Why Serbia is a GOOD place for new business

In March 2017, BPS World opened a new office in Belgrade, Serbia, the first of its kind in the Central and East European region.

Since then, we have received countless questions pertaining to our choice:

Why Serbia?

What makes Serbia a good place to work in?

What makes it “better” for business than other European countries?

Why should a company opt to open an office there, rather than in any of the European countries?

In the spirit of good business ethic and transparency, we decided to share the facts and our opinions on everything which we believe made Serbia the ideal location for us.

A Perfect Location

Besides being merely an hour or two away (by plane) from most European capitals, Serbia has plenty to offer to almost any company seeking to expand their operations or scope of activity, be it by opening a new office, outsourcing existing business to local staff, or attracting Serbian talent willing to relocate for a good business opportunity. The 7-million strong country sports a perfect geolocation, ideal for businesses which require high staff mobility.

Incomparable Mobility

Speaking of mobility, Serbian citizens are able to travel to any of the Schengen Area countries, China, and Russia, without a visa; a 10-year entry to the U.S. can be obtained within 48 hours, while a visa to the U.K. is usually granted within a fortnight. With this in mind, it makes doing global business for large multinationals a hassle-free undertaking. If clients worldwide need them, Serbian staff are usually able to fly from one office to another within a day.

Educated, Multilingual Staff

According to the Serbian Republic Statistical Agency (Chapter Education), in 2015 Serbia produced a total of 50,326 college graduates; the number of students enrolling in tertiary education is increasing by 3%-4% annually, indicating a positive trend in overall market development.

Furthermore, Serbian people are exceptional when it comes to English language proficiency. Out of 108,000 test takers who took the Business English test across 76 countries in 2016, with an average of 6.38, Serbia ranked third worldwide (behind the Philippines and Norway, who scored 7.11 and 6.54, respectively). The global average for this test is about 4.15, and Serbia has been in the Top 5 globally for more than five years.

Outstanding Foreign Direct Investment Opportunities

In the latest FDI intelligence report, produced by the Financial Times’ data division, Serbia ranks first in a global greenfield foreign direct investment (FDI) performance index. The index measures the appeal of countries as destinations for greenfield FDI relative to their GDP. Serbia’s access to the EU single market, along with relatively low labour costs and opportunities for government subsidies for investors, makes it an appealing destination for companies seeking to build a new operation from the ground up.

Cost-effectiveness and Sustainability

According to the Ernst&Young European Attractiveness Survey 2014, “Serbia was one of Europe’s favourite investment locations in CEE in 2012. The success continued in 2013 - number of new jobs was up by 18%, placing Serbia on the 5th position in Europe, while 63 new projects made Serbia the second most attractive location in CEE, second only to Poland.” The country is also becoming more politically and socially stable; in negotiations for ascension to the European Union since 2014, Serbia aspires to become a CEE market stronghold in the coming years.

Food, Climate, and Other Advantages

Finally, one should be aware of Serbia’s intoxicating charm, the nature, the people, the nightlife, and especially the food. With The New York Times reporting on Belgrade’s “distinctive appeal, with storybook historical districts and venerable fortresses and parks,” Serbia’s capital is a great place to visit, or even live in. Anyone can enjoy its appeal and find plenty to do.

Are you developing your business in Central or Eastern Europe? If you would like a consultation please contact Ana on ana.krzavac@bps-world.com