Who pays the costs of registration in the Register?

The applicant shall bear the costs of registration in the Register, in accordance with the Decision on Fees for Registration and Other Services Provided by the Serbian Business Registers Agency. 

How is the fee for the registration of a financial leasing contract determined?

For the registration of data on a financial leasing contract, a fee is paid according to the value of the contract.

Can a foreign leasing company file an application for registration of a financial leasing contract?

A financial leasing contract in which the lessor is a foreign lease company cannot be registered in the Financial Leasing Register since such contract is not concluded in accordance with the Law on Financial Leasing and therefore is not eligible for registration in the Financial Leasing Register.

What is the deadline for filing the application for registration of a financial leasing contract?

The lessor is under the obligation to file an application for registration of the financial leasing contract within seven days from the date of delivery of the leased object.

What is the deadline for filing an application for registration of an amendment and/or supplement to the data on a registered financial leasing contract?

Within seven days from the moment of occurrence of the circumstances which give rise to amendment/supplementation of the registered data on a financial leasing contract.

What is the deadline for filing a registration application for striking-off data on a registered financial leasing contract?

Within seven days from the moment of occurrence of the circumstance which gives rise to strike-off.

What constitutes legal grounds for registration of an amendment and/or supplement to a registered financial leasing contract?

For example, an annex to the financial leasing contract constitutes legal grounds for registration of data on the amendment and/or supplement to an already registered financial leasing contract. Each amendment and/or supplement has the character of a new entry in the Register.

Where can the application forms for registration of financial leasing contracts be obtained?

Application forms for registration of a financial leasing contract (amendments and/or supplements to the data on a financial leasing contract, annotations, strikes-off, as well as excerpts) are posted on the Serbian Business Registers Agency web page.

Who files the application for registration of an annotation?

Any party having a certain legal interest in registering in the Financial Leasing Register an annotation of the existence of a dispute in connection with a leased object or financial leasing contract, or annotation of data on the facts or documents relevant for legal transactions that are in connection with a registered financial leasing contract, can file an application for registration of an annotation.

How is the procedure for registering a lease contract in the Register initiated?

The procedure of registration of a financial leasing contract in the Register is initiated by a registration application, which is a form that contains data to be entered in the Register.

Is the registration of a lease contract proof of the right of ownership over the leased object?

Registration of a financial leasing contract in the Register does not constitute proof of ownership or other rights over the leased object nor of the validity of any legal transaction.

What is the deadline for filing an application for registration of termination of a contract?

Within seven days from the moment of occurrence of the circumstance which gives rise to strike-off of the data from the Register.

Can a registration application be filed by proxy?

A third party authorized to represent (proxy) can file an application for registration. Along with such an application, the proxy must submit a power of attorney for representation. If the proxy is not an attorney-at-law, and the power of attorney is granted by a natural person, the power of attorney must be certified by the authority competent for certification of signatures.

What constitutes the legal grounds for entering in or striking data off the Register?

The legal grounds for entering in or striking data off the Register is the documentation enclosed with a registration application, based on which data is entered in or struck off the Register (contract, annex to the contract, court ruling and similar).

Who is an interested party?

A party who has a certain legal interest (and is neither the lessor nor the lessee) to have the data, whose registration is requested, registered or struck off the Register. The interested party should submit the appropriate evidence, which provides clear evidence of such capacity of the party.

When is a registration application for strike-off of the data on a registered contract submitted?

For example, a registration application for strike-off of the data on a registered contract is filed in the case when the leased object has not been delivered.

Who can file an application for registration in the Register?

The registration application for registration of a financial leasing contract may be filed by the lessor and the lessee, if this is determined by the financial leasing contract.

What are the consequences for the lessor in the event of bankruptcy of the lessee?

Article 15 of the Law on Financial Leasing prescribes that in the event of bankruptcy of the lessee, the lessor has the right to have the leased object excluded from the lessee’s bankruptcy estate (exclusion right), in accordance with the law governing bankruptcy proceedings.

