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Forex license in Serbia: Securities Commission investment-firm licence.
A forex license in Serbia is an investment-firm licence from the Securities Commission of the Republic of Serbia (Komisija za hartije od vrednosti) under the Law on the Capital Market, which lists CFDs and currency derivatives as instruments. The National Bank of Serbia (NBS) narrows the market: residents buy and sell foreign currency only with banks. The own-account licence fee is RSD 991,200. We build the file in Belgrade.
Updated · Reviewed by the Prifinance team
Forex license in Serbia: a Commission licence, with NBS limits on residents' FX.
Serbia licenses investment services under the Law on the Capital Market (Official Gazette 129/2021, amended 109/2025), applied since January 2023. Under Art. 1 only three kinds of firm may provide them, each licensed by the Commission: an investment firm, a credit institution, or a branch of a third-country firm. Forex and CFDs have no licence of their own. The Commission grants the licence service by service, and the Law's list of financial instruments in Art. 2(1)(19) names derivatives on currencies (item 4) and financial contracts for differences (item 9). Art. 4(1) then takes non-standardised derivative instruments outside the Law, "unless a law provides otherwise". An OTC CFD or rolling-FX book run by a licensed firm may therefore sit outside the regime that licenses the firm. We put that question to the Commission in writing, product by product, before anything is filed.
A second limit comes from the NBS, whose statement of 9 March 2012 says residents buy foreign currency only from banks and sell it only to banks; trading currency with any other legal person is prohibited and punishable. Residents deal in FX-settled derivatives only through a bank. The NBS statement of 9 January 2025 allows OTC derivatives abroad only as a hedge against prescribed risks and rules out currency trading abroad. As we read those rules, a retail FX or CFD book for Serbian residents does not fit them. The licensed market is small, too: on 24 October 2026 the Commission's register listed 13 investment firms, the newest licensed on 23 November 2018, and it shows services, not instruments. Fees are fixed by tariff, consolidated to No. 84/2024. The licence fee for own-account dealing is RSD 991,200, and supervision costs RSD 389,220 a year.
Serbia licenses forex and CFD brokers as investment firms under the Law on the Capital Market, which names CFDs as instruments. Art. 4(1) excludes non-standardised derivatives unless a law provides otherwise, so we put each product to the Commission in writing.
The NBS keeps residents' foreign currency trading with banks. On 24 October 2026 the register listed 13 firms, the newest from 23 November 2018; the own-account licence fee is RSD 991,200.
A Serbian investment firm, or a branch of a third-country firm.
Art. 1 of the Law admits three kinds of Commission licensee, and a broker uses one of two: a Serbian investment firm licensed to deal on own account, or the branch of a foreign firm. Both meet the same NBS rules for Serbian residents.
A Serbian investment firm, or a licensed branch of a foreign one.
The investment firm as counterparty
A Serbian investment firm licensed for dealing on own account, sub-item 3 of Art. 2(1)(2), can take the other side of its clients' trades; nine of the 13 firms on the register of 24 October 2026 hold that service. The Commission charges RSD 991,200 for the licence and RSD 389,220 a year for supervision. The Art. 4(1) question on your CFDs goes to the Commission in writing before the file.
A Serbian investment firm licensed for dealing on own account, sub-item 3 of Art. 2(1)(2), can take the other side of its clients' trades; nine of the 13 firms on the register of 24 October 2026 hold that service. The Commission charges RSD 991,200 for the licence and RSD 389,220 a year for supervision. The Art. 4(1) question on your CFDs goes to the Commission in writing before the file.
- ✓Dealing on own account - sub-item 3
- ✓RSD 991,200 licence fee - tariff 5.2
- ✓RSD 389,220 a year - tariff 13.4
- ✓Capital of Art. 165, confirmed in the quote
- ✓Art. 4(1) answer for each product
- ✓Internaliser rules if systematic - Arts. 233-237
The licensed branch of a foreign firm
Serbia is outside the EU, so no passport reaches it. A foreign investment firm, EU-licensed or not, serves Serbian clients through a branch licensed by the Commission (Art. 1), and the branch meets the same Art. 4(1) question and the same NBS rules as a Serbian firm: residents deal in FX-settled derivatives only through a bank. Branch fees and conditions are confirmed in the quote.
