Do you want the word “Serbia” in your company’s name? Get ready to open your wallet

As they say for B92.net in the Ministry of Economy, the request to obtain prior consent to enter the word “Serbia” in the business name of the company in 2019 was submitted by eight, while for the first seven months of this year , six companies submitted the application.

Namely, the Companies Act stipulates that the trade name of a company may also contain the name of the Republic of Serbia.

It can also contain the name of your territorial unit and autonomous province, and all of this refers to foreign language names, as well as their adjective forms.

But there are also conditions that must be met.

When submitting a request for prior consent to enter the word “Serbia” in the business name of the company, a fee of 320 dinars is paid, and after the government makes that decision, and before delivery, a fee of 529,300 dinars is paid.

As a reason for introducing the word “Serbia”, companies express their intention to clearly position themselves on the market in this way and be easily recognizable by consumers, customers and business partners.

The explanation is usually the positioning within a certain group to which they belong, which operates in several countries, as well as that their successful business contributes to the recognition of the Republic of Serbia as a conducive place for investment and business, according to the ministry.

The Ministry of Economy also notes that the prior consent to enter the word “Serbia” in the business name of the company, that the company once acquired, is permanent and should not be renewed while the company exists, that is, registered with the Agency of Mercantile Registers.

The Ministry points out that when it comes to products, it is not within its competence, but it is necessary to contact the Intellectual Property Office, if it is about products that carry a geographical indication.

What it takes except half a million

The Request must be accompanied by:

– Extract from the Registry of Commercial Entities of a company (The data in this document are obtained by the official body, unless the party explicitly declares that it will obtain the data itself. In that case, the party must submit a declaration of which will collect and send document.

– Commercial report of the last commercial year of the company

– Financial plan for the current year of the company.

– Company solvency report, issued by an authorized legal person (Mercantile Registries Agency)

– Opinion of the Serbian Chamber of Commerce on obtaining prior consent that the company’s trade name contains the name “Serbia”

– Decision of the competent body of the company when introducing the name “Serbia” in the commercial name of the company

– Power of attorney if the request is submitted through an authorized attorney

– Along with the request, proof of payment of the fee for acting on the request must be submitted.