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.

There are several reasons for termination of employment in Serbia, where some of them are less complicated than other. In accordance with Labour Law, employment is terminated:

1. due to the expiry of the term for which it was founded;
2. when the employee reaches 65 years of age and at least 15 years of insurance service, unless the employer and the employee agreed otherwise;
3. due to an Agreement between the employee and the employer – amicable termination;
4. termination of the employment contract by the employer or employee;
5. at the request of the parent or guardian of an employee under the age of 18;
6. death of an employee;
7. in other cases, stipulated by law.

When can the employer terminate employee’s employment?

An employer may terminate a employment contract for an employee if there are reasonable grounds for doing so relating to the employee’s ability to work and his or her behaviour.

Secondly, an employer may terminate a employment contract for an employee who, through his own fault, commits a breach of a work obligation. So, if employee negligently performs work responsibilities or misuse or exceed authority, employer has legal right to terminate employment contract.

Thirdly, an employer may terminate employment for an employee who does not respect work discipline. Thus, if employee unjustifiably refuses to carry out the tasks and carry out the orders of the employer in accordance with the law or abuse the right to leave due to temporary absence from work, employer can terminate employment.

Finally, an employee may terminate employment if there is a justifiable reason related to the needs of the employer, namely:

1. if due to technological, economic or organizational changes the need to perform a particular job ceases or the volume of work is reduced;
2. if employee refuses to conclude the Annex to the Contract.

Termination period

An employee whose employment contract has been terminated because he or she does not achieve the required results of work, or does not have the necessary knowledge and skills, is entitled to a notice period, which is determined by a General Act or employment contract, depending on length of service, which may not be shorter than 8 or longer than 30 days. The termination period begins on the day following the date of delivery of the Decision on Termination of the Employment.

If you need any additional information regarding termination of employment in Serbia contact legal consultant to determine if all important issues are regulated.

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.

Legalisation of Foreign Public Documents is done either on the basis of the he Hague Convention Abolishing the Requirement of Legalisation for Foreign Public Documents, the Apostille Convention, or by authentication by legalization.

Apostille

Apostilles are affixed by Competent Authorities designated by the government of a state which is party to the convention. A list of these authorities is maintained by the Hague Conference on Private International Law. To be eligible for an Apostille, a document must first be issued or certified by an officer recognized by the authority that will issue the Apostille.

Apostille is the only formality that, under the Convention, may be required so that public documents which have been executed in the territory of one Contracting State may be produced in the territory of all Contracting States, with the power of evidence of public documents of these states. It applies to the documents emanating from an authority or an official connected with the courts or tribunals of the State, including:

• court documents;
• administrative documents;
• notarial acts;
• official certificates which are placed on documents signed by persons in their private capacity, such as official certificates recording the registration of a document or the fact that it was in existence on a certain date and official and notarial authentications of signatures.

Authentication by legalisation

A state that has not signed the Convention must specify how foreign legal documents can be certified for its use. Two countries may have a special convention on the recognition of each other’s public documents, but in practice this is infrequent.

Otherwise, the document must be certified by the foreign ministry of the country in which the document originated, and then by the foreign ministry of the government of the state in which the document will be used; one of the certifications will often be performed at an Embassy or Consulate. In practice this means the document must be certified twice before it can have legal effect in the receiving country.

When the legalisation is not required?

The legalization of foreign public documents and Apostille is not required:

1. When there is a ratified international agreement on the exemption of certain foreign public documents from any kind of legalisation between two countries where the public document will be produced.
2. When documents issued in one country, based on de facto reciprocity, are not subject to legalization for use in other country.
3. When the state authority before which the public document issued in one will be used, does not require legalization;
4. When legalization is not possible due to the nature, character, or type of public documents (travel documents, identity cards, etc.), and when public documents relate to commercial, foreign trade or customs operations, i.e. accompanying the exported or imported goods, and are issued or verified by the competent Chamber of Commerce or customs authorities (customs declarations, invoices, certificates of customs supervision, origin, direct shipment, the end-user, etc.).

