The Serbian Business Registers Agency (SBRA) has received 111,874 annual financial statements for 2008. The processed data, (information on classification, which business entities are required to submit along with their annual accounts), indicate that 3,373 large and medium-sized companies and 108,501 small-sized enterprises operate in Serbia. These include 16,210 sole traders, who applied double-entry bookkeeping last year and were obligated to compile annual financial statements.
Out of the total number of financial statements received by the Belgrade office of the Serbian Business Registers Agency’s Belgrade, 21,388 (19 percent), were submitted in person, while 81 percent of legal entities sent their statements by mail.
The Agency promptly started processing the submitted annual financial statements and will complete this work by 30 June. SBRA will first process the annual accounts of large and medium-sized enterprises and will move on to statements of small-sized enterprises. As the entities’ statements are processed and entered in the electronic database of the Business Entities Register, the data on their total assets, capital, business revenue and expenditure, net profit and number of employees, as well as full names of their certified accountants, will be published on the Agency’s website.
Business entities that failed to submit their balance sheets by the stipulated deadline may still fulfill their liability. However, they are required to pay higher fees that are charged for failing to report changes in a timely manner – RSD5,040 for companies and RSD2,880 for entrepreneurs.
Business Registers Agency hereby reminds business entities that failing to file financial statements with a competent register is considered a corporate offence. Furthermore, the Business Registration Law prescribes that a business entity that fails to submit its financial statement for two consecutive years shall have its status changed into an inactive business entity.