25-godina-kontinuiteta-pouzdanosti

25 years of the Stevanović Law Office

25 years of continuity of reliability. We provide top-notch legal service.

Not so long ago, in 1996, during the general economic transition, and economic and business reconstruction of Republika Srpska and Bosnia and Herzegovina in the heart of Semberija, Bijeljina, which is experiencing its social transformation, and by force of circumstances rapidly changes the spatial identity into insecure waters of its own business and Vesna Stevanović, an experienced judge and already a well-known excellent lawyer from Bijeljina and the surrounding area, boldly embarks on her own aspirations for change for a better tomorrow. With great ideas, enthusiasm and a new vision of legal work and legal aid activities, but with few opportunities, on March 1, 1996. The lion’s fight for the position of a woman lawyer begins in a rather rural area with the common prejudice that a woman has no place in the world of business, and especially not in the legal profession. Day after day, and then year after year, ambition, perseverance, effort and, above all, day and night work begin to bear fruit, and the “unfaithful Toms” realize that advocacy is a matter of choice, passion and desire to provide superior service, not gender privilege. or position. Brilliant mind, sharp language, unsurpassed sense of humor, and above all knowledge, effort and experience, and success in litigation and the quality of legal services have quickly found their way to the hearts of clients, and begins a dizzying rise and expansion as the scope of legal services , as well as the number of those who recognize the Stevanović Law Office as close and necessary to themselves. Shortly after starting his legal career, this office received reinforcements in the form of a law graduate, Miloš Stevanović, who with his own ideas, talent, vision, knowledge and managerial skills brings new freshness to its functioning, and turns the helm from local and regional to European and world standards. Ongoing professional development in which this office has invested, both on a formal and informal level, from legal counseling, seminars, all the way to Harvard University in the United States, foreign language training, but also a constant interest in adopting specific effective and effective ways of doing business, and cooperation with prestigious law firms around the world has captured the attention of a wide legal milieu, from those with experience, through newly graduated students, but also law students themselves who are beginning to be part of this modest but unusual team. Thus, during these 25 years of work and existence, the Stevanović Law Office, along with selfless, one might even say pedagogical methods, provided an opportunity to acquire the knowledge, experience, practice and legal skills of several hundred people, many of whom became excellent lawyers. civil servants, but above all good people. Proud of our team, of people who have acquired and “carved” the foundations of their legal skills through the work, effort and care of this Office, of clients who leave the Office satisfied and return again, sometimes for advice and service, and sometimes for a friendly word and the conversation, to all associates, friends and acquaintances we survive and last for 25 years with the hope that we will continue to persevere in our vision and the world standard of providing legal services.

For the next 25 years of AK Stevanović’s work!

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The company “Pavgord” d.o.o. invests 70 million KM in Semberija

After the successful completion of the purchase process of the famous “Žitopromet”, “Pavgord” announces large investments in the city of Bijeljina.

With the purchase of “Žitopromet”, the bankruptcy procedure was completed and the Bijeljina giant started working again and returning to regular business. In addition to the investment of over six million KM during the bankruptcy proceedings, which was entirely led by AK Stevanović, our client “Pavgord” made a decision regarding further investments.

The new plants of “Žitopromet” will receive investments of over 10,000,000.00 KM in order to revitalize them, and to start production. At the moment, intensive works of the construction type are underway, but also of the technical-technological type in order to modernize the production process.

In addition to the above, the investor “Pavgord” prepared 10,000,000.00 KM for the purchase of agricultural products during May 2021. In this regard, AK Stevanović will provide complete support to this transaction, where the principle of daily liquidation will be respected, and payments will be made immediately upon delivery of goods to all suppliers.

We are proud to point out that AK Stevanović will be a strong partner in charge of the legal part in the process of building the famous complex “Vanekov Mlin” in the city of Bijeljina. “Pavgord” will invest over 50,000,000.00 KM in this project, which will start a significant domestic construction operation and change the appearance of the city. The valuable project will be the biggest investment of our client in the city of Bijeljina so far. The total area of ​​the building will be 40,000 m2.

We remind you that “Pavgord” previously invested significant funds in “Nasha Banka” a.d. Bijeljina, which is now the leading domestic bank in this area with a capital base and capital adequacy that corresponds to modern trends in banking and European regulations.

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Service packages regarding the Covid 19 virus epidemic

Covid-19 represents one of the most serious challenges facing humanity in modern times.

In addition to the biggest health problems, major disruptions have arisen in connection with the operations of all companies, regardless of the sphere of business in which they are engaged, balance sheet indicators or geographical location of business.

Our companies have recognized the business difficulties that our clients have, and we have formed special service packages that we want to support in further sustainable development. These services are free of charge and are available to both individuals and legal entities.

All services we offer are provided in partnership in cooperation with our company “Standard Računovodstvene Usluge” d.o.o. Please contact us by phone in Bijeljina 055 22 4444, or 055 23 0000 or by email covid19@advokati-stevanovic.com

Services are also available for new clients, if you choose us.

