on several occasions, among others because Serbia failed to
comply with the deadline for extraditing the ex-general and alleged war criminal Ratko Mladic
to The Hague. The re-election of President Tadic should ensure continued rapprochement with
the EU, but a worsening of diplomatic relations with some member states and a shift towards
Russia remain possible if anti-EU forces retain their grip on the country. The EU members were
unable to reach a political consensus on signing a pre-membership Stabilisation and Association
Agreement (SAA) with Serbia for many years. In spite of this situation, an agreement was signed
in April 2008 to strengthen pro-western forces before parliamentary elections in May. Progress
on visa liberalisation is uncertain.

Serbia has received financial support under the Pre-Accession Instrument (IPA) since 2007, and
the country was allocated EUR 164.8 million for that year. Since 1991, the total amount granted to
Serbia by the EU under CARDS (formerly OBNOVA) as well as macro-financial and humanitarian
measures amounted to EUR 2.9 billion.

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serbia 4. Legal Framework
and Useful Facts

4.1. Characteristics of the Legal System


Serbia does not have a separate civil code, and civil law is scattered throughout different statutes.
Adaptation to western standards will take additional time, and legal certainty is only guaranteed
to a limited extent.

4.2. Overview of Corporate Law


The new Serbian corporate law took effect in September 2004. The responsibility for registration
of all business entities owned by domestic and foreign companies lies with the Serbian Business
Registration Agency. This change centralised and simplified registration procedures at the
same time. The registration of companies can be completed within ten days from the date of
application, and on-line registration is planned.

Foreign natural and legal persons are treated equally with domestic natural and legal persons.
The four forms of companies discussed in the following are considered to be legal entities.

Legal Business Entity Serbian Name


Stock company Akcionarsko drutvo (a.d.)
Limited liability company Drutvo s ogranienom odgovornou (d.o.o.)
Limited partnership Komanditno drutvo (k.d.)
Partnership Ortako drutvo (o.d.)
Non-commercial partnership No information available at the present time.
Sole proprietorship No information available at the present time.
Subsidiary, branch office No information available at the present time.

Stock Company
A stock company may be private or public. A public stock company is listed on the stock exchange
and has a minimum equivalent capital of EUR 25,000.-. The private stock company is not listed,
has a minimum equivalent capital of EUR 10,000.- and a maximum of 100 shareholders. The
nominal value of each share may not be less than the equivalent of EUR 5.-.

The registration of the company becomes effective with the filing of the articles of association.
Legal entities as well as natural persons may establish a stock company.

Limited Liability Company


The limited liability company is the most common legal form in Serbia. The number of
shareholders is limited to 50 natural or legal entities. Share capital must equal or exceed
EUR 500.-. The owners of the company are liable to the extent of their shareholdings in the
company. Registration takes effect with the filing of the memorandum of association.

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serbia 4. Legal Framework
and Useful Facts

Share capital may be contributed in the form of cash or contributions in kind, such as
equipment, goods, know-how, work and services etc. Shares can be transferred freely between
the shareholders. The existing shareholders have pre-emptive rights if plans call for the sale
of shares to third parties. Shareholders are only liable beyond the value of their shares if the
company is misused for illegal or fraudulent purposes. The founding of a partnership in which a
limited liability company serves as the general partner (similar to the Austrian “GmbH & Co KG”)
is not possible in Serbia.

Limited Partnership
A limited partnership must have at least one general partner and one limited partner. The general
partner is fully liable for the obligations of the partnership; the limited partner is liable only up
to the amount of the agreed contribution. A limited partnership has two or more persons as
partners, and there are no minimum equity requirements.

Partnership
All partners of a general partnership are liable without limit for obligations arising during the
course of business activities. A partnership has two or more persons as partners, and there are
no minimum equity requirements.

Non-commercial Partnership
No information is available at the present time.

Sole Proprietorship
No information is available at the present time.

