Serbia has numerous trading partners all over the world and a wide range of goods available for exports. Opening a company in the import and export sector in Serbia may signify a suitable option for those interested in generating profits in a prolific and well-developed field. For comprehensive support and guidance about how to set up a company in Serbia, our company incorporation agents in Serbia are at your disposal at any time.
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The Serbian trading sector in numbers
According to the statistics, the export field in Serbia generated approximately USD 1390.4 million in January 2018. The main exported goods from Serbia were chemicals and related products (62%), tobacco (62%), manufactured goods (56%) which took the road of Ukraine, Romania, Russia, Korea and many other countries. Serbia is a great exporter of products like rubber, plastics, metals, crops, or food items. As for the import sector in Serbia, the country has solid business relations with Ukraine, Moldova, Romania, Macedonia, or Greece when it comes to the supply of products like manufactured goods, raw materials (100%), non-metallic minerals (66%), and wood (53%). The imports in Serbia in January 2018 represented approximately USD 1799 million.
Knowing the business environment and the successful markets in Serbia can help foreign entrepreneurs set up their companies and generate profits in a fast manner. Our Serbian company incorporation agents can offer in-depth information about the company registration process in Serbia. We can help you set up a limited liability company in Serbia.
Trading partners of Serbia
Serbia has signed numerous double tax treaties which for sure ease the business path with partners, from a taxation point of view. The country’s main import and export partners are mostly EU countries like Romania, Greece, Germany, France, Italy, Hungary, Austria, but also non-EU partners like Turkey, and Russia. China, USA, and Canada are also on the list of countries which have fruitful trading collaborations with Serbia. The top exported goods of Serbia are the electrical machinery, plastics, motor vehicle parts, rubber, cereals, furniture, and copper. As for the imported goods, Serbia receives pharmaceuticals, iron & steel, electrical machinery, oil & mineral fuels.
Serbia imports and exports in figures
The figures for 2019 ranked Serbia 39 out of 157 worldwide countries in terms of economic complexity, according to oec.world. Here are other interesting figures that highlight the trading sector of Serbia:
- • The exports of Serbia summed up around USD 20.5 billion.
- • The imports of Serbia summed up nearly USD 28 billion.
- • Around USD 2,950 represented the exports of Serbia per capita product.
- • About USD 4,040 represented the imports of Serbia per capita product.
Crude petroleum represented most of the imports of Serbia in 2019, worth around USD 1,14 billion, followed by the import of cars (USD 887 million), and packaged medicine (USD 795 million).
In terms of exports, the insulated wire worth around USD 1,49 billion, followed by rubber tires (USD 745 million) took the road of Serbian business partners.
Entrepreneurs from around the world can decide on opening an import and export company in Serbia and can analyze the business market before any operations. Support and assistance in this direction can be offered by one of our company formation agents in Serbia.
Germany, the top export partner of Serbia
Most of the exports of Serbia were directed to Germany, a solid business and economic partner of Serbia. In numbers, nearly USD 2,52 billion were registered in terms of exports between Serbia and Germany, in 2019. The same business partner was implicated in the import sector, with almost USD 1,14 billion worth of crude petroleum from Germany. There is also an important double taxation agreement signed by Serbia and Germany targeting the protection of profits against fiscal evasion and double taxation.
How can I open an import and export company in Serbia?
The formalities of opening a company in Serbia are not complex and allow entrepreneurs to establish a business presence in the country, regardless of the chosen activities. This is also the case of an import and export company in Serbia that can activate under the rules of a limited liability company. Here are the main requirements for an import and export company in Serbia:
- A verification of the future business name must be made with the Serbian Business Registers Agency.
- A private LLC in Serbia can be established with a minimum share capital of EUR1 or RSD 100.
- A director must be appointed for the new trading company in Serbia.
- A Serbia bank account is required.
- The registration for tax purposes and EORI (Economic Operator Registration and Identification) is mandatory.
- Once the company seal is issued, the trading company can start the activities in Serbia and abroad.
The registration process of a trading company in Serbia can be handled by one of our company formation specialists in Serbia. More about Serbia imports and Serbia exports can be discussed with our agents.
What is the EORI number?
The EORI number is the identification number of an import and export company that develops trading activities within the EUR countries. Such a code is normally used for Entry and Exit Summary Declaration, lodging temporary storage declarations, and other important customs activities. The registration for EORI can be done with the help of our Serbian company formation agents, so feel free to talk to us and discuss further details.
