The Serbian parliament adopted legislation establishing a central registry for ultimate beneficial owners (UBOs). Effective June 8th, the law mandates that entities and authorized representatives conducting business in Serbia identify their UBOs within 30 days.

The requirements apply broadly to both domestic Serbian entities and foreign companies operating in the country. Foreign entities meeting the definition of “registered entity”—including subsidiaries, branches, and business associations—must comply.

Key Requirements

UBOs are defined as natural persons. If identification is impossible, a registered representative assumes beneficial owner status.

Required information submission includes:

• Serbian citizens: Name, personal ID number, country of residence, and legal basis for UBO status
• Foreign citizens: Name, passport details, birth information, residence, citizenship, and legal basis

The central registry was expected to become operational by year-end, with registration deadlines set for January 31, 2019.

Compliance Obligations

Entities must maintain current UBO records for ten years and report changes within 15 days. Violations carry substantial penalties, including fines and potential imprisonment up to five years for deliberate concealment or fraudulent registration.