BASIC QUESTIONS
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.
What is the period of duration of a lease agreement?
The minimum period for which a lease agreement is concluded may not be shorter than two years from the day of conclusion of the agreement.
Who is the lessor?
The lessor is a domestic registered business company whose cash portion of fixed capital may not be lower than the dinar equivalent of EUR 100,000 at the mean exchange rate of the Central Bank of Serbia as of the day of payment, and which has obtained the Central Bank of Serbia permit to conduct financial leasing operations in line with the Law on Financial Leasing.
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.
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.
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.
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 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.
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.
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 court or other body competent to authenticate signatures.
What is the leased asset?
The leased asset is a movable non-consumable asset (equipment, plant, vehicles and the like).
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).
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.
Excerpt from the Register?
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 that a particular movable asset is the object of a financial leasing agreement (negative excerpt), or that a particular legal or natural entity is registered as the lessee.
Lease fee?
The fee paid by the lessee to the lessor for the right to use the leased asset is the lease fee.
Who covers the costs of registration in the Register?
The applicant, or other interested natural or legal entity, covers the costs of registration in the Register, in line with the Rules on the Fees for Services Provided by the Business Registers Agency in Connection with the Register of Financial leasing (Official Gazette of the Republic of Serbia, no. 111/05 and 67/06).
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.
The amount of the fee?
The following fees are charged for registration of the agreement in the Register:
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For amounts up to EUR 1,500 – RSD 500.00
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For amounts from EUR 1,500 to EUR 6,000 – RSD 1,000.00
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For amounts from EUR 6,000 to EUR 25,000 – RSD 1,500.00
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For amounts from EUR 25,000 to EUR 50,000 – RSD 3,000.00
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For amounts from EUR 50,000 to EUR 100,000 – RSD 5,000.00
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For amounts from EUR 100,000 to EUR 200,000 – RSD 8,000.00
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For amounts from EUR 200,000 to EUR 500,000 – RSD 12,000.00
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For amounts from EUR 500,000 to EUR 1,000,000 – RSD 20,000.00
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For amounts exceeding EUR 1,000,000 – RSD 30,000.00.
The fee for amendment to the data in the Register or for entry of new data is RSD 1,000.00 per application.
If the subject matter of the application is registration of the financial leasing agreement or amendment to registered data on the financial leasing agreement, and the data to be entered in the Register pertain to several leased assets, the prescribed fee is increased by RSD 200.00 for each subsequent leased asset.
If the sum total of lease instalments does not exceed EUR 6,000.00, the prescribed fee is increased by RSD 50.00 for each subsequent leased asset.
The fee for entry of a note on the existence of a dispute and other data to be entered in the Register in accordance with the law is RSD 1,000.00.
The fee for registration of the cessation of agreement or deletion of data on a financial leasing agreement from the Register is RSD 625.00.
The fee for issuing excerpts, certificates and copies of documents from the Register is as follows:
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For search with issue of a certified excerpt of data contained in the Register – RSD 1000.00 per excerpt, or with issue of an uncertified excerpt – RSD 500.00 per excerpt; however, if the search is performed for several leased assets or for several parties to a lease, the fee is increased by RSD 200.00 for each subsequent asset or party
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For issue of a certified excerpt containing all data on a particular financial leasing agreement registered in the Register – RSD 1000.00 per excerpt, or for issue of an uncertified excerpt – RSD 500.00
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For issue of a certificate that the Pledge Register does not contain data on a financial leasing of a particular asset – RSD 625.00; however, if the search is performed for several leased assets or for several parties to a lease, the fee is increased by RSD 200.00 for each subsequent asset or party
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For printing a document from the Agency’s web page – RSD 60.00 per document
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For issue of a copy of a document – RSD 25.00 per document page
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For data download in the electronic form from the Agency’s web page, if the search criterion is not among the general search criteria and if the search is performed following a special request by the user, the fee is RSD 20.00 per entry
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For delivery of the report with data contained in the Register following a special request by the user, the fee is RSD 40.00 per entry, and if the report is requested for more than 50 entries, the fee for each subsequent entry is RSD 20.00.
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.
AMENDMENTS TO A REGISTERED FINANCIAL LEASING AGREEMENT
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.
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.
REGISTRATION OF A NOTE
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.
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.
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.
TERMINATION OF A FINANCIAL LEASING AGREEMENT
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 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.