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Company Formation in Serbia for Russian Citizens

Register a company, open a bank account, obtain residence and work permits, and access the full range of Serbia’s business infrastructure — with specific guidance for Russian nationals.

Overview

This page is intended for Russian citizens who are considering establishing a company in Serbia — whether as an operational business, an IT company, a trading entity, a vehicle for investment, or a basis for obtaining a Serbian residence permit. It provides specific guidance on the legal framework applicable to Russian nationals, the company registration process, banking considerations, residence and work permit procedures, tax treatment, and the practical realities of operating a business in Serbia as a Russian citizen in 2026.

Serbia has become the single most popular destination for Russian entrepreneurs and professionals establishing businesses outside Russia. According to data from the Serbian Business Registers Agency (SBRA), Russian nationals registered approximately 9,000 new businesses in Serbia between 2022 and 2024, with over 7,000 Russian entrepreneurs currently active in the country. An estimated 53,000 Russian nationals have obtained Serbian residence permits since 2022, with the majority concentrated in Belgrade and Novi Sad.

Company Formation in Serbia for Russian Citizens

Company Formation in Serbia — Comprehensive Legal and Commercial Overview

Serbia has become a strategically significant jurisdiction for international corporate establishment in South-East Europe. Over the past decade, the country has attracted more than EUR 52 billion in cumulative foreign direct investment, with leading investor nations including Germany, Italy, the United States, China, Austria, and France. In 2024 alone, Serbia recorded over EUR 5.2 billion in FDI — a record figure that reflects the country’s growing role as an operational and investment hub for companies targeting European, CIS, Middle Eastern, and African markets.

For international companies and entrepreneurs, company formation in Serbia offers a specific combination of attributes: a corporate income tax rate of 15% (among the lowest in Europe), full foreign ownership without local partner requirements, a registration process that can be completed remotely via Power of Attorney within approximately one week, access to a network of over 60 double taxation treaties, membership in CEFTA and bilateral free trade agreements with the EU, Russia, Turkey, and the Eurasian Economic Union, and a legal framework that is progressively aligned with EU standards as part of Serbia’s ongoing accession process.

Injac Attorneys manages the complete company formation process for foreign clients: from initial structuring advice and entity selection, through document preparation and electronic registration with the Serbian Business Registers Agency (SBRA), to corporate bank account opening, tax registration, employment setup, and ongoing compliance. The process can be conducted entirely remotely, without the founder or directors travelling to Serbia, through a duly executed Power of Attorney.

This guide addresses the specific legal, banking, and immigration questions that Russian citizens face when forming a company in Serbia — questions that differ in important respects from those facing nationals of EU countries, the United States, or other jurisdictions.

Legal Framework: Equal Treatment with Specific Considerations

Serbian law does not discriminate against Russian citizens in the company formation process. Russian nationals have the same rights as any other foreign founder: they can own 100% of a Serbian company, serve as the sole director, choose any lawful business activity, and manage the company without a local partner or Serbian co-founder. The registration procedure, documentation requirements, and government fees are identical to those for any other nationality.

However, several practical considerations are specific to Russian citizens and require careful planning:

Visa-Free Entry

Russian citizens can enter Serbia without a visa and stay for up to 30 days within a 60-day period. This visa-free access is a significant practical advantage — it allows Russian nationals to travel to Serbia, attend notary appointments, open bank accounts in person (where needed), and initiate the residence permit process without obtaining a visa in advance. The 30-day visa-free period provides sufficient time to complete most initial setup steps, though the company registration itself can also be handled remotely via Power of Attorney.

No Sanctions-Based Restrictions on Company Formation

Serbia has not imposed sanctions on Russian citizens or Russian businesses. Unlike EU member states, where Russian nationals may face restrictions on corporate ownership, banking access, and real estate acquisition, Serbia applies no nationality-based restrictions on company formation, business activity, or property ownership for Russian citizens. A Russian citizen can register a company, open a bank account, purchase real estate, and obtain a residence permit in Serbia on the same terms as any other foreign national.