Serbia and the free movement of goods
Although Serbia is not part of the European Union, the country must comply with the rules on the free movement of goods. There is an agreement in this regard, and the Combined Nomenclature enters the discussion for the classification of goods. Here are some other details about Serbia and the free movement of goods:
- The Common Customs Tariff of the European Community is applied for each product, according to the agreement.
- Serbia is obliged to communicate any changes in taxes to the European Union. This is valid vice versa.
- Under the same agreement, import duties on industrial products in the Community are abolished.
- In fact, quantitative restrictions on industrial products imported by Serbia from the EU have been removed.
- No customs duties are applied for exports between Serbia and the European Union.
- Agricultural products originating in Serbia, destined for the EU are not restricted in terms of quantity. The same is available vice versa.
- It is important to note that Serbia does not accept trade in products that do not comply with geographical indications, according to the above-mentioned protocol.
Making investments in Serbia
Serbia continues to attract a large number of foreign investments on a yearly basis. Tourism, transport, chemicals, textiles, and electronic industries are quite representative from an investment point of view, meaning that a significant percentage of the total FDIs in Serbia are registered in these sectors. The lack of complexities for the company formation process, the experienced workforce, varied business encouragements available, plus a wide range of business opportunities in all sectors of interest are serious benefits offered by Serbia to international investors who want to generate profits in this country. You might want to explore the following facts and figures referring to the business and economic direction of Serbia:
- About USD 50 billion represented the total FDI stock in 2019 for Serbia.
- More than 56% of the greenfield investments in Serbia were registered in the manufacturing sector for the past 5 years.
- Around 70% of the total FDI stock for Serbia comes from European Union.
- The 2020 Doing Business report ranked Serbia 44th out of 190 economies in the world in terms of ease of doing business.
Frequently Asked Questions
Our specialists have prepared a series of questions and answers to help future entrepreneurs in Serbia to get an idea of the import and export in Serbia. We also remind you that our company formation agents in Serbia can provide the necessary help to those who want to open a business in the trading sector.
1. What are Serbia’s largest exports?
The chemical products and resulting items, tobacco, and manufactured products are Serbia’s most representative exports. Rubber, metals, and plastics are other products exported by Serbia.
2. Which countries does Serbia cooperate with in terms of exports?
Countries such as Romania, Ukraine, Korea, and Russia are among the main exporters of Serbia.
3. What are Serbia’s most representative imports?
Non-metallic minerals, raw materials, and wood are Serbia’s main imports. Oil & mineral fuels are also on the import list of this country.
4. Who are Serbia’s import partners?
Moldova, Russia, Ukraine, Greece, and Northern Macedonia are several partner countries in terms of imports to Serbia. Entrepreneurs from these countries who want to develop an import and export business in Serbia can call on our team of specialists. They can help with all the necessary formalities.
5. Does Serbia also work with non-EU partners?
Of course, Serbia also has good relations with countries such as Turkey, Canada, the United States, and China. Among the exported goods we mention motor vehicle parts, furniture, cereals, and electrical machinery.
6. What is the most imported product in Serbia?
According to statistics for 2019, Serbia imported crude oil, worth about USD 1.14 billion.
7. What is Serbia’s most exported product?
Statistics for 2019 also revealed that insulated wire was Serbia’s most exported product, worth about USD 1.5 billion.
8. Can I open a trading company in Serbia?
Of course, local and foreign entrepreneurs can register a business in the trading sector in Serbia, with simple formalities. LLC is the preferred structure to open a business in Serbia, and our agents can help you with the necessary formalities and documents.
9. Who is Serbia’s largest export partner?
Germany is Serbia’s most important export partner, and this has been analyzed for 2019.
10. What benefits are offered to import and export partners in Serbia?
Serbia has concluded a series of double taxation agreements with many countries around the world, in order to avoid double taxation of profits, but also tax evasion. You can discuss more on this topic with our company formation agents in Serbia.
Why work with our specialists?
Foreign investors who want to do business in Serbia can ask for specialized help from our experienced agents. Our team can handle all the formalities and liaison with the relevant authorities for registering a company. Collaboration with our agents is based on professionalism, confidentiality, and transparency. Therefore, regardless of the investment plans you have for Serbia, it is recommended that you contact us, either by sending your requirements by e-mail or by accessing the free case evaluation.
Foreign entrepreneurs can open companies in Serbia with complete guidance offered by our Serbian company incorporation agents. Please do not hesitate to contact us at any time.