Sitemap

Igor Živkovski, President Of The FIC Legal Committee (Živković Samardžić a.o.d.)

Legal Certainty Entices Investors

The assistance measures adopted by the Government of the Republic of Serbia, the development of which included the participation of the FIC Legal Committee, served to prevent strong negative consequences for the local economy. We will continue working to strengthen the rule of law, which is key to enticing foreign investment.

For the second year since the outbreak of the COVID-19 Pandemic, we again find ourselves between waves of amplified virus activity, albeit with an optimistic view that a sufficient number of people have been vaccinated and the situation will be different this time; that the pandemic has been vanquished and is behind us.

Life is slowly returning to normal, which is also reflected in the economy. In the previous, unprecedented period, the Foreign Investors Council provided unceasing support to its members and led a constant dialogue with the relevant authorities aimed at identifying the best solutions for the extraordinary situation in which the economy found itself, and thereby reduce the negative effects of the pandemic to a minimum.

Alongside the adverse situation in which the Republic of Serbia’s economy found itself last year, it is interesting that growth over 2019 was nonetheless recorded. Statistics published in the annual report of the Business Registers Agency for 2020 show, among other things, that the economy ended 2020 with a positive net result of 433,521 million dinars, up 20.7% on the preceding year. The assistance measures adopted by the Government of the Republic of Serbia, the development of which included the participation of the FIC Legal Committee, took essential steps and prevented strong negative consequences for the local economy.

In parallel with the proposing of these kinds of measures aimed at easing companies’ operations under the conditions of a state of emergency, the FIC Legal Committee also worked on other issues. And it is in this context that we draw attention to amendments to the Companies Act.

There is an existing clear intention of the legislator to amend the Companies Act, with several different drafts having been considered to date, but a final version that would be presented to members of the National Assembly has yet to be prepared. I consider that it would be desirable to eliminate as many referential provisions from this law as possible, primarily those that prescribe to limited liability companies comparable applications of provisions relating to joint stock companies. It is often the case that it isn’t possible to carry out corresponding applications of such provisions (at least not completely), and therefore the possibility arises for different interpretations, which doesn’t contribute to ensuring legal certainty and congruent practice.

The FIC Legal Committee continues to advocate for the improvement of the business climate and to identify, as one of its main priorities, the unification of the practice of state bodies, because it is only through uniform practice and the full rule of law that it is possible to attract a larger number of foreign investments.

The numerous comments and recommendations provided by the FIC Legal Committee with regard to problems in the applying of two key laws – the Law on Foreign Exchange Operations and the Law on the Prevention of Money Laundering and the Financing of Terrorism – have contributed to bringing contentious issues closer to the relevant authorities, and I believe they will contribute to the amending of these two laws to enable them to achieve their purpose and raise legal certainty to a higher level.

Nicolas Marquier, Regional Manager for the Western Balkans at the IFC

Financing the Future

IFC, the largest global development institution, has provided almost $1 billion in financing to Serbia’s private sector over the past six years IFC, as a...

Iosif Vangelatos, General Manager, Inos Balkan

Proud of Tripling Trade Volume

Inos Balkan already possessed extensive expertise in the recycling sector, with its collection and processing centres, while it has today transformed itself successfully to...

Aris Karousos, CEO of Eko Serbia

Drivers Know Why They Choose Eko

Two decades ago, when this company launched its operations in Serbia, the desire was for the EKO brand to become synonymous with reliability, quality...

Danilo Đurović, General Manager, Autotechnica Serbia – Hertz

Introducing Flex Drive

As part of the Autohellas Group, which has been the absolute leader of Greece’s automotive sector since 1974, Hertz is more than just a...

Scholz Champions Western Balkans’ Path to Membership

German Chancellor Olaf Scholz, in Slovenia, advocated for quickening the EU accession for the Western Balkans, underlining the importance...

CEB Grants €1.3 Billion Loans to Boost Social Sectors in 11 Countries

The Council of Europe Development Bank (CEB) has sanctioned loans totaling €1.3 billion for 11 member countries, including Serbia...

Belgrade University Partners with CERN on Future Circular Collider Project

The University of Belgrade has officially become part of CERN's largest scientific endeavor, the Future Circular Collider (FCC) project,...

Kushner Eyes Balkan Luxury Developments in Serbia and Albania

Jared Kushner, closely related to former U.S. President Donald Trump as his son-in-law, is turning his attention to the...

European Parliament Passes Groundbreaking AI Law

The European Parliament has adopted the Artificial Intelligence (AI) Act, aiming to safeguard fundamental rights, democracy, the rule of...