Subsidiary, Representation
Domestic and foreign companies are entitled to establish one or more branches, but business
activities must be conducted in the name and on behalf of the company. A branch must be duly
registered.

Foreign persons may open a representative office in Serbia, but are not permitted to engage in
commercial activities in the country. Under certain conditions they are exempt from tariffs on the
import of necessary inventory and equipment. The Ministry for External Trade maintains a special
register for representative offices.

4.3. Accounting and Annual Reports


The Law on Accounting and Audits (in effect since December 2002) implemented International
Accounting Standards/International Financial Reporting Standards (IAS/IFRS) for all legal
entities.
Legal entities must submit their financial statements by 28.2. (consolidated financial statements
by 31.3. and approved financial statements by 30.6.) to the National Bank of Serbia. Publication
on the website or in newspapers is mandatory.

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serbia 4. Legal Framework
and Useful Facts

Audits have been mandatory for all medium-sized and large companies since 1.1.2004. Medium-
sized companies must change auditors every five years, large companies every three years.

4.4. Overview of Tax and Customs Law


Serbia belongs to those CEE countries that have introduced a flat tax. In general, Serbia has one
of the most tax-friendly regimes.

Corporate Tax
The corporate tax rate is 10%, which is the lowest in Europe. The tax base is calculated according
to IFRS. Dividends paid to domestic parent companies are exempt from taxation at the subsidiary
level. A withholding tax of 20% applies to rental payments transferred outside the country and
gains on sale earned by non-residents.

Income Tax
Serbia has a two-tier income tax system: The different forms of income are taxed separately
during the year (personal earnings 14%, royalties 20%, income from capital 20%), and total
income is calculated and taxed at an additional rate of 10% at the end of the year. This additional
taxation only applies to foreigners whose earnings exceed ten times the average annual wage per
employee in the republic, and only the excess amount is taxed. For local residents, this additional
tax is only levied when annual earnings exceed four times the average wage per employee.

Value-Added Tax
Serbia was one of the last countries in Europe without a value-added tax (Serbian: PDV). The
new Value-Added Tax Law was enacted on the 1.1.2005, and provides for a standard VAT rate
of 18% and a reduced VAT rate of 8%. Banking transactions and banking services, the sale of
land and rental of apartments and business premises are exempt from VAT without the right to
deduct input VAT. VAT exemption with the right to recover input VAT is available for the export
of goods, transportation services, services performed on temporarily imported goods etc. The
registration threshold is around EUR 50,000.

Excise Duties
Excise duty is paid by producers and importers in Serbia when taxable products are dispatched
from a factory or goods are imported. The products subject to excise duty include petroleum
products, tobacco, alcoholic beverages, artificially flavoured soft drinks and coffee. A new excise
law eliminated discriminatory elements of the taxation of tobacco products and cigarettes
beginning in January 2008. It also established a specific and ad valorem duty on cigarettes, thus
bringing the structure broadly into line with European standards.

Real Estate Taxes


The real estate tax rate is 5%.

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serbia 4. Legal Framework
and Useful Facts

Communal Taxes
No information is available at the present time.

General Tax Incentives


In addition to the extremely low tax rates, other attractive incentives are provided in Serbia.
The previously available investment allowance of 20% on capital goods was raised to 80% for
companies in certain sectors (e.g. automobiles, telecommunications and textiles).

Companies that invest a minimum of RSD 600 mio. (ca. EUR 8 mio.) in tangible fixed assets and
hire at least 100 new employees during the investment period are exempt from taxation for a
period of ten years. Commercial investments are exempt from taxation for five years.

The free trade zones in Serbia are Belgrade, Backa Palanka, Lapovo, Nis, Novi Sad, Pirot, Prahovo,
Sabac, Senta, Sombor, Sremska Mitrovica and Vladicin Han.

