The Hague Convention Abolishing the Requirement of Legalization for Foreign Public Documents, the Apostille Convention, or the Apostille Treaty, is an international treaty drafted in 1961, which specifies the modalities through which a document issued in one of the signatory countries can be certified for legal purposes in all the other signatory states.

It is an international certification comparable to a notarization in domestic law, and normally supplements a local notarization of the document. If the convention applies between two countries, such an Apostille is sufficient to certify a document’s validity, and removes the need for double-certification, by the originating country and then by the receiving country.

What information does the Apostille stamp consist of?

On the top is the text Apostille, under which the text Convention de La Haye du 5 October 1961 (French for “Hague Convention of 5 October 1961”) is placed. This title must be written in French for the Apostille to be valid (article 4 of the Convention). In the numbered fields, the following information is added:

1. Country … (where the stamp is being put)
This public document
2. has been signed by (name and surname of the person)
3. acting in the capacity of (e.g. Public Notary)
4. bears the seal/stamp of (e.g. Basic Court of Novi Sad)
Certified
5. at (name of the city/town)
6. the … (date when the stamp is being put)
7. by … (name of the authorized persons and institution)
8. No … (registered number)
9. Seal/stamp … (of the authority giving the apostille)
10. Signature

States that are party to the convention and dates of entry into force

A
Albania 09.05.2004.
Andorra 12.31.1966
Antigua and Barbuda 01.11.1981.
Argentina 18.02.1988.
Australia 16.03.1995.
Austria 13.01.1968.
Azerbaijan 02.03.2005.
Armenia 08.14.1994

B
Barbados 30.11.1966.
Bahamas 07.10.1973
Bahrain 31.12.2013.
Belgium 09.02.1976
Belize 11.04.1993
Belarus 31.05.1992
Botswana 30.09.1966.
Bosnia and Herzegovina 24.01.1965.
Brazil 08.14.2016
Brunei Darussalam 03.12.1987.
Bulgaria 29.04.2001.
Burundi 03.12.2015.

C
Cape Verde 13.02.2010
China only Hong Kong region (China-Hong Kong) 25.04.1965
China only Macau region (China-Macao) 02.04.1969
Cyprus 30.04.1973.
Colombia 01.30.2001
Costa Rica 14.12.2011.
Cook Islands 30.04.2005.
Croatia 24.01.1965.
Czech Republic 26.03.1999.
Chile 30.08.2016.

D
Denmark 29.12.2006.
Dominica 03.11.1978
Dominican Republic 30.08.2009.

E
Ecuador 02.04.2005.
El Salvador 31.05.1996
Estonia 30.09.2001.

F
Fuji 10.10.1970
Finland 26.08.1985.
France 01.24.1965

G
Grenada 07.02.1974.
Greece 18.05.1985.
Georgia 14.05.2007.
Germany 13.02.1966.
Guatemala 18.09.2017.
Guyana 18.04.2019.

H
Honduras 30.09.2004.
Hungary 18.01.1973.

I
Israel 14.08.1978.
India 14.07.2005.
Ireland 09.03.1999.
Iceland 27.11.2004.
Italy (Italy) 11/02/1978

J
Japan 27.07.1970.

K
Kazakhstan 30.01.2001.
Kyrgyzstan 07.31.2011.
Republic of Korea 14.07.2007

L
Lesotho 04.12.1966.
Latvia 30.01.1996.
Liberia 08.02.1996.
Lithuania 19.07.1997.
Liechtenstein 17.09.1972.
Luxembourg 03.06.1997.

M
Malawi 02.12.1967.
Malta 03.03.1968.
Morocco 14.08.2016.
Marshall Islands 14.08.1992.
Mauritius 12.03.1968.
Mexico 14.08.1995.
Moldova 16.03.2007.
Monaco 31.12.2002
Mongolia 31.12.2009.
Montenegro 03.06.2006.