Seka Sabljic is the trademark of "Standard Group".
Deferred payment and refund of obligations with the Tax Administration of RS and FBIH
Representation before commercial banks to ensure a moratorium and additional liquidity.
Negotiating with suppliers, and defining the legal and financial framework for deferrals

The Deferred Payment Package with the Tax Administration of Republika Srpska and the Tax Administration of FBIH, as well as with the Tax Administration of Brčko District, includes the possibility for our accountants to apply on your behalf to the tax administrations of the entities and BD, to submit requests for deferred payment overdue tax liabilities, or rescheduled future liabilities. Please note that this is possible depending on the existing legal solutions, which differ significantly in the cantons in the Federation of BiH.

Representation before commercial banks to ensure a moratorium and additional liquidity is a package in which acting lawyers with significant banking experience in front of the Stevanović Law Office negotiate with banks to obtain a moratorium for clients for three or six months, and if necessary agree to approve new credit liquidity assets.

Negotiating with suppliers, and defining the legal and financial framework for delaying the payment of obligations is a package that is provided by a combination of “Standard” and AK Stevanovic. We use our skills to negotiate with your suppliers, and we try our best to reprogram all obligations, maturities or other important elements of your contractual relationship and arrange them to the satisfaction of the client.

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Economy after the Covid 19 epidemic

Review of the legal framework of virus consequences

During the previous period, the whole world, including the Republika Srpska, ie Bosnia and Herzegovina, was affected by the pandemic of the Covid-19 virus, ie the corona virus. The virus in question has led to the introduction of numerous restrictive measures, from the declaration of a state of accident at the FBiH level, through the state of emergency and ultimately the state of emergency in the Republika Srpska. Such measures were necessary both in a preventive and in a repressive sense, all in order to prevent the occurrence and mitigate the consequences caused by this virus. As there has been a reduction in economic flows at the global level, which de facto causes a decline in global gross domestic product and a recession, it is necessary for states and lower levels of government to take measures that will best help the economy and maintain economic activity in the new situation. Exceptional times require exceptional measures. In this regard, this article reviews some of the most important measures adopted at the entity and local levels of government, with the aim of preventing the negative consequences for all entities whose work is in a state of emergency and an accident caused by the Covid- 19 suspended or aggravated. All economic entities should be familiar with the opportunities available to them, and in this regard use them in order to overcome the crisis of restrictions on economic activities in the easiest possible way.
Republika Srpska, as one of the entities of Bosnia and Herzegovina on 16.3.2020. passed the Decision on declaring a state of emergency, and then the Decision on declaring a state of emergency, published in the “Official Gazette of the Republic of Srpska” no. 31/20 of 2.4.2020. year, which came into force the next day, or 3.4.2020. years. The appropriate executive power, primarily the Government, and then since the declaration of the state of emergency, the President of the Republika Srpska, has adopted a series of measures to provide direct and indirect assistance to mitigate the negative consequences for economic flows caused by the situation, namely:

