Multi-Region Regulatory Overview
Multi-Region Accounting Standards Overview
Source: Research report /Users/makinja/system/reports/research-bilko-multi-region-2026-02-20.md
Key Architectural Insight: Shared Core + Country Plugins
What's SHARED (build once)
| Component | Standard | Notes |
|---|---|---|
| Chart of Accounts structure | 10 classes (0-9), decimal | Same across all 3 countries |
| Accounting standards | IFRS / IFRS for SMEs | Adopted by all 3 |
| Bookkeeping | Double-entry | Mandatory everywhere |
| Payment formats | ISO 20022 (pain.001, camt.053) | All 3 converging |
| E-invoice format | UBL 2.1 XML (EN 16931) | Standard across all 3 |
| Data protection | GDPR-aligned | All 3 converging |
| Digital signatures | eIDAS-aligned (QES/AES/SES) | All 3 support |
| Software certification | None required | No barriers to entry |
| Data residency | No in-country mandate | Cloud hosting OK |
| User licensing | No professional license needed | Anyone can use |
What's PER-COUNTRY (plugin architecture)
| Component | Serbia | Croatia | BiH |
|---|---|---|---|
| Currency | RSD | EUR | BAM |
| VAT standard rate | 20% | 25% | 17% |
| VAT reduced rates | 10% | 13%, 5% | None |
| VAT registration threshold | 8M RSD | 60K EUR | 100K BAM |
| VAT return frequency | Monthly/Quarterly | Monthly | Monthly |
| VAT filing deadline | 15th of next month | Last day of next month | TBD |
| Corporate income tax | 15% | 18% (10% if <1M EUR) | 10% |
| CIT filing deadline | June 30 | April 30 | March 31 |
| WHT dividends | 20% | 10% | FBiH 5%, RS 10% |
| E-invoice platform | SEF (efaktura.gov.rs) | eRacun/HR-FISK (FINA) | CPF (pending) |
| E-invoice status | Mandatory since 2023 | Mandatory Jan 2026 | Likely 2027 |
| Fiscal devices (B2C) | LPFR + ESIR | Fiskalizacija 1.0 + 2.0 | ESET |
| Chart of Accounts template | Pravilnik (2021) | RRiF standard | FBiH Pravilnik (2022) |
| Filing institution | APR | FINA | Agency of Financial Info |
| Document retention | 10 years | 11 years | 10-11 years |
| Payment system | IPS + SEPA (2026) | SEPA (full) | Gyro Clearing + RTGS |
| Open Banking | PSD2 aligned (Jan 2026) | PSD2 (full) | Not adopted |
| Tax portal | ePorezi | ePorezna | UIO (VAT), entity portals (CIT) |
| Small biz regime | Pausal (<6M RSD) | Pausalni obrt (<60K EUR) | No specific regime |
Launch Order
- Serbia FIRST - SEF operational, largest opportunity, e-invoicing driving adoption NOW
- Croatia SECOND - HR-FISK launching Jan 2026, EU compliance adds credibility
- BiH THIRD - Wait for CPF specs (2027), build locale/tax early
Competitive Strategy
- Compete on UX - Pantheon = ERP (complex), Bilko = accounting (simple). Fiken model.
- Compete on price - Pantheon charges "secretary salary" equivalent. Undercut.
- Compete on cloud-native - Minimax closest but older architecture
- Local language + compliance = moat - QuickBooks/Xero can't compete here
Country-Specific Details
See:
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