Custom Duties and Trade Barriers


Serbia is currently negotiating to join the WTO. 73% of goods are subject to tariffs of 1% to 10%
and 50% to tariffs of 1% to 5%. Serbia has concluded free trade agreements, among others, with
Albania, Bosnia, Herzegovina, Croatia, Macedonia, Romania and Moldavia. Serbia is the only
country outside the CIS that has concluded a free trade agreement with Russia

Industrial-commercial goods as well as agricultural commodities that originate in Serbia are


imported duty-free into the European Union if proof of origin is provided.

4.5. Litigation
Investment law gives equal treatment to foreigners and domestic persons/entities, and foreigners
are no longer discriminated by the national courts. Nevertheless, legal actions should be avoided
because of the length of proceedings. There is no bilateral agreement between Austria and
Serbia for the recognition and enforcement of judgements in civil law matters. Therefore,
contracts should include a provision for arbitration.

Civil Proceedings (Court System)


Civil procedure law is closely aligned with the Austrian civil law regime, but there are differences
in the allocation of territorial and subject matter jurisdictions as well as the legal review system.
Reforms have not been implemented in the area of judicial appointments, and there are
concerns about the extent of political influence over the judiciary. Appellate and administrative
courts have not yet been established. The Supreme Court has had to take over the functions of
an appellate court. The planned enactment of the new Criminal Procedure Code was postponed
until December 2008, and has led to a significant backlog in both civil and criminal cases.

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serbia 4. Legal Framework
and Useful Facts

Arbitration Proceedings
The anticipated arbitration law has not been passed to date, and domestic arbitration proceedings
are rare. However, the Serbian Chamber of Commerce has established an international permanent
tribunal that operates in accordance with western rules. Ad-hoc tribunals are not yet recognised
for domestic disputes.

Serbia has signed the New York Convention on the recognition and enforcement of foreign
arbitral awards.

4.6. Insolvency

Insolvency Law
The new law on bankruptcy took effect on the 1st February 2005. It stipulates an exact period
of time for the start of bankruptcy procedures against an insolvent debtor. An insolvent debtor
is defined as a person who cannot meet payment obligations within a period of 45 days, or who
ceases payments during this same period, or who has announced that obligations will not be
paid, or is unable to pay obligations despite court or tax execution procedures. The Law on the
Agency for Licensing Receivers in Bankruptcy provides for the recovery of insolvent debtors
through a reorganisation plan. Serbian law does not regulate insolvencies without assets.

4.7. Securities

Mortgage (Land Register)


According to the 2004 law on mortgages, a mortgage is the only legally regulated lien on land.
Both in-court and out-of-court realisation are regulated, and the registration of a lien has
constitutive effect. The statutory requirements governing the use of mortgages to finance real
estate development were eased in 2006.

The law on the fiduciary transfer of property provides for assignment as security for immoveable
goods. Title is acquired through recording in a public register with an appropriate notation. The
contract must be concluded in writing and notarised by the court.
Rights to property are acquired through filing with the land register. Instead of an application,
regulations require the filing of legal changes. The land register is open to the public.

Pledge
A recently enacted law on the assignment of moveable goods as security creates the possibility
of a pledge without possession. In this case, the debtor is required to register the secured assets
in a special register. Moveable goods, rights, shares in joint ventures and future assets may be
used as security.

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serbia 4. Legal Framework
AND Useful Facts

Guarantee
No information is available at the present time.

Assignment of Claim
No information is available at the present time.

Warranty
No information is available at the present time.

4.8. Labour Law


Employment contracts not concluded in writing are considered to be concluded for an unlimited
term. The contents of employment contracts are defined by law. The average net salary in Serbia
was approximately RSD 28,000.- in 2007 (approx. EUR 300.-).

Work Permits
Foreigners require a temporary or a permanent residence permit, which is issued by the Ministry
of the Interior, as well as a work permit from the labour office. Furthermore, the jobs for which
foreigners may be employed must be defined in the articles of association of the company.

Termination of Employment
The employer may terminate the contract for valid reason, e.g. lack of ability, behaviour or
general business reasons. Business reasons include technological, economic or organisational
changes or a reduction in the volume of orders.

