Corporate Law Serbia

18 May 2022

Gecić Law Talks About Receivables Management with SMEs

Our colleagues Danica Misojčić, senior associate and Suzana Dončić, associate, led an interesting webinar yesterday, titled “Successful Accounts Receivable Management – Successful Business” where they gave an interactive and practical overview of this very important aspect of everyday business. The topic sparked the interest of micro, small and medium business owners and managers across the country, who were eager to learn more about an area crucial for the vitality of their businesses. The webinar was held as part of the „SDGs for All“ platform, which aims to strengthen the knowledge and capacities of micro, small and medium enterprises in the […]

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08 Apr 2022

Ognjen Colić Talks M&A at the Faculty of Law

Our Partner and Head of Corporate M&A practice Ognjen Colić captured the imaginations of the students of the Faculty of Law in Belgrade yesterday as he delivered an interactive guest lecture focusing on mergers and acquisitions.  He gave the students a comprehensive overview of this fascinating field using examples and anecdotes from his rich experience in the field. Ognjen explained the key processes and negotiations that are crucial during a merger or acquisition.  Between due diligence, drawing up contracts, and signing and closing, he explained that legal teams must be meticulous and systematic in their approach. As Ognjen said, “Lawyers […]

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21 Mar 2022

ESG and Football

Football fans around the world know which football clubs are in the top divisions in their respective leagues but do they know which football clubs are in the Environment, Social, Governance (‘’ESG’’) top division? ESG has become increasingly important for every industry in the world, so it comes as no surprise that ‘’the most important secondary thing in the world’’ is also largely influenced by ESG.  Clubs have adopted ESG strategies in their businesses to show their commitment to sustainability within their communities. Football clubs have large profits. Meanwhile, ESG is financial in its essence. The concept underlines that responsible […]

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14 Mar 2022

The “G” in ESG

’’Good corporate governance, it’s about being proper and prosper.” Toba Beta Environmental, social and governance (ESG) factors are increasingly being used by investors looking to assess the sustainability and risk profile of companies. Governments worldwide are taking part in this ESG focus, with new legislation being introduced to build the foundations and provide a legal basis to ESG. We have already written about the importance of ESG when assessing the market performance of a company which is supported by a growing number of research and data analyses. In previous articles, we have covered the “E” and “S”, with the letter […]

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14 Feb 2022

Legal Novelties in the Registration Procedure before SBRA

At the very end of 2021, amendments and supplements[1] were adopted to the Act on Registration Procedure with the Serbian Business Registers Agency[2].  The implementation of certain provisions has been delayed by 12 or 18 months, respectively.  The legislator’s main motive for the amendments is the time and cost-efficiency of registrations before the Serbian Business Registers Agency (“SBRA”), as well as to continue implementing the administration of the digitalization policy, in this case with the SBRA. Digitalization is certainly the key catalyst for innovation, modernization and economic growth and development.  The most significant changes are following: Company incorporation The most […]

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07 Feb 2022

The “S” in ESG

“Business, after all, is nothing more than a bunch of human relationships.” Lee Iacocca Whenever people talk about Environmental, Social & Governance (’’ESG’’), the environmental part always seems to draw all the attention.  The importance of the “S” element is often neglected.  However, it looks like COVID-19 along with the Great Resignation phenomenon have changed that, making social issues increasingly relevant. The “S” stands for the social part of the ESG concept and simply put, it deals with businesses’ relations with employees, suppliers, customers, and communities in which it operates.  Basically, the “S” is all about the way businesses treat […]

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04 Feb 2022

Significant changes to the intellectual property legislation in Serbia

The National Assembly of the Republic of Serbia adopted the Amendments to the Patent Act (“Amendments“) on December 8, 2021. The Act seeks to harmonize local protection of inventions regulations with those of the European Union. It also looks to eliminate certain shortcomings that have been identified in the application of the existing Patent Act. Therefore, the most important changes relate to the supplementary protection certificate and the protection of inventions through a utility model system. The changes will have a significant impact on the Serbian pharmaceutical industry and potentially incentivize investments by domestic entities. These changes seek to eliminate […]

