What is the Best Business to Start in Serbia?

Anyone, including foreigners, has the right to make business in Serbia. The country is advantageously located, has a growing internal market, offers access to international markets without additional duties, and provides its own special economic zones. 

What is the best industry to start a business in Serbia?

General Facts About the Serbian Economy

First of all, choose a suitable industry depending on your interests, strengths, and financial possibilities. For instance, if you decide to build a plant in Serbia, the business may be more profitable than in other European countries, but the investments are higher than if you start a design agency.

You should also understand the general situation in the Serbian economy:

• The country’s GDP is on average growing: + 3.5% in 2022, + 6.9% in 2021, and -2.5% in the pandemic-stricken 2020. Before that, the growth made up 2.5-3.5% a year.
• In 2021, direct business investments made up 3.9 billion euros. About 3 billion had been invested by the end of September, 2022.
• The largest business investments come from China, the USA, Russia, and the EU countries.
• Serbia has a developed banking industry and representative offices of many international banks.
• Businesses are offered different tax benefits: relief for IT companies, special economic zones (SEZs), and so on.

It should also be kept in mind that you can create your business in a profitable industry in Serbia, including services, production, or even extraction of raw materials.

Provision of Services

The services industry in Serbia can be represented by practically any specialist, except for those with very narrow specialization. Serbia is considered a state with a transitional economy, and not all kinds of activity typical of developed economies are accessible here.

However, you can engage in any kind of business in this industry (as an individual entrepreneur or a full-fledged company). You can choose translation or editing services, and work as a virtual assistant, consultant, or coach.

You can offer your services on local and international markets and provide them personally or remotely. 

A widespread option is to provide customary services to the diaspora you belong to, ranging from hairdresser’s services to the services of a business consultant in the IT industry.

Business That Does Not Depend on Your Location

You can choose Serbia for a dozen of personal reasons, including a convenient location, proximity to your family, or search for new industries to set up a business. If your business does not directly depend on your location, Serbia may become a comfortable home for you.

Kinds of business that do not depend on location include e-commerce, software development, design services, web development, content projects (podcasts, YouTube channels, etc.), SEO services, and many other things.

Food Industry: Restaurant, Fast Food, Supplies of Products and Meals

Unlike the previous kinds of business, the food industry requires more preparation: obtaining permits and licenses and getting an alcohol license. On the other hand, the country has a population of almost 7 million people, and there are a lot of highly-qualified migrants, entrepreneurs, and investors from all over the world that are used to tasty, varied, and high-quality food. Your business has all chances to be booming!

You don’t need to open a sandwich kiosk or a full-fledged restaurant to launch your business in the food industry: you can directly supply food rations to your clients for a day or week. This business model is quite widespread in developed countries and may be in demand in Serbia.

Resources Production and Extraction Industry

In Serbia, you will find mines, power stations, and other large objects connected with extraction and processing of resources. The industry is being actively developed by Chinese investors, but you may be interested in it as well. Moreover, the past few years have shown that everyone needs resources regardless of the level of economic development.

Production Industry

Serbia can be considered a promising production ground for the future Europe due to several factors:

• Electricity price is one of the lowest ones in Europe
• Special economic zones (SEZs) with reduced taxes and zero VAT and customs duties on some products
• Relatively low cost of workforce

Following the production stage, businesses can supply their products to locations within Serbia or dispatch them to the EU, China, Russia, the USA, and other countries.

Some European companies (for example, Indesit), as well as Chinese and Russian ones, have opened their production facilities here. The list is constantly replenished with new names and brands. In some cases, investments reach billions of euros.

Import and Export Industry

Despite the fact that Serbia has no access to the sea, the country remains useful for the trade industry as a commercial hub. You can import products to Serbia, export the products manufactured in the country, and re-export goods. SEZs and reduced or zero customs duties help Serbia play the role of a transshipment area for international trade by connecting the East and the West, the North and the South.

In addition, Serbia has concluded agreements with many countries to abolish duties (all EU countries, EAEU, and others), which makes the country even more attractive for trade business.

Considering that you can register a company remotely on the basis of a power of attorney and open a bank account within a short period of time, you can make your first transaction in the coming weeks.

Which Business is Good for Serbia? 

Make a business that brings profit and enjoyment to you. This is a good rule for any country, and Serbia is no exception. Of course, Serbia is better than many European countries if you decide to launch production (on the condition that this is your cup of tea). Serbia is also profitable to register trade companies and businesses in the IT industry.

You can register a company in Serbia with a personal visit or remotely. Company registration also gives the right to a residence permit and then permanent residence in the country on a legal basis. 

Contact the experts of our portal to get the answers to all your questions regarding business registration in Serbia by writing to info@offshore-pro.info.