Majority foreign ownership in commercial air transport companies is prohibited. While Serbia, as other SEE countries, is a signatory of the ECAA, it has not yet transposed obligations into national legislation. Hence, since it is not yet a member of the European Union, the treaty remains only a bilateral obligation.
"2. Commercial flying [...]
Operating license
Article 77.
Public air transport can be performed by a company that has a valid operating license (air carrier).
An operating license is issued to a business company if:
1) has its headquarters in the Republic of Serbia;
2) has a valid aviation operator's certificate;
3) has at least one aircraft on the basis of ownership or on the basis of lease of unmanned aircraft;
4) is registered for the performance of public air transportation as a predominant activity;
5) its internal organization enables the application of the provisions of this article;
6) is majority owned by the Republic of Serbia or citizens of the Republic of Serbia and under their actual control, direct or indirect, unless otherwise determined by a confirmed international agreement;[...]" (Law on Air Traffic, "Official Gazette of RS", no. 73 of October 12, 2010, as amended [google translation])
Law on Air Traffic, "Official Gazette of RS", no. 73 of October 12, 2010, as amended [google translation]
[<a href="https://www.pravno-informacioni-sistem.rs/SlGlasnikPortal/eli/rep/sgrs/skupstina/zakon/2010/73/4/reg">Law</a>]