Tentmaker Reports

Serbia Report

Entrepreneurial Missions Index


General Information


7,350,221 (92nd most populous country in the world)

Serbian Orthodox85.0%


Base metals, furniture, food processing, machinery, chemicals, sugar, tires, clothes, pharmaceuticals

Unless otherwise noted, all information included here was obtained from the World Factbook project 4, conducted by the Central Intelligence Agency (CIA). For more detailed information about Serbia, visit https://www.cia.gov/library/publications/the-world-factbook/geos/yf.html.

Business Information

The World Bank ranks Serbia as 0 out of 183 economies in terms of ease of doing business. The country ranks as 0 (of 183) in terms of ease of starting a business.

It requires 11 procedures, takes 23 days, and costs 7.6% of income per capita to start a business in Serbia.

In order to start a business in Serbia, one must follow these procedures:

  1. Notarize the memorandum of association and lease contract at the Basic Court
  2. Open a temporary bank account; pay founding deposit or its part and all other fees
  3. Apply and obtain the registration certificate, tax identification number, pension fund (PIO Fund) and Health Fund certificates, certify the signatures (three copies) for opening bank account and register the employment contracts with the Employment Organi
  4. Open a permanent business account with the commercial bank
  5. Make stamp and seal
  6. Register with local tax authority
  7. Register the employment contracts with the Employment Organization / Fund

Unless otherwise noted, all information included here was obtained from the Doing Business project 3, conducted by the World Bank. For more detailed information about starting a business in Serbia, visit http://www.doingbusiness.org/.



Serbia Economic Freedom

The annual survey Economic Freedom of the World is an indicator produced by the Fraser Institute, a libertarian think tank which attempts to measure the degree of economic freedom in the world's nations. Economic Freedom of the World index has been more widely used than any other measure of economic freedom, because of its coverage of a longer time period

Their measure of economic freedom is based on that the following standards:

  • Personal choice rather than collective choice,
  • Voluntary exchange coordinated by markets rather than allocation via the political process,
  • Freedom to enter and compete in markets, and
  • Protection of persons and their property from aggression by others.

A state will rate high when it focuses on protection of people and their property from the actions of aggressors, enforcement of contracts, and provision of the limited set of public goods like roads, flood control projects, and money of stable value and little else, but a country’s rating on the EFW summary index will fall as government expenditures increase and regulations expand.   

1A General government consumption spending as a percentage of total consumption 6.5
Area 1-A Data 17.9
1B Transfers and subsidies as a percentage of GDP 4.6
Area 1-B Data 20.2
1C Government enterprises and investment 7
Area 1-C Data 22.4
1Di Top marginal income tax rate 10
Area 1-Di Data 15
1Dii Top marginal income and payroll tax rates 8
Area 1-Dii Data 26
1D Top marginal tax rate 9
1 Size of Government: Expenditures, Taxes, and Enterprises 6.8
2A Judicial independence (GCR) 3.3
2B Impartial courts (GCR) 3.3
2C Protection of property rights (GCR) 4.4
2D Military interference in rule of law and the political process (CRG) 6.7
2E Integrity of the legal system (CRG) 5.8
2F Legal enforcement of contracts (DB) 3.9
2G Regulatory restrictions on the sale of real property (DB) 6.9
2 Legal Structure and Security of Property Rights 4.9
3A Money growth 7.2
Area 3-A Data 13.9
3B Standard deviation of inflation 8.6
Area 3-B Data 3.51
3C Inflation: Most recent year 8.7
Area 3-C Data 6.39
3D Freedom to own foreign currency bank accounts 5
3 Access to Sound Money 7.4
4Ai Revenues from trade taxes (% of trade sector) 7.5
Area 4-A(i) Data 3.8
4Aii Mean tariff rate 8.5
Area 4-A(ii) Data 7.4
4Aiii Standard deviation of tariff rates 7.1
Area 4-A(iii) Data 7.2
4A Taxes on international trade 7.7
4Bi Non-tariff trade barriers (GCR) 5.4
4Bii Compliance cost of importing and exporting (DB) 8.3
4B Regulatory Trade Barriers 6.8
4C Size of the trade sector relative to expected 4.4
4D Black-market exchange rates 10
4Ei Foreign ownership/investment restrictions (GCR) 5.6
4Eii Capital Controls 3.3
4E International Capital Market Controls 4.5
4 Freedom to Trade Internationally 6.7
5Ai Ownership of banks 10
5Aii Foreign bank competition 8
5Aiii Private sector credit 8.9
5Aiv Interest rate controls/negative real interest rates 10
5A Credit Market Regulations 9.2
5Bi Minimum wage (DB) 6.9
5Bii Hiring and firing regulations (GCR) 5.8
5Biii Centralized collective bargaining (GCR) 7.3
5Biv Mandated cost of hiring (DB) 4.5
5Bv Mandated cost of worker dismissal (DB) 7.7
5Bvi Conscription 3
5B Labor Market Regulations 5.9
5Ci Price controls 2
5Cii Administrative requirements (GCR) 1.5
5Ciii Bureaucracy costs (GCR) 5.9
5Civ Starting a business (DB) 9.2
5Cv Extra payments/bribes (GCR) 4.7
5Cvi Licensing restrictions (DB) 2.4
5Cvii Cost of tax compliance (DB) 6.9
5C Business Regulations 4.6
5 Regulation of Credit, Labor, and Business 6.6
Rank c 84

Serbia Summary


1 World Economic Forum

2 Free the World
Gwartney, James and Robert Lawson with Herbert Grubel, Jakob de Haan, Jan-Egbert Sturm, and Eelco Zandberg (2009). Economic Freedom of the World: 2009 Annual Report. Vancouver, BC: The Fraser Institute. Data retrieved from www.freetheworld.com.

3 World Bank Data

4 World Factbook Project

Contact Us
Have questions, feedback or want to connect? Give us a shout, tweet us, or drop by our offices.