The new Decree on Conditions for Issuing Extracts from the Ordnance Survey, Real Estate and Land Registry Information System, by Notaries Public and Surveyors (“Decree“) cuts through another piece of red tape – the need to apply exclusively to the Republic Ordnance Survey Authority for folio extracts. However, the Decree is a source of some controversy in terms of application. Will the Decree see us spend even more time queuing at counters and in consultation with experts? The main innovations under the Decree are: When disposing of real estate and concluding other transactions before notaries, parties will no longer have to obtain a folio […]
Details
The New Public Procurement Act (“new Act”) was adopted in December 2019 and came into force on January 1, 2020. The key objectives of the new act are increased transparency within the public procurement procedure, elimination of the administrative burden and increased competition between the participants in the procedure. If conducted legally, the public procurement process should result in the acquisition of the highest possible quality of goods or services for the lowest possible price. However, collusion between bidders, i.e. “bid-rigging”, eliminates genuine competition and hinders the interests of both purchasers and taxpayers. Bids can be rigged through secret coordination […]
Details
The development of the judiciary is one of the key priorities for the Republic of Serbia. It is a permanent process of modernization and harmonization of the judiciary with the needs of the state and society, in order to ensure rule of law and enhance legal certainty. In line with this, on July 10, the Government of the Republic of Serbia, adopted Judicial Development Strategy for the time period between 2020 and 2025 (“Strategy”), as well as the revised Action Plan for the Chapter 23 (“Action plan”). We would also like to point out that AmCham Serbia, of which Gecić […]
Details
One of the foremost business publications in Serbia, CorD Magazine featured in its latest edition, a joint interview with Terri Peper Gavulic of TerraLex and our managing partner Bogdan Gecić, revealing all the innovative initiatives we’ve been continuously working on, to offer our clients the utmost benefits and global support in a pandemic stricken world. Our story with TerraLex begins in 2017, when we joined this elite legal network as the only local member for Serbian and Montenegrin jurisdictions, taking a step forward in our global aspirations and business standards. Since then, we have collaborated on a variety of exciting projects, such as […]
Details
Traveling the world, being part of the global digital community, earning a living in far-flung destinations… Almost everybody has at least once fantasized about living the life of a digital nomad. However, is it as simple as it seems at first glance? Catching Up with a Term… Digital nomads are location-independent workers that avail of amazing technological innovations and modern culture to work remotely. As technology has dramatically reshaped the work environment, swapping the office for some distant destination is becoming a reality for many. Key to this digital nomad lifestyle is the ability and the flexibility to work remotely. […]
Details
The amazing results of the US-brokered economic normalization talks between Belgrade and Priština in Washington DC on September 4 made major political (and legal) waves, but one specific point made the Balkans and broader European business community hopeful, even in these dire and uncertain pandemic times. The U.S. International Development Finance Corporation (DFC) “is opening its first and only office outside of the United States in Belgrade”, according to Damon Wilson, the Executive Vice President of the Atlantic Council. As announced in a tweet by Adam Boehler, DFC’s CEO, his team is set to arrive in Serbia on September 21 […]
Details
Everyday life in the 21st century is awash with change, change mostly dictated by modern technologies and their constant evolution. Mobile payment apps are the latest (and most innovative) addition to the stable of convenience services, allowing users to pay quickly and securely. The COVID-19 pandemic has pressed home the advantages of paying through mobile phone apps, considering that this method of payment minimizes physical contact between merchants and customers, Apple Pay, a mobile payment application, was launched in Serbia at the end of June 2020. We spoke with Nikola Mehandžić, Business Development Director for the Western Balkans at MasterCard, […]
Details
Natural persons and companies in Serbia have a large number of disputes, covering all areas of business and legal life, including disputes over intellectual property rights. Resolution of these disputes is usually sought in court, however, there are also alternative solutions. As an alternative dispute resolution mechanism, arbitration could resolve disputes more quickly, in a more efficient way, and at a lower cost, compared to a resolution sought in courts. Prompt resolution of disputes before the arbitration is possible thanks to electronic correspondence, strict deadlines, and the limited number of hearings through which a resolution can be achieved so that […]
Details
Money laundering – a crime that is not victimless In a globalized world where modern technology allows the rapid flow of funds, fighting money laundering has never been a more important and urgent need. Trillions of dollars are laundered each year and these funds fuel serious organized crime activities such as drug trade, sexual exploitation, human trafficking, terrorism, etc. Money laundering is far from a victimless crime, and, moreover, it harms society in a more perfidious manner than other crimes. The Financial Action Task Force (“FATF”) is the leading global money laundering and terrorist financing “watchdog”. As a policy-making body, […]
Details
On July 29, 2020, the Slovenian Supreme Court (“Court“) reached a decision by which it ordered that the Slovenian Competition Protection Agency (“AVK“) shall restore the Croatian Agrokor d.d.’s shares in the Slovenian retailer Mercator. In its press release, the AVK stated that the decision by which it ordered the withdrawal of shares held by Agrokor was rendered in accordance with Article 201 of the Slovenian Misdemeanor Act (Zakon o prekrških) in 2019. Article 201 enshrines that anyone’s property may be confiscated in cases there is likelihood of the perpetrator hiding or fleeing the country during the procedure before the […]
Details