INVEST IN SARAJEVO
Opening an Office
Steps for establishing a business in BiH
1.STEP: Establishment Contract (BAM 300) has to be made and verified by notary. You can find a list of BiH Notaries.
2.STEP: Payment of initial capital (BAM 2000). Bank by founder’s choice.
3.STEP: Registration at the competent municipality/district commercial court (registration fee BAM 405 + publishing fee of an advertisement in the Official Gazette of the FBiH, BAM 150).
4.STEP: Making a company stamp. (BAM 20 – 50). Company stamps can be ordered online or obtained in a number of shops. You have to present your ID and registration documents.
5.STEP: Opening a bank account in a commercial bank. (no charge) All new businesses must open a company account with commercial bank. This has to be done by the authorized company representative in person.
6.STEP: Registration of the company and staff at the Tax Administration Office. (no charge)
7.STEP: The statement of the company founder about fulfillment of all requirements for starting activity through the Municipality notification. (BAM 15 administrative fee)
Total cost for necessary legal assistance is BAM 600.
Sarajevo Real Estate: http://www.sarajevo-realestate.com
Favourable Trade Agreements
Bosnia and Herzegovina has profited from EU autonomous trade measures since 2000. Following the entry into force of the Interim Agreement, access of products from Bosnia and Herzegovina to the EU expanded, and EU exports to the country have been granted trade preferences.
Bosnia and Herzegovina has signed the Central European Free Trade Agreement (CEFTA), creating a free trade zone with access to a large consumer market. Also, the process of negotiation to join the World Trade Organization is underway.
BIH has generalized system of preferences with: USA, New Zealand, Japan, Russia, Kazakhstan and Belarus. Furthermore, BIH has preferential export regime with Iran.
Posao.ba is the first and leading Job Board and Full Recruitment Service Agency in Bosnia and Herzegovina, with more than 90% of the market share.
BiH has one of the most multi-lingual workforce in Europe, including English, German and Turkish.
With unemployment level being over 50%, finding educated, skilled and motivated young people, as well as skilled professionals to boost up your business would definitely not be one of your problems.
In addition, foreign investors are entitled to freely employ foreign nationals, subject to the labor and immigration laws of Bosnia and Herzegovina.
Living and Working in Sarajevo
With its diverse ethnic make-up, its varied landscapes and climate zones and its long history as a place where different cultures meet and merge, Bosnia and Herzegovina is a unique country where, for centuries, people from all over the world have met and exchanged goods and ideas. The country’s lifestyle is deeply rooted in its rich tradition, culture heritage and natural beauties, married with the amenities of the west. One stroll through the main streets of Sarajevo and you’ll get carried away by the picturesque mixture of Ottoman and Austro-Hungarian architecture, small, locally-owned restaurants will make you want to stop by every way-too-often and people will charm you with their welcomeness.
Food is certainly one of the main reasons why people love Sarajevo. The cuisine, like the city itself, is a blend of east and west. Many spices are used but in moderate quantities. Traditional food is often prepared with meat, and meals are plentiful and delicious. Most popular fast foods are pita (pies with various fillings) and ćevapi (barbecued meat dumplings). There are many shops selling pita and ćevapi, and like everyone else, you will soon have your favorites. If you prefer home cooking style, try one of many little Ašćinica places offering a choice of real home cooked food.
It could be said that retail in Sarajevo and all larger cities in BiH has undergone revolution in the last decade with many shopping centers now located around cities. Here you can find food, exotic fruits and vegetables, household appliances, clothes, and other goods from all around the world.
Retailers in Sarajevo range from major international chains and shopping centres, boutique stores to traditional markets, such as Baščaršija, which has been a trading and meeting place since the 15th century.