It is important to note that this applies to Serbian law and Serbian institutions. Russian citizens who also hold EU citizenship, who own companies in EU jurisdictions, or who conduct transactions involving EU-based counterparties may still be subject to EU sanctions compliance obligations in those contexts. Injac Attorneys advises on the intersection of Serbian and international compliance requirements where relevant.

Banking: Available but Requires Careful Approach

Banking is the area where Russian citizens in Serbia face the most significant practical challenges. While Serbian law does not restrict Russian nationals from opening bank accounts, individual banks apply their own internal compliance policies, and these policies vary significantly across institutions.

Some Serbian banks have maintained open policies toward Russian clients and continue to onboard Russian-owned companies without material difficulty. Others have adopted more cautious approaches, requiring enhanced documentation, additional compliance reviews, or limiting certain types of transactions (particularly those involving Russian correspondent banks or Russian-origin funds).

The practical implication is that bank selection is critical for Russian clients. Not every bank will accept every Russian-owned company, and the documentation requirements and processing timelines may differ from those applicable to other nationalities. Injac Attorneys advises on bank selection based on the specific profile of each Russian client, coordinates the documentation process with the chosen bank, and manages any compliance inquiries that arise during the onboarding process.

For comprehensive banking guidance, see: Serbia Bank Account for Non-Residents.

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Company Registration Process for Russian Citizens

The company registration process for Russian citizens follows the standard Serbian procedure, with certain practical adjustments related to documentation and language requirements.

Step 1: Structure and Planning

The engagement begins with determining the optimal structure for the Russian client’s needs. The most common structures used by Russian citizens in Serbia are:

  • Individual entrepreneur — A single-member LLC (DOO) with the Russian citizen as sole shareholder and director — the standard choice for IT professionals, consultants, and small business operators.
  • Partnership or co-founded company — A multi-member LLC with multiple Russian co-founders or with a combination of Russian and other-nationality shareholders — common for tech startups and trading companies.
  • Russian company subsidiary — A Serbian subsidiary of a Russian legal entity — relevant for established Russian companies seeking a European operational base. Note that the Russian parent company’s documentation (commercial register extract) must be apostilled and translated into Serbian.
  • Offshore-owned entity — A DOO owned by an offshore entity (BVI, Cyprus, etc.) that is ultimately controlled by a Russian UBO — relevant for clients with existing international corporate structures.

The choice of structure affects banking options, tax treatment, residence permit eligibility, and the complexity of ongoing compliance. Injac Attorneys advises on the optimal structure based on each client’s specific circumstances.

Step 2: Documentation

For Russian citizens registering as individual founders, the documentation requirements are straightforward: a valid Russian passport (international passport, zagranpasport), a certified translation of the passport into Serbian by a court-certified translator, and a Power of Attorney if the registration is conducted remotely (the POA must be notarised and apostilled in Russia or in the country where the Russian citizen currently resides).

For Russian legal entities registering as founders of a Serbian subsidiary, additional documentation includes an extract from the Russian commercial register (EGRUL), apostilled in Russia, a certified Serbian translation of the extract, identification of the Russian company’s directors and ultimate beneficial owners, and a Power of Attorney authorising the Serbian attorney to conduct the registration.

A practical consideration: many Russian citizens who have relocated to Serbia hold residence permits in third countries (UAE, Turkey, Georgia, Armenia, etc.). In such cases, the Power of Attorney may be notarised in the country of current residence rather than in Russia, which can simplify the process. The apostille requirements depend on the country where the notarisation takes place.

Step 3: Registration

The registration application is submitted electronically to the SBRA by the Serbian attorney. The SBRA processes applications within 3–5 business days. Upon approval, the company receives its Company Identification Number (MB) and Tax Identification Number (PIB). The process is identical to that for any other nationality — there are no additional requirements or delays specifically for Russian founders.

