The application of the majority of the provisions in the new Company Law, which was recently adopted by the Serbian Parliament, will begin on 1st October, Assistant Minister of Economy, Dusan Vuckovic said.
Speaking about the new legal solutions for companies, he said that the new law has eliminated numerous problems related to Serbian businesses. Also, the amendments to the law were made in accordance with the obligations that our country has under the Chapter 6 which refers to company law in the EU and its incorporation into our legal system.
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According to Vuckovic, the most significant amendments to the law include redefining the provisions regarding the use of stamps / seals in business and the abolition of the regulations on the mandatory use the seals in certain activities between companies and public administration bodies.
The law also stipulates that companies have to register their e-mail address within one year from the day this law enters into force.
The law also introduced certain improvements in regard to better protection of the rights of minority shareholders, so companies now have assess the value of the transactions carried out by directors, supervisory boards, management or shareholders if its value exceeds 10 or more percentage of the company’s value.
Details of such transactions must be posted on the company’s official website y or on the APR (Serbian Business Register) website, so that all members, shareholders or creditors can get acquainted with the details of it.
The new law says that individuals / companies that have a 10% of the founding stake or capital in a company will be able to schedule assembly / managing board meetings in the company, which was not the case before.
The law also precisely defines what constitutes assets of great value that are used as loan collateral, it stipulates the same rights for foreign and domestic companies in terms of setting up branch offices, as well as the deadline for liquidation of companies which, according to the new law, has been reduced from 12 to 6 months.
The law also defines new rules for company organization, and these regulations, which are mostly related to international mergers and establishment of companies, will be applicable as of 1st January, 2022, because it is presumed that Serbia will be ready to join the EU by then.
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