.
.
.
.
Views/ Serbia Implements Electronic Signature in Financial Reporting
---
Miloš JakovljevićAdvokat / Partnermilos.jakovljevic@karanovicpartners.com
21/01/2015
---

Serbian companies Required to Submit Financial Statements using Electronic Signature

The procedures for annual financial reporting in Serbia are modernising. As of 1 January 2015, Serbian companies are now required to submit financial statements exclusively in electronic format using the electronic signature of the statutory representative. An exception to this new rule will allow micro companies to submit the financial statements in paper form for another year.

Current Inadequacies

The new requirement for electronic filings has raised issues for Serbian companies with directors who are not resident in Serbia. Company directors must obtain a qualified electronic signature certificate allowing them to electronically sign financial statements, but these certificates can only be issued to persons with Serbian personal identification number. This means that non-resident directors who want to obtain qualified electronic signature certificate must first secure temporary residency in the country.

The Serbian Business Registers Agency ("BRA") officially requested that the Ministry of Finance resolve this issue by allowing electronic financial statements to be signed electronically by way of a Power of Attorney granted to a Serbian resident with a personal identification number who could easily obtain a qualified electronic signature certificate.

Unfortunately, the Ministry of Finance has insisted that electronic financial statements can only be electronically signed by statutory representatives of a company (i.e. directors), referencing the Law on Accounting's provision on the statutory representative's ultimate responsibility for financial statements.

Possible Solutions for Current Inadequacies

The Ministry did present two less than optimal solutions to the existing problem, the first being that a non-resident director can obtain a temporary residence permit in Serbia in order to obtain a qualified electronic signature certificate, or that a company with a non-resident statutory representative as director can appoint Serbian resident director.

Deadline

Please notice that the deadline for submission of the electronically signed Annual Financial Reports for Statistical Purposes is 28 February 2015.

 

Related News

News

Landmark Deal Completed: PPF buys Telenor CEE Operations for 2.8 Billion Euros

01/08/2018
News

Laying the Foundations: ZF Group Building a Factory in Serbia

21/06/2018
News

Serbia Adopts the Law on Ultimate Beneficial Owners Central Registry

19/06/2018
News

PPF Group Acquiring Telenor Banka

18/06/2018
News

Serbia Amends Company Law

12/06/2018
News

Karanović & Nikolić Recognized as Top Tier Law Firm by Legal 500

17/04/2018

Related Views

Views

Slovenia Adopts Class Action Law

13/10/2017
Views

The New Montenegrin Law on Prohibited Advertising

14/06/2017
Views

Too Big to Hide – European Commission Sanctions Truck Cartel

26/07/2016
Views

Aligning our Interests – Regional Mobility in the Context of Tourism

21/06/2016
Views

From Old Ties to New Relationships – Turkey and the SEE Region

07/06/2016
Views

Feeling Energised – Supporting Sustainable Energy in the Region

25/04/2016