Step 4: Post-Registration

Following registration, the company requires a corporate bank account (see banking section below), a qualified electronic signature for the director, registration of beneficial owners with the Central Register (within 15 days), initial tax registration with the Tax Administration, and engagement of an accountant for ongoing compliance.

Banking for Russian-Owned Companies

Banking is the most practically challenging aspect of company formation in Serbia for Russian citizens. While there is no legal prohibition, the banking landscape for Russian clients has become more nuanced since 2022.

Current Banking Environment

Serbian banks can be broadly categorised into three groups in terms of their approach to Russian clients:

  • Open banks — Several banks continue to onboard Russian-owned companies with standard documentation requirements and processing timelines. These banks typically have less exposure to EU/US correspondent banking pressure and have made a commercial decision to serve the growing Russian client base in Serbia.
  • Cautious banks — Some banks accept Russian clients but apply enhanced due diligence, which may include additional source-of-funds documentation, extended processing timelines, and restrictions on certain types of transactions (such as transfers to/from Russian banks).
  • Restrictive banks — A number of banks, particularly those with EU parent institutions, have adopted internal policies that effectively decline Russian-owned companies regardless of the individual applicant’s profile. These policies are driven by the parent bank’s group-wide compliance framework rather than by Serbian law.

Bank selection is therefore the single most important practical decision for Russian clients forming companies in Serbia. Choosing the wrong bank results in wasted time and potential frustration. Choosing the right bank results in a smooth onboarding process and a stable, long-term banking relationship.

What Banks Require from Russian Clients

For Russian-owned companies that are accepted, banks typically require the standard corporate documentation package (registration decision, Memorandum of Association, director and UBO identification), a clear description of the company’s intended business activities, source of funds documentation explaining the origin of the capital used for the business, in some cases a personal interview with the director (which can sometimes be conducted remotely), and proof of the director’s Serbian address (rental agreement or property ownership).

For companies with Russian legal entities in the ownership chain, additional documentation may include the Russian parent’s registration documents, financial statements, and information about the parent’s business activities and banking relationships.

Crypto Banking as an Alternative Channel

For Russian citizens who hold cryptocurrency, Serbia’s regulated crypto exchange provides an additional financial channel. Crypto can be converted to Serbian dinars and deposited into a Serbian bank account, providing bankable liquidity with a compliant conversion trail. This pathway is particularly relevant for Russian clients whose source of funds is crypto-derived and who may face enhanced scrutiny when presenting fiat funds transferred from Russian bank accounts.

However, it is important to note that the regulated crypto exchange has its own eligibility requirements for Russian clients: the exchange cannot work with Russian citizens who hold residency in Russia. Russian citizens with residency outside Russia (including Serbian residence) or with a Serbian “white card” and an account at a Serbian bank are eligible for crypto services.

For crypto banking guidance, see: Crypto Banking in Serbia.

Residence and Work Permits

For Russian citizens, obtaining a Serbian residence permit is one of the primary motivations for company formation. The process is well-established, and thousands of Russian nationals have successfully obtained permits since 2022.

White Card (Bela Karta)

Upon arrival in Serbia, every foreign national must register their temporary address with the local police station within 24 hours. This registration results in the issuance of a “white card” (bela karta) — a document confirming the foreign national’s registered address in Serbia. The white card is not a residence permit — it is an address registration — but it is a prerequisite for many administrative processes, including bank account opening, residence permit applications, and registration with government services.

For Russian citizens on their initial 30-day visa-free stay, obtaining the white card immediately upon arrival is essential. Hotels register guests automatically, but those staying in private accommodation must register themselves at the police station.

Unified Permit (Residence + Work)

For Russian citizens who will be actively working in their Serbian company (as a director under an employment contract or a management agreement), the unified permit combines temporary residence and work authorisation in a single document. This is the standard permit type for company founders who intend to manage their business from Serbia.