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

There are a lot of acts and documents that one company will draft, write, sign and distribute. While some will be related to cooperation with Clients, Partners, Suppliers or Distributors, others will be concluded with employees, office landlords or banks.

The question is what acts and documents Serbian company has to keep permanently, who has access to company’s acts and documents, who has right to be informed with the content of those acts and documents and when can that right be denied?

Obligation to keep acts and documents

Serbian company is obliged to keep the following acts and documents:

• The Founding Act;
• Decision on registration of incorporation;
• General Acts of the company;
• Minutes of the sessions of the General Assembly and Decisions made by the General Assembly;
• Act on the formation of each branch office or other organizational part of the company;
• Documents proving the ownership and other property related rights of the company;
• Minutes of meetings of the Supervisory Board, if the management of the company is two-tier;
• Reports of the Director and the Supervisory Board of the company, if the management of the company is two-tier;
• Records of the addresses of Directors and Members of the Supervisory Board;
• Records of the addresses of Members of the company;
• Contracts concluded by Directors, or Members of the Supervisory Board if the management of the company is two-tier and Members of the company, or related persons with the company.

All of the mentioned acts and documents must be stored at headquarters or at another place known and accessible to all Members of company.

Who has right to be informed with the content of those acts and documents and when can that right be denied?

At written request, the Director is obliged to make available all previously mentioned acts and documents, the Financial Statements of the company, as well as other documents related to the business operations of the company or to the exercise of the rights of Members of the company, to each Member of the company, as well as to the previous Members, for the purpose of inspecting and copying at his own expense, during working hours.

Additionally, the Director is obliged to inform every Member of the company without delay about the relevant facts related to the company’s operations or the exercise of the rights of the Members of the company. Also, each Member of the company has right to request in written that Director within eight days from the day of receipt of the request, at the expense of the Member send him/her a copy of every decision made by the assembly.

Denial of the right of access to company acts and documents and of the right to information

In only two cases can Director deny stated right to the Member of the company, one being when there is a justifiable fear that this right would be exercised for purposes contrary to the interests of company, or for purposes that are not related to membership of the company. Second case is if significant damage could be done to the company or its affiliate.

To make sure that your company operates in accordance with law we would recommend to contact experienced legal and business consultant and ask for their evaluation and professional opinion.

The management of a Serbian company can be organized as one-tier or two-tier management. In the case of one-tier management, the organs of a company are the General Assembly and one or more Directors. On the other hand, in the case of two-tier management, the organs of a company are the General Assembly, the Supervisory Board and one or more Directors.

The General Assembly

The Assembly is composed of all members of the company. Unless otherwise provided in the Memorandum of Association, each member of the company has the right to vote in the General Assembly in proportion to the share, but that act cannot provide that the member of the company has no vote.

Its competence is very wide, and it includes making changes of the Founding Act, supervision the work of Directors and adopting Directors reports, if the management of the company is one-tier, election and dismissal members of the Supervisory Board and determines remuneration for their work, if the management of the company is bicameral. The General Assembly sessions may be regular and extraordinary, and they are convened by the Director, if the management of the company is one-tier or by Supervisory Board, if the management of the company is two-tier.

Directors

The company has one or more Directors who are legal representatives of the company. The number of Directors is determined by the Founding Act or by the Decision of the General Assembly. If the number of Directors is not determined by the Founding Act or by the Decision of the General Assembly, it is considered that the company has one Director.

The Director represents the company towards third parties in accordance with the Founding Act, the Decisions of the General Assembly and the instructions of the Supervisory Board, if the management of the company is two-tier. If the company has more than one Director, all Directors represent the company jointly, unless otherwise stipulated by the Founding Act or the Decision of the General Assembly of the company.

The director is entitled to remuneration for his work and may also be entitled to incentives through the allocation of shares.

The Supervisory Board

A member of the Supervisory Board must meet the conditions prescribed by the Company Law, such as to has business capacity and must not be employed in the company. Determining the business strategy of the company, establishment of the Company’s accounting policies and risk management policies and deciding on initiating the procedure and giving Power of Attorney to represent the company in dispute with the director are just some of the tasks that Supervisory Board in obliged to cope with.

