Monday, November 19, 2018

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Questions and Answers

Who pays for the registration costs?

The applicant pays for the costs of registration in the Financial Leasing Register, or other interested legal or natural entity, pursuant to the Decision on fees for registration and other services provided by the Serbian Business Registers Agency.

The amount of the fee?

Fees for registration of data on a financial leasing contract depend on the value of the contract, and are charged as follows:

  • for a value of the contract not exceeding EUR 10,000, the fee amounts to RSD 2,000;
  • for a value of the contract exceeding EUR 10,000, and up to EUR 200,000, the fee amounts to RSD 5,000;
  • for a value of the contract exceeding EUR 200,000, the fee amounts to RSD 10,000.
  • If one application is submitted for registration of data on several entities, and/or several movable or immovable assets, the fee stipulated by the Decision is increased by RSD 200 for each subsequent entity and/or movable/immovable property.

The fee for the registration of a change and/or addition to registered data amounts to RSD 2,000.

If one application is submitted for change of registered data on several entities, and/or several movable or immovable assets, the fee stipulated by the Decision is increased by RSD 200 for each subsequent entity and/or movable/immovable property.

The fee for the registration of an annotation amounts to RSD 2,000.

The fee for the strike-off of a registered annotation amounts to RSD 1,000.

The fee for registration of the expiry of an agreement or strike-off of data on a financial leasing agreement from the Register amount to RSD 1,000.

An additional fee in the amount of RSD 3,000 is charged for the late filing of the registration application.

The fee for the issuance of excerpts, certificates and copies of documents from the Register, amounts to:

  • for the issuance of an excerpt containing the complete data on a registered financial leasing contract, as on the date of issuance of the excerpt - RSD 1,700;
  • for the issuance of a certificate confirming that data on a specific entity or asset are contained in the Register, stating the registration number of the requested data, and basic data on the registered entity/asset - RSD 1,500, whereby if a certificate is issued for several movable assets, or for several natural or legal entities, the fee is increased by RSD 200 for each subsequent asset or entity.
  • for the issuance of a certificate that the Register does not contain data on a financial leasing contract on a certain asset - RSD 1,000, whereby if a certificate is issued for several movable assets, or for several natural or legal entities, the fee is increased by RSD 200 for each subsequent asset or entity.
  • for the issuance of a certificate on data contained in the supporting registration documents and a certificate on previously registered data - RSD 1,000 per entry.
  • for the aforesaid excerpts and certificates issued in electronic format, one-half of the prescribed fee is charged;
  • for the issuance of a copy of entry of the Registrar’s decision for which no special fee is prescribed - RSD 1,700;
  • for a print-out of an application form for registration – RSD 120.
  • for the issuance of a copy of any of the registration supporting documents – RSD 30 per document page;
  • for the issuance of registered data in electronic format, processed according to specific customer request - RSD 35 for each data entry, for the report containing up to 50 data entries, and the fee for each subsequent entry exceeding 50 is RSD 10;
  • for the issuance of standardized reports with a predefined data structure - RSD 10,000 per report, and for reports containing data from individual entries -RSD 5 per entry;
  • for the delivery of aggregate (statistical) data contained in the Register, processed according to a specific customer request, the fee is calculated according to the number of data items, as follows:

(1) from 1 to 10 data items - RSD 500;
(2) from 11 to 100 data items - RSD 50 per data item;
(3) from 101 to 200 data items - RSD 40 per data item;
(4) from 201 to 300 data items - RSD 30 per data item;
(5) over 300 data items – RSD 20 per data item.

The fee is increased according to the level of processing requested by the customer, by 20% for each next level, i.e. attribute for the respective register/database query.

How is the fee for registration of a financial leasing agreement determined?

The fee for registration of an agreement is determined on the basis of the sum total of lease instalments payable by the lessee in accordance with the agreement, i.e. the fee is dependent on the sum of lease instalments stated in the lease agreement.

Can a foreign leasing company file an application for registration of a financial leasing agreement?

A financial leasing agreement in which the lessor is a foreign lease company cannot be registered in the Register of Financial leasing, since such agreement is not concluded in accordance with the Law on Financial leasing and therefore is not eligible for registration in the Register of Financial leasing.

What is the deadline for filing the application for registration of the financial leasing agreement?

The lessor is under the obligation to file an application for registration of the financial leasing agreement within seven days from the date of delivery of the leased asset.

What is the deadline for filing the application for registration of the amendment?

Within seven days from the moment of occurrence of the circumstances which give rise to the amendment to the financial leasing agreement.

What is the deadline for filing a request for deletion of data?

Within seven days from the moment of occurrence of the circumstance which gives rise to deletion.

What constitutes legal grounds for registration of an amendment to a registered financial leasing agreement?

An addendum to the financial leasing agreement, for example, constitutes legal grounds for registration of data on the amendment to the financial leasing agreement already registered. Each amendment has the character of a new entry in the Register.

Where can the application forms for registration of leasing agreement be obtained?

Application forms for registration of a financial leasing agreement (amendments to the data on the financial leasing agreement, notes, deletions and excerpts) are available on the Business Registers Agency web page.

Who files the application for registration of a note?

Any party with a legal interest to register a note on the existence of a dispute or other fact concerning the registered data may file an application for registration of a note.

How is the registration procedure of the leasing agreement in the Register initiated?

The procedure for registration of the financial leasing agreement in the Register is initiated by filing an application, which is a form containing data to be entered in the Register.