Can a financial leasing contract be concluded for the lease of immovable assets?

The Law on Amendments and Supplements to the Law on Financial Leasing, which came into effect on 17 May 2011, envisages the possibility of stipulating a financial leasing contract for the lease of immovable assets.

What are the consequences for the lessee in the event of bankruptcy or liquidation of the lessor?

In the event of bankruptcy or liquidation of the lessor, the immovable assets which are leased under a lease contract are excluded from the bankruptcy/liquidation estate.

What is an excerpt from the Register?

It is a document containing data on a particular financial leasing contract registered in the Register (affirmative excerpt) or certifying that the Register does not contain data on any financial leasing contract relating to a particular movable or immovable asset (negative excerpt), or certifying that a certain legal or natural entity is registered as the lessee.

When does a financial leasing contract terminate?

A financial leasing contract terminates upon expiry of the term for which it is concluded, or because of decay of the leased object due to force majeure. Besides, a contract may end due to the rescission of the contract, and similar.

What is the object of a lease?

The object of a lease is a movable non-consumable asset (equipment, plant, vehicles and similar) and an immovable asset that can be the object of ownership right within the meaning of the law governing property relations.

What is the duration of a financial leasing contract?

The Law on Financial Leasing does not prescribe the minimum term for which a financial leasing contract is concluded.

Who is the lessor?

The lessor can be a limited liability company or joint-stock company with a registered office in the Republic of Serbia, licensed by the National Bank of Serbia for performing financial leasing operations according to the Law on Financial Leasing.

To qualify for performing financial leasing operations when the leased object is a movable asset, the pecuniary part of the lessor’s registered capital may not be below the RSD equivalent of EUR 500,000 at the official mean exchange rate as at the date of payment.

To qualify for performing financial leasing operations when the leased object is an immovable asset, the pecuniary part of the lessor’s registered capital may not be below the RSD equivalent of EUR 5,000,000 at the official mean exchange rate as at the date of payment.

Lease fee?

The lease fee is the fee paid by the lessee to the lessor for the right to use the leased object.

How can data on a registered financial leasing contract be accessed?

Any interested party may access data contained in the Financial Leasing Register through the Agency’s web page or at the Agency’s offices during its business hours

What are the rights of the lessor in the event of bankruptcy of the lessee?

Article 15 of the Law on Financial Leasing stipulates that in the event of bankruptcy of the lessee, the lessor has the right to have the leased object excluded from the lessee’s bankruptcy estate (exclusion right), in accordance with the law governing bankruptcy proceedings.

Who is the lessee?

The lessee is a legal or natural entity to whom the lessor transfers the authorization to hold and use the leased object, for the agreed period and the agreed fee.

Who is the supplier of the leased object?

A legal or natural entity that transfers the right of ownership over the leased object to the lessor, to hand it over to the leassee to hold and use it, for the agreed period and the agreed fee.

Why is registration in the Register important?

Registration of financial leasing contracts in the Register provides a higher degree of legal security. It is assumed that the existence of a financial leasing contract is known to third parties on the grounds of its registration in the Register and nobody may plead ignorance of the data on the financial leasing.

Since when has the Financial Leasing Register been kept?

The Serbian Business Registers Agency has been keeping the Financial Leasing Register since 1 January 2005.

What is financial leasing?

Financial leasing is an operation in which the lessor concludes a contract with the supplier of the leased object selected by the lessee, whereby the lessor acquires the right of ownership over the leased object (delivery contract). The terms of the delivery contract are approved by the lessee. Following this, the lessor transfers the authorization for holding and using the leased object for the agreed period by the financial leasing contract concluded between the lessor and the lessee, and the lessee undertakes to pay to the lessor the agreed fee in agreed instalments (lease contract).

What is an operational lease?

A contract in which the lessor and the supplier are the one and same entity is not considered a financial leasing contract.