  • Decision on temporary deferral of payment of tax liabilities and Decision on the manner of settlement of income tax and contributions for March 2020, which are by the Decree with legal force on tax measures to mitigate the economic consequences caused by Covid-19 disease caused by SARS-CoV-2 virus published in the “Official Gazette no. 35/20 of 10.4.2020. were repealed, but not in the way that the same Decisions were annulled, but in the way that the Decree regulated the reliefs in more detail because it enabled the extension of deadlines for submitting annual returns, deadlines for settling tax liabilities, postponing the abolition of decisions on deferred payment of taxes, and adopted a number of other measures with the aim of providing certain relief in overcoming the newly created situation that had a negative impact on the operations of economic entities. In the first place, the decision in question enabled taxpayers to file a tax return for income tax in 2019 and a tax return for income tax for 2019 by April 30, 2020. year, instead of until 31.3.2020. years. In this regard, all economic entities that have not fulfilled their statutory obligation to file income tax and income tax for 2019, can do the same by the end of the current month, ie the month of April. Also, in addition to the above, payers of contributions for pension and disability insurance and health insurance who perform agricultural activities, and are registered in the Register of Agricultural Holdings as holders of commercial family farms, have extended the deadline for reporting the annual contribution for 2019, which can apply to 30.4.2020. year, instead of the previously planned 31.3.2020. years. Furthermore, in addition to the obligations that are Regarding mandatory applications for 2019, reliefs are given in terms of payment of taxes and their application for the current year, 2020, so the payers of the utility tax for 2020, and the payers of the special republic tax – entrepreneurs whose deadline for registration and payment is of 50% of the same by law determined for the day 31.3.2020. year, I can apply until 30.4.2020. years. Furthermore, the Decree of the President of the Republika Srpska extended the deadlines for settling tax liabilities, so the deadline for payment of income tax and income tax for 2019 was extended to June 30, 2020. year, which also applies to the payment of fees for the improvement of public forest functions and fire compensation. In addition to the extension of the deadline for payment of the stated obligations, to all taxpayers who have difficulties in business due to which they fail by the specified date, ie by 30.6.2020. year to settle the above obligations is given the opportunity to submit to the Tax Administration of Republika Srpska a request for payment of these obligations in installments by the end of 2020. in which case they are required to submit an appropriate written statement of difficulties to be submitted no later than 30.6.2020. years. It is important to note that in the case of such a modality of payment of the stated obligations, interest on deferred payment will not be calculated and collected. Furthermore, those taxpayers who own real estate will duly receive a tax invoice that will be issued no later than 30.6.2020. year, but the deadlines for its payment have been extended in such a way that the first part of the real estate tax must be settled by 30.9.2020. year, and the second part of the calculated real estate tax until 30.12.2020. years. When adopting measures that facilitate overcoming the crisis and the situation, the amount of the prescribed minimum annual tax paid by taxpayers who have the status of a small entrepreneur, and which cannot be less than 240.00 KM, is noted, noting that the status of a small entrepreneur have individuals who are self-employed, not lawyers, notaries, engineers, architects, tax advisors, bankruptcy trustees, interpreters, translators, journalists, artists, athletes and others, and who do not employ more than three workers, do not earn an annual income of more than 50,000, 00 KM and do not generate income by jointly performing independent activity. Furthermore, special measures apply to those taxpayers who are prohibited and restricted from working or reduced business activity in conditions of emergency and state of emergency. Thus, all taxpayers, who have previously been approved deferred payment of tax debt, during the state of emergency and emergency will not be revoked the decision on deferred payment, and in the period of this state will not be charged interest, starting from the war due in March 2020, with the remark that taxpayers who have difficulties in doing business and use this right are obliged to submit to the Tax Administration of the Republic of Srpska an appropriate statement on difficulties in doing business. What is very important to point out is that all employers, legal entities and entrepreneurs, and persons who earn income from self-employment, and who by the decision of the Republic Headquarters for Emergency Situations, or city or municipal prohibited from performing activities and who paid salaries for the month of March 2020, at the expense of the Solidarity Fund, they will be provided with funds for the payment of taxes and contributions for the month in question, with the obligation for employers and self-employed persons to submit written documents to the Tax Administration. a statement with a request for remediation of the consequences caused by the corona virus by 11.5.2020 at the latest. year, for March 2020. Employees of legal entities and entrepreneurs, as well as holders of independent activities who perform this activity as a core, and who are prohibited by the decision of the Staff or who stopped working as a result of the pandemic will be paid the minimum wage before tax (520,00 KM) and the lowest salary will be calculated and paid contributions, for April 2020, which will be provided from the Solidarity Fund for the Reconstruction of the Republika Srpska, provided that persons who want and meet the conditions for exercising these rights must submit a request to the Tax administration of the Republika Srpska no later than June 10, 2020. for April 2020. Therefore, the measures in question have maximally facilitated the employer’s charges against the employee, ie the charges against the state for the employee. These measures are actually intended to achieve a significant relief for economic entities in terms of labor, which is one of the three key elements of the production process and survival of each economic entity, and to keep as many people employed, so that immediately after its completion labor for all economic entities whose work was prohibited or disabled due to the situation in question.
  • In addition to the already mentioned Decree, ie the Government Decision that preceded it, there are a number of other acts adopted by the Government and other bodies, which are essential measures to support economic entities and relief to overcome the situation, and one of them is the Decision on a three-month moratorium repayment of principal and interest for the obligations of legal entities and entrepreneurs to whom funds have been placed directly or indirectly through financial intermediaries or directly from funds managed by the Investment and Development Bank of the Republic of Srpska. Therefore, the RBI will enable all users of its funds, legal entities and entrepreneurs to submit a request for a three-month moratorium on repayment of principal and interest, with an extension of the repayment period for another three months. This Decision was published in “Official Gazette. gl. RS “no. 28/20 of 27.3.2020. year, and entered into force the next day, ie 28.3.2020. years.
  • The Banking Agency on March 20, 2020. passed a Decision on temporary measures for banks to mitigate the negative economic consequences caused by the viral disease Covid-19, which was published in “Sl. gl. RS “, no. 27/20 of 24.3.2020. year and which came into force the next day. The Decision envisages measures for natural and legal persons whose creditworthiness has deteriorated due to the negative impact of the Covid-19 viral disease pandemic, ie whose sources of repayment have been reduced as a result and he has been prevented from paying his credit obligations. This measure can be applied in relation to its clients, and thus, of course, to economic entities, by all banks based in the Republika Srpska, to which the Banking Agency of the Republika Srpska has issued a license to operate. The most important measure that can be applied is the so-called moratorium, which implies a deferral of payment of credit obligations for a certain period of time, in addition to the moratorium approved as a special measure, the bank is authorized to apply while the emergency situation lasts, ie the state of emergency and the state of natural disaster, and when the final decision on a possible special measure will be made in agreement with the client and in relation to the general liquidity of the entity after the abolition of these conditions. During the moratorium on repayment of credit obligations, it is important to point out that no interest is charged for a period of up to 6 months, nor is the agreed interest rate increased, nor is a fee charged for changing the credit regime. In addition to the moratorium, as a measure that can be approved to all entities that have difficulties in repaying their credit obligations, it is possible to agree on an appropriate grace period, for repayment of principal if the loan is repaid in annuity for a period longer than six months, extension loan repayment period, extension of maturity for repayment of loans with one-time maturity, and which type includes revolving loans, as well as overdrafts transaction account approved for a period longer than six months, approval of additional funds to overcome current liquidity difficulties, and other measures that prove to be adequate in each case, and which the client and the bank establish after assessing the overall situation. These modalities regarding the repayment of credit indebtedness and other bank indebtedness can greatly facilitate the overcoming of the crisis for economic entities, given that if they do not work or work with reduced capacity, it is impossible to expect the proper execution of their regular credit obligations. However, it is important to note that such measures can be granted only to economic entities that did not have delays in payment for more than 90 days at the time of the situation, ie that they regularly or mostly regularly fulfilled their obligations to banks. A similar measure was adopted in relation to microcredit organizations, ie which regulates in an almost identical manner the possibilities of benefits and special measures for clients affected by the negative consequences of Covid-19 viral disease, which is provided by the Decision on temporary measures to microcredit organizations to mitigate negative economic consequences. Covid-19 disease, published in “Sl. gl. RS “no. 30/20 from 1.4.2020. years and which entered into force on 2.4.2020. years.
  • In addition to the above measures, the Government of the Republika Srpska has not neglected agricultural producers, which are an important factor in preserving economic flows and creating new values. In this regard, the Rulebook on the conditions and manner of realization of financial incentives for the development of agriculture and villages was amended in such a way that incentive funds can be realized by agricultural farms that did not report the obligation to contribute to 2019 and did not settle obligations based on hail protection. , and it is possible to exercise the right to incentives for regressed diesel fuel, milk premiums and premiums for the production of mercantile wheat for 2020, which greatly increases the number of agricultural holdings that can receive incentives, and thus create new production and agricultural values that provide adequate reserves

