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How to Tap into Serbian Market

Do you want to start your business in Serbia? This country has six commerce zones that provide a conducive working environment. Therefore, if you are interested in starting a business in Serbia then without any doubt go for it. No doubt entering a foreign territory is a difficult task. For tapping the Serbian market, you must devise a marketing strategy and you must fulfill some legal requirements.

To your surprise, you can fulfill the legal requirements only in a short span of 5 working days which used to be 23 days in 2003. You must remember one thing: to enter a foreign market, you must communicate with the target market in their native language. Thus for tapping in Serbia, you must go for Serbian translation services.

Market Opportunities in Serbia

You can start your business easily in Serbia because the government of Serbia is spending a large amount of money on developing the infrastructure of the country. It is constructing and upgrading bridges, rail, roads, and ports. The governance of information and communication technology in Serbia is supplying the public sector with e-government products, services, and solutions.

Therefore, for launching your products and services in Serbia, you must develop your website so that people can come across your business easily. Don’t forget to make a website native to Serbians by taking the assistance of Serbian translation services. Did you know that there are growing opportunities for US tech people to penetrate Serbia?

This is because the GDP of Serbia accounts for 6% of GDP. Moreover, Serbia has a  45,000-labor force but the problem is that Serbian people have gone through a brain drain that has immensely affected the tech sector.

Serbs are very beauty-conscious people and they spend more on personal care and cosmetics products. So if you are introducing your cosmetics in Serbia then you should advertise your products on your website with the help of marketing translation services. The best part of this business is that the Serbian government is also investing in healthcare medical devices and equipment. Moreover in e-health solutions.

Another important business in Serbia is agribusiness. It includes cold-chain, storage, irrigation, agricultural equipment for cultivation, and freezing equipment. The Serbian government is also focusing on the preservation of energy. For this, they are using environmental technologies.

So you can also invest in the energy sector. The advantage of the energy sector of Serbia is that they are diversifying its supply chain and including clear energy sources in it.

The environmental technology sector in Serbia is in its initial stages. They are working on recycling energy waste, industrial waste and focusing on improving the air quality. Serbia is focussing to follow the high environmental standards of the European Union but they are lacking innovative technology for this.

Are You Ready to Start a Business in Serbia?

Did you know that Serbia has drastically increased its ease of starting a business? Because of government reforms, it came from 91 positions to 42 numbers. For starting a business in Serbia, you must notarise the memorandum of association and should pay registration fees, get a tax certificate. Moreover, don’t forget to sign an employment contract with the employment organization.

Going for Construction Business

According to the world bank rating, Serbia is at 179 positions out of  185 countries. It is giving ease of dealing with the construction business and delivers them construction permits easily. Although to get a construction permit, you must pay three times more than the Eastern European and Central Asian countries. With the start of your construction business, do advertise it with the help of marketing translation services so that people get aware of your business before you construct anything.

Getting Electricity

In Serbia, EDB must be connected to obtain electrical connections. This agency will give you an electrical connection before you start your work. Moreover,  it also provides you with an external connection and installs meters.

Registration of the Property

To register your property in Serbia, you must fulfill six procedures. This takes a time of fewer than two weeks to register your property. You must acquire an extract from a commercial registers agency. After that, you must obtain the commercial registers agency and verify the sales purchase agreement. You must register your work at Republic Geodesy Institute. Moreover, you must fulfill all the legal tax obligations.

Protection of Investors Right

Did you know that there is no public registry coverage in Serbia? Credits are given to the people from 100% private bureau. Protection of investor’s rights is still an issue there. According to the world bank and IFC Serbian is ranked at 82nd position in respect to the protection of rights.  

Payment of Taxes

If you are starting a business in Serbia then you must pay a whopping 66 tax payments per year. Out of these payments, you must pay twelve payments for corporate income tax, social security contribution, VAT, and different municipal charges

Wrapping Up

Starting a business in a foreign land is a bureaucratic and costly process. First, you must understand the market conditions and consumer behavior of the target market. For this, you must hire a professional translation company that can provide you with professional translation services. The advantage of a professional translation company is that they have a team of native translators that are born and brought in the same market so they know the market dynamics and provide you impeccable translation services accordingly.

Halen Terry is the author behind many translation,localization, technology, Technical, economics, and information-based articles. He is a translation, localization, and technical writer.

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