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 NBS decision, including banking and payment rails.
Get an EMI license in Serbia.
The Balkans' anchor market on an EU-modelled rulebook: the National Bank of Serbia licenses e-money institutions under the Law on Payment Services - amended in 2024 with effect from May 2025 - at 15% corporate tax. We build the Serbian file end to end.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Serbia in brief
An EU rulebook running ahead of EU membership.
Serbia licenses payment businesses through the National Bank of Serbia under the Law on Payment Services - in force since 2015 and freshly amended in July 2024 with effect from May 2025, adding new service types and provider categories as the country converges on the EU acquis. The structure is deliberately European: only banks, the public postal operator and NBS-licensed payment and e-money institutions may provide payment services; the central bank maintains public registers of every licensed institution; and the capital floor for an e-money institution is the dinar equivalent of the EU's €350,000, with payment-institution tiers below. The file runs in Serbian, and the NBS reviews with central-bank thoroughness.
The market is the region's anchor: seven million people, the Western Balkans' largest economy, a Belgrade tech scene exporting engineering globally, and a candidate-country trajectory that means today's licence is built on tomorrow's EU framework. Corporate tax runs a flat 15%, IT-sector incentives are real, and operating costs sit far below EU hubs. Realistic end-to-end: 9-15 months; we run the file from our Belgrade office with Serbian counsel drafting natively.
NBS licence under the Law on Payment Services (amended 2024, effective May 2025): €350,000-equivalent capital, EU-modelled services, public registers, Serbian file.
The play: the Balkans' anchor market on tomorrow's EU rulebook, at 15% flat and pre-accession costs.
The two routes
Full EMI - or the payment-institution tier.
One EU-modelled law, two entries: the e-money institution at the €350,000-equivalent floor, or payment-institution licences below. We fix the scope first, then build once.
EMI at the €350,000-equivalent floor - or PI tiers into the anchor market.
01 - E-MONEY INSTITUTION
NBS EMI licence
The flagship authorisation: e-money issuance plus the payment-services list, EU-modelled capital and safeguarding, entry in the NBS's public register. On the rulebook already converging with Brussels.
The flagship authorisation: e-money issuance plus the payment-services list, EU-modelled capital and safeguarding, entry in the NBS's public register. On the rulebook already converging with Brussels.
- ✓E-money issuance and distribution
- ✓EU-modelled payment-services list
- ✓€350,000-equivalent capital
- ✓Safeguarding of client funds
- ✓NBS public register entry
- ✓2024-25 amendments built in
02 - PAYMENT INSTITUTION ROUTES
The Balkan anchor marketPI routes
Payment-institution licences by service tier. Remittance, acquiring, transfers. Into the Western Balkans' largest economy, with the regional corridors Belgrade naturally commands.
PI by service tier; diaspora remittances; acquiring; regional corridors; upgrade path.
- ✓PI licences by service tier
- ✓Remittance - diaspora corridors
- ✓Acquiring for the e-commerce wave
- ✓Regional corridor structures
- ✓Upgrade path to the EMI
- ✓Same NBS supervision
Costs and timelines are confirmed for your case before any work begins. NBS process follows the Law and its bylaws; capital, safeguarding and substance costs are itemised in your quote.
Why Serbia
The anchor market, priced before accession.
An EU-modelled framework under a serious central bank. In the region's largest economy, before EU pricing arrives.
✓
An EU rulebook today
The Law on Payment Services mirrors the EU architecture and the 2024-25 amendments push convergence further. Files built now are built on the framework accession will formalise.Convergence written into law.
✓
The region's largest market
Seven million people and the Western Balkans' deepest economy. Regional payment models anchor in Belgrade because the corridors already do.The Balkan anchor.
✓
A publishing central bank
The NBS licenses, maintains public registers and polices unauthorised provision visibly. The stamp means something across the region.Registers and perimeter policing.
✓
15% flat corporate tax
A flat 15% with real IT-sector incentives. The fiscal middle ground between EU rates and island games.With real IT incentives.
✓
Belgrade engineering
A tech scene that exports globally staffs licensed institutions locally. Compliance and platform talent at Balkan cost.Global exports, local staffing.
✓
The accession option
Candidate status means today's licence is positioned for tomorrow's single market. Early movers hold the ground.Early movers hold the ground.
How it compares
How Serbia differs from other routes.
Serbia trades passport reach for the anchor market and pre-accession pricing. The comparison is below.