Unlike the Republika Srpska, which has already adopted concrete measures to mitigate the negative consequences of the Covid-19 virus pandemic and which have entered into force, the Government of the Federation of Bosnia and Herzegovina is due to its different status and position, ie. due to the fact that only the state of the accident was declared in the given entity, and due to its decentralized organization in terms of cantonal units, passed only the proposal of the Law on Mitigation of Negative Economic Consequences, which was forwarded to the FBiH Parliament for urgent adoption on 6.4.2020. years. It also proposed an amendment to the Labor Law, in order to adequately regulate the issue of shortening and redistribution of working hours, sending workers on paid and unpaid leave and annual leave, all in order to provide certain benefits to employers and apply measures to employees. which will be within the legal framework. The proposal of the Law on Mitigation of Negative Economic Consequences implies:

Subsidizing contributions for compulsory insurance, in the amount of 244.85 KM per month, or in the prescribed amount for sole proprietors, for each employee starting from the calculation and payment of gross salary for April 2020 and each subsequent month, including the calculation for payment of salary after the cessation of the state of the accident, provided that the business entities and entrepreneurs have paid their obligations for contributions and income tax as of February 2020 and regardless of the fact whether they are business entities that are in the fiscal system;
Suspension of calculation and payment of default interest on public revenues for the duration of the accident and 90 days from the termination of the declaration of the accident;
Abolition of the obligation to pay an advance on income tax;
Abolition of obligations to pay advance income tax on self-employment;
Termination of all administrative, litigation, non-litigation and enforcement proceedings during the state of the accident, until the expiration of the 10th day from the day of termination of the said state;
Termination of calculation of default interest on late payments in debtor-creditor relations starting from 1.3.2020. years until the expiration of the 30th day from the day of termination of the accident;
Termination of forced collection;
Maintaining stability and timely payments of pensions, disability benefits and other social benefits that will be provided by savings within the budget of the Federation of BiH for 2020;
Postponement of the application of regulations concerning the intended use of funds during the state of the accident and 180 days after the cessation of the accident;
Establishment of the Guarantee Fund to be issued by the Development Bank of FBiH and whose initial funds in the amount of 80,000,000.00 KM will be provided from the available funds of the Government of FBiH from commission transactions and earmarked deposits.