Social Security Contribution


The rates for mandatory social security contributions are slightly less than 18% of the gross sala-
ry for pension, health and unemployment insurance. Social security contributions are paid by
both the employer and the employee. The minimum base for contributions is 40% of the average
monthly salary and the maximum base is 5-times the average monthly salary.

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serbia 5. Business in serbia

5.1. Payment Conditions


In general, it is advisable to obtain information on credit standing of a partner when entering into
a business relationship. Furthermore, the use of letters of credit, bank guarantees, or full deposit
payments is advisable, in particular with initial deliveries or new customers.

Payment Performance
No information is available at the present time.

Instalments
No information is available at the present time.

Retention of Title
Legal regulations governing the retention of title are defined in the law of obligations. The
retention of title must be stipulated in the sale contract. This retention should be explicitly stated
during customs proceedings, since there is no possibility to re-export imported goods unless by
permitted by the Ministry of Foreign Trade and this permission is rarely granted. It is therefore
advisable to avoid deliveries with retention of title.

Financial System
The system for bank supervision and deposit insurance meets EU standards. The establishment
of a bank by a foreigner in Serbia is not subject to special requirements, provided there is
reciprocity with the foreigner’s home country. The bank requires a license to conduct business.

5.2. Collection Procedures


For information on the collection of default interest and retention of title, see section 5.1. above.
We recommend the prompt referral of outstanding claims to a local collection agent. Coface
Central Europe has an extensive network in the CEE region and cooperates with partners
throughout the world

Statute of Limitations
No information is available at the present time.

5.3. Acquisition of Real Estate


According to the law on basic legal ownership, the acquisition of land and property is generally
permissible for foreign natural persons and legal entities. The only exceptions are certain
restrictions on the acquisition of building sites owned by the government as well as land used
for agricultural purposes. Foreigners who conduct business activities in Serbia must meet two

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serbia 5. Business in serbia

conditions before they can acquire property: The property must be required for business use and
reciprocity must exist with the foreigner’s home country.

Land registration procedures are still under development. The recording of titles in the land
register is still quite complicated because of the unclear ownership structure.

5.4. Investment Climate


The country has a very open attitude to foreign investors. The 2001 Privatisation Act, the 2002
Foreign Investment Act (establishing equal rights between foreign and local investors and
simplifying start-up formalities), record low tax rates and cheap skilled labour make Serbia one
of the region’s friendliest countries for investment. In addition, the law on foreign investments
grants the following rights: repatriation of the investment or the remaining amount in the event
of premature termination; a share of capital and repatriation in the event of liquidation; and the
unrestricted transfer of profits.

The position of Austrian investors is reinforced by a bilateral agreement on the protection of


investments, which was concluded with former Yugoslavia 1989 and adopted by Serbia. Among
others, it guarantees the free transfer of payments in connection with investments.

5.5. Restrictions on Travel and Residence


Foreigners must apply for a residence permit within three days after entry; there are temporary
and unlimited permits as well as business visas. An unlimited permit is only issued in exceptional
circumstances. A business visa is issued for an unlimited number of trips or for the duration of
the engagement.

Citizens of Serbia require a visa to enter Austria.

5.6. Foreign Exchange


The Dinar has been convertible since 2002 and foreign exchange for international settlements
is freely available to individuals and companies. In contrast, rules for the transfer of foreign
exchange are very strict. Foreign currency can be imported into Serbia without restrictions, but
foreigners may export foreign exchange only up to the amount declared at entry. All payments
in Serbia must be made in Dinar and, in some cases, payment in cash is not allowed.

