The fee for filing a company’s annual account is paid to the account of the Serbian Business Registers Agency no. 840-969627-83, file ref. 83 05-...(The company code should be indicated), purpose of payment: Annual account filing fee.

The Law on Company Registration („Official Gazette of RS“, no. 55/2004 and 61/2005, Art. 44), foresees the obligation to file an annual account for all business entities registered in the Business Register of the Serbian Business Registers Agency (SBRA):

• Companies (General Partnership (o.d.), Limited Partnership (o.d.), Limited Partnership (k.d.), Limited Liability Company (d.o.o.), Joint Stock Company (a.d.), public company, socially owned company)
• Cooperatives and Cooperative Associations
• Entrepreneurs who keep double-entry books of account (for details please see section “Entrepreneurs – Financial Statements”).

Annual accounts are:

• Annual financial statements
• Consolidated financial statements  
• Adopted financial report
• Extraordinary financial statements 

In pursuance of the Law on Accounting and Auditing, companies are under the obligation to classify as small, medium or large enterprises(business entities classification criteria).

Medium and large enterprises shall submit the following documents:

• Balance sheet
• Profit and loss account
• Cash flow statement
• Statement of changes in equity
• Notes to the financial statements
• Statistical annex
• Notice of classification
• Data on the person responsible for compiling the financial statement (including personal identification number official address name and surname, telephon number, e-mail address)
• Proof of payment of the fee amounting to RSD 860.

Small-sized enterprises shall submit the following documents:

• Balance sheet
• Profit and loss account
• Statistical annex
• Notice of classification
• Data on the person responsible for compiling the financial statement (including personal identification number, official address name and surname, telephon number, e-mail address)
• Proof of payment of the fee amounting to RSD 860.

To download the required forms click here:

• Companies, Cooperative, Entrepreneurs, Foreign branch office
• Banks (Annual Finacial Statements)
• Banks (Consolidated Financial Statements)
• Stockexchange, broker and dilers companies
• Insurance companies

The documents listed above, either in the original or certified copy, signed by the statutory company representative and the person delegated by the corporate by-laws to compile the financial statement and stamped with company seal, are submitted to the Agency without any separate application form.

The financial statement does not have to be certified by the National Bank of Serbia.

We wish to underline that legal entities that keep their books in line with regulations governing budgetary accounting are also required to submit their annual financial statements to the Business Registers Agency. All public corporations (directorates, offices, public broadcasting companies) that indirectly receive financing from the budget and are registered with the Serbian Business Registers Agency must compile their financial statements, which are the final accounts of budget beneficiaries.
Financial statements of budget beneficiaries include:
 

• Balance sheet
• Income statement
• Statement of capital
• Cash flow statement
• Budget execution report.

To download the required forms, click here:

• Budget beneficiaries

As of 2007, investment fund management companies are required to compile, register and disclose their financial statements. Article 3 of the Rulebook on Contents and Form of Financial Statements of Investment Funds (“Official Gazette of the Republic of Serbia”, No. 46/2006) specifies the contents of financial statements for these business entities.

Pension funds are required to compile, register and disclose their financial statements in line with the Law on Accounting and Audit and the Law on Voluntary Pension Funds and Pension Schemes (“Official Gazette RS”, No. 5/2005). The statements should comply with the Rulebook on Contents and Form of Financial Statements of Voluntary Pension Funds (“Official Gazette of the Republic of Serbia”, No. 15/2007).

To download the required forms, click here:

• Company managing a voluntary pension fund
• Voluntary pension fund
• Company managing an investment fund
• Open-end investment fund
• Close-end/private investment fund.

The following entities do not need to file annual financial statements:

• Sole traders maintaining single-entry bookkeeping
• Entities that have been struck off the Company Register
• Other legal entities registered with the Commercial Court Register (schools, educational/cultural/sports institutions, health institutions, pharmacies, public veterinarian services, social service institutions etc.), other legal entities (sports associations, humanitarian organizations, trade unions, political parties, alliances, associations etc.) registered with another special register, and also representative offices, church and religious communities and mandatory social insurance organizations.

The obligation to draft and submit financial statements which are a part of the final accounts of users of budgetary funds, applies to all public companies as indirect users of budgetary funds, which are registered with the Serbian Business Registers Agency.
   