However, this proposal of measures has not yet entered into force, ie it has not been adopted by the FBiH Parliament, so that in the territory of this entity only those measures are currently in force and adopted at the cantonal levels, which have the discretion to with the state of the pandemic on their territory, adopt appropriate economic measures in accordance with the available funds from the cantonal budgets. What is important to point out is that the Coordination Committee for Stabilization of the Economy and Rehabilitation of the Negative Consequences of the FBiH Pandemic has proposed a number of activities in cooperation with the FBiH Government, such as the establishment of a special fund for economic stabilization to support export companies. from other sectors, especially transport and tourism, support for the restructuring of credit arrangements by regressing interest rates provided that employees are not laid off, the establishment of a guarantee fund, the introduction of a moratorium on loan repayment for entities whose business is threatened by the pandemic, and the establishment of appropriate credit line for such economic entities by the FBiH Development Bank and a number of other measures.
In addition to the above measures adopted at the entity levels to mitigate the negative consequences of the Covid-19 virus in relation to economic entities, local self-government units themselves, in accordance with their capabilities, have adopted certain economic measures to facilitate overcoming the crisis for all economic entities banned. , difficult or largely unprofitable due to the new situation. The Capital of the Republika Srpska, Banja Luka, has adopted a number of economic measures that provide additional relief to business entities (legal entities and sole proprietors) whose headquarters are in the city and which are prohibited, restricted or hindered from performing activities based on acts of the Republic / City Headquarters. emergency situations, and for tenants of business premises who are in a contractual relationship with the City. So, on 15.4.2020. A public call for business entities in the city of Banja Luka was published in 2006, which envisages the following measures to mitigate the economic consequences caused by the Covid-19 disease caused by the SaRS-CoV-2 virus:

Subsidies for the amount of the utility fee for displaying the business name for the months of March, April and May 2020, in the amount of 100% for business entities that are prohibited from performing activities, or in the amount of 50% of the aliquot part of the utility fee for business entities whose work is limited or difficult to perform activities. This subsidy applies only to those entities that as of 31.12.2019. have no due and unpaid obligations to the City of Banja Luka on the basis of the communal tax for highlighting the business name, and the deadline for submitting the application for this type of subsidy is 31.12.2020. years.
Subsidies for compensation for the occupation of public areas for the months of March, April and May 2020 in the amount of their obligation of 100% for business entities whose work is prohibited, or in the amount of 50% for business entities whose work is restricted. This subsidy refers only to those business entities that as of 31.12.2019. have no due and unpaid obligations to the City of Banja Luka on the basis of fees for the occupation of public areas, and the deadline for submitting applications for this type of subsidy is 31.12.2020. years.
Subsidy of the amount of regular interest on loans for business entities that borrow on credit to finance working capital or fixed assets for liquidity or to refinance loans, where the loan amount does not exceed 50,000.00 KM, and the loan agreement is concluded after 12.4.2020. years and the loan repayment period is not longer than three years. The subsidy may be granted if the interest rate is up to 3.5% on the agreed total amount of regular interest, or if the interest rate is higher than 3.5% on the agreed loan amount, including variable interest rate – for part of the regular interest calculated at the rate of 3.5% on the agreed loan amount, and the remaining difference falls on the subsidy beneficiary. This subsidy can be granted to entities that on 29.2.2020. have no due and unpaid obligations to the City on any basis, and the deadline for submitting applications for this type of subsidy is 31.12.2020. years.

Approval of the moratorium on debt repayment that business entities are obliged to pay in favor of the budget of the City of Banja Luka, and which have concluded contracts and agreements on out-of-court and court settlements on deferred payment of debt based on fees, charges and other debt. The moratorium, ie the delay in debt repayment, can be temporarily postponed for up to six months, and after the expiration of the approved deadline for deferral of payment, it continues in the way that the repayment period is extended for the approved period, noting that no interest will be charged during the moratorium period. . The beneficiary of the moratorium can only be a person who on 1.3.2020. There are no overdue, but unsettled obligations towards the City on the basis of concluded contracts or agreements, while the deadline for submitting the application is June 30, 2020. years.
Tenants who are in a contractual relationship with the City on the basis of a commercial lease agreement or are tenants under special conditions, who are prohibited from working or limited working hours, for a period of three months in 2020 for commercial tenants, are exempt from paying rent. whose predominant activity is covered by the work ban and for tenants under special conditions, ie for a period of two months for tenants whose predominant activity is covered by the limitation of working hours. The deadline for submitting applications for this type of relief is 31.12.2020. years.

When it comes to Bijeljina, as one of the most important and developed cities in the Republic of Srpska, at the session of the Assembly of the City of Bijeljina held on April 16, 2020. A number of economic measures were adopted in 2006, also to prevent negative consequences for business entities caused by the Covid-19 virus pandemic, and which consist of:

Approval of a moratorium on the payment of due installments for compensation and rent for the arrangement of city construction land for a period of two months;
Exemption from paying rent to businessmen who use business premises owned by the city of Bijeljina, for commercial tenants who are prohibited from working for a period of three months, while for commercial tenants who are partially restricted from working for a period of two months. Also, this decision covers non-commercial users to whom the City pays rent, in the way that the same decision exempts them from paying VAT, and that the same will be paid at the expense of the City;
Giving consent to increase the Agrarian Fund by 500,000.00 KM, ie the budget on the item incentives for agricultural production in 2020, and which funds will be distributed to agricultural producers in the form of incentives, in accordance with their requirements and needs in order to facilitate agricultural activities for farmers, and in order to use as much arable land as possible for the purpose of agricultural production, ie to increase livestock, which will ultimately lead to an increase in primary production and the creation of appropriate domestic stocks to meet the market.