Pathway to Permanent Residence and Citizenship

After three years of continuous temporary residence in Serbia, a Russian citizen may apply for permanent residence. After five years of permanent residence (or, in certain cases, after a total of five years of legal residence), the holder may apply for Serbian citizenship, subject to meeting additional requirements including knowledge of Serbian language and other conditions prescribed by the Citizenship Act.

Serbian citizenship provides a Serbian passport, which as of 2026 offers visa-free or visa-on-arrival access to over 130 countries, including all Schengen area countries. For Russian citizens facing increasing travel restrictions globally, the prospect of Serbian citizenship represents a significant long-term benefit of the company formation and residency pathway.

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Tax Considerations for Russian Entrepreneurs

Corporate Income Tax

The company formed by a Russian citizen in Serbia is subject to Serbian corporate income tax at 15% on its worldwide taxable income. This rate applies regardless of the founder’s nationality. For Russian entrepreneurs accustomed to the Russian CIT rate of 20% (or 25% from 2025 for certain taxpayers), Serbia’s 15% rate represents a meaningful reduction.

Personal Income Tax

If the Russian citizen becomes a Serbian tax resident (generally after spending more than 183 days in Serbia within a 12-month period or establishing a centre of vital interests in Serbia), they are subject to Serbian personal income tax on their worldwide income. Serbia’s personal income tax rate on salary is 10%, and on dividend income is 15%. Social security contributions apply to salary income but not to dividend distributions.

For Russian entrepreneurs who structure their compensation as a combination of a modest salary and dividend distributions from their company, the effective tax burden is often significantly lower than under the Russian tax system, particularly for higher-income individuals.

Double Taxation Treaty

Serbia and Russia have a bilateral double taxation treaty that has been in force since 1998. The treaty provides for reduced withholding rates on cross-border payments between the two countries: dividends at 5% (for qualifying participations of 25% or more) or 15% (in other cases), interest at 10%, and royalties at 10%. The treaty also contains provisions for the avoidance of double taxation on income earned in both jurisdictions, through credit or exemption methods.

For Russian entrepreneurs who maintain income sources in Russia while operating in Serbia, the treaty provides a framework for avoiding double taxation and optimising the overall tax position across both jurisdictions.

Sole Proprietor (Preduzetnik) Option

Russian citizens who operate small-scale businesses or provide individual professional services may consider registering as a sole proprietor (preduzetnik) rather than forming an LLC. Sole proprietors have the option of flat-rate (lump-sum) taxation, which provides a fixed monthly tax amount determined by the Tax Administration based on the type of activity and location. For certain activities, lump-sum taxation can result in a very low effective tax rate.

However, sole proprietors bear unlimited personal liability for business debts, which is a significant disadvantage compared to an LLC. Additionally, the lump-sum regime is available only if annual turnover does not exceed RSD 6 million (approximately EUR 50,000). For most substantive businesses, the LLC remains the preferred structure.

For comprehensive tax guidance, see: Serbia Tax Guide.

Practical Considerations for Russian Entrepreneurs in Serbia

Language

Serbian and Russian share Slavic roots, and most Russian speakers find Serbian relatively accessible after a period of exposure. However, all official documents, legal proceedings, and government interactions are conducted in Serbian. Company formation documents, tax filings, and banking correspondence must be in Serbian. Certified court translators are available for all official purposes, and Injac Attorneys coordinates translation requirements as part of every engagement.

Accommodation and Address Requirements

A registered address in Serbia is required for both the company (as its legal seat) and the founder (for residence permit purposes). The company’s address can be a physical office, a co-working space, or a virtual office. The founder’s personal address requires a rental agreement or proof of property ownership. In practice, many Russian entrepreneurs initially rent apartments in Belgrade or Novi Sad and use the rental agreement for both personal address registration and company seat purposes.