Foreign firms serve Serbia through a Commission-licensed branch, with no EU passport and the same NBS limits on residents.
- ✓Branch licensed by the Commission - Art. 1
- ✓Needed by any foreign firm serving Serbia
- ✓Same Art. 4(1) product question
- ✓Residents' FX derivatives through a bank
- ✓OTC derivatives abroad only as hedges
- ✓Fees and conditions in the quote
Costs and timelines are confirmed for your case before any work begins. The Commission may index its tariff to consumer prices once a year, so we check every amount against the version in force before quoting.
Serbia prices every step in dinars and names CFDs in its Law.
The Law on the Capital Market names CFDs and the Commission sets its fees in dinars, but the NBS keeps residents' currency trading with the banks.
The Commission's tariff prices each licence by service: RSD 589,500 for reception, execution, portfolio management, advice or placing without a firm commitment, RSD 991,200 for dealing on own account, RSD 3,363,000 for underwriting or running an MTF or OTF. Extending or restricting the licence later costs RSD 70,500 (tariff 5.6).RSD 589,500 to RSD 3,363,000 by service.
None of the 25 bylaws the Commission lists under the 2021 Law is a product-intervention or CFD act, so there is no Serbian leverage cap to cite. In our view the firm sets its own retail terms, and the Commission keeps its general powers over them.No leverage cap we can cite.
Amendment No. 109/2025 added Art. 170(3)-(5). A firm licensed to hold client money at a credit institution that is a CSD member opens a client cash account separate from its own, keeps accurate records per client for pooled accounts and uses each client's funds only for that client's obligations.Separate client cash accounts since 2025.
Brokers, investment advisers and portfolio managers each hold a Commission title. Training costs RSD 93,900 for a broker and RSD 141,100 for a portfolio manager, exams RSD 10,300-23,300 and the individual licence RSD 7,200 (tariff 16-18).Training, exams and licence priced by tariff.
Serbia taxes company profit at a proportional, uniform 15% (Art. 39 of the Law on Corporate Profit Tax). Dividends paid to a foreign parent company carry 20% withholding unless a double tax treaty provides otherwise.20% withholding on dividends abroad.
The NBS statement of 9 January 2025 says residents may not trade currencies abroad or park idle funds with foreign brokers, and banks must see documents proving lawful trading before they pay abroad. We test every Serbian client plan against these rules first.Residents may not trade currencies abroad.
How Serbia differs from other routes.
North Macedonia licenses a brokerage house at €75,000-€500,000 of capital by service set and taxes profit at a flat 10%. Hungary and Cyprus work inside the EU, with IFD capital of €75,000-€750,000, ESMA's 30:1 to 2:1 retail tiers and a passport to the other 29 EEA states. Serbia's difference is the NBS: whatever the Commission licenses, residents' currency trading stays with the banks. Profit tax is 15%, and the Commission's fees are fixed by tariff.
| Feature | Serbia | Other jurisdictions |
|---|---|---|
| Licence fee | RSD 991,200 own account · tariff 5.2 | HUF 2,700,000 per procedure Hungary |
| Retail CFD rules | None we can cite · no CFD bylaw | ESMA tiers 30:1 to 2:1 Hungary, Cyprus |
| Passport | None · outside the EU | None North Macedonia · other 29 EEA states Hungary, Cyprus |
| Corporate tax | 15% · 20% on dividends abroad | 10% North Macedonia · 9% Hungary · 15% Cyprus |
| Country | License type | Taxation | Requirements |
|---|---|---|---|
Serbia | Commission investment firm | 15% CIT · 20% WHT | RSD 991,200 own-account fee, NBS FX limits |
North Macedonia | SEC brokerage house | 10% flat | €75k-€500k by services |
Hungary | MNB investment firm | 9% CIT · local tax up to 2% | IFD €75k-€750k, 3-month clock |
Cyprus | CySEC CIF | 15% CIT (2026) | IFD tiers, EU passport |
Serbia
North Macedonia
Hungary
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Forex license requirements in Serbia: what the Commission checks.Serbia forex license requirements.
The Commission's rulebook on granting an investment-firm licence dates from 2022 (Official Gazette 77/2022), and its tariff prices every approval that comes with the licence. The product question comes first.