This text gives a brief overview of some of the measures adopted in order to mitigate the consequences of the Covid-19 virus epidemic in Bosnia and Herzegovina, and which business entities should in any case use in order to easily return to regular economic flows, normalize work. and conducting its business. It was made in order to inform all business entities in BiH, especially the clients of “Standard Group” and the Law Office Stevanović, which in these difficult times of general economic crisis and disrupted economic flows cares about its clients and their interests, and wants to timely information and use appropriate instruments, economic measures adopted at the level of entity, cantonal and local units to overcome the crisis with joint forces and continue with normal functioning and business.

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We help awaken the entrepreneurial spirit

Stevanović Law Office had the honor to be invited to help and design for the first time in Republika Srpska and Bosnia and Herzegovina to create an investment platform that will aim to enable anyone who is entrepreneurial to apply for project funding and join the joint the business. AKS has created an investment platform through the company “Innovative Corporation” d.o.o. whose owners are a respectable company with investment experience and who are well known in the domestic market.

“Innovative Corporation” is a company for investments and management of other companies. The basic task is to create new value for the owners, the partners with whom the business is done, as well as for the community in which they live. The essence of business is to create opportunities for young people in Republika Srpska and Bosnia and Herzegovina, but also people with experience and ideas, to turn their desires into business reality and stay here in our country by taking an active part in entrepreneurial creation.

“Innovative Corporation” d.o.o. has two cycles in investing:

a) Angelic investment in new companies

The closest explanation of the functioning and work of “Innovative Corporation” in this segment is “Angel Investment Company”. The company invests in businesses and ideas that do not have financial support and financing opportunities from classic banks, but have great prospects. Together with the owners of the idea, companies are created, active participation in their work is taken, markets are found, the complete process of creation is helped financially, and together after that the fruits of labor are harvested or the company is sold to third parties. Investing in a new idea, after it receives approval from the Investment Committee of the “Innovative Corporation” implies the establishment of a joint d.o.o. in which “Innovative Corporation” d.o.o. received a share for the capital it invests, while the investor also received an ownership share to be contracted. Accordingly, the company begins to function and the task of the “Innovative Corporation” is to provide the newly established company with liquidity, but also to help it have a healthy balance sheet, quality management and a top product. Of course, the owners of the idea are the essence of the whole story and the “Innovative Corporation” maximally helps their idea to get its life and energy on the market and start creating, which would start a newly founded society with its separate life. In agreement with the owner of the idea, it can be agreed that the “Innovative Corporation” will remain a strategic long-term partner or that after some time the business will be sold for a fee that is transparent from the very beginning.

During the duration of the joint venture, “Innovative Corporation” is not a passive observer, but with its knowledge and experience takes an active part in all business processes: whether it is a mobile application or a good idea to help service elevators, or it is an online shop or something similar, all activities, processes are analyzed and conclusions are drawn. In this first phase, the “Innovative Corporation” carries far more risk than banks would, for example, but we are aware that without risk there is no profit.

b) Investing in existing businesses

A large part of the “Innovative Corporation” portfolio covers investments in existing businesses that are already present on the market, but lack capital. In this case, the Corporation enters as a co-owner of “d.o.o.” which is the holder of business activities, in a way that it is recapitalized, but at the same time enters into all management structures of the company.

With this methodology, the company is supported financially, if it cannot or is not able to get a loan from commercial banks, and continues its activities.

Also, in addition to this investment, “Innovative Corporation” becomes an active partner who carefully analyzes the processes in the company, and if necessary, proposes solutions or brings partners who could in this way support the functionality of the business.

The areas in which investments are made are different: from IT solutions of various types, to real estate companies, smart solutions companies, through production companies. We are completely open for cooperation.

When analyzing into existing businesses, “Innovative Corporation” performs due diligence (in-depth analysis) of business activities, both economically and legally. However, far more important is the energy of the business owner and his vision. The “Innovative Corporation” is ready to bear great risks, if it is seen that there is zeal and desire to create. The corporation is ready to wait for the return on investment for a long time, but if the business is sustainable and if it has its meaning and a special comparative advantage on the market in relation to other similar businesses.

AK Stevanović helped create the platform and devised a complete system of work and functioning of this business, which is pioneering in many ways in this area.

Contact in AKS:
Milos Stevanovic, 055230000
Stefan Cvijetic, 055224444

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How to protect workers’ rights in “Zitopromet”, and preserve the system in the general interest of all citizens

“Zitopromet” a.d. Bijeljina is the largest giant of Semberija in the domain of the bakery industry, but also the production of animal feed, premixes and the like. Also, the company owns the largest silos for storing wheat and corn and is the backbone of thousands of agricultural producers in this part of Republika Srpska and Bosnia and Herzegovina.

The Stevanović law office is the legal representative of 120 workers who have not had a regular income for a year, considering that the accounts of this Bijeljina giant have been blocked. However, during the engagement of our company, the workers had an additional request: to revitalize the company, and not just to collect the incomes that were left over.