N
Namibia 30.01.2001.
Niue 02.03.1999.
Nicaragua 14.05.2013.
New Zealand 11.22.2001
Norway 29.07.1983.
Netherlands 08.10.1965.
North Macedonia 24.01.1965.

O
Oman 30.01.2012.

P
Palau 23.06.2020.
Panama 04.08.1991.
Paraguay 01.09.2014.
Peru 09.30.2010.
Philippines 14.05.2019.
Poland 14.08.2005.
Portugal 04.02.1969.

R
Romania 16.03.2001.
Russian Federation 31.05.1992.

S
Samoa 13.09.1999.
San Marino 13.02.1995.
Santa Lucia 31.07.2002.
Sao Tome and Principe 13.09.2008.
Swaziland 06.09.1968
Seychelles 31.03.1979.
Saint Vincent and the Grenadines 27.10.1979.
Saint Kitts and Nevis 14.12.1994.
Slovakia 18.02.2002.
Slovenia 24.01.1965.
Serbia 24.01.1965.
Suriname 25.11.1975.
South Africa 30.04.1995.
Switzerland 11.03.1973.
Sweden 01.05.1999.
Spain 25.09.1978

T
Tajikistan 31.10.2015.
Tonga 06.04.1970.
Trinidad and Tobago 14.07.2000.
Tunisia 10.07.2017, entry into force 30.03.2018.
Turkey 29.09.1985.

U
Uzbekistan 15.04.2012.
United Kingdom of Great Britain and Northern Ireland 24.01.1965.
Ukraine 22.12.2003.
Uruguay 14.10.2012.
United States (United States of America) 15.10.1981.

V
Venezuela 16.03.1999.
Vanuatu 01.08.2008.

If you need more information regarding legalization of foreign public documents or you need any assistance regarding this process, contact Asst Office.

Banks in Serbia are independent in their pursuit of profit-oriented business activities based on the principles of solvency, profitability and liquidity. Banking system of the Republic of Serbia consists of the central bank or the National Bank of Serbia (NBS) and commercial banks.

The National Bank of Serbia is independent and autonomous in carrying out its tasks laid down by the NBS Law and other laws, and is accountable for its work to the National Assembly of the Republic of Serbia. Its primary objective is to achieve and maintain price stability. Without prejudice to its primary objective, the NBS also contributes to maintaining and strengthening of the stability of the financial system.

List of banks in Serbia authorized for performing international operations

• Addiko Bank AD Beograd;
• AIK Banka AD Beograd;
• Alta Banka AD Beograd;
• API Bank AD Beograd;
• Banca Intesa AD Beograd;
• Banka Poštanska Štedionica AD Beograd;
• Bank of China Srbija AD Beograd;
• Credit Agricole Banka Srbija AD Novi Sad;
• Direktna Banka AD Kragujevac;
• Erste Bank AD Novi Sad;
• Eurobank AD Beograd;
• Expobank AD Beograd;
• Halbank AD Beograd;
• Komercijalna Banka AD Beograd;
• Mirabank AD Beograd;
• Mobi Banka AD Beograd;
• MTS banka AD Beograd;
• NLB Banka AD Beograd;
• Opportunity Banka AD Novi Sad;
• OTP Banka Srbija AD Beograd;
• ProCredit Bank AD Beograd;
• Raiffeisen Banka AD Beograd;
• Sberbnk Srbija AD Beograd;
• Srpska Banka AD Beograd;
• UniCredit Banka Srbija AD Beograd;
• Vojvođanska Banka AD Novi Sad.

Representative offices of foreign banks

Beside banks that are registered in Serbia, several foreign banks registered its representative offices in Serbia. Those banks are:

• Atlas Banka AD Podgorica;
• Citibank N.A., South Dakota;
• Commerzbank AF., Frankfurt/Main;
• Deutsche bank Aktiengesellschaft, Frankfurt/Main;
• Eximbank Zrt.

If you want to start a business in Serbia, either through company formation or through registration of branch or representative office, you will have to open a bank account in one of the stated authorized commercial banks.

