The Legal 500

Serbia

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Editorial

Serbia remains gripped by an economic malaise with debt equivalent to 70% of GDP, in addition to which the country was hit by record floods in 2014. Although foreign investment is low and infrastructure projects have been slow to progress, the latter half of 2014 produced a modest uptick in legal instructions. There has been investment from Abu Dhabi in agriculture and commercial development, such as the €3bn Belgrade Waterfront project. New laws require the privatisation of approximately 500 state-owned companies to be completed by the end of 2015 and the need for private companies to sell assets to repay debt will provide private equity investment opportunities. Kohlberg Kravis & Roberts made its first investment in Southeastern Europe (SEE) in 2014 when it acquired cable and satellite operator SBB/Telemach from Mid Europa Partners; the bidding process and regional deal, co-ordinated from Serbia, provided work for numerous law firms. Also in the headlines is the sale of troubled Hypo Alpe-Adria-Bank’s entire Balkan business.

Serbia’s small but competitive legal market is led by a handful of sophisticated, domestic firms competing for international transactions with the large CEE/SEE regional players. Among the home-grown talent, Karanovic & Nikolic has led the way in Balkan expansion and competes head-on with global firms such as CMS.

Firms in the spotlight

TSG - Tomic Sindjelic Groza
www.tsg.rsm

TSG law office Tomic Sindjelic Groza is one of the leading national law offices in Serbia with an international orientation. It provides services to national and international clients in Serbia in English, German, Russian and Serbian. The law office was founded in 2000 by a group of Serbian lawyers of the younger generation with international education. Today this law office is known in the market for providing to its clients highly efficient services with a personal and experienced touch.

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Legal Developments in Serbia

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • Serbia Adopts Law on Conditions for Secondment of Employees Abroad and their Protection

    The Parliament of the Republic of Serbia adopted the Law on Conditions for Secondment of Employees Abroad and their Protection (the “Law”). The Law will be applicable two months following its coming into force, i.e. 13 January 2016.
  • Amendments to Macedonian Labour Regulations

    Pursuant to recent labour regulation amendments, an employer could be released from the obligation to pay mandatory social contributions ( "Contributions" ) for the hired replacement of an employee on a maternity leave, if certain conditions are met. The main intention of these amendments is to increase the protection of female employees and to decrease the risk of termination of an employee due to pregnancy. In order to rely on this exemption, the employer must:
  • Croatia: The New Bankruptcy Act Aims to Accelerate Bankruptcy Proceedings and Resolve Non-Liquidity

    The recently adopted Croatian Bankruptcy Act (" SZ ") [1] sets out a new integrated pre-bankruptcy and bankruptcy regime. SZ has entirely replaced the previous bankruptcy act that was in force for 18 years, as well as provisions regulating pre-bankruptcy settlement proceedings prescribed under the Act on Financial Operations and Pre-bankruptcy Settlement [2] . read more
  • New regulation on reporting of credit operations with non-residents in Macedonia

    The National Bank of the Republic of Macedonia (“NBRM”) has adopted a new Decision on the Manner and Terms of Recording and Notification of Executed Credit Operations (“Decision”), which applies to credit operations of Macedonian residents with non-residents. This Decision was adopted at the beginning of October, and came into force on 1st November.
  • Macedonian ‘Safe Harbour’ agreement ruled invalid by the European Court of Justice

    On 6 October 2015, the European Court of Justice deemed the “Safe Harbour” agreement that allowed for the transfer of personal data from the EU to the US to be invalid. The “Safe Harbour” agreement was concluded in 2000 between the European Commission and the US government and essentially guarantees protection of personal data transferred by American companies from the EU to the US. In practice, it allowed companies (such as Facebook, Google, Apple etc.) to self-regulate the protection of EU citizens’ data in carrying out exports to US data centres.
  • New Law on Consensual Financial Restructuring

    As of 3 February 2016, the new Law on Consensual Financial Restructuring (“Law”) will introduce an improved framework for voluntary debt restructuring in Serbia (“Restructuring”). The Law was adopted as a part of a national strategy to address the increasing number of non-performing loans in the country, which was adopted in August 2015 (“Strategy”).[1] The Law will replace the existing Law on Consensual Financial Restructuring of 2011, which produced modest results in practice.
  • The Rulebook Governing VAT Registration of Foreign Entities Enacted

    In accordance with the latest amendments to the VAT Law, the Ministry of Finance has adopted a Rulebook on the Manner and Procedure of Approving Tax Representation for the purpose of Value Added Tax ( Rulebook ). The Rulebook outlines the procedure and documentary requirements for VAT registration of foreign entities in Serbia.
  • Serbian Competition Commission Intensifies Enforcement

    The Serbian Commission for Protection of Competition did not seem to relax much during the summer months, actually intensifying efforts to enforce competition law by launching several investigations.
  • New Personal Income Tax Law in the Republic of Srpska

    On 16 July 2015, the Parliament of Republic of Srpska (“RS”) adopted a new Law on Personal Income Tax (“Law”) which came into force on September 1st 2015.
  • Law on Conversion Adopted in Serbia

    On 28 July 2015 the newly enacted “Law on Conversion” (the “Law ”) which sets out the procedure for converting the right of use into ownership rights over construction land for a fee (the “Conversion ”), will come in force.

Press Releases worldwide

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to