When starting a business company in Serbia, as in every country, you will find some challenges.
We are sharing some of them, so you can be completely prepared.
What are the challenges of starting a business in Serbia?
There are a lot of challenges in starting a business in Serbia. The costs of doing business are overall high. And the legal system is really complex as there are having many parts or aspects. Moreover, there is a lack of resources and support available to business owners.
One way to master these obstacles is to find an accountant and a lawyer who can help you file paperwork and get started.
Despite the difficulties, there are so many opportunities for doing businesses in Serbia. Once your determination takes hold, you can start the journey of establishing their own business, thereby leaving a positive mark on the community they serve.
As we speak, be prepared of next:
You need to have in mind that Serbia is still an emerging market.
Against significant progress in economic and administrative reforms, serious problems are still there. These include weak rule of law, political interference in the economy, a slow-moving judicial system, legislative and regulatory unpredictability, real and sensed issues of corruption, an overly complex and occasionally non-transparent bureaucracy, an opaque tendering process, and difficulties in collecting payments from public and private entities. Typically, public procurement is granted based on the lowest cost available. Although it is legally permissible to consider best value, institutions often hesitate to exercise this option due to concerns about transparency. Also, there are apprehensions regarding the inclusion of life-cycle costs, the establishment of fair and transparent tender specifications, and the formulation of tenders that encourage the involvement of eligible vendors.
Overall, the business and investment envirement in Serbia is considered difficult. Requiring caution and patience for success by foreign businesses.
Ongoing improvements in administrative procedures such as customs, business registration, licensing, and e-procurement have improved the business envirement. But, implementation is key. And many government agencies still avoid public consultations or regulatory impact assessments, which can make long-term business planning a big challenge.
If you are looking forward to start a business in Serbia, stay informed with following our page. Link to our page is here.