Corporate Law Serbia

28 Apr 2021

What does the New Act on Archival Material and Archival Activity bring?

In addition to numerous novelties and changes in Serbian legislation, the beginning of this year was also marked by the legal regulation of archiving materials and similar documentation, which attracted significant attention.  The new Archival Material and Archival Activity Act (the “Act“) is not only an important step towards improving the protection of archival material and regulating archival activity, but also towards developing awareness of the importance of preservation of archival material, since that helps “protect” the history of our country. Until recently Serbia did not have a specific act which would comprehensively regulate the issue of archival material and […]

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12 Mar 2021

2020 in review – light at the end of the tunnel

At Gecić Law, we proudly look back at 2020 and remember it as a year of significant achievement. Some of our accomplishments singled out in this review testify not only to the ability of our team to quickly adapt to radically different circumstances, but to see them as an opportunity to affirm our core values, to build on them and to grow. We rose to the challenge, learned and developed, and in the process, we helped our employees, clients, and business partners gain the strength to overcome the uncertainty and grow together with us. These are the highlights of our […]

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05 Mar 2021

Our Energy practice is growing every day

Our Energy practice team has repeatedly demonstrated its credibility by devising unique opportunities for greenfield and brownfield investments for our clients. We provide comprehensive solutions related to privatization, regulatory compliance and due diligence in cooperation with eminent regulatory, corporate and financial experts. Counsel to Norwegian NBT AS on Wind Farms Project in Serbia Our latest accomplishment in the energy sector is providing counsel to NBT AS, Norway, a utility-scale wind power developer (exceeding 100 KW of power), in partnering with WV International (formerly Windvision).  WV International has been developing wind farm projects in Serbia since 2010 and has been active […]

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23 Nov 2020

Are Major High-Tech Companies “Skirting the Law” in Serbia Regarding Personal Data Protection?

Although it has been more than a year since the new Personal Data Protection Act (“Act”) entered into force in Serbia, some of its provisions are not yet fully applicable.  One clear-cut example is Article 44 of the Act, which requires foreign companies (therefore those who does not have a registered business seat in Serbia) to appoint a Personal Data Protection Representative for Serbia (“Representative”). Who is the Representative? This provision, (as well as the majority of the Act’s provisions), was adopted from Article 27 of the General Data Protection Regulation (“GDPR”) and refers to any personal data controller and […]

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19 Apr 2019

Gecić Law Continues Its Bullish Run in the Legal 500 Rankings

Gecić Law is delighted to announce yet another commendation by The Legal 500 EMEA, one of the most eminent and prestigious directories of the legal world.     Our Banking & Finance practice continues its bullish run to the national top.   Its head Nikola Aksić was named to the guide’s  “Leading Individuals” elite list of outstanding lawyers in the country, only one year after being recommended by the guide.   The practice has also went up in the overall rankings, securing a Tier 2 recognition. And we haven’t stopped there.  Our Corporate/M&A practice is not lagging behind.  The practice head Ognjen […]

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10 Oct 2018

Corporate Stamps Are History

A year ago, we wrote that the use of corporate stamps during payment services was abolished. Now, this process has come to an end. Although the Corporate Act of Serbia from 2012 explicitly states that companies are not obliged to use their corporate stamps when conducting their day-to-day business operations, the practical application of this rule had not yet been enforced. Difficulties occurred primarily in dealing with the banking sector, as commercial banks continued to demand from their clients the use of corporate stamps in order to verify payment orders and other relevant documents. Such practice terminated exactly one year ago, on […]

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27 Sep 2018

Telecom operators under scrutiny – Imposing penalties is against the law?

Recently the Ministry of Trade, Tourism and Telecommunications („Ministry“) declared a decision („Decision “) which forbids requiring within the agreements of telecommunication services the clauses under which the customers have to pay the Operator ( “Operator”) all compensations until the end of the validity of the agreement. This obligation took place even when the consumer or the Operator terminated the agreement, if the reasons that caused termination can be attributed to the customer. The Decision According to their media release, in this way the Ministry declared that it “stopped further unjust treatment” of the customers by the Operators, and inappropriate […]

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27 Apr 2018

Market Disruptor – Youngest Law Firm Continues Tier 1 Ranking

GECIĆ LAW RECOGNIZED AGAIN AS TOP TIER LAW FIRM BY LEGAL 500 We are proud to announce that Legal 500, the prestigious UK-based guide to the world’s best law firms, has ranked Gecić Law for the second consecutive year as a Top Tier firm in Serbia in its EMEA guide for 2018. The firm’s practice in the field of Competition Law has been ranked as Tier 1, while the Commercial, Corporate and M&A practice maintained an enviable Tier 2 amongst fierce competition of traditional market incumbents.  Furthermore, for the first time this year, our dynamic Banking & Finance practice was […]

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08 Nov 2017

Gecić Law Advises in Yet Another Landmark Decision Before the European Commission