Reflects the Law on the Capital Market (Official Gazette 129/2021, amended 109/2025), the Commission's tariff consolidated to No. 84/2024 and the NBS statements of 9 March 2012 and 9 January 2025, as of October 2026. The rulebook's document list is confirmed in the quote.Law on the Capital Market, tariff to 84/2024, NBS statements, as of October 2026.
Official sources
Regulator pages, legal texts and public registers the figures on this page are based on.
- LawSecurities Commission - Law on the Capital Market (Sl. glasnik RS 129/2021, 109/2025), non-official English translationsec.gov.rs
- FeesSecurities Commission - Rulebook on the Tariff (English, consolidated to 84/2024)sec.gov.rs
- RegisterSecurities Commission - Register of investment firmssec.gov.rs
- RegulatorNational Bank of Serbia - Trading foreign currency with a non-bank prohibited and punishable (9.3.2012)nbs.rs
- RegulatorNational Bank of Serbia - No obstacles to trading securities abroad, with a document proving lawful trading (9.1.2025)nbs.rs
From the Art. 4(1) question to the Commission's licence.
Each CFD and rolling-FX product goes to the Commission as a written Art. 4(1) question. In parallel we test the client plan against the NBS rules on residents.Art. 4(1) question; NBS rules checked.
We form the entity, prepare board members and qualifying holders for the Commission's approval and put the licensed brokers, advisers or portfolio managers in place.Entity, board, owners, licensed staff.
The application names the services and carries the tariff fee, RSD 991,200 where it includes dealing on own account, together with the approvals for the board, the owners and the general acts.Services, RSD 991,200 fee, approvals.
The Commission reviews the file against the Law and its 2022 licensing rulebook. Its decision period is confirmed per case, and we answer its questions from Belgrade.Decision period confirmed per case.
Supervision costs RSD 389,220 a year, due by 30 January or in equal semi-annual, quarterly or monthly instalments, and pro rata for the full months left in the year of licensing.RSD 389,220 a year, client cash account.
In a Serbian file the Art. 4(1) answer comes first, and the Commission's decision period is confirmed per case. We give our timeline once the products, the services and the capital are settled.
Run from our Belgrade office.

We draft the written Art. 4(1) question for each CFD and rolling-FX product and map your client base against the NBS rules for residents.Art. 4(1) per product, NBS rules mapped.
The investment firm or the branch, the services under Art. 2(1)(2), and the approvals the tariff prices for board members, qualifying holdings and general acts.Firm or branch, services, approvals.
Brokers, investment advisers and portfolio managers with the Commission's titles, their training and exams booked and priced under tariff 16-18.Titles, training, exams.
The client cash account of Art. 170(3)-(5), per-client records for pooled money and AML procedures ready for the Commission's supervision.Client cash account, AML procedures.






Taxation of forex brokers in Serbia.
A Serbian investment firm pays profit tax at 15%, and the dividends it sends to a foreign parent carry 20% withholding unless a treaty lowers the rate.
Art. 39 of the Law on Corporate Profit Tax sets a proportional, uniform rate of 15%. The Tax Administration's consolidated text runs to amendment No. 94/24, in application from 1 January 2025.Art. 39, proportional and uniform.
Dividends and profit shares paid to a non-resident legal person carry 20% withholding under Art. 40(1), unless a double tax treaty provides otherwise. The payer files the return within three days of payment (Art. 40(6)).Non-resident legal persons, unless a treaty.
Royalties, interest, rents and services paid to a legal person in a preferential tax jurisdiction carry 25% (Art. 40(4)). We check group service and interest flows for that rate before the structure is set.Royalties, interest, rents, services.
A non-resident legal person pays 20% on capital gains under Arts. 27-29 of the profit tax law, by assessment, unless a treaty provides otherwise.Non-residents, by assessment.
Supervision costs RSD 389,220 a year (tariff 13.4). An on-site inspection adds RSD 389,200 only where the Commission finds irregularities, imposes measures or revokes the licence, and not where it imposes a monetary fine (Art. 7).RSD 389,220 a year; inspections case by case.
Two questions wait for the group structure: VAT on brokerage commissions and dealing spreads, and Pillar Two, which reaches only groups with EUR 750 million of revenue or more.Confirmed per structure.
*As of 2026 per the Law on Corporate Profit Tax (Tax Administration text consolidated to No. 94/24) and the Commission's tariff consolidated to No. 84/2024. Group and founder-level outcomes are modelled per structure.
