On Tuesday, 19 April 2022, promotion of the program Serbia Ventures was held on the premises of Yugoslav Film Archive. The objective of the program is to support private venture capital funds in Serbia. The event was organized by the Serbia Innovation Fund in cooperation with the Office of the Prime Minister and the Digital Serbia Initiative. Marko Janković, Chairman of the Securities Commission presented the key considerations in authorization of private venture capital funds in Serbia.
The program Serbia Ventures is the program of the Serbian Innovation Fund. It is designed to provide incentives to private investors, high net worth individuals and institutions to engage in financing startups with high growth potential by incorporating venture capital funds in Serbia. Through this program, the Innovation Fund will invest into newly established venture capital funds in Serbia in the role of a limited partner and help these funds generate a significant market impact on Serbia’s innovation ecosystem.
Startups are young, newly founded companies, small in size, which have an innovative idea, potential for growth and require resources to fund the growth. Venture capital funds are to serve as a long-term mechanism which will enable the startups to raise sufficient private investments for quick growth and international expansion.
The Law on alternative investment funds governs the operations of venture capital funds in Serbia. A venture capital investment fund is an alternative investment fund subject to private placement, the assets of which are invested, pursuant to the fund rules, primarily in startup or early-stage companies that the alternative investment fund management company has identified as having potential for growth and expansion.
Alternative investment fund management company is a legal person having its registered office in the Republic of Serbia whose regular business is managing one or more alternative investment funds pursuant to authorization issued by the Commission.
At the time of applying to the Program, applicants are not required to hold an authorization issued by the Republic of Serbia Securities Commission. If the Innovation Fund approves the financing, the applicant is then required to obtain a relevant license from the Securities Commission and to register a legal entity in the Serbian Business Registers Agency, which is to manage alternative investment funds (Alternative Investment Fund Management Company).
The program Serbia Ventures is the program of the Serbian Innovation Fund. It is designed to provide incentives to private investors, high net worth individuals and institutions to engage in financing startups with high growth potential by incorporating venture capital funds in Serbia. Through this program, the Innovation Fund will invest into newly established venture capital funds in Serbia in the role of a limited partner and help these funds generate a significant market impact on Serbia’s innovation ecosystem.
Startups are young, newly founded companies, small in size, which have an innovative idea, potential for growth and require resources to fund the growth. Venture capital funds are to serve as a long-term mechanism which will enable the startups to raise sufficient private investments for quick growth and international expansion.
The Law on alternative investment funds governs the operations of venture capital funds in Serbia. A venture capital investment fund is an alternative investment fund subject to private placement, the assets of which are invested, pursuant to the fund rules, primarily in startup or early-stage companies that the alternative investment fund management company has identified as having potential for growth and expansion.
Alternative investment fund management company is a legal person having its registered office in the Republic of Serbia whose regular business is managing one or more alternative investment funds pursuant to authorization issued by the Commission.
At the time of applying to the Program, applicants are not required to hold an authorization issued by the Republic of Serbia Securities Commission. If the Innovation Fund approves the financing, the applicant is then required to obtain a relevant license from the Securities Commission and to register a legal entity in the Serbian Business Registers Agency, which is to manage alternative investment funds (Alternative Investment Fund Management Company).