Key Aspects of Doing Business in Bosnia and Herzegovina, Croatia, Serbia, and Montenegro

A comparison table outlining key aspects of doing business in Bosnia and Herzegovina, Croatia, Serbia, and Montenegro as of recent data (2024–2025).

Category	Bosnia and Herzegovina	Croatia	Serbia	Montenegro
Ease of Doing Business Rank	Not ranked (last: 90 in 2020)	51 (2020, World Bank)	44 (2020, World Bank)	50 (2020, World Bank)
EU Membership	Not a member (candidate country)	EU member since 2013	Not a member (candidate country)	Not a member (negotiations ongoing)
Currency	Convertible Mark (BAM)	Euro (EUR)	Serbian Dinar (RSD)	Euro (EUR)
Corporate Tax Rate	10%	18% or 10% (based on revenue)	15%	9%
VAT (Standard Rate)	17%	25%	20%	21%
Minimum Wage (2024)	~€300/month	~€700/month	~€400/month	~€550/month
Average Net Salary (2024)	~€650/month	~€1,100/month	~€750/month	~€800/month
Labor Costs	Low	High (EU average)	Low to Medium	Medium
Business Registration Time	20–30 days	5–7 days	5–10 days	4–6 days
Foreign Ownership Allowed	Yes, up to 100%	Yes, up to 100%	Yes, up to 100%	Yes, up to 100%
Main Economic Sectors	Energy, metals, tourism, agriculture	Tourism, industry, IT, services	Agriculture, manufacturing, IT	Tourism, energy, services
Infrastructure Quality	Moderate	Good	Moderate	Moderate
Judicial Efficiency	Low	Medium	Medium	Medium
Corruption Perception Index (2023)	34/100 (high corruption)	50/100 (moderate)	36/100 (high)	45/100 (moderate-high)
Political Stability	Low to Medium	High	Medium	Medium

Key Points:

Croatia is most stable and aligned with EU standards, but has higher labor and operational costs.

Bosnia and Herzegovina offers the lowest taxes but faces complex bureaucracy and political challenges.

Serbia is attractive for manufacturing and IT with solid FDI incentives, though EU accession is still pending.

Montenegro is tourism-friendly, uses the Euro, and offers low taxes, making it appealing for small-medium enterprises.