Američka gospodarska komora u Hrvatskoj, Strojarska 22, Zagreb Poštarina plaćena HP-u d.d. u poštanskom uredu Zagreb

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1 Američka gospodarska komora u Hrvatskoj, Strojarska 22, Zagreb Poštarina plaćena HP-u d.d. u poštanskom uredu Zagreb Magazine of the American Chamber of Commerce in Croatia No. 1/2016 NEWS & VIEWS Lunch with the President of the Republic of Croatia AmCham Recommendations for Improving the Business Climate and Encouraging Investment Growth in Croatia TISKANICA

2 Patron Members Patron membership category will bring you many great advantages and additional promotion for your company. The Patron category, in addition to all AmCham benefits, entitles you also to: 5 free of charge participations, within a year, at regular AmCham events for company representatives (except charity gala dinners) logo displayed at all events (except sponsored events) logo displayed in all AmCham publications logo displayed at AmCham website with a link to your website 35% discount on all advertising free Q-bulletin ads special event If you would like to join or upgrade your membership to Patron category, or need any additional info, please contact AmCham office.

3 ISSUE 1/2016 CONTENTS Dear Members and Friends, 4 CHAMBER NEWS 5 AmCham Lunch with the President of the Republic of Croatia 8 Recommendations for Improving the Business Climate and Encouraging Investment Growth in Croatia REPORT 10 Transfer of Personal Data Recent Challenges 12 Audit Will Not Save You from Tax Audit Tax Review is Important 14 Highlights of the Reform of the EU Trade Mark Law 15 Enforcement Proceedings on the Basis of the European Enforcement Title 16 Travel Security Risk Management 18 Is the Hotel Investment Outlook in Croatia Bright Enough to Attract Investors? 19 Doing Business in Transformative Leaders Who Are They? 21 Passing Grade for Croatia in Fighting Corruption Expected to Be the Record Year on Croatian Investment Market NEWS & INFO 23 New Members 27 Members News 32 Member-to-Member Discounts Published by American Chamber of Commerce in Croatia Member of the AmCham Network Strojarska 22, Zagreb Phone: (778), Fax: info@amcham.hr Member of U.S. Chamber of Commerce & AmChams in Europe Editor in Chief Andrea Doko Jelušić Managing Editor Marina Vugrin Design&layout by Printed by Agencija za komercijalnu djelatnost d.o.o. The content of this publication must not be reproduced in full or in part without prior written permission of the publisher. AmCham reserves publishing discretion for all received materials. NOT FOR SALE Technology has become an integral part of our lives to the extent that we are not even aware of how much it supports our daily activities. A car, a dishwasher, a laptop or a fixed phone are not even considered tech things, but relicts of the old 20th century. 21st century has been marked with tablets, smart phones, Internet of things. New achievements are bringing new challenges ANDREA DOKO JELUŠIĆ which need to be overcome. AmCham has started 2016 Executive Director with focus on data privacy issues, discussed between the EU and the United States. Safe Harbor rules defining companies obligations in handling private data, disappeared from the business landscape, but Privacy Shield quickly filled the gap. You can find information about the new obligations in handling personal data in this issue of News&Views. Steep technology growth brings us worldwide shortage of STEM educated workforce and Croatia is not an exception. Retaining talent, especially from Millennials generation and STEM, brings new challenges to HR function and requires from you to be transformative leaders. The same topics have been incorporated in AmCham s Recommendations for Improving the Business Climate and Encouraging Investment Growth in Croatia together with other challenges companies face when doing business in Croatia. Short overview of the initiative is available in this News Views and full publication can be found on our web page. The Recommendations has been result of work of our committees and introduction to our position papers which offer specific answers of how the change can be implemented. AmCham supported the launch at the event which gathered our members, media and numerous guests from Parliamentary committees. Active contribution of our members in committee work ensures that business community will have a vocal advocate in AmCham. Thank you for your support. Sincerely, Andrea Doko Jelušić, Executive Director BOARD OF GOVERNORS President Berislav Horvat, Ernst & Young d.o.o. First Vice-President Boris Bauk, Hewlett-Packard d.o.o. Second Vice-President Dario Šimović, Cisco Systems Hrvatska d.o.o. Secretary-Treasurer Ljubiša Mitof-Višurski, AbbVie d.o.o. Untitled Governors Sanja Matić, Abbott Laboratories d.o.o. Marija Pujo Tadić, Law Office Marija Pujo Tadić Natko Vlahović, Vlahović Grupa d.o.o. IMPRESSUM 1/2016 ISSUE 3

