Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the Commission decision, including banking and payment rails.
Get an investment license in Serbia.
The pre-accession play: authorisation as an investment firm from the Securities Commission under the Law on the Capital Market - a framework rewritten to EU standards, with conduct rules for investment firms issued as their own rulebook, in the largest market of the Western Balkans.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Serbia in brief
A MiFID-shaped market waiting for the passport.
Serbia rewrote its capital-market law to European standards, and the architecture shows it: the Securities Commission licenses investment firms, maintains public registers of licensed brokers and firms, and issues a dedicated rulebook on rules of conduct for investment firms when providing investment services - the same conduct-of-business logic MiFID applies across the union. Initial capital is tiered by service set in the Law on the Capital Market and confirmed against the text in force at filing. What is missing today is the passport: Serbia is an accession candidate, not a member, so a Serbian licence serves the domestic and regional market rather than thirty EEA states.
That gap is exactly the opportunity for firms with a long horizon. Building a Serbian investment firm now means holding an EU-shaped authorisation, supervised by an EU-aligned regulator, in the Western Balkans' largest economy - with the professional bench, the exchange and the client base already there, at costs a fraction of union levels. Groups that expect accession to arrive eventually position early; groups that simply want Balkan distribution get a regulated home immediately. Belgrade is a serious professional city with bilingual finance staff and a functioning legal system. We build the Commission file end to end, and we say plainly what the licence does and does not reach today.
EU-shaped, pre-accession: authorisation as an investment firm from the Securities Commission under the Law on the Capital Market, with a dedicated conduct rulebook for investment firms and public registers of licensed firms and brokers.
Initial capital is tiered in the Law and verified against the text in force. No EEA passport today - the EU leg of the group is built where clients are. 15% flat tax at Balkan cost.
The two builds
The investment firm - and the regional structure around it.
One authorisation under the Law on the Capital Market, scoped by service set. With EU client bases served from EU-licensed entities until accession changes that.
The Serbian investment firm. With the group built around it.
01 - INVESTMENT FIRM
The Serbian licence
Authorisation from the Securities Commission for investment services. Advice, order reception and transmission, execution, portfolio management and dealing by permission, under EU-aligned conduct rules.
Authorisation from the Securities Commission for investment services. Advice, order reception and transmission, execution, portfolio management and dealing by permission, under EU-aligned conduct rules.
- ✓Investment advice · RTO
- ✓Execution and portfolio management
- ✓Dealing where permitted
- ✓Initial capital per the Law
- ✓Conduct rulebook applies
- ✓Public register of licensed firms
02 - THE REGIONAL BUILD
The group around it
Serbia is a candidate, not a member, so EU client bases run through EU-licensed entities while the Serbian firm carries the domestic and regional book.
EU client bases served from EU-licensed entities while Serbia remains a candidate; the Serbian firm carries the domestic and regional book.
- ✓Domestic and Balkan clients
- ✓EU mandates - CySEC / Baltic
- ✓Accession positioning early
- ✓Scope documented per market
- ✓One group, one working map
- ✓Migration planned, not assumed
Initial capital tiers are set in the Law on the Capital Market and confirmed against the text in force at filing. Serbia is outside the EEA - no passport attaches today.
Why Serbia
Six reasons firms license in Belgrade.
✓
EU-shaped, EU-supervised
The Law on the Capital Market and the conduct rulebook follow European logic. A Serbian firm is built the way a union firm is.Built like a union firm.
✓
Accession positioning
Firms that expect Serbia to join eventually would rather already hold the licence than start the file afterwards.Hold it before, not after.
✓
The Balkans' largest market
The biggest economy and population in the Western Balkans, with a functioning exchange and real domestic capital.Real domestic capital.
✓
Costs a fraction of the union
Belgrade salaries and premises against EU-standard compliance obligations. The arithmetic is unusually favourable.EU standards, Balkan price.
✓
Public registers
The Commission publishes registers of licensed firms and brokers. Counterparties can verify you in one click.Verifiable in a click.
✓
Clear about the passport
No EEA passport today, and we say so. The group is designed around that, not despite it.Said, not hidden.
How it compares
How Serbia differs from other routes.
Side by side: EU-standard supervision without EU market access. Bought at Balkan prices.