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14 Jan 2022

Making the Most of FDIs in Serbia

For several years in a row, Serbia is ranked among the leading destinations for foreign investors.  According to the Greenfield FDI Performance Index, in 2019 Serbia was ranked first among 105 states observed by the index.  A similar status was maintained throughout the subsequent years as Serbia ranked fifth in 2020, and sixth in 2021.  According to the World Bank Doing Business rankings, Serbia is ranked among business-friendly jurisdictions, whose ease of doing business index grows regularly. The willingness to invest raises concerns regarding the legal and institutional framework of the host economy.  Bilateral investment treaties (“BIT”) have been presented […]

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13 Jan 2022

New Capital Market Act in Serbia

The end of 2021 was marked by changes in the legislation of the Republic of Serbia, which included the adoption of a new Capital Market Act (“Act”) that entered into force on January 5 this year. The objective of the Act is to introduce greater transparency and responsibility in business, the introduction and development of financial instruments offered on the Serbian capital market, creating a more attractive environment for both domestic and foreign investors. It was adopted following the government’s Capital Market Development Strategy 2021-2026, and the Action Plan for its implementation. The law will start to apply after one […]

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13 Oct 2021

What is ESG and why is it important?

Multinational entities and governments are pushing for more action regarding Environmental, Social and Governance (ESG) issues. As a result, enterprises increasingly integrate the ever-changing social and environmental factors into their business strategies. The concept of business success has changed and so must the actions they take. But what exactly is ESG? ESG is a set of standards to guide corporate policies to ensure sustainable development in the fields of environment, social and corporate governance. How Did We Get to ESG? Only twenty years ago, if one would ask a group of individuals with a business background about the main objective […]

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20 Aug 2021

(Un)limited possibilities for digital assets placement

We live in the era of digitalization.  Changes in technology inevitably affect our lives.  One such innovation in Serbia are digital assets, which can be virtual / cryptocurrencies or digital tokens.  Although the local legislation has only recently recognized this institute, an increasing number of companies that operate in Serbia now work in the sphere of cryptocurrencies.  The Digital Assets Act (the “Act”) provides options and opens many doors for the use of digital assets, primarily cryptocurrencies. Therefore, the question whether cryptocurrencies are our future or our present arises.  Opportunities for the use of cryptocurrencies are yet to be fully […]

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13 Jul 2021

Serbia Passes New Protection of Business Secrets Act

The last decade has completely changed the way we do business.  Developments in technology have led to tremendous progress in nearly all sectors, leading to previously unknown issues in the process. One of the questions raised is how to protect business secrets in the knowledge economy. Recognizing the problem, the National Assembly of the Republic of Serbia, after nearly a decade, passed a new Protection of Business Secrets Act (“the Act“).  The Act was passed on May 27, 2021 and entered into force on June 5th this year.  The Act harmonizes Serbian regulations with the regulations of the European Union. […]

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28 Apr 2021

What does the New Act on Archival Material and Archival Activity bring?

In addition to numerous novelties and changes in Serbian legislation, the beginning of this year was also marked by the legal regulation of archiving materials and similar documentation, which attracted significant attention.  The new Archival Material and Archival Activity Act (the “Act“) is not only an important step towards improving the protection of archival material and regulating archival activity but also towards developing awareness of the importance of preservation of archival material, since that helps “protect” the history of our country. Until recently Serbia did not have a specific act that would comprehensively regulate the issue of archival material and […]

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12 Mar 2021

2020 in review – light at the end of the tunnel

At Gecić Law, we proudly look back at 2020 and remember it as a year of significant achievement. Some of our accomplishments singled out in this review testify not only to the ability of our team to quickly adapt to radically different circumstances, but to see them as an opportunity to affirm our core values, to build on them and to grow. We rose to the challenge, learned and developed, and in the process, we helped our employees, clients, and business partners gain the strength to overcome the uncertainty and grow together with us. These are the highlights of our […]

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05 Mar 2021

Our Energy practice is growing every day

Our Energy practice team has repeatedly demonstrated its credibility by devising unique opportunities for greenfield and brownfield investments for our clients. We provide comprehensive solutions related to privatization, regulatory compliance and due diligence in cooperation with eminent regulatory, corporate and financial experts. Counsel to Norwegian NBT AS on Wind Farms Project in Serbia Our latest accomplishment in the energy sector is providing counsel to NBT AS, Norway, a utility-scale wind power developer (exceeding 100 KW of power), in partnering with WV International (formerly Windvision).  WV International has been developing wind farm projects in Serbia since 2010 and has been active […]

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23 Nov 2020

Are Major High-Tech Companies “Skirting the Law” in Serbia Regarding Personal Data Protection?