Serbia vs other jurisdictions
| Feature |  Serbia | Other jurisdictions |
|---|---|---|
| Regime | EU-modelled - NBS | EU or divergent |
| Market | Balkans' largest | Smaller neighbours |
| Convergence | 2024-25 amendments live | Static |
| Tax | 15% flat | Varies |
Regime
SerbiaEU-modelled - NBS
Other jurisdictionsEU or divergent
Market
SerbiaBalkans' largest
Other jurisdictionsSmaller neighbours
Convergence
Serbia2024-25 amendments live
Other jurisdictionsStatic
Tax
Serbia15% flat
Other jurisdictionsVaries
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Serbia | EMI (NBS) | 15% CIT | Serbian file, EU-modelled |
 Montenegro | EMI/PI (CBCG) | 9/12/15% CIT | Euro economy, small desk |
 Bulgaria | EMI (BNB) | 10% CIT | Euro area, EU member |
 Hungary | EMI (MNB) | 9% CIT | EU member, Hungarian file |
SerbiaLicense typeEMI (NBS)
Taxation15% CIT
RequirementsSerbian file, EU-modelled
MontenegroLicense typeEMI/PI (CBCG)
Taxation9/12/15% CIT
RequirementsEuro economy, small desk
BulgariaLicense typeEMI (BNB)
Taxation10% CIT
RequirementsEuro area, EU member
HungaryLicense typeEMI (MNB)
Taxation9% CIT
RequirementsEU member, Hungarian file
Before you apply
Requirements for the NBS licence.Requirements for the licence.
The Law and its bylaws define the file. The craft is completeness a central bank can verify, in Serbian. The checklist below is what a passing application contains.
01
Serbian entity. A d.o.o. or a.d. with its head office and management in Serbia.
02
Capital. The dinar equivalent of €350,000 for the EMI, evidenced and paid in; PI tiers below.
03
Fit and proper management and holders. Competence, clean records and ownership transparent to UBOs.
04
Programme of operations. Services, volumes and three-year financials the NBS can interrogate.
05
Safeguarding. Segregated client-fund arrangements with documented reconciliation.
06
AML/CFT framework. KYC, monitoring and APML reporting with a resident compliance officer.
07
IT and security documentation. Architecture, resilience and incident procedures.
08
Internal governance. Control functions, outsourcing register and conflicts procedures.
09
Amendment readiness. The 2024-25 changes reflected in the file, not retrofitted after.
10
Serbian-language file. The application and annexes drafted and defended in Serbian.
01
Serbian d.o.o., managed locally.
02
€350,000-equivalent capital.
03
Fit & proper holders to UBOs.
04
Interrogable programme of operations.
05
Safeguarding with reconciliation.
06
AML with resident officer (APML).
07
IT and security documentation.
08
Governance and outsourcing register.
09
2024-25 amendments built in.
10
Full file in Serbian.
Reflects the Law on Payment Services (as amended 2024, effective May 2025) and NBS bylaws as of 2026.Law on Payment Services (am. 2024) + bylaws, as of 2026.
How it works
From first call to the NBS register.
01
Route and strategy
EMI or PI tier, domestic or corridor-weighted. Fixed in writing with capital and timeline.EMI or PI - in writing.
02
Serbian company and people
D.o.o. formation, capital evidence and the resident officers the NBS vets.D.o.o., capital, officers.
03
The application file
Programme, safeguarding, AML and IT documentation in Serbian. Amendment-current, complete before filing.Amendment-current, complete.
04
NBS review
Central-bank rounds answered - 9-15 months realistic end to end.9-15 months realistic.
05
Licence and launch
The public register entry, safeguarding live, corridors running. On the rulebook accession will formalise.Register, corridors, accession-ready.
Quick facts
RegulatorNBS
Capital€350,000 equivalent
LawIn force 2015 · amended 2024
Amendments effectiveMay 2025
RegistersPublic - NBS-maintained
Realistic timeline9-15 months
File languageSerbian
Corporate tax15% flat
The NBS polices its perimeter publicly and reads files like the central bank it is. A complete Serbian file is the entire game, and our job.
On the ground in Serbia
Run from our Belgrade office.
Prifinance - Serbia
Belgrade · Serbia
Belgrade, Serbia
01
Serbian company formation
D.o.o. incorporation, capital placement and the corporate layer the NBS expects. Structured for the licence from day one.D.o.o. + capital, structured.
02
The NBS file - in Serbian
Programme, safeguarding, AML and IT documentation drafted natively with Serbian counsel. With the 2024-25 amendments built in from the first page.Drafted natively, amendment-current.
03
Regional corridor strategy
Diaspora remittances and Balkan flows mapped onto the licence. Belgrade as the anchor of a regional structure.Belgrade as the regional anchor.