Serbia vs other jurisdictions
| Feature |  Serbia | Other jurisdictions |
|---|---|---|
| Regime | Law on the Capital Market | MiFID or national law |
| Passport | None - candidate state | 30 EEA states |
| Standards | EU-aligned conduct rules | EU or lighter |
| Cost base | Balkan levels | Union pricing |
Regime
SerbiaLaw on the Capital Market
Other jurisdictionsMiFID or national law
Passport
SerbiaNone - candidate state
Other jurisdictions30 EEA states
Standards
SerbiaEU-aligned conduct rules
Other jurisdictionsEU or lighter
Cost base
SerbiaBalkan levels
Other jurisdictionsUnion pricing
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Serbia | Investment firm - SEC RS | 15% corporate | Capital per the Law |
 Bulgaria | Investment intermediary - FSC | 10% flat | IFD tiers, EU passport |
 Cyprus | CIF - CySEC | 12.5% · 15% large | IFD tiers, EU passport |
 Georgia | Brokerage - NBG | 0% retained · 15% | Capital per NBG rules |
SerbiaLicense typeInvestment firm - SEC RS
Taxation15% corporate
RequirementsCapital per the Law
BulgariaLicense typeInvestment intermediary - FSC
Taxation10% flat
RequirementsIFD tiers, EU passport
CyprusLicense typeCIF - CySEC
Taxation12.5% · 15% large
RequirementsIFD tiers, EU passport
GeorgiaLicense typeBrokerage - NBG
Taxation0% retained · 15%
RequirementsCapital per NBG rules
Before you apply
Requirements for the Serbian licence.Requirements for the licence.
The Commission licenses to EU-shaped standards. The checklist below is what a passing file contains.
01
Serbian company. Established for the licensed investment services with management in Serbia.
02
Service perimeter. Advice, order handling, execution, portfolio management or dealing, scoped before filing.
03
Initial capital - per the tier in the Law on the Capital Market for the chosen services, evidenced.
04
Fit-and-proper management and owners. Vetted to ultimate-owner level.
05
Licensed brokers. Individuals holding Commission licences where the services require them.
06
Business plan. Strategy, clientele and projections the Commission can test.
07
Conduct framework. The rulebook on rules of conduct for investment firms embedded in procedures.
08
Organisation. Compliance, risk management and internal control functions established.
09
Client-asset arrangements. Segregation and safeguarding per the Law.
10
AML/CFT programme. Serbian framework with a named responsible officer.
11
Market discipline. EU client bases routed to EU-licensed entities while Serbia remains outside the EEA.
01
Serbian company, run locally.
02
Services scoped first.
03
Capital per the Law's tier.
04
Owners vetted to UBO.
05
Licensed brokers engaged.
06
Testable business plan.
07
Conduct rulebook embedded.
08
Control functions built.
09
Client assets safeguarded.
10
AML officer named.
11
EU clients routed properly.
Reflects the Law on the Capital Market and Commission bylaws as of 2026. Capital tiers are verified against the text in force at filing.Capital Market Law + Commission bylaws, 2026.
How it works
From first call to the Commission register.
01
Perimeter and map
Services chosen, capital tier identified and the markets Serbia cannot reach named upfront.Real coverage.
02
Company and people
Serbian entity established, capital evidenced, management and licensed brokers in place.Capital evidenced.
03
The application
The Commission file with plan, organisation and conduct procedures. Complete at submission.Complete at filing.
04
Review
Commission questions answered on schedule, organisation demonstrated.Organisation shown.
05
Licensed and listed
Authorisation granted and the firm appearing on the public register. Verifiable by any counterparty.On the public register.
Quick facts
RegulatorSecurities Commission
FrameworkLaw on the Capital Market
ConductDedicated rulebook
Initial capitalTiered in the Law
RegistersPublic, firms and brokers
PassportNone - candidate state
Realistic timeline6-12 months
Corporate tax15%
Capital figures move with amendments to the Law. We read the version in force at filing rather than quoting a number that may have changed.
On the ground in Serbia
Run from our Belgrade office.
Prifinance - Serbia
Belgrade · Serbia
Belgrade, Serbia
01
Perimeter and capital
Services mapped to the Law's tiers and the capital verified against the text actually in force.Verified, not assumed.
