Bosnia & Herzegovina is experiencing a boom in the tourism sector, feeding the steady recovery of the Balkan country, and which spells out good things to come, according to Maric & Co Partner Ezmana Turkovic.
The Parliament of Federation of BiH adopted the amendments of the Company Law of Federation of BiH and the amendments have been published and entered into force on 23 September 2021. The amendments of the Law are aimed at achieving the goal set in the Reform Agenda of Federation of BiH related to simplification of the procedure for registration of business entities and setting up a one-stop-shop company registration system.
Up until the adoption of the Laws on Property Rights in Republika Srpska (in 2008) and in the Federation of Bosnia & Herzegovina (in 2013), the only legal basis to obtain a construction permit and erect a lawful building was to first acquire ownership over the land on which the building is to be constructed, usually through a purchase agreement, as, according to the provisions of the applicable Laws of Physical Planning, as well as the general legal framework of Bosnia and Herzegovina, an investor must obtain construction rights over real property to obtain a construction permit for that property.
Indirect Taxation Authority of Bosnia and Herzegovina (“ITA”) conducts, among other, the registration of the taxpayers for Value Added Tax (“VAT”) purposes in Bosnia and Herzegovina. Pursuant to the applicable Value Added Tax Act of Bosnia and Herzegovina, there are two types of registration: (i) obligatory – in case the turnover in previous year exceeds or is likely to exceed the amount of BAM 50,000 and (ii) voluntary.
On December 15, 2020 CEELM gathered legal experts from across the region for its annual Year-in-Review Round Table conversation. In a wide-ranging discussion, participants shared opinions and perspectives on their markets, on strong (and less-strong) practices across the region, and the effect of the COVID-19 crisis on both, as well as on how technology is changing the legal industry, and what the industry will look like in 2021.
Squeeze-out of minority shareholders is an important concept for joint stock companies in Bosnia and Herzegovina (BiH). In the previous socialist system, many then-state-owned joint stock companies issued employee stocks as a form of partial privatization, leading to some companies having hundreds of minority shareholders with miniscule amounts of shares. This complicated the management of these companies, as majority ownership changed from state to private, since many small shareholders are unreachable, as they may be deceased or have relocated with unknown addresses. This situation often makes squeeze-outs essential for majority shareholders in order to efficiently manage these companies.