04
Substance and staffing
Resident directors, compliance officer and MLRO from Belgrade's deep tech-and-finance pool. Real substance the NBS recognises.Belgrade talent, real ops.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
London
United Kingdom
7 Bell Yard
Dubai
UAE
33 Level, Al Saqr Business Tower
Madeira
Portugal
Rua da Alegria 31, 1F
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of payment companies in Serbia.
A flat 15% with real IT incentives. The fiscal middle ground of the Balkans, at pre-accession operating costs.
Corporate tax 15%
A flat 15% on an EMI's fee and float income - no municipal layers, no sector surcharges.Flat, no surcharges.
IT-sector incentives
R&D deductions, IP-box treatment and payroll reliefs for qualifying development. Belgrade platform build-out claims them routinely.R&D, IP-box, payroll.
VAT 20% - exempt finance
Payment services are VAT-exempt financial services; the 20% standard rate touches only ordinary supplies.20% only on ordinary supplies.
Dividends 15% - treaty relief
Withholding on outbound dividends reduced by a 60+ treaty network. Holding structures model cleanly.60+ treaty relief.
Belgrade cost base
Engineering and compliance talent at a fraction of EU-hub cost. The operating burn matches the market stage.Fraction of EU hubs.
Pre-accession pricing
Costs, salaries and rents priced before EU membership arrives. The arbitrage early movers are taking.The early-mover arbitrage.
Tax summary
Corporate tax15% flat
VAT on payment servicesExempt · standard 20%
Dividend withholding15% · treaty relief
IT incentivesR&D · IP-box · payroll
Tax treaties60+
*Figures as of 2026 per the Tax Administration of Serbia. Incentive eligibility is 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 d.o.o., 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 institution.
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Serbia · NBS
Launch your payment project in Serbia with expert support.
Full-service assistance - from d.o.o. registration to the NBS licence, corridors and ongoing compliance.
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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 EMI licence - what clients ask.
What licence does an e-money business need in Serbia?+
An e-money institution licence from the National Bank of Serbia under the Law on Payment Services - capital at the dinar equivalent of €350,000, EU-modelled safeguarding and entry in the NBS's public register. Payment-institution tiers sit below.
What changed in the 2024-25 amendments?+
The July 2024 amendments - effective May 2025 - added new service types and provider categories, pushing the law further toward the EU acquis. We build files on the amended framework from the first page.
How long does licensing take?+
Realistically 9-15 months with the NBS's central-bank-grade rounds in Serbian. Completeness against the law and bylaws is the speed lever, and our job.
What substance is expected?+
A Serbian d.o.o. managed locally, resident fit-and-proper officers, AML reporting to the APML, real safeguarding arrangements and documentation the NBS can verify.
How are payment companies taxed?+
15% flat corporate tax, VAT-exempt payment services, 15% dividend withholding with treaty relief, and real IT-sector incentives for platform build-out.
Does a Serbian licence passport into the EU?+
Not yet - Serbia is a candidate country. The play is positional: an EU-modelled licence in the region's largest market, held before accession formalises the passport. EU-facing models pair it with an EU EMI meanwhile.
Why is Belgrade interesting for payment operators?+
The Western Balkans' largest economy, its deepest engineering pool, diaspora remittance corridors that never stop, and costs priced before EU membership arrives.
Who else may provide payment services in Serbia?+
Only banks, the public postal operator and NBS-licensed institutions - the perimeter is clean and publicly policed, which protects licensed players.
Is the Serbian-language file a real obstacle?+
It is the main operational one - the application and rounds run in Serbian. We draft natively with Serbian counsel rather than translating afterwards.
Why Serbia rather than Bulgaria or Montenegro?+
Bulgaria offers the euro area and 10%; Montenegro the euro economy at boutique scale. Serbia offers the market - the region's largest - on an EU-modelled rulebook with accession upside. Regional anchors pick Belgrade.
What's needed?+
NBS EMI - €350k-equivalent capital.
2024 amendments?+
New services/categories, eff. May 2025.
How long?+
9-15 months realistic.
Substance?+
Resident officers, real Serbian ops.
Taxes?+
15% flat; IT incentives.
EU passport?+
Not yet - positional play + EU pair.
Why Belgrade?+
Largest regional market, deep talent.
Perimeter?+
Banks, post, licensed institutions only.
Serbian file?+
Yes - drafted natively.
Vs Bulgaria?+
Their euro area; Serbia's market size.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
“As a software development crew at FewMoreTaps OÜ, we've had the pleasure of working with Prifinance on some key financial moves.First of all, navigating the world of corporate banking and finance can be a maze, but Prifinance made it feel like a walk in the park. They helped us set up a corporate bank account without the hassle of jumping on a plane or drowning in paperwork. Everything was done remotely, smoothly…”
Google
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Google
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Google
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Google
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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 the National Bank of Serbia (NBS) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.