If you are not sure whether to organize company as one-tier or two-tier it would be good to speak to legal consultant. Also, if you know how you want to organize but you need help to register a company experienced legal and business consultants can help you to set up business on firm grounds.

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.

If you are interested in opening a bank account of non-resident in Serbia as a foreign legal entity, here you will find a list of documents that you might will need to submit.

Necessary documents for payment account opening of non-resident

Necessary documents for payment account opening of non-resident are divided into two groups. In first group are documents provided by the bank, such as:

• Form for payment account opening of non- resident;
• Statement of Politically Exposed Person;
• Contract for the opening and maintaining of dinar/foreign currency payment account;
• Specimen of signatures for dinar/foreign currency payment account;
• Specimen of signatures for dinar payment account;
• Specimen of signatures for foreign currency payment account.

In the second group of documents there are documents that Client has to deliver to the bank:

1. Excerpt from registry of the domicile country for each foreign legal entity included in the Statement – original certified with apostille or copy certified by notary from issuer’s country and document apostille not older than 3 months. Translated into the Serbian language by court interpreter;
2. Excerpt from registry of the domicile country – foreign legal entity original or copy certified by notary from issuer’s country and apostille of document and translation into the Serbian language by court interpreter;
3. Act on appointing the person authorized for representation – original certified with apostille and copy certified by notary from issuer’s country and with apostille, not older than 3 months;
4. Certificate of persons “Authorized signatories” -original certified with apostille or copy certified by notary from issuer’s country and with apostille of document. Translation into the Serbian language certified by court interpreter – not older than 3 months;
5. ID or passport – authorized person or procurator.

Also, it is important to state that in some occasions bank may request additional documents to be submitted.

Important information is that in most cases all of this can be done through Power of Attorney, and without your presence. But, on some occasion bank officials do require that director or some other legal representative of the company is present for this procedure.

If you need more information regarding opening a bank account of non-resident in Serbia, or is some other country included in our Asst World pregame, contact Asst Office team.

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.

There are many ways to obtain temporary residence permit in Slovakia, which precedes permanent residence permit. Although Blue Card represent one of the types of residences, we find it as special type, and therefore want to single it out.

What are the types of Temporary Residence Permits in Slovakia?

To obtain temporary residence permit in Slovakia, you will need to meet many criteria and fulfill several conditions. Regarding on which grounds you apply for this permit you can obtain:

• Temporary Residence for the Purpose of Special Activity
• Temporary Residence for the Purpose of Research and Development
• Temporary Residence of a third-country national who is granted the status of a Slovak living abroad
• Temporary Residence for the Purpose of Study in Slovakia
• Temporary Residence for the Purpose of Business and Employment in Slovakia

Who can apply for residence permit in Slovakia?

Generally speaking, there are few groups of people that can apply for residence in Slovakia:

1. a person interested to make business in Slovakia,
2. a person who wants to work in Slovakia,
3. a person with different interest to apply such as lecturer, artist, actor/ actress sportsman, journalist, volunteer you can apply under special conditions, scientist or Slovak living abroad,
4. a person who wants to study in Slovakia any specific field or Slovak language.

How long does it take to take a decision on the application for a residence?

A police department, as a general rule, shall decide on the application for temporary residence within 90 days following the date of receipt of complete application.

The Act on Residence of Foreigners provides a derogation from above mentioned rule according to which a police department shall decide within 30 days following the date of receipt of complete application in certain cases.

Blue Card

Blue Card is a type of residence issued to third country nationals for the purpose of highly qualified employment in Slovakia. The basic requirement is higher professional qualification in the form of university education. Blue card entitles you to enter, reside and work in Slovakia, to travel abroad and back. Your future employer must report a job vacancy to the competent local Labour Office, at least 30 working days before applying for the Blue Card.

If you need more information regarding certain procedures or you need any other assistance regarding company formation, opening a bank account, obtaining temporary and permanent residence permits or Blue Card in Slovakia feel free to contact Asst Office.