Serbia received the Law on Central Registration of Beneficial Owners - Who is obliged to register?

The National Assembly of the Republic of Serbia adopted the Law on Central Registration of Beneficial Owners, which introduces the obligation to transparently display the ownership structure of companies and other legal entities. The records are kept by the Serbian Business Registers Agency (SBRA) in electronic form, and data entry is done through the registrar.

This law applies to a wide range of legal entities, including: companies (except public joint-stock companies), cooperatives, branches of foreign companies, associations (except chambers of commerce, trade unions, political parties, churches and religious communities), foundations and endowments, institutions, representative offices of foreign companies, associations and foundations.

In addition, the law also applies to certain forms of business such as trusts and similar legal relationships, provided that they operate or carry out transactions in Serbia.


What are the obligations of the companies and the SBRA?

According to the new rules, legal entities are obliged to check and update information about their real owner at least once a year.

In case of changes, the registrar must record them within two working days of receiving the notification from the authorities.

Data from the Central Registry will be kept for a minimum of five and a maximum of ten years after the deletion of the legal entity from the register. The aim of these measures is to increase the transparency of ownership structures and fight against abuses in business.


Imprisonment and fines of up to RSD 2 million

The new regulations provide penalties for those who attempt to conceal the identity of the beneficial owner of a company, trust or similar legal relationship.

If someone intentionally enters incorrect information in the Central Registry, deletes or changes correct ownership information, they will face a prison sentence of six months to five years.

Companies that do not enter information about the real owner or do not attach appropriate documents to the Central Registry within 30 days will face fines from RSD 500,000 to 2,000,000. The same penalties follow for imprecise recording of data, untimely confirmation of the accuracy of existing information or failure to submit data to the competent authorities within three working days of the request.

In addition to companies, responsible persons within them can be fined RSD 50,000 to 150,000 if they do not keep the documentation on the basis of which the ownership data was recorded, for five years after the termination of the existence of the company, trust or similar legal relationship.

If the company is established electronically, but correct data is not entered in the Central Registry during the registration process, a fine of RSD 500,000 to 2,000,000 ensues. Fines from RSD 50,000 to 150,000 are foreseen for the responsible person of the company or the legal representative of the founder.

Similar penalties are provided for trustees of trusts and similar legal relationships. If they do not enter correct information about ownership in the Central Registry within the prescribed period, do not update the information or do not submit the requested documents to the competent authorities within three working days, legal entities are threatened with fines from RSD 500,000 to 2,000,000. Individuals and responsible persons may be fined RSD 50,000 to 150,000.

I. Z.

Narodna skupština Republike Srbije

Agencija za privredne registre Beograd

National Assembly of the Republic of Serbia

Agency for Business Registers

Law on Central Registration of Beneficial Owners