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Builds the application itself: Serbian company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed broker.
Active across our channels.
Get your forex license in Serbia with expert support.
Full-service assistance - from the Art. 4(1) product question and the NBS rules on residents to the licence file, the approvals and the client cash account - run through our Belgrade office.
Get a consultation →Is Serbia the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
What founders ask about a Serbian investment-firm licence.
Does Serbia license forex and CFD brokers?+
Yes, as investment firms licensed by Serbia's Securities Commission. The Law on the Capital Market lists currency derivatives and CFDs as instruments (Art. 2(1)(19)), but Art. 4(1) leaves non-standardised derivatives outside the Law unless a law provides otherwise, so the fit of each OTC product is confirmed with the Commission.
Can a Serbian broker offer FX and CFDs to Serbian residents?+
In our view, not as a retail OTC book. The National Bank of Serbia says residents buy and sell foreign currency only with banks and deal in FX-settled derivatives only through a bank (9 March 2012), and use OTC derivatives abroad only to hedge prescribed risks (9 January 2025). How each CFD product fits is confirmed per case.
How long does a forex license in Serbia take?+
In Serbia the timing depends first on the Securities Commission's answer to the written Art. 4(1) question on each product; the Commission's decision period itself is confirmed per case. We set the timeline once that answer is in and the services and capital are fixed.
What does a forex license in Serbia cost?+
Serbia's Securities Commission charges RSD 991,200 to license dealing on own account and RSD 389,220 a year for supervision, plus RSD 29,000 per board member and RSD 70,500 per qualifying holding. The capital of Art. 165 and our fees are confirmed in the quote; the Art. 4(1) answer decides first whether a CFD book fits the Law.
Does Serbia cap retail leverage on CFDs?+
Serbia has no retail leverage cap that we can cite. The Securities Commission's bylaws under the 2021 Law include no product-intervention or CFD act, and its warning of 28 April 2021 tells people without knowledge and experience that buying CFDs, binary options and leveraged products is not recommended.
Does a Serbian licence reach the EU?+
No. Serbia is outside the EU, so a Commission licence carries no passport, and an EU firm needs a Commission-licensed branch to serve Serbia. A Serbian firm opening a branch or a tied agent abroad needs the Commission's consent, priced at RSD 70,500 (tariff 11).
How many investment firms does the Commission license?+
Thirteen on the register as of 24 October 2026, all joint-stock companies, nine of them licensed to deal on own account. The newest licence dates from 23 November 2018. The register shows services rather than instruments, so it does not say which firms deal CFDs.
How must a Serbian investment firm hold client money?+
On a client cash account separate from its own, at a credit institution that is a CSD member, where it is licensed to hold client money (Art. 170(3)-(5), added in 2025). Pooled accounts need accurate records per client, and one client's money never meets another client's obligations.
Serbia or North Macedonia for a Balkan broker?+
North Macedonia, if a known horizon and a lower tax decide: its SEC licenses a brokerage house at €75,000-€500,000 of capital by service set, in 3-6 months in practice, with a flat 10% tax. Serbia names CFDs as instruments in its Law and publishes every Commission fee; neither licence carries an EU passport.
Why Prifinance for Serbia?+
Two points decide a Serbian file, and we start with both: a written Art. 4(1) question to the Securities Commission on each product, and a check of your client base against the NBS rules on residents. Only then does our Belgrade office draft the firm or branch file with its approvals and client cash account.
CFD brokers licensed?+
Yes, as investment firms; Art. 4(1) per product.
Serbian residents?+
FX through banks only (NBS).
How long?+
Confirmed per case, after Art. 4(1).
Cost?+
RSD 991,200; RSD 389,220 a year.
Leverage cap?+
None we can cite.
EU passport?+
No; foreign firms need a branch.
How many firms?+
13 on 24 Oct 2026, the newest from 2018.
Client money?+
Separate client cash account.
Or North Macedonia?+
3-6 months there, 10% tax; no passport either.
Why you?+
Belgrade office, Art. 4(1) first.
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One message away from your Serbia forex licence.
Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: whether your CFD and FX products fit the Law on the Capital Market and the NBS rules in Serbia, and what the licence will cost.
Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Securities Commission of the Republic of Serbia or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.