In 2024, Serbia is a great place for anyone to start a business. The jurisdiction is in an excellent spot for trade, boasts a growing market, and special economic zones for companies to set up shop without paying extra taxes. Whether local or foreign, you have the opportunity to capitalize on these benefits and do well in business.
Picking the best business to start in Serbia: select wisely
To choose the ideal business for Serbia in 2024, a methodical approach is key. Serbia Wealth experts have come up with some ideas to help you along the road:
- Start with pinpointing industries poised for growth like tech, farming, or travel that match Serbia’s economic advantages.
- Dive into market research to gauge consumer needs and the competitive landscape.
- Factor in Serbia’s perks, like its prime trade location and duty-free market access.
- Assess the business climate, including registration procedures, tax policies, and special economic zones.
Equally important is evaluating your skills and interests to ensure the chosen business field reflects your capabilities and enthusiasm. Merging market knowledge with personal reflection will guide you to the most viable business possibilities.
Below, you will find several ideas to consider. All of them boast high potential in 2024, so it all comes down to whether your aspirations match the current market trends.
1.Technology and IT services
Serbia’s tech industry has been booming, with a strong emphasis on software development, IT consulting, and AI research. In fact, Serbian startups attracted over USD 135 million in investments in 2021 alone, and the figure keeps increasing. The number of software engineering graduates is on the rise, with more than 3,300 students getting their diplomas annually. This surge in talent and investment makes starting a tech company or offering IT services in Serbia a promising opportunity to meet the global demand for innovative technological solutions.
2.Agribusiness
Serbia’s agriculture, which accounts for about 6.0% of its GDP, is a testament to the country’s rich farming heritage. With 3,475,894 hectares of cultivable land, the nation is a leading global producer of raspberries and plums, as well as a significant producer of maize and wheat. These crops not only satisfy local demand but also contribute to the nation’s exports. The country’s strong agricultural base is a fertile ground for businesses to thrive, tapping into Serbia’s longstanding tradition and expanding growth prospects in the sector.
3.Renewable energy
The renewable energy sector in Serbia is currently poised for significant expansion, particularly in the solar and wind energy domains. In 2020, renewable sources constituted 13% of Serbia’s total energy supply, marking a major uptrend in the consumption of renewable energy over time. Serbia has ambitious plans to reach a 41% share of renewable sources in gross final energy consumption by 2030. Entrepreneurs have the opportunity to contribute to this growth by engaging in the manufacturing, installation, and maintenance of renewable energy systems. With the government’s support for renewable energy through administratively set feed-in tariffs and the possibility of becoming a prosumer facilitated by new legislation, the sector offers great prospects for innovative business ventures.
4.Tourism and hospitality
Serbia’s rich cultural heritage and natural beauty offer immense possibilities for tourism-related businesses. The nation boasts numerous UNESCO-listed sites, including the medieval monasteries of Studenica and Sopoćani, which attract history enthusiasts and cultural tourists. Its diverse terrain, from the mountains of Kopaonik to the waters of the Danube, caters to a range of outdoor activities, making it ideal for adventure tourism and nature retreats. With these rich cultural and natural resources, entrepreneurs will find a multitude of niches in Serbia’s tourism sector to explore, from heritage hotels to ecotourism ventures.
5.Education and training
With the growing demand for continuous learning, starting an educational institute or offering specialized training programs, particularly in languages and technology, may be a promising opportunity. The country’s Education Strategy 2030 integrates lifelong learning, highlighting the importance of continuous education. The online learning platforms market in Serbia is projected to grow, reflecting the increasing trend towards digital education solutions. With these factors in mind, starting an educational business in Serbia could be a wise investment.
6.Health and wellness
The health sector in Serbia is indeed expanding, with numerous opportunities in private healthcare facilities, fitness centers, and wellness spas. The market for health-related products and services is also on the rise. These trends indicate a robust and growing health sector that offers a wealth of opportunities for businesses and investors.
7.E-commerce
Online shopping is gaining traction in Serbia. An e-commerce platform that offers unique products or caters to a specific niche, like fashion or electronics, is your opportunity to capitalize on this trend.
8.Real estate
The real estate market in Serbia, especially in urban areas, is gathering momentum. Hence, starting a real estate agency or investing in property development could yield significant returns.
9.Manufacturing
Serbia’s manufacturing sector is diverse, ranging from automotive to textiles. Setting up a manufacturing unit with a focus on exports can benefit from the country’s strategic location and trade agreements.
10.Creative industries
There’s a growing appreciation for the creative arts in Serbia. Businesses in graphic design, music production, and digital content creation will find a receptive market both locally and internationally.
11.Food and beverage
The F&B industry is always a popular choice. Opening a restaurant that offers traditional Serbian cuisine or a modern fusion eatery will most likely attract both locals and tourists.
12.Transportation and logistics
With its central location in the Balkans, Serbia is a key transit point for goods. A business in transportation or logistics services can be essential in facilitating trade in the region.
13.Environmental services
As environmental awareness increases, services like waste management, recycling, and environmental consulting play a crucial role in Serbia’s sustainable development.
14.Legal and financial services
With the influx of foreign investments, there’s a need for legal and financial experts who are skilled at navigating the Serbian and EU regulations.
15.Cultural enterprises
Promoting Serbian culture through products like traditional crafts, music, and literature will appeal to both the domestic market and the Serbian diaspora.
More information and useful advice on how to launch a business in Serbia in 2024, you will find at Serbia Wealth. Feel free to reach out to us for detailed answers to any of your questions!