02
The Commission file
Business plan, organisation and conduct procedures assembled to the rulebook.Built to the rulebook.
03
People and licences
Management vetted and licensed brokers engaged where the service set requires them.Brokers licensed.
04
Group and horizon
The EU leg built where clients need it, with accession positioning planned rather than assumed.EU leg planned.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of investment firms in Serbia.
A flat 15% headline at Balkan operating cost. Competitive against every EU alternative.
15% corporate tax
The flat rate on profits. Below every eurozone alternative and applied without regional surcharges.Below the eurozone.
Dividend withholding 20%
Charged on distributions to non-residents, reduced substantially under Serbia's treaty network.Treaty-reducible.
VAT with financial exemptions
Core financial services sit outside VAT; the standard rate touches overheads only.Core services out.
Broad treaty network
Agreements across Europe, the CIS and beyond. Outbound flows are routed with relief.Europe and CIS.
Incentives for employment
Serbia operates payroll and investment incentives that a growing licensed firm can access. Assessed per case.Assessed per case.
Cost as the real lever
Belgrade salaries against EU-standard obligations change the operating economics more than the rate does.Belgrade salaries.
Tax summary
Corporate tax15%
Dividend withholding20% · treaty-reducible
VATExempt core services
TreatiesBroad network
Cost baseBalkan levels
*Figures as of 2026 per the Serbian Tax Administration. Group and holder-level outcomes are modelled per structure.
Turnkey professional support
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.
Oleksii Kindratenko
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.
Eugeniu Bevziuc
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 firm.
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Serbia · Securities Commission
Launch your investment firm in Serbia with expert support.
Full-service assistance - from perimeter design and capital verification to Commission licensing and launch - run through our Belgrade office.
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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.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Serbian investment licence: frequent questions.
What licence does an investment firm need in Serbia?+
Authorisation as an investment firm from the Securities Commission under the Law on the Capital Market, scoped to the investment services provided - advice, reception and transmission of orders, execution, portfolio management and dealing.
What capital is required?+
Initial capital is tiered by service set in the Law on the Capital Market. Because the Law is amended periodically, we verify the figure against the version in force at filing rather than quoting one that may have moved.
Does the licence passport into the EU?+
No. Serbia is an accession candidate, not an EU or EEA member, so there is no passport today. EU client bases are served through EU-licensed entities, and we build the group around that, cleanly.
Why license in Serbia at all, then?+
Two reasons: the domestic and regional market is the largest in the Western Balkans and worth serving on its own terms; and firms expecting accession eventually would rather already hold an EU-shaped licence than begin the process afterwards.
How EU-aligned is the framework really?+
Substantially. The Commission issues a dedicated rulebook on rules of conduct for investment firms providing investment services - the conduct-of-business architecture MiFID uses, and maintains public registers of licensed firms and brokers.
Are individual brokers licensed?+
Yes - the Commission maintains a register of licensed brokers, and the service set determines which licensed individuals the firm must engage. We plan that alongside the corporate file.
How long does licensing take?+
Realistically 6-12 months including preparation, driven by the completeness of the organisational documentation rather than by the Commission.
How are Serbian firms taxed?+
15% flat corporate tax, 20% withholding on dividends to non-residents reduced by treaty, VAT with exemptions for core financial services, and a broad treaty network.
Serbia or Bulgaria?+
Bulgaria has the EU passport at 10% tax; Serbia has a larger domestic market, lower costs and no passport. If you need EU distribution now, Bulgaria; if you want the Balkan market and accession positioning, Serbia. We model both.
Why Prifinance for Serbia?+
Capital verified against the Law actually in force, the conduct rulebook embedded rather than referenced, and the group's EU leg planned from the start - from our Belgrade office.
What licence?+
Investment firm - SEC RS.
Capital?+
Tiered; verified at filing.
EU passport?+
No - candidate state.
Why here?+
Market + accession play.
EU-aligned?+
Conduct rulebook, registers.
Brokers licensed?+
Yes, individually.
How long?+
6-12 months realistic.
Taxes?+
15% flat, WHT 20%.
Or Bulgaria?+
Passport vs market.
Why you?+
Law read at filing.
Client notes
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Founders who wanted it done right.
Google4.7★★★★★
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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: which Serbian route fits your project and what it will cost.
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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 Securities Commission of Serbia or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.