“Diaspora should invest more in Serbia”

“Diaspora should invest more in Serbia”
Is this some kind of Joke?
I think Bugarin is seriously out of touch with reality!
As a Serbian, i have tried to "invest in the mother country" and open new businesses, however i only to find myself dealing with corrupt officials who wish to line their own pockets and armed Mafia!
I ended up losing thousands!
Serbia is NOT an investment destination.
These pathetic politicians are the main reason!
Their nothing but a bunch of criminals in suits!

I also wanted to open a business in Belgrade and instead of getting a list of proper areas to contact, I was pretty much told that I'd have to work with organized crime to open any type of bar/club. I heard that even cafes have to pay for certain street 'fees'.

“Diaspora should invest more in Serbia”
Is this some kind of Joke?
I think Bugarin is seriously out of touch with reality!
As a Serbian, i have tried to "invest in the mother country" and open new businesses, however i only to find myself dealing with corrupt officials who wish to line their own pockets and armed Mafia!
I ended up losing thousands!
Serbia is NOT an investment destination.
These pathetic politicians are the main reason!
Their nothing but a bunch of criminals in suits!
(Predrag, 30 December 2010 12:12)

How long ago did you have that not so pleasant experience? Much has changed for the better. However, I do think that there should be more incentives and protections in place to ease past fears and experiences of diaspora investors, for all the good reasons that you mention. Those that I know that have invested and opened businesses in recent times have said that things are not perfect, but the investment climate is better than ever before, and is getting better as the government is ambitiously going after corrupt officials who now have fear in their bones; yes, fear of being watched or being set up for a fall--as now they have so much more to lose.
If your comment is sincere then it's helpful, as I believe that the present government would like to know who and what is "killing" their chickens. I also believe that they understand that in order to get ANY investment, they must get rid of their past image based on bribes and connections. They are "dancing as fast as they can".
Happy New Year and all the best!!!

Hugh,

The problems you explain (flat tax, tax obligation before income, insurmountable police-state-mentality bureaucracy), are not problems that people here understand.

Whenever I post a remark like that, it usually doesn't get posted. It's sad, but it is true. This country has been isolated for 20 years just after coming out of a communist system. When I tell people that no one under 50 years old in Canada, US, Austraila, wherever has never, in their life had to take a bill somewhere (and line up) to get paid, they can't even conceive that there may be a better method.

Problem is, most people don't know there's a problem, because that's what they're used to.

Then they cry that foreigners don't invest enough

SMH.

Investment will come when the Serbian government and Serbs purge the corruption and simplify the bureaucracy.

In the meantime, the Serbian diaspora can visit Serbia more for travel and vacations and try to see as much of Serbia as possible. This will bring in money for the tourist industry and help diaspora Serbs reconnect and learn more about Serbia. And maybe they will learn of more investment opportunities, and get more ideas, if they are there in person.

If the government want to increase investment here, they need to continue the good work that they are doing to get rid of corruption, however they also need to simplify the tax system.
At each step you take in setting up and running your business, there are too many taxes and paperwork to be completed.
INcome tax is advertised as 10%, however other taxes bring the total to 28% and as an employee+owner my actual tax rate is 60%. And this is flat!,if I only make 1600 euro in a year, I keep 1000, the government gets 600
Small business owners must travel to the bank each day to lodge takings? This is the craziest thing I have ever heard. WHile they are at the bank, a business inspector could call and fine the person because business is not open for correct opening hours
My wife's maternity support is 3 months late even though I must pay my tax within 1 month or be fined.
The flat tax rate needs to go and a basic tax-free allowance introduced (maybe first 2000euro no tax paid?).
WHen you register a business you are given official papers, you need 1 set for yourself, 1 set for the bank and 1 set for tax office, WHy cant the registration office give me 3 sets???
Instead the first thing you must do after registering your business is travel to a courthouse and pay tax to get offical copies,

I could go on but I would be here all day, but there needs to be a huge improvement to business environment here. If I met someone who wanted to invest here I would try to persuade them not to