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serbia 6. checklist for Business
Operations in serbia

Corporate law:  Minimum capital limited liability company EUR 500.-


 Minimum capital public stock company EUR 25,000.-
 Minimum capital private stock company EUR 10,000.-
Tax law:  Income tax two-phase, 10% at year-end
 VAT 18% (reduced 8%)
 Corporate tax 10%
 Tax exempt amounts of up to 80%
 Tax exemptions for up to 10 years
Investments:  Equal treatment of foreigners
 Statutory guarantees for the protection of investments
 Bilateral agreement with Austria
Property acquisition:  Only with restrictions
Foreign exchange:  Regulations on the transfer abroad very strict
 FX accounts for foreign legal entities possible
Labour law:  Average salary around EUR 300.-
 Work permit required
 Business-related termination of contracts possible
Customs:  Most tariffs from 1% to 10%
 Numerous free trade agreements
Travel and residence:  Temporary and unlimited residence permits, business visa

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serbia 7. serbia Online

Important Contact Points

Serbia Agency for Investments and Export (SIEPA) http://www.siepa.sr.gov.yu


Serbia Agency for Privatisations http://www.priv.yu
Parliament http://www.parlament.sr.gov.yu
Ministry for Economic Affairs http://www.mpriv.sr.gov.yu
Ministry of Justice http://www.mpravde.sr.gov.yu
Ministry of External Affairs http://www.mfa.gov.yu
Ministry of External Economic Relations http://www.mier.sr.gov.yu
Ministry for Capital Investments http://www.mki.sr.gov.yu
Ministry for Finance http://www.mfin.sr.gov.yu
Stock Exchange Belgrade http://www.belex.co.yu
Chamber of Commerce http://www.pks.co.yu
Country and People http://www.serbia-tourism.org

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CREDIT INSURANCE | FA C T O R I N G | I N F O R M AT I O N | R E C E I VA B L E S M A N A G E M E N T
serbia References

Internet
http://www.ahk.de
http://www.bankaustria.at
http://www.bfia.org
http://www.cofacecentraleurope.com
http://www.dresdner-bank.de
http://www.dsgv.de
http://www.euractiv.org
http://www.raiffeisen.at
http://www.trading-safety.com
http://www.volksbanken.at
http://www.wko.at

Print
 Coface and GMB Publishing Limited: The handbook of Country Risk 2007. A guideline to
International Business and Trade 2007
 European Commission, Progress Report 2007 on Serbia
 Falke, Zum Stand der Insolvenzrechte in Staaten Süd – und Südosteuropas, Wirtschaft und
Recht in Osteuropa, Heft 06/2006, S. 161
 Piuk, Schiedsgerichtsbarkeit in Serbien, eastlex 2005, 159
 Schummer/Stevic, Konzessionen in Serbien als Form der Investition durch Ausländer,
Wirtschaft und Recht in Osteuropa, Heft 02/2005, S. 33
 Vasiljevi, Serbisches Gesetz über Wirtschaftsgesellschaften im Überblick, Wirtschaft und
Recht in Osteuropa, Heft 01/2006, S. 1
 Zwitter-Tehovnik, Beschäftigung ausländischer Personen in Serbien Abgaben- und
sozialversicherungsrechtliche Fragen, eastlex 2006, 19

Imprint
Editor: Coface Central Europe Holding AG, Stubenring 24, 1010 Vienna, Austria; CEO: Martina
Dobringer; Editorial Office: Yvonne Schmidhuber; Establishment: Coface Central Europe Holding
AG, Stubenring 24, 1010 Vienna, Austria; Content: Marcus Klamert.

Copyright and Liability


Coface Central Europe Holding AG (Stubenring 24, 1010 Vienna, Austria) copyright, conditions
of use: you may copy and publish the information on this site provided that you do not make
commercial use of it and clearly indicate that it originates from Coface Central Europe Holding
AG. This information is provided without guarantee and does not bind Coface Central Europe
Holding AG in any way.

The Coface Rating was included in this country report as of 30.6.2008. Coface Central Europe
Holding AG cannot accept responsibility for changes made at a later date.

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Coface Austria & Central Europe

Stubenring 24
Guiding your way trough the CEE region.
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Austria
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