Investment funds are required to draft, submit and disclose financial statements as of 2007.  
 
In accordance with the provisions of the Law on Accounting and Auditing, Pension Funds are subject to drafting, submitting and disclosing financial statements.

To download the required forms click here:

• Forms for users of budgetary funds
• Forms for open investment funds
• Forms for closed investment funds
• Forms for investment fund management company
• Forms for pension funds
• Forms for voluntary pension fund management companies

The financial statements may be submitted at the Agency’s head office in Belgrade or in one of SBRA’s 13 extension offices:

• Novi Sad Bulevar Mihajla Pupina 24
• Subotica Trg Lazara Nešića 1
• Zrenjanin Trg Republike bb
• Pančevo Trg Nikole Tesle 5
• Požarevac Stari korzo 38
• Valjevo Vuka Karadžića 5/IV
• Kraljevo Cara Dušana 41, I sprat
• Užice Radišićev prolaz bb
• Zaječar Nikole Pašića 37/I
• Kragujevac Nikole Pašića 6
• Niš Obrenovićeva bb, TPC Kalča, lamela b, lokal 40
• Leskovac Stojana Ljubića 12/II, kancelarija 34
• Kosovska Mitrovica Kralja Petra Prvog 106.

The Agency recommends that the statements should be submitted by mail:

- Serbian Business Registers Agency, Financial statements, Brankova 25, Belgrade -

The Decree on Fees for Entry of Data in the Register of Business Entities and other Services Provided by the Business Registers Agency (“Official Gazette of RS”, No. 109/2005) specifies the following fees for registration of annual financial statements:
 

• companies and other types of organization carrying on an economic activity – RSD 860
• entrepreneurs – RSD 310
• registration of consolidated annual financial statement – RSD 860.

No fee is charged for registration of extraordinary financial statements.

As regards entities that are subject to audit, no fee is charged for filing an auditor’s opinion or for registration of an adopted (corrected) financial statement with auditor’s opinion.

Business entities that file uncompleted (missing data) but certified forms, as well as bankrupt business entities, are required to pay the relevant fees.

For financial account submitted upon expiry of the prescribed deadlines, a late filing penalty will be charged amounting to RSD 5,040.

The Law on Company Registration (Art. 79) prescribes a fine of RSD 200,000 for economic offences, while the responsible person within the company shall also be held liable for the same offence and fined with RSD 70,000.

A company which has not filed an annual account for two consecutive years (pursuant to provisions contained in Art. 67 of the Law on Company Registration), shall be registered on „inactive“ status.

Upon expiry of a 12 month period from the date of registration as inactive, a company shall be struck off the Register, (paragraph 2, Art. 68 of the Law on Company Registration).

The Law on Accounting and Auditing („Official Gazette of RS“, no. 46/2006), prescribes the obligation to disclose financial statements for:

• Entities subject to financial statements audit
• Legal entities compiling extraordinary financial statements.

The Serbian Business Registers Agency introduced an additional service available to companies, the publication of financial statements on the Agency’s website, free of charge.

The request for the publication of financial reports (submitted in free form), must be accompanied by the following original supporting documents:

• Balance sheet
• Profit and loss account
• Cash flow statement
• Statement of changes in equity
• Notes to the financial statements
• Opinion of licensed auditor.

Corrections can be made to financial statement filed with the Agency, if the company has subsequently identified a significant material error.

The financial statement complete with corrections and an accompanying letter indicating the corrections, certified by the company, may be delivered in person or by mail. The registration of these statements is free of charge.

Serbian Business Registers Agency may require companies to provide additional information if:

• The set of financial statements and required documentation is incomplete
• The application lacks the stamp and signature of the legal representative
• The tax  has not been paid in cases when the statement was not filed in due time
• Data on the number of employees is missing (statistical annex)
• Corrections are submitted in the form of a letter. Therefore, if errors are identified after the financial statement has been submitted, the corrected financial statement must be submitted, accompanied by an explanation in free form
• Data related to the letterhead- on the top of the Financial Statement’s Form, tax identification number, company name, address, activity code are incorrect (these are considered a technical error)
• Photocopies  are submitted (forms without a stamp and signature)
• The statements are filed on outdated forms
• Documents are untidy (data are illegible, completed with a pencil, torn)
• The wrong tax amount has been paid.