Health Insurance

Health insurance is required for the residence permit application. Options include registering for the Serbian public health insurance system through the company (if the founder is employed by the company), purchasing private health insurance from a Serbian or international provider, or maintaining an international health insurance policy that is accepted by Serbian authorities. The most common approach for company founders is to enter into an employment relationship with their own company, which triggers mandatory registration with the Serbian health and pension funds.

Serbian Bank Account for Personal Use

In addition to the corporate bank account for the company, Russian citizens in Serbia typically open a personal bank account for receiving salary, managing personal finances, and demonstrating financial means for the residence permit application. The personal account opening process for Russian citizens follows the same patterns as corporate banking — bank selection matters, and some banks are more accommodating than others. Injac Attorneys advises on personal banking options as part of the overall setup process.

Community and Infrastructure

Belgrade and Novi Sad have developed substantial Russian-speaking communities since 2022. Russian-language services are increasingly available, including medical clinics, schools, kindergartens, legal services, real estate agencies, and social organisations. While this community infrastructure makes the practical transition easier, Russian entrepreneurs should be aware that building relationships with the Serbian business community — clients, suppliers, partners, government contacts — is essential for long-term business success and requires engagement beyond the Russian-speaking ecosystem.

Common Business Types Established by Russian Citizens

Based on data from the SBRA and practical experience, the most common business activities registered by Russian citizens in Serbia include:

  • IT and technology services — Software development, web development, mobile applications, IT consulting, QA testing, and related technology services. This is the single largest category, reflecting the strong IT background of many Russian emigrants.
  • Consulting and professional services — Management consulting, business advisory, marketing services, legal consulting, and financial advisory. Often structured as single-person or small-team operations.
  • Trading and e-commerce — International trade, import/export operations, and e-commerce. Some of these entities serve as trade bridges between Russian and European markets, leveraging Serbia’s free trade agreements.
  • Hospitality and food services — Restaurants, cafes, bars, hotels, and tourism services. Belgrade and Novi Sad have seen a significant growth in Russian-owned hospitality businesses catering to both the Russian community and local clientele.
  • Real estate and construction — Property management, real estate brokerage, construction services, and interior design. Driven partly by the increase in Russian property investment in Serbia.
  • Education and childcare — Kindergartens, language schools, tutoring services, and educational technology. Serving the growing Russian-speaking family population in Serbia.

Strategic Assessment

Serbia has become the de facto primary destination for Russian entrepreneurs establishing businesses outside Russia. The combination of visa-free entry, unrestricted company formation, available banking (with proper guidance), a clear pathway to residence and citizenship, competitive taxation, and maintained commercial connectivity with Russian markets creates a proposition that is unmatched by any other European jurisdiction in 2026.

The practical challenges — primarily in banking and, to a lesser extent, in navigating the bureaucratic requirements of the residence permit process — are manageable with proper legal guidance. The key to a successful setup is working with advisors who understand both the legal framework and the practical realities of serving Russian clients in Serbia: which banks to approach, how to structure the documentation, how to navigate the residence permit process efficiently, and how to integrate the Serbian entity into the client’s broader personal and business planning.

For Russian citizens who are committed to building a genuine business presence in Serbia — not merely a paper company for a residence card — the country offers a stable, commercially productive, and legally secure environment that is increasingly difficult to find anywhere else in Europe.

No Restrictions

On Russian founders.

Visa-Free Entry

30 days / 60 days.

9,000+ Firms

Registered since 2022.

Citizenship Path

After ~6 years.

Need legal support? Get in touch — our team is here to guide you every step of the way. When the law gets complicated, we make things clear — and get things done.

Email:

inquiry@injac.rs

Tel:

+381 11 2458 945

Address:

Makenzijeva 17,

11000 Belgrade - Serbia

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Navigating Serbia’s dynamic business environment requires sharp legal insight and reliable support. Injac Attorneys at Law delivers tailored legal solutions across Corporate Law, M&A, Dispute Resolution, Employment, IP, Real Estate, Data Protection, and Tax. Count on us as your trusted legal partner in every transaction.

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