Welcome to our “How Is It? Worldwide Edition” concept. Our country today is Bosnia and Herzegovina. Our guest is Kenan Kekić from Bosnia and Herzegovina. In this interview, you will learn what awaits an entrepreneur in Bosnia and Herzegovina thanks to Kenan Kekić.
Let’s learn about Bosnia and Herzegovina entrepreneurship!
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Could you briefly tell us about yourself?
I am Kenan Kekić, DMD, EMBA, Bosnian, 45 years old. Last 18 years I spent on different managers positions in healthcare, pharmaceutical and Insurance companies. in 2020 I launched first telemedicine startup project in Bosnia and Herzegovina, later in Serbia. Currenty I am focused on new launches in UK with partners from Q oneTech company. Our plan is to offer worldwide healthcare medicine platform for patients, HCP, insurance companies and clinics.
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Could you briefly tell us about your initiative?
In September last year, after almost 12 months of preparation and software building I launched a telemedicine project with main aim to connect patients with Health Care providers (HCP). “Doktor Kad Mi Treba” and “my eDoktor” is an online doctor consultation platform for clients with medical needs. All clients are able to open our website and found appropriate HCP, and start an online consultation, by video call or live chat. Also clients are able to get “Second opinion from doctors.
The project has a lot of benefits but the most important are: slowing down spreading viruses among population, getting medical advice on demand, from home, office or hotel room, providing medical records storage and reduces costs for patients, insurance companies and public healthcare system.
Until now more than 15 companies support us like project sponsors, such as Mastercard, Vienna Insurance Group, Nobel Ilac … More details about my start up you can found on this link and this link.
Idea is to have headquarter in UK, and regional offices, one in Bosnia and Herzegovina for Balkan countries, second in Turkey for Asia, and third in Russia. Every new investor is more than welcome. Just email us on [email protected] and you will get all necessary information.
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What does the definition of Entrepreneurship in your country Bosnia and Herzegovina mean?
Bosnia and Herzegovina is an upper middle-income economy, with a population of 3.3 million and GDP per capita of USD 20,2 B (2019) Bosnia and Herzegovina’s economy is consumption-driven and one of the most volatile in the Western Balkans and Turkey (WBT) region, with an economic structure that remains highly exposed to external economic fluctuations. Public administration is the third largest economic sector in Bosnia and Herzegovina, constituting over one fifth of the economy. So if you want to start like entrepreneur you must have a lot of energy, nerves, capital and an excellent business idea. That could be a good starting point for straggle with environment.
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What are the easy and difficult aspects of being an entrepreneur in your country?
The significant difficulties can be summarized as the continuing lack of a single economic space; weak access to finance; weak rule of law; and the complex, unclear and sometimes contradictory legal and regulatory frameworks. Second problem of the business environment is the preferential status often granted to its state-owned enterprises.
On the other side Bosnia and Herzegovina made it easier to start a business by reducing the paid-in minimum capital requirement for limited liability companies and increasing the efficiency of the notary system.
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What is the path an entrepreneur must follow in order to establish his/her company?
All necessary information every potential investor could found on this link.
First of all you need to prepare establishment contract, hire or buy office space, registered company on State court, open bank account, depose initial capital (for LLC is 500 EUR), and get ID/VAT company number. All of that you can finished within 2 weeks. For LLC you must have a minimum 1 employer with full time working hours.
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Is there a support state support for entrepreneurs in your country, and if so, what are the conditions?
Unfortunately there is no official country support for entrepreneurs. You are always able to apply on some EU grants, and got initial investment for your business.
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What are the tax obligations an entrepreneur will face?
The basic taxation categories are:
• Value Added Tax-17%
• Corporate income tax 10%
• Personal income tax 10%
• Property tax
• Social security contributions paid by employers and employees
Corporate income tax is the lowest in Europe, and that is one of the reasons why international companies opening legal entities in Bosnia and Herzegovina
As I remember total costs for registration procedure is less than 1.500 EUR
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Can people from abroad undertake such start-up projects in your country?
Yes definitely. Foreign direct investment (FDI), at around 2% of GDP, is one of the lowest in the WBT region. Foreign Investment Promotion Agency of Bosnia and Herzegovina supporting all abroad investment activities. You just need to follow this website.
and you will find all necessary information. Investors need establishment contract which costs 500 EUR. Huge opportunity in Bosnia is privatization process which provides a possibility to both local and foreign physical and legal entities to participate in the purchase of the state capital, including enterprises. The privatization process of state-owned companies is well underway. An estimated 60% of small companies and more than 30% of the large ones are now privately owned.
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How much money does the entrepreneur earn on average?
It depends of your business, your strategy, ideas and so many other things. Average SME productivity in Bosnia and Herzegovina, measured as value added per person employed, is amounted to approx. EUR 14.000, which is less than a third of the EU average.
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What are the conditions for receiving investments in your country?
If you willing to invest in Bosnia and Herzegovina you can get some tax incentives from the government. Tax obligations could be reduce up to 50%. According to Doing Business Report, Bosnia and Herzegovina is on the 90th position in the world (out of 190 economies). Bosnia and Herzegovina can offer investors low levels of corporate taxation, several well-developed industrial zones, a solid banking sector and its strategic location.
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Any advice you want to give to our readers?
Starting a new business is tough. Leaving previous business and comfort zone is much tougher. But life is only one, give your dreams wings, and start to fly. Like entrepreneur you will have opportunity to work for yourself, and turn all obstacles into a new opportunities. If you want to invest in my company we will do it together.
Thank you very much to Kenan Kekić for this interview and for telling us about Bosnia and Herzegovina.We hope the whole world will know “Doktor Kad Mi Treba” and “my eDoktor”. 🤗
You can access Kenan Kekić Linkedin here.