4 Chamber News IDC PREDICTIONS - ENGAGE, INNOVATE, EXCEL IN THE DIGITAL ERA January 28 Sponsored by IDC Adriatics, in association with AmCham, organized the annual IDC Predictions briefing. Leading Croatian CIOs gathered at the IDC Predictions briefing Engage, Innovate, Excel in the Digital Era to hear the 10 ICT Predictions for 2016 and learn how they can adapt and navigate their business through disruptive technological changes. The event featured the following distinguished speakers: Mark Yates, Research Manager, IDC Government Insights, Central & Eastern Europe Goran Car, CTO ComCloud, Combis Velimir Srića, PhD, Professor of Management and IT, Faculty of Economics and Business, University of Zagreb Peter Lechman, Regional Sales Manager - Eastern Europe, Palo Alto Networks Marija Božičev, Executive Director IT Division/ CIO at the Croatian Bank for Reconstruction and Development (HBOR) Mirosław Pawłowski, Channel Sales Account Manager CEE, Adriatic Region, Red Hat MEMBER SEMINAR: EU DATA PROTECTION REGULATION, February 2 AmCham had the pleasure of hosting a seminar entitled EU Data Protection Regulation held by our member Det Norske Veritas Adriatica. The participants learned about sources of threats and ways of protecting business data as a key asset of every organization. The process of keeping financial, employee and other critical data safe is not without its challenges. Information security, defined as the preservation of the confidentiality, integrity and availability of information, is becoming a priority for both individuals and companies. Since cyber security is one of the most important and critical issues in the field of information security, it is becoming increasingly regulated. Internationally and within the EU, it has been recognized as a global risk which needs to be addressed from the highest levels. Europe s response comes in the General Data Protection Regulation and Network and Information Security Directive, the adoption and publication of which is expected in These new rules of the game in the information handling arena will affect all types of organizations, with special focus on sectors such as energy, transport, financial, healthcare, water supply, digital infrastructure. The responsibilities of all the players on the market will change and adoption of new rules will be needed soon. The most accepted response to challenges and threats for information security is the implementation of best practices, incorporated according to international standards such as ISO and ISO They are structured to help companies with proactive risk management and will represent the most applicable tool for companies to adjust to new laws. MEMBER SEMINAR: TAX AND REGULATORY NEWS OF 2016 February 19 Speaker: Mr. Krešimir Lipovšćak, Partner at Crowe Horwath Mr. Krešimir Lipovšćak, Partner at Crowe Horwath, explained a number of tax and regulatory changes, such as corporate profit tax, value added tax, personal income taxation, retail regulation, and many others coming into force in ISSUE 1/2016

5 Chamber News AMCHAM LUNCH: THE PRESIDENT OF THE REPUBLIC OF CROATIA February 23 MR. HORVAT, MR. REINER, PRESIDENT GRABAR-KITAROVIĆ, AMBASSADOR VALLS NOYES, MR. BAUK AND MRS. DOKO JELUŠIĆ We were honored to host the President of the Republic of Croatia, Mrs. Kolinda Grabar-Kitarović, at the first AmCham Lunch of More than 200 distinguished guests from the business community and diplomatic corps attended the event. At the beginning of the event, AmCham President Berislav Horvat welcomed the President of Croatia Kolinda Grabar-Kitarović and the many guests attending. He used the opportunity to share Am Cham member views on the economic situation in Croatia and the reforms necessary to ensure stable economic growth - Attracting investments should be a long term priority of the Croatian Govern ment. In order to ensure a better business environment, it is necessary to carry out a reform of the public sector so that it becomes a successful business facilitator, continuously work on increasing the predictability and stability of the business environment, introduce the practice of better regulation when preparing all legal measures, and implement a national human resource strategy that will harmonize labor supply with labor demand. In her remarks, the President pointed out that economic indicators in the last three quarters have been positive, and that European Union data is predicting a 2.1 percent economic growth for this year. At the same time, Croatia is one of the new EU countries with the lowest growth. Cyclical economic developments, which bring us a period of growth, should not be marked by the absence of structural reforms. She went on to add, It is time that in the implementation of these reforms we move on from empty words towards real concrete reforms. In her remarks, she presented opportunities of the Adriatic-Baltic- Black Sea Initiative and the Trans-Atlantic Trade Agreement, emphasizing that she will continue her work as the first economic diplomat of the Republic of Croatia. At the end of her speech, the President presented the work of her Economic Council, covering a large number of topics, such as the adjustment of fiscal and monetary policies, business and investment climate, administrative burden, tax system, demography and education. The Council presented concrete recommendations to Prime Minister Orešković, wishing to contribute to the work of the Government. SPEED NETWORKING, March 8 The American Chamber of Commerce in Croatia and the Franco-Croatian Chamber of Commerce and Industry held its third joint speed networking event. Speed networking proved a great format for establishing new business contacts. More than 60 French companies are successfully working in Croatia both small companies and multinationals, and they are all part of the Franco-Croatian Chamber of Commerce. This was an opportunity for our members to meet with representatives from those companies, connect and create networks that could lead to commercial partnerships. Participants met 24 companies, face-toface, in a moderated session, afterwards enjoying a great buffet breakfast before continuing networking. 1/2016 