Guides for entrepreneurs

Should I Register as a Sole Proprietor or an LLC?

This is undoubtedly one of the most important decisions you’ll make when starting a business, as it directly affects taxation, risk exposure, costs, and the way you operate. The first and most important difference is liability. If you register as a sole proprietor, there is no clear distinction between your personal and business assets. You are personally liable for all debts. In contrast, if you establish a limited liability company (LLC), any losses are covered exclusively by the company’s assets—your personal property is protected. The second key difference is taxation. As a sole proprietor, you can choose between lump-sum taxation (a fixed monthly amount set by the state) or profit-based taxation (depending on income and expenses). If you establish an LLC, taxation is based solely on profit, with no alternative models. The third practical difference relates to access to funds. As a sole proprietor, the money you earn is essentially yours and can be used freely. With an LLC, company funds are not automatically yours—you can only withdraw them through salary or dividends, which involves additional taxes and procedures.
Which Businesses Are Best Suited for a Sole Proprietorship?
Which Businesses Are Best Suited for LLC?

Do I Need a Qualified Digital Certificate?

Simply put, a qualified digital certificate is your digital equivalent of a handwritten signature. It confirms your identity as the signer and ensures that the document has not been altered after signing. This is why it becomes essential when starting a business. Without it, tasks such as using eGovernment services, submitting tax filings, accessing state portals, or signing business documents electronically become significantly more difficult or slow. While it’s not strictly required from day one, it very quickly becomes indispensable. If you want to run your business efficiently and avoid administrative queues, obtaining a qualified digital certificate should be one of your first steps—alongside opening a business bank account and handling tax registrations.
How to Get a Qualified Digital Certificate in Serbia

What Is a PIB and How Do You Get One?

A PIB (Tax Identification Number) is one of the first concepts you’ll encounter when starting a business. It is a unique number assigned by the Serbian Tax Administration that identifies your company—or you as a taxpayer. Think of it as a personal ID number, but for businesses. It is used to track all your tax obligations, filings, and payments. You will need a PIB for virtually everything: issuing invoices, communicating with the Tax Administration, filing through the eTax system, working with other companies, and even opening a business bank account. Without it, you simply cannot operate normally. The good news is that you don’t need to apply for it separately. Once you register your business with the Business Registers Agency, your data is automatically forwarded to the Tax Administration, which assigns your PIB. It will appear in your official registration decision—no extra forms or office visits required.

Do I Need an Accountant Right After Starting a Business?

From a legal standpoint, the answer depends on your taxation model. If you opt for lump-sum taxation as a sole proprietor, you are not required to keep formal accounting books. The state determines a fixed monthly amount for taxes and contributions, regardless of your actual income and expenses. This model is simple and suitable for small businesses, allowing many entrepreneurs to manage their own finances. However, if you establish an LLC—or choose a business activity that does not qualify for lump-sum taxation—you will need to implement double-entry bookkeeping. This means recording income and expenses on a daily basis, as taxes are calculated based on profit. In this case, hiring an accountant is essential from the very beginning.
Fempiria Tip: Although it may seem like an additional expense, a good accountant provides security. They track regulations, manage deadlines, and prevent costly mistakes. In many cases, they can even help you make better business decisions.

When Should You Open a Business Bank Account and How to Choose a Bank?

Opening a business bank account is one of the first steps after registering your company. Without it, you cannot legally operate—there is no way to receive payments or pay expenses. To open a business account, you will typically need:

• A valid ID
• Registration decision from the Business Registers Agency
• PIB (usually included in the registration document)

Some banks may still request a company stamp, although it is not legally required in Serbia—you have the right to refuse. The process usually takes 30 to 60 minutes. You complete an application at the branch and sign a contract. You will receive your account number and e-banking credentials immediately, while payment cards typically arrive within one to two weeks. It’s also advisable to connect your account to the eInvoice system on the same day, especially if you work with other businesses.
How to Choose the Best Business Bank

How to Analyze Your Competition (Pricing and Offer)

Competitive analysis helps you understand your strengths as well as potential obstacles to business growth. Many entrepreneurs rely on assumptions about the market, but these are often outdated or inaccurate. To truly understand your competition, you need a structured approach. The good news is that competitive analysis is easier than it seems.
Fempiria Tip: If this is your first analysis, don’t aim for perfection. Focus on gaining a practical understanding of the market and key patterns. Ideally, include at least one or two direct competitors, along with a few from related categories. As your skills grow, your analysis will become more detailed and precise.
Step-by-step competitor analysis guide

How Do You Know If There Is Demand for Your Product?

Before investing time, money, and energy into a product or service, one question matters most: is there real demand? A good idea alone is not enough. The difference between a hobby and a business lies in people’s willingness to pay. A common mistake beginners make is relying on intuition instead of real market signals—or avoiding testing altogether due to lack of budget. In reality, you can test demand with minimal resources and still gain valuable insights. Fempiria helps you validate your idea efficiently and understand whether there is genuine demand for your product.
How to Test Market Demand Before Starting a Business

Are There Financial Support Programs for Startups?

If you’re considering starting a business, here’s an important fact: you don’t have to finance everything on your own. In Serbia, there are several programs offering grants and support for startups. The most accessible are self-employment subsidies provided by the National Employment Service. In 2026, these grants are around 380,000 RSD, and can be higher for certain categories. The funding is awarded for a well-developed business plan—not just an idea. To qualify, you must be registered as unemployed, complete the required training, and maintain your business for at least 12 months. Additional programs are offered by the Ministry of Economy, particularly for women entrepreneurs. These typically co-finance 50–70% of investments, including equipment, software, materials, or business development. Calls are usually announced between February and May, so early preparation is essential. For innovative ideas, the Innovation Fund offers programs like Smart Start, which can cover up to 90% of project costs. There are also advanced grants for scaling and development. Don’t overlook international initiatives and organizations such as RISE or the Startit community, which provide mentorship, education, and investor connections.

Current Funding Opportunities:

• National Employment Service
• Innovation Fund
• European funding programs