Gecić Law acted as legal counsel to the Government of Serbia and the Železara Smederevo steel mill with respect to an European Commission (EC) investigation on the historical State aid received by the old company, and the potential responsibility of Hesteel Serbia to reimburse it, under the Stabilisation and Association Agreement (SAA).  On Wednesday, November 8, 2017, Johannes Hahn, Commissioner for European Neighborhood Policy and Enlargement Negotiations, informed the Prime Minister of the Republic of Serbia, Ana Brnabić, that the European Commission concluded that “the HeSteel-owned steel mill does not have to reimburse any state aid received in the past” (link).  […]

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27 Oct 2017

News on Conducting Business Electronically in Serbia

On October 17, 2017, National Parliament of the Republic of Serbia adopted the Act on Electronic Document, Electronic Identification and Trust Services in Electronic Business (the “Act”), which comes into force today, and thereby replacing the current regulations on electronic business, i.e. Electronic Signature Act and Electronic Document Act. The Act represents another step forward with planned and ongoing process of digitization and modernization of public administration in general, providing citizens and business entities with a simpler approach to services of public authorities, i.e. a faster, cheaper and more efficient business performance. A change of current practice, with high number of […]

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23 Oct 2017

Taboroši Scholarship 2017

About the Scholarship The Taboroši Scholarship is established in memory of Professor Svetislav Taboroši, by family and former students who have been inspired by the Professor’s work and dedication to academic research and innovative problem solving in the practice of business law.  A brilliant teacher and scholar, Professor Taboroši strived to educate his students on the most recent trends in legal academic thought and the importance of critical thinking in academic and professional analysis of international law & economics.  The Scholarship is awarded annually to a student of the senior year at the University of Belgrade, Faculty of Law who, […]

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04 Oct 2017

Agrokor`s Potential Insolvency – How Does It Affect Serbian Companies?

Although it seemed that the tension over Lex Agrokor had somewhat calmed down—and that Mr. Ante Ramljak, in the capacity of extraordinary administrator by the Croatian Government, will lead the Croatian company in the forthcoming period—the public has been alarmed by the recent announcement by ex-owner, Mr. Ivica Todorić.  On his personal blog, which was visited by more than 180,000 readers in the first 24 hours, Mr. Todorić, in a series of articles, criticizes the conduct of the Republic of Croatia (RC) and points to the unconstitutionality of Lex Agrokor. The Constitutional Court of the Republic of Croatia (“Constitutional Court”) […]

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28 Sep 2017

Cross Border M&As to Be Explicitly Regulated – Looking Towards the Amendments to the Companies Act

The public debate on the Draft of Amendments of the Companies Act, suggested and prepared by the Ministry of Economy in April, will take place in Belgrade on 4th October 2017. As part of the drafting procedure, the Ministry tried to identify and address business sector`s concerns regarding the Companies Act and identify areas where amendments to current regulatory framework might be needed.  In order to facilitate the above-mentioned, the working group also included representatives of the Chamber of Commerce and Industry of Serbia, with more than 60% of the comments submitted by the companies to the Ministry, being adopted. […]

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21 Sep 2017

Corporate Stamps No Longer Needed in Banks as of October 1

The National Bank of Serbia adopted alterations and amendments to seven by-laws in the field of payment operations, thus resolving the dilemma regarding the liability of companies to use their corporate stamp when using payment services. The rule that companies are not obliged to use stamps in their business letters and other documents (unless otherwise prescribed by law), was explicitly set with the Companies Act, that became applicable in 2012. Even with the Payment Services Act, which applies since October of 2015 and which, in accordance with relevant EU directives provides that legal entities and entrepreneurs are not liable to […]

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26 Apr 2017

New Data Protection Enforcement: Is Your Business Ready for It?

Businesses beware – imposing fines of up to 10% of the company’s Serbia-originated annual income in respect to enforcing Data Protection compliance will be one of the measures available to the Commissioner1  as of June 1, 2017, when the new Administrative Procedure Act is set to come into force. The changes to the Administrative Enforcement Procedure are going to allow this Data Protection Authority to enforce its decisions by fining companies in an amount considerably higher than the maximum enforcement-related fine of RSD 200,000.00 (approx. EUR 1,600.00) allowed by the current statute. This means that all companies will, if ordered […]

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09 Dec 2015

Gecić Law Contributes Serbian Chapter to Legal Aspects of Doing Business in Europe – Second Edition

We are pleased to announce that our partner Bogdan Gecić together with Dr. Tatjana Jovanić, an associate professor at the University of Belgrade Faculty of Law, co-authored the Serbian chapter for Legal Aspects of Doing Business in Europe – Second Edition.  The chapter provides a comprehensive overview of most important legal aspects for both domestic and foreign investors and businesses in Serbia.  The chapter provides an in-depth analysis of the following topics: Enterprises: Establishment, Acquisition & Bankruptcy Customs Regulation Investment Incentives and Currency Regulation Competition and Market Regulation Intellectual Property Employment Banking The edition is published by Juris Publishing, Inc., a full-service legal […]

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