In that sense, we have taken various measures and activities in order to direct both the current owner and the creditors to actively find strategic investors so that the business would be as sustainable as possible and start functioning again. Our scope of activities included representation before the courts, but also potential investors who would buy the company in bankruptcy proceedings before the court or in another way.

All workers agree to submit a request to initiate the acquired procedure, in order to find a strategic investor through the court framework, and thus to restart production. Every step that has been taken is very carefully coordinated with the Trade Union Organization of “Žitopromet”, and all activities are aimed at fulfilling all the goals set jointly: that the Bijeljina giant returns to its old place, that workers have regular incomes and payments. earlier claims, but also to make the agricultural region proud of its largest food system.

AK Stevanović together with the representatives of the Trade Union Organization “Žitopromet” Dušan Tomić and Milena Tošković on June 25, 2019. held a press conference at which the public was informed about the reasons for initiating bankruptcy proceedings and other important issues, all aimed at trying to preserve the company.

You can watch the complete press conference in this video.

You can download the press release at this link.

andjeoska-investicija

Why do we need “angel investors”?

Our regions are often defined as “emerging market”, ie. markets that are still in their infancy and whose activities represent the beginning of a business culture that has gained its positioning in a global place. Republika Srpska, and certainly Bosnia and Herzegovina, have yet to dedicate themselves to creating a business environment in which everyone who invests, even one brand, will feel safe and believe that the court system enables the return of every investment, in a fair and reasonable way.

In this sense, one of the topics that is still not discussed in our country, but which will certainly get its place in a very short time is the emergence of the so-called. “angel investing”. In short definitions, an angel investor is an individual or company, and often a fund, who invests in the business ideas of one or a group of people who usually have nothing to offer as guarantees for their business other than that idea. In fact, these are investors who act very often and gamble: as guarantees for investments, they get nothing but shares in the company they will finance, ie shares in a limited liability company. As a reminder, the banking sector in Republika Srpska and Bosnia and Herzegovina is one of the highly conservative banking markets, so it should come as no surprise that banks, although too liquid, often choose not to finance start-ups, given the high set conditions for reserving funds on loans that are not covered by good collateral.

Angel investing is therefore an ideal solution for people who have ideas. Investors of this type are most often natural persons, ie individuals, who have managed to accumulate appropriate funds and who are willing to bear the risks of investing in a business that is only somewhere a well-developed thought. However, one should not complain whether there are already such ways of investing in our business environment. Of course, what is missing is an institutional framework that would support this type of investment more significantly, and thus introduce tax breaks or other benefits because “angel investors” directly affect the creation of new value, employment, but also capital is put into operation. It is not something new in our country, for all friends, acquaintances or two relatives to meet, agree to start a business and it starts functioning. It is only necessary to adequately redefine the existing legal system in terms of support for this type of entrepreneurship, but also to set an appropriate framework that will treat both this tax and accounting.

Angelic investing raises many questions. One of the most interesting is certainly the legal way to organize investment through the current positive regulations. Of course, the main thing is to define how and in what way the investor ensures that what he gives is protected. There is obviously a high risk of investment here, so one could even speak of gambling. But we must remember that without risk there is no profit, with the proviso that with angel investing this risk is much higher than with conventional credit arrangements with commercial banks. One option to cover these risks is to agree that the investor has a majority stake in the company, which will rewrite back to the owner of the idea as long as the business does not pay off. Another option that could be interesting is to register the owner of the idea 100% as the owner of the business, with the investor having a pledge over the entire share of the Company. Certainly, there are many options that can be talked about and that the existing legal framework can support.

From this synergy of a natural person who has free funds and an entrepreneur who has ideas, some of the best business solutions are born. Not only should we look colloquially here, but we should also talk about how Google, Amazon, Yahoo and the like were born from such options, but many good small businesses that we have around us today were born. We should not forget that even in our small towns, cafes, small production, small service business were often born from the concept we are talking about. It is often said in the media that foreign investors should come, and in fact it is true that there are domestic investors with significantly accumulated funds, but who need support in the institutional sense and a little wind in the back. What great energy that would be!

More broadly, the departure of young people from our region is not only the result of a bad economic situation, but also a lack of support from the system. Unfortunately, although some political elites are really struggling to provide support for entrepreneurship, the legal and institutional framework still does not provide enough space to support young people with ideas to the end, so they leave in such a constellation of forces. It is to be welcomed that the current Government of Republika Srpska has young people for ministers who are really fighting for a new generation of entrepreneurs and anyone who would say otherwise would not be right. It is necessary to additionally create an institutional framework that will give an even greater impetus to the creators of ideas, new energy and the introduction of a revolution in the way business is done. Certainly, in addition to supporting angel investors, it is important to melt some prejudices that everyone should work in state-owned companies, that private individuals are cursed, that the dream is to work from eight to four, and spend the rest of the day in cafes. Only together can we succeed in this, because the times of new ideas are just ahead of us.


This article was published in The Prestige magazine, July 2019.

www.theprestige.ba


AKS provides a complete service for investors, from founding companies, to creating collateral that is sustainable but not burdensome for people with ideas.