“Diaspora should invest more in Serbia”
Is this some kind of Joke?
I think Bugarin is seriously out of touch with reality!
As a Serbian, i have tried to "invest in the mother country" and open new businesses, however i only to find myself dealing with corrupt officials who wish to line their own pockets and armed Mafia!
I ended up losing thousands!
Serbia is NOT an investment destination.
These pathetic politicians are the main reason!
Their nothing but a bunch of criminals in suits!
(Predrag, 30 December 2010 12:12)

How long ago did you have that not so pleasant experience? Much has changed for the better. However, I do think that there should be more incentives and protections in place to ease past fears and experiences of diaspora investors, for all the good reasons that you mention. Those that I know that have invested and opened businesses in recent times have said that things are not perfect, but the investment climate is better than ever before, and is getting better as the government is ambitiously going after corrupt officials who now have fear in their bones; yes, fear of being watched or being set up for a fall--as now they have so much more to lose.
If your comment is sincere then it's helpful, as I believe that the present government would like to know who and what is "killing" their chickens. I also believe that they understand that in order to get ANY investment, they must get rid of their past image based on bribes and connections. They are "dancing as fast as they can".
Happy New Year and all the best!!!

Hugh,

The problems you explain (flat tax, tax obligation before income, insurmountable police-state-mentality bureaucracy), are not problems that people here understand.

Whenever I post a remark like that, it usually doesn't get posted. It's sad, but it is true. This country has been isolated for 20 years just after coming out of a communist system. When I tell people that no one under 50 years old in Canada, US, Austraila, wherever has never, in their life had to take a bill somewhere (and line up) to get paid, they can't even conceive that there may be a better method.

Problem is, most people don't know there's a problem, because that's what they're used to.

Then they cry that foreigners don't invest enough

SMH.

Investment will come when the Serbian government and Serbs purge the corruption and simplify the bureaucracy.

In the meantime, the Serbian diaspora can visit Serbia more for travel and vacations and try to see as much of Serbia as possible. This will bring in money for the tourist industry and help diaspora Serbs reconnect and learn more about Serbia. And maybe they will learn of more investment opportunities, and get more ideas, if they are there in person.

“Diaspora should invest more in Serbia”
Is this some kind of Joke?
I think Bugarin is seriously out of touch with reality!
As a Serbian, i have tried to "invest in the mother country" and open new businesses, however i only to find myself dealing with corrupt officials who wish to line their own pockets and armed Mafia!
I ended up losing thousands!
Serbia is NOT an investment destination.
These pathetic politicians are the main reason!
Their nothing but a bunch of criminals in suits!

I also wanted to open a business in Belgrade and instead of getting a list of proper areas to contact, I was pretty much told that I'd have to work with organized crime to open any type of bar/club. I heard that even cafes have to pay for certain street 'fees'.

If the government want to increase investment here, they need to continue the good work that they are doing to get rid of corruption, however they also need to simplify the tax system.
At each step you take in setting up and running your business, there are too many taxes and paperwork to be completed.
INcome tax is advertised as 10%, however other taxes bring the total to 28% and as an employee+owner my actual tax rate is 60%. And this is flat!,if I only make 1600 euro in a year, I keep 1000, the government gets 600
Small business owners must travel to the bank each day to lodge takings? This is the craziest thing I have ever heard. WHile they are at the bank, a business inspector could call and fine the person because business is not open for correct opening hours
My wife's maternity support is 3 months late even though I must pay my tax within 1 month or be fined.
The flat tax rate needs to go and a basic tax-free allowance introduced (maybe first 2000euro no tax paid?).
WHen you register a business you are given official papers, you need 1 set for yourself, 1 set for the bank and 1 set for tax office, WHy cant the registration office give me 3 sets???
Instead the first thing you must do after registering your business is travel to a courthouse and pay tax to get offical copies,

I could go on but I would be here all day, but there needs to be a huge improvement to business environment here. If I met someone who wanted to invest here I would try to persuade them not to