Art and Entertainment
Sarajevo and other cities in Bosnia and Herzegovina are famous for their architectural heritage (some of them are included in the UNESCO World Heritage List), museums, theaters, cinemas, galleries, etc. An overwhelming choice of cultural events is on offer, including all types of musical performances, concerts, plays, operas, exhibitions as well as a host of international festivals
A number of foreign culture centers, such as the British Council, Goethe Institute, French Culture Center Andre Malraux, Turkish Culture Centre, Iranian Cultural Centre, and the Culture Department of the Spanish Embassy in Sarajevo, offer a wide range of events and services, including: exhibitions, concerts, language courses, library services, etc
Additionally, the many bars, coffee shops, clubs, discos, and casinos provide a rich variety of nightlife to explore.
Sarajevo boasts a wide range of furnished and unfurnished accommodations for rent, ranging from centrally located apartments to family homes in quiet suburbs. There is a large number of period Austro-Hungarian empire apartment buildings featuring high ceilings and many interesting period features as well as newly built apartment blocks.
Foreign investors enjoy the same property rights in respect to real estate as BiH legal entities.
For shorter stays, hotels of different categories, as well as hostels can be found across the city.
Investors who would like to come with their family have a choice of international schools – from kindergartens to MBA studies. Some international universities also provide a possibility of various distance-learning programs.
Selected international schools:
|QSI International School of Sarajevo||English||www.qsi.org/bhz|
|The International School of Sarajevo||English and Bosnian||www.internationalschool.ba|
|Sarajevo College||English, Turkish and Bosnian||www.sarajevocollege.com|
|International University of Sarajevo||English
|The Sarajevo Graduate School of Business||English||www.sgsb.edu.ba|
|American University in BiH||English||www.aubih.ba|
|The Sarajevo School of Science and Technology||English||www.ssst.edu.ba|
|French School of Sarajevo||French||www.aefe.fr|
Health & Medical
There are two main large hospitals in central Sarajevo. Although the national health service still needs improvements, they are basically well-equipped with expert and friendly medical staff. Also, there is a large number of various private clinics and dental practices accross Sarajevo. Most private clinics have a list of prices for available procedures and are equipped with modern technology and medical instruments. The prices are usually similar between clinics.
If your health insurance policy does provide international coverage, you should remember to carry both your insurance policy identity card as proof of such insurance and a claim form.
Located in the heart of Bosnia and Herzegovina, Sarajevo is the capital city that's a very fertile ground for developing your own business. Various startup pioneers and enthusiasts already recognized Bosnia’s entrepreneurial potential and are creating the startup ecosystem.
Even though modest in comparison to other European startup communities, its size is of high significance for the socio-economic development of the local community. Sarajevo boasts incredibly low living costs while being located in Central Europe, a usefull advantage when starting a business.
Top Reasons to Invest is Sarajevo
Bosnia and Herzegovina is a forward-moving country that has achieved astonishing progress in improving its business climate. Through its strong reforms, the adopting and approving of strategic documents, laws and regulations, BiH has significantly improved its business environment and created better conditions for foreign investors. Bosnia and Herzegovina is open to foreign investors, especially in terms of balancing their rights and obligations with the rights and obligations of domestic investors.
Bosnia and Herzegovina has the most stable currency in the South-East Europe, which is directly linked to the Euro. Central Bank of Bosnia and Herzegovina maintains monetary stability by issuing domestic currency according to the Currency Board arrangement with full coverage in freely convertible foreign exchange funds under fixed exchange rate 1 KM: 0, 51129 EUR.
One of the main reasons for investing in B&H is also favorable tax system. Bosnia and Herzegovina has one of the lowest rates of VAT (17%) in the region and Europe, as well as the very acceptable corporate tax rates that are also among the lowest in the region and Europe (10%)
The BiH government supports foreign investments with a number of measures.
According to the assessment by the specialist foreign direct investment publication, FDI Magazine (The Financial Times Group), the City of Sarajevo was ranked among the Top 10 Mid-Sized European cities in the category of best European investment locations by cost-effectiveness and it was ranked at 6 position. This prominent recognition was obtained in the competition for European Cities and Regions of the Future 2016/17. In deciding about the best European cities and regions, the jury considers the criteria such as: economic potential, return on investment, human potential, quality of life, favorable business climate, and existence of an investment attraction strategy.
One last thing: Never hesitate to ask for additional help in Sarajevo, this city loves new people & welcomes them warmly!