Although it has been more than a year since the new Personal Data Protection Act (“Act”) entered into force in Serbia, some of its provisions are not yet fully applicable.  One clear-cut example is Article 44 of the Act, which requires foreign companies (therefore those who does not have a registered business seat in Serbia) to appoint a Personal Data Protection Representative for Serbia (“Representative”). Who is the Representative? This provision, (as well as the majority of the Act’s provisions), was adopted from Article 27 of the General Data Protection Regulation (“GDPR”) and refers to any personal data controller and […]

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19 Apr 2019

Gecić Law Continues Its Bullish Run in the Legal 500 Rankings

Gecić Law is delighted to announce yet another commendation by The Legal 500 EMEA, one of the most eminent and prestigious directories of the legal world.     Our Banking & Finance practice continues its bullish run to the national top.   Its head Nikola Aksić was named to the guide’s  “Leading Individuals” elite list of outstanding lawyers in the country, only one year after being recommended by the guide.   The practice also went up in the overall rankings, securing a Tier 2 recognition. And we haven’t stopped there.  Our Corporate/M&A practice is not lagging behind.  The practice head Ognjen Colić […]

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10 Oct 2018

Corporate Stamps Are History

A year ago, we wrote that the use of corporate stamps during payment services was abolished. Now, this process has come to an end. Although the Corporate Act of Serbia from 2012 explicitly states that companies are not obliged to use their corporate stamps when conducting their day-to-day business operations, the practical application of this rule had not yet been enforced. Difficulties occurred primarily in dealing with the banking sector, as commercial banks continued to demand from their clients the use of corporate stamps in order to verify payment orders and other relevant documents. Such practice terminated exactly one year ago, on […]

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27 Sep 2018

Telecom operators under scrutiny – Imposing penalties is against the law?

Recently the Ministry of Trade, Tourism and Telecommunications („Ministry“) declared a decision („Decision “) which forbids requiring within the agreements of telecommunication services the clauses under which the customers have to pay the Operator ( “Operator”) all compensations until the end of the validity of the agreement. This obligation took place even when the consumer or the Operator terminated the agreement, if the reasons that caused termination can be attributed to the customer. The Decision According to their media release, in this way the Ministry declared that it “stopped further unjust treatment” of the customers by the Operators, and inappropriate […]

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27 Apr 2018

Market Disruptor – Youngest Law Firm Continues Tier 1 Ranking

GECIĆ LAW RECOGNIZED AGAIN AS TOP TIER LAW FIRM BY LEGAL 500 We are proud to announce that Legal 500, the prestigious UK-based guide to the world’s best law firms, has ranked Gecić Law for the second consecutive year as a Top Tier firm in Serbia in its EMEA guide for 2018. The firm’s practice in the field of Competition Law has been ranked as Tier 1, while the Commercial, Corporate and M&A practice maintained an enviable Tier 2 amongst fierce competition of traditional market incumbents.  Furthermore, for the first time this year, our dynamic Banking & Finance practice was […]

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08 Nov 2017

Gecić Law Advises in Yet Another Landmark Decision Before the European Commission

Gecić Law acted as legal counsel to the Government of Serbia and the Železara Smederevo steel mill with respect to an European Commission (EC) investigation on the historical State aid received by the old company, and the potential responsibility of Hesteel Serbia to reimburse it, under the Stabilisation and Association Agreement (SAA).  On Wednesday, November 8, 2017, Johannes Hahn, Commissioner for European Neighborhood Policy and Enlargement Negotiations, informed the Prime Minister of the Republic of Serbia, Ana Brnabić, that the European Commission concluded that “the HeSteel-owned steel mill does not have to reimburse any state aid received in the past” (link).  […]