Does registration of the leasing agreement constitute proof of the right of ownership over the leased asset?

Registration of the financial leasing agreement in the Register does not constitute proof of ownership or other rights over the movable assets which are the object of lease, nor of validity of any legal transaction.

What is the deadline for filing a request for termination of the agreement?

Within seven days from the moment of occurrence of the circumstance which gives rise to deletion of the data from the Register.

Can the application be filed by proxy?

The application for registration may be filed by a third party vested with the power of attorney (proxy). The proxy must enclose the power of attorney with such application. If the proxy is not an attorney at law, and the power of attorney is granted by a natural person, the power of attorney must be certified by body competent to authenticate signatures.

What constitutes legal grounds for data registration in or deletion from the Register?

Legal grounds for registration is the documentation enclosed with the application, on the grounds of which data is registered in or deleted from the Register (agreement, addendum to the agreement, court decision and the like).

Who is an interested party?

A party with a legal interest (other than the lessor and lessee) to register a note in the Register of Financial leasing on the existence of a dispute concerning the leased asset or other relations between parties in connection with the lease, or to have data deleted from the Register.

When is request for deletion filed?

A request for deletion of a lease agreement is filed, for example, in case that the asset to be leased has not been delivered.

Who can file an application for registration in the Register?

The application for registration of a financial leasing agreement can be filed by the lessor and the lessee.

What are the rights of the lessor in the event of bankruptcy of the lessee?

In the event of bankruptcy of the lessee, the lessor has the right to have the leased asset excluded from the lessee’s bankruptcy estate (exclusion right), in accordance with the law governing bankruptcy proceedings.

Can a financial lease agreement be signed for the lease of immovable property?

The Law on Amendments to the Law on Financial Leasing that came into effect on 17 May 2011, envisages the possibility of stipulating a financial leasing agreement for the lease of immovable property.

What are the consequences for the lessee in case of bankruptcy or liquidation of the lessor?

In case of bankruptcy or liquidation of the lessor, the immovable assets leased under the lease agreement are excluded from the bankruptcy/liquidation estate.

What is an excerpt/copy of entry from the Register?

It is a document containing data on a particular financial leasing agreement registered in the Register (affirmative excerpt) or certifying that the Register does not contain data on any financial lease agreement relating to a particular movable or immovable asset (negative excerpt), or certifying that a certain legal or natural entity is registered as the lessee.

When is a financial leasing agreement terminated?

Upon expiry of the term for which the lease agreement is concluded, or by perishing of the leased asset due to force majeure, the financial leasing is terminated. In addition, the agreement may be terminated by early redemption of the leased asset, by cancellation of the agreement, etc.

What is the subject of a lease?

The subject of a lease are movable non-consumable assets (equipment, plant, vehicles and similar) and immovable assets that can be the subject of ownership in the sense of the law governing property relations.

What is the lease agreement length?

The Law on Financial Leasing does not stipulate a minimum length of time for lease agreements.

Who is the lessor?

The lessor can be a limited liability company or joint stock company with registered office in the Republic of Serbia, licensed by the National Bank of Serbia for conducting financial leasing activity pursuant to the Law on Financial Leasing.

To qualify for conducting financial leasing activities, the cash portion of the lessor’s capital may not be lower than the RSD equivalent of EUR 500,000 at the official mean exchange rate as of the date of payment. To qualify for conducting financial leasing activities relating to immovable property, the cash portion of the lessor’s capital may not be lower than the RSD equivalent of EUR 5,000,000 at the official mean exchange rate as of the date of payment.

Lease fee?

The fee paid by the lessee to the lessor for the right to use the leased asset is the lease fee.

How can data on a registered financial leasing agreement be accessed?

Any interested party may access data contained in the Register of Financial leasing through the Agency’s web page or at the Agency’s offices during its business hours

What are the consequences for the lessor in case of bankruptcy of the lessee?

Article 15 of the Law on Financial Leasing stipulates that in the event of bankruptcy of the lessee, the lessor has the right to have the leased asset excluded from the lessee’s bankruptcy estate (exclusion right), in accordance with the law governing bankruptcy proceedings.

Who is the lessee?

The lessee is a legal or natural entity to whom the lessor transfers the right to possession and use of the leased asset, for the agreed period and for the agreed fee.

Who is the supplier of the leased asset?

A legal or natural entity that transfers the right of ownership of the leased asset to the lessor, so that its possession and use could be transferred to the lessee for the agreed period and for the agreed fee.

Why is registration in the Register important?

Registration of the leasing agreement in the Register provides a higher degree of legal security. It is considered that the existence of the leasing agreement is known to third parties on the grounds of its registration in the Register, and nobody may plead ignorance of the data concerning the financial leasing.

Since when has the Register of Financial Leasing been kept?

The Business Registers Agency has kept the Register of Financial leasing since January 4, 2005.

What is financial leasing?

Financial leasing is an operation in which the lessor concludes an agreement with the supplier of the leased asset selected by the lessee, whereby the lessor acquires right of ownership over the leased asset (supply agreement). The terms of the supply agreement are approved by the lessee. Following this, the lessor transfers the right of possession and use of the leased asset for the agreed period by the financial lease agreement concluded between the lessor and lessee, and the lessee undertakes to pay to the lessor the agreed fee in agreed instalments (lease agreement).

What is an operational lease?

An agreement in which the lessor and the supplier are the same entity is not considered a financial lease agreement.

  
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