Corporate department


Aljoša Vasiljević 055 230 000
Nemanja Radusinović 051 921 500

fondacija-jdp

The Stevanović Law Office became a friend of the Foundation of the Yugoslav Drama Theater in Belgrade

The director of the Foundation of the Yugoslav Drama Theater, Nikola Đuričko, and the Law Office of Stevanović signed a sponsorship agreement, by which our house became with the greatest pride a friend of the Foundation of the Yugoslav Drama Theater in Belgrade.

The Yugoslav Drama Theater was founded in 1947 as a representative theater of the new Yugoslavia. Many of the most important actors from Zagreb, Novi Sad, Sarajevo, Split, Ljubljana and other cities were invited to participate in the creation of this theater.

In 1947, director Bojan Stupica was appointed head of the house as artistic director. He and critic Eli Finci laid the foundations of the JDP’s repertoire orientation as a theater of a high literary level. This will remain as the basic orientation of the JDP to this day, with the proviso that, in addition to the literary, the element of the stage has been given an equal place. About 60 selected actors were gathered then, among whom the last five alive were Marija Crnobori, Mira Stupica, Branka Veselinović, Mlađa Veselinović and Kapitalina Erić. The Yugoslav Drama Theater was created on the site of a riding school, the stables were adapted and turned into a stage.

The first play was performed on April 3, 1948, and it is about the play “King of Betajnova” by Ivan Cankar, directed by Bojan Stupica. This day is marked as JDP Day and annual prizes are awarded on that date.

The first seasons were marked by showing world and domestic classics: Chekhov, Goldoni, Sheridan, Ostrovsky, Lope de Vega, Gorky, Shaw, Shakespeare, Plaut, Racine, Moliere, Ibsen, Lorca, and of the domestic classics Cankar, Drzic, Steria, Jaksic and Nusic.

The directors who created the fame of the JDP at that time (Bojan Stupica, Mata Milošević and Tomislav Tanhofer) were already under the influence of European modernism between the two wars, which was evident in their performances.

Since the mid-eighties, theatrologist Jovan Cirilov, in his fourteen managerial seasons, has enthroned JDP as a representative theater of contemporary stage expression within a framework wider than the former state.

The JDP burned to the ground on October 17, 1997, allegedly due to a fault in the installations.

The theater was rebuilt, and the Grand Stage was reopened on May 23, 2003 with the play “Patriots” by Jovan Sterija Popović, directed by Dejan Mijač. Actor Branko Cvejić was the deputy director, and since July 12, 2002, he has been the director of JDP. Director Gorčin Stojanović has been the director since 2001, and the artistic director since July 12, 2002. The big stage is now named after the great Serbian actor, Ljubo Tadić.

From 2003 until today, the renewed Yugoslav Drama Theater staged texts by Chekhov, Shakespeare, Bulgakov, Vedekind, Andreyev, von Horvat, Ostrovsky, Hera, Labjut, Hristić, Dukovski, Srbljanović, Marković … The third stage of the theater, Studio JDP, was also opened. -a, an experimental scene for young authors.

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The AK Stevanović arbitration team won the dispute in London

Before the Arbitration Court at the International Chamber of Commerce (ICC Paris), with the seat of arbitration for a specific case in London, AK Stevanović represented a client, a domestic company, against a large international corporation in a procedure that lasted almost three years, and works unfounded termination of the contract and compensation for damages, and return of goods.

The proceedings were conducted under the laws of England and Wales, and the three-member panel consisted of international judges and experts in the field of commercial and arbitration law.

With the greatest satisfaction, the arbitration team of the Law Office Stevanović can announce that it has succeeded in this dispute. The subject of the dispute was the issue of unfounded termination of the contract, as well as the issue of damages, and one of the main legal problems was the interpretation of the Estopel by Convention legal institute, as well as the application of various precedents to a specific legal situation.

The arbitration team led by Miloš Stevanović consisted of Aleksandra Lugonja and Ivan Vasić.

srbijagas-in

Milos Stevanovic was appointed advisor to the general director of “Srbijagas”, Dusan Bajatovic

After the recently completed acquisition of the company “Bijeljina-Gas” d.o.o. Bijeljina was appointed by “Srbijagas”, lawyer Miloš Stevanović from AK Stevanović, as an advisor to the General Director, Mr. Dušan Bajatović, and for issues of further investments and development of “Srbijagas” on the territory of Bosnia and Herzegovina and Republika Srpska.

We remind you, “Bijeljina-Gas” d.o.o. is a domestic city gas distributor that built about 320 kilometers of gas network throughout the municipality, and built the gas pipeline Šepak – Bijeljina in its entirety. “Srbijagas” bought 80% of “Bijeljina-Gas”, while the other 20% is owned by the City of Bijeljina.

“Srbijagas” has strategic long-term plans when it comes to Bosnia and Herzegovina, so this first investment is an indicator of the company’s commitment to growth and development, in order to enable the citizens of Bijeljina to have a quality gas supplier as soon as possible.