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27 Oct 2017

News on Conducting Business Electronically in Serbia

On October 17, 2017, National Parliament of the Republic of Serbia adopted the Act on Electronic Document, Electronic Identification and Trust Services in Electronic Business (the “Act”), which comes into force today, and thereby replacing the current regulations on electronic business, i.e. Electronic Signature Act and Electronic Document Act. The Act represents another step forward with planned and ongoing process of digitization and modernization of public administration in general, providing citizens and business entities with a simpler approach to services of public authorities, i.e. a faster, cheaper and more efficient business performance. A change of current practice, with high number of […]

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23 Oct 2017

Taboroši Scholarship 2017

About the Scholarship The Taboroši Scholarship is established in memory of Professor Svetislav Taboroši, by family and former students who have been inspired by the Professor’s work and dedication to academic research and innovative problem solving in the practice of business law.  A brilliant teacher and scholar, Professor Taboroši strived to educate his students on the most recent trends in legal academic thought and the importance of critical thinking in academic and professional analysis of international law & economics.  The Scholarship is awarded annually to a student of the senior year at the University of Belgrade, Faculty of Law who, […]

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04 Oct 2017

Agrokor`s Potential Insolvency – How Does It Affect Serbian Companies?

Although it seemed that the tension over Lex Agrokor had somewhat calmed down—and that Mr. Ante Ramljak, in the capacity of extraordinary administrator by the Croatian Government, will lead the Croatian company in the forthcoming period—the public has been alarmed by the recent announcement by ex-owner, Mr. Ivica Todorić.  On his personal blog, which was visited by more than 180,000 readers in the first 24 hours, Mr. Todorić, in a series of articles, criticizes the conduct of the Republic of Croatia (RC) and points to the unconstitutionality of Lex Agrokor. The Constitutional Court of the Republic of Croatia (“Constitutional Court”) […]

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28 Sep 2017

Cross Border M&As to Be Explicitly Regulated – Looking Towards the Amendments to the Companies Act

The public debate on the Draft of Amendments of the Companies Act, suggested and prepared by the Ministry of Economy in April, will take place in Belgrade on 4th October 2017. As part of the drafting procedure, the Ministry tried to identify and address business sector`s concerns regarding the Companies Act and identify areas where amendments to current regulatory framework might be needed.  In order to facilitate the above-mentioned, the working group also included representatives of the Chamber of Commerce and Industry of Serbia, with more than 60% of the comments submitted by the companies to the Ministry, being adopted. […]

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21 Sep 2017

Corporate Stamps No Longer Needed in Banks as of October 1

The National Bank of Serbia adopted alterations and amendments to seven by-laws in the field of payment operations, thus resolving the dilemma regarding the liability of companies to use their corporate stamp when using payment services. The rule that companies are not obliged to use stamps in their business letters and other documents (unless otherwise prescribed by law), was explicitly set with the Companies Act, that became applicable in 2012. Even with the Payment Services Act, which applies since October of 2015 and which, in accordance with relevant EU directives provides that legal entities and entrepreneurs are not liable to […]

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26 Apr 2017

New Data Protection Enforcement: Is Your Business Ready for It?

Businesses beware – imposing fines of up to 10% of the company’s Serbia-originated annual income in respect to enforcing Data Protection compliance will be one of the measures available to the Commissioner1  as of June 1, 2017, when the new Administrative Procedure Act is set to come into force. The changes to the Administrative Enforcement Procedure are going to allow this Data Protection Authority to enforce its decisions by fining companies in an amount considerably higher than the maximum enforcement-related fine of RSD 200,000.00 (approx. EUR 1,600.00) allowed by the current statute. This means that all companies will, if ordered […]

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09 Dec 2015

Gecić Law Contributes Serbian Chapter to Legal Aspects of Doing Business in Europe – Second Edition

We are pleased to announce that our partner Bogdan Gecić together with Dr. Tatjana Jovanić, an associate professor at the University of Belgrade Faculty of Law, co-authored the Serbian chapter for Legal Aspects of Doing Business in Europe – Second Edition.  The chapter provides a comprehensive overview of most important legal aspects for both domestic and foreign investors and businesses in Serbia.  The chapter provides an in-depth analysis of the following topics: Enterprises: Establishment, Acquisition & Bankruptcy Customs Regulation Investment Incentives and Currency Regulation Competition and Market Regulation Intellectual Property Employment Banking The edition is published by Juris Publishing, Inc., a full-service […]

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