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Foreign Investors Council
47, Gospodar Jevremova Street, IV Floor, 11000 Belgrade, Serbia
Phone: +381 11 3281 958, 3281 965
e-mail: office@fic.org.rs

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Recent Activities

25. April 2017.

Presentation of the Negotiation Chapter 6 - Company Law

Belgrade, April 25, 2017 – Foreign Investors Council and Ministry of Economy held presentation of the Negotiation Chapter 6 - Company Law in Place Serbia. Apart from the members of the Foreign Investors Council, Ministry of Economy, Chief Negotiator and members of the negotiation team for Serbia’s accession to EU, representatives of several business associations – AmCham, NALED, SAM, SCC and Privrednik also attended and on that occasion learnt more on the accession process to EU and basics of negotiating positions of the Republic of Serbia for Negotiation Chapter 6 – Company Law and how it will change the environment in which companies’ operate. The opportunity was used to present upcoming changes of the Company Law.

In her introductory address, FIC Executive Director Ana Firtel conveyed: ‘’ Accession negotiations represent new framework for raising the competitiveness of Serbian economy. Foreign Investors Council is ready to assist by sharing its expert knowledge to both Serbian and EU negotiating parties.’’ Talking about Chapter 6, she said: ‘’Company Law is   essential for the economy because in a way represents an abc book that defines the rights and obligations of owners and management, and enterprise management. FIC is actively engaged in this issue for more than a decade and we are pleased to note that today the Company Law is to a large extent harmonized with the EU legislation, but it is certainly necessary to further harmonize the law in order to improve the legal framework, and especially its application.’’

Chief Negotiator for Serbia’s Accession to EU Tanja Miščević said that in the context of negotiations on Serbia's membership in the EU, Chapter Company Law is one of the topics that we put in the industrial / economic / development areas, for which we have a special interest to open them at an early stage. Miščević said: "After the opening of the chapter relating to financial control (Chapter 32), public procurement (Chapter 5) and industrial policy (Chapter 20), as well as the temporary closure of the chapter relating to science and research and education and culture (Chapters 25 and 26), this is the logical continuation of the talks and finding strategic solutions for the Serbian economy.It also fits into the broader context of reform and achieving the rule of law as a framework for good doing business of companies in Serbia, support and encouragement of investments. Talk about this chapter does talk about further improvement in terms of business conditions and the functioning of the company, so I'm especially pleased that this approach has been recognized and understood in the same way from the Foreign Investors Council.’’

State Secretary Milun Trivunac pointed out that the harmonization of legislation with the EU acquis in the field of company law, among other things, creates business conditions that will provide full legal certainty in commercial and legal transactions to economic entities, facilitate business, shortening the registration process, greater efficiency of administration, strengthening financial discipline, considerable greater business transparency, which will all together result in more effective, promising, more attractive and more competitive economy and equal treatment in the EU market.He added that Serbia has reached a good level of compliance, as evidenced by the fact that in previous years the European Commission in its annual report on the progress of the Republic of Serbia in the European integration process to this chapter gave the highest marks. ‘’In the last two annual reports for Serbia, only to Chapter 6, the European Commission has not alleged any specific recommendation, " he said.

Basics of negotiating position for Chapter 6 were presented by Acting Assistant Minister of Economy and Deputy Chairman of the Negotiating Group 6 Dusan Vučković and Head of the Financial System of the Ministry of Finance Aleksandar Janjušević.

 

About Negotiation Chapter 6: Legal Heritage in relation to company law includes rules on the formation, registration, merger and separation of the companies in accordance with EU standards. In the area of ​​financial reporting, the legal legacy of the EU defines rules on the submission of annual and consolidated accounts, including simplified rules for SMEs. Mandatory is the application of international accounting standards for certain companies in the public interest. In addition, the EU acquis states and the rules for the approval, professional integrity and independence of mandatory audits.

FIC GUIDE

FIC GUIDE
Guide to Foreign Investors Council in Serbia 2016/17

White Book

White Book
Published yearly since 2003, goal of the White Book is to enable removing unneeded barriers and make doing business in Serbia easier, thus enabling better inflow of investments. It is promoted every year in the fourth quarter at the prestigious high-level event.

Rcc

Rcc
Reality Check Conference is an important tool in achieving FIC goals: it is an event meant to remind the authorities about the recommendations from the latest White Book edition and check status of their implementation.