In addition to this these banks provide services such as opening a banks account of non-resident legal entity or natural person.

For more information on banking system in Serbia and on how to open a bank account for resident or non-resident contact Asst Office team.

Autonomous Region of Madeira, or just Madeira, is one of the two autonomous regions of Portugal. it is well known for it is wine, gastronomy, historical and cultural value, flora and fauna, landscapes (laurel forest) that are classified as a UNESCO World Heritage Site, and embroidery artisans. But these are not the main reasons to start a business in Madeira.

Special status within European Union

Although Madeira is part of Portugal which is a Member state of the EU, due to its geographical situation Madeira is entitled to derogation from some EU policies despite being part of the European Union. Consequently, The International Business Center of Madeira (IBCM or MIBC), formally known as the Madeira Free Trade Zone was established.

Tax Benefits

Under the current set of tax benefits applicable to the MIBC tax benefits, the applicable corporate income tax rate for licensed companies is 5% of taxable income until the end of 2027. Non-resident single and corporate shareholders of Madeira’s IBC companies will benefit from a full exemption from withholding tax on dividend remittances from the Madeira companies, provided that they are not resident in jurisdictions included in Portugal’s “black list”. No withholding tax on the worldwide payment of interest, royalties and services. Documents, contracts and other operations requiring public registration carried out by IBC companies will benefit from an 80% exemption on stamp (capital) duty, provided that other parties involved are not resident in Portuguese territory or are also companies operating within the legal framework of the IBC of Madeira.

Incorporation of Trusts

The MIBC is the only jurisdiction in Portugal that allows the incorporation of trusts. In accordance with the law, in a Madeiran Trusts, the Settlor shall expressly designate the law that will regulate the Trust. Furthermore, and if desired, it is possible to substitute the chosen law at any time during the Trust’s existence.

The above means that any material change in the elected Law of the trust, will allow that the Trust Deed is simply amended and another Law preferred to regulate the same. If, on the other hand, the Trust would be actually located in said (initial) jurisdiction this would mean that the Trust would have to be re-domiciled (if permitted) or extinguished.

Nevertheless, trusts are not allowed to have, directly, pure financial activity. The following tax benefits apply for a trust incorporate within the MIBC:

• Trusts are fully exempt from taxation on dividends received from shares, royalties or interest received on the deposits;
• All (non-financial) income distributed from the Trustee to the Trust’s Beneficiaries is fully exempt of taxation provided these Beneficiaries are corporate entities licensed to operate within the MIBC or non-Portuguese resident entities/individuals.

International Shipping Register of Madeira

International Shipping Register of Madeira or MAR is directly linked to the MIBC, and offers unique operational advantages. Special tax benefits are applicable to both vessels (excluding fishing vessels), yachts, shipping and yachting companies incorporated in MIBC. These benefits are employee related benefits, benefits for yacht companies and flexible mortgage system applies to vessels register under MAR.

So if you are in trading or holding services, e-business or ICTs or in production, assembling and warehousing business Madeira is just the right place to start or relocate your business to. Apart from that if you are shipping or yachting company, Madeira offers all the benefits that you need.

The Eurasian Economic Union (EAEU) is an international organization for regional economic integration originally formed by Republic of Belarus, Republic of Kazakhstan and Russian Federation. Beside its founder’s other members are Republic of Armenia and Kyrgyz Republic.

In general, EAEU is a market of 184.8 million people, which is 2.4% of the world population. The EAEU provides free movement of goods, services, capital and labor, pursues coordinated, harmonized and single policy in the sectors determined by the founding Treaty and International Agreements within the Union members.

What are the dominant industries in the Union?

Members of the Union produce 634,2 million tons of oil, 744,7 million cubic meters of gas and generates 1.255,0 million kw/h of power. In other words, EAEU Members produce 14,5% of the global oil production, 20,2% of the global gas production and generates 4,9% of the global power production. This makes EAEU Members one of the most important producers in the field of energy industry.

In addition to this, manufacturing industry is vastly developed among EAEU Members, as they produce 5,0% of the global steel production, 16,6% of the global mineral fertilizers production and 4,7% of the global cast iron production.

Agriculture industry is also developed, and play important role for the EAEU Members. Gross production of grain and leguminous crops, as well as milk production is of the highest in the world.

Who governs The Eurasian Economic Union?

The EAEU is governed by:

• The Supreme Eurasian Economic Council,
• The Eurasian Intergovernmental Council,
• Eurasian Economic Commission, and
• The Court of the Eurasian Economic Union.

International Treats

The EAEU has signed Free Trade Agreements with the People’s Republic of China, Singapore and Vietnam. Beside this the EAEU signed Memorandum of Cooperation with the People’s Republic of Bangladesh, Memorandum of Understanding on cooperation in the field of agro-industrial complex with Government Secretariat for Agro-Industry of the Ministry of Production and Labor of the Argentine Republic, Memorandum of Understanding with the Ministry of Trade, Industry and Energy of the Republic of Korea, and many more.

While certain categorizes and nationals of countries do not need visa to enter Schengen Area, others that are not privileged need to go through all the processes of meeting requirements and attending interviews in order to obtain this Visa. But, before we go through list of countries whose citizens need a Visa, we will explain what Schengen Area is.

What is Schengen Area?

It is the world’s largest visa free zone of 26 European countries that abolished their internal borders. by doing so these countries enabled free and unrestricted movement of people. This Area covers most of the European Union (EU) countries, with the exception of UK, Ireland and countries that are in process of becoming a part of: Romania, Bulgaria, Croatia and Cyprus.

What are Member States of the Area?

The above 26 stated European countries that are part of Schengen Area are: Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and Switzerland.

What is Schengen Visa?

The Schengen Visa is the most common visa for Europe and represents a short-stay visa that allows a person to travel to any Member state, per stays up to 90 days for tourism or business purposes. It is important to know that if you want to study, work or live in on of the Member states for more than 90 days, then you will have to apply for a national visa of that country and not for Schengen Visa.

Who Needs a Schengen Visa?

Simply said, all nationals of third countries, that are not part of Schengen Area, and that did not reach a visa-liberalization agreement with the Member states, need to obtain a visa prior of their arrival in Europe.

Are there different types of Schengen Visa?

Yes, there are. If you are not citizens of a member state, you will have to apply for the Visa for the following reasons:

• Business purposes;
• Visiting friends and family;
• Tourism and holidays;
• Cultural and sport events;
• Airport transit and transit for seafarers;
• Official visit;
• Medical reasons;
• Short-term study and research purposes.

Also, depending on the reasons and the frequency of your visit to Member states you can be granted with single-entry visa, double-entry visa, or a multiple-entry visa.

Citizens of Which Countries Don’t Need a Schengen Visa to enter Europe?

Among many countries that do not need a visa to enter the Area such as Canada, Japan, Monaco, New Zealand, Singapore, visa-free regime applies to citizens of Albania, Bosnia and Herzegovina, North Macedonia, Moldova, Montenegro and Serbia only if they are holders of biometric passport. For holders of the passports issued by Taiwan this visa-free regime applies only if their passport contains an identity card number.

Additionally, visa-free regime applies to holders of a Hong Kong Special Administrative Region passport and holders of Região Administrativa Especial de Macau passport.

Citizens of the countries that don’t need a visa to enter the Area are permitted to stay in any of the Schengen zone countries up to 90 days every half a year, regardless of the travel reasons.

If you need any additional information regarding Schengen Area or Visa, feel free to contact Asst Office.

For many outsides of Europe, meaning of Value Added Tax (VAT) is unknown.

In general, VAT is a consumption tax levied and paid on the delivery of goods and services, at all stages of production and trade in goods and services, as well as on the import of goods. Additionally, Value Added Tax is a consumption tax that replaces the existing sales tax on products and services. It is important to understand that at each stage of the production-traffic cycle, a tax is calculated and paid on that part of the value, added at that stage.

Subjects of this taxation in the Republic of Serbia are delivery of goods and provision of services performed for a fee by the taxpayer in the Republic of Serbia within the scope of their business activity and imported goods (entry of goods into the customs territory of the Republic of Serbia).

Taxpayers are entities that perform sale of goods and services or imports goods within the scope of its business activity, as a permanent business activity, for the purpose of earning income, as well as Republic of Serbia and its bodies and special organizations, bodies of territorial autonomy and local self-government, as well as legal entities established for the purpose of carrying out activities within the scope of the state administration bodies are not obliged.

On the other side, tax debtor are taxpayers, a tax proxy appointed by a foreign individual or legal entity who has no headquarters or permanent establishment in the Republic of Serbia, but who carries on the supply of goods and services in the Republic of Serbia.

This type of taxation occurs on the day when traffic of good and/or services are completed, on the day when the payment is done, and on the day of the obligation of paying the customs debt.

In the Republic of Serbia VAT is rated at 20%, but some exemptions are known, and those are stipulated in the Law on Value Added Tax of Republic of Serbia in the Article 23.

Also, special taxation procedures are Stipulated in the previously mentioned Law, and they refer to small taxpayers – sole proprietor and companies whose total year turnover is less than 8.000.000,00 RSD (around 65.000,00 EUR), farmers, travel agencies. Used goods, works of art, collectibles and antiques also fall into the group for special taxation procedures.

If you have any question or doubt about VAT in Republic of Serbia or in other European countries like Slovakia, Hungary, Slovenia, etc. feel free to contact us, and let our team of accounting professionals and business consulting partners provide you with all necessary information.

Founded on 15th February 1991, the Visegrad Group (also known as the “Visegrad Four” or simply “V4”) represents the efforts of the Central European countries Poland, Hungary, Slovakia, and the Czech Republic to work together and become members of the European Union (EU). 

Although they achieved this mutual goal and became EU members, V4 members continued their cooperation in several fields, such as culture, environment, internal security, defense, science, and education. Furthermore, the members of the Visegrad Group are intensifying their cooperation in the fields of justice, transportation, tourism, energy, and information technologies.

Since V4 is not an institutionalized organization, all of the above stated is realized through periodical meetings of its representatives at various levels – from the highest-level political summits to expert and diplomatic meetings, to the activities of the non-governmental associations in the region, think-tanks and research bodies, cultural institutions or numerous networks of individuals.

Also, V4 organized platform known as International Visegrad Fund in the year 2000 with the aim of supporting the development of cooperation in culture, scientific exchange, research, education, exchange of students and development of cross-border cooperation and promotion of tourism—represents the civic dimension of V4 cooperation.

Besides cooperating on achieving goals in the mentioned fields, V4 members are also working hard and are dedicated to extending cooperation with other regional bodies and single countries, where their priorities are the Benelux Countries (Belgium, Netherlands, and Luxembourg), the countries of the Nordic Council of Ministers (Denmark, Finland, Iceland, Norway, and Sweden), countries within the EU’s Eastern Partnership (Armenia, Azerbaijan, Belarus, Georgia, Moldova, and Ukraine) and the Western Balkans (North Macedonia, Montenegro, Serbia, Albania and Bosnia and Herzegovina).

On the other side, countries like Germany, Austria, and Ukraine represent the most important economic and strategic partners of the Group.

Looking at the Human Development Report it is notable that all V4 members are high ranked countries where Poland is ranked as a 33rd country in the world, Czechia 27th, Slovakia 38th and Hungary 45th.

In addition to this World Bank Report – Doing Business 2019 ranked Hungary 53rd, Poland 33rd, Slovakia 42nd and Czech Republic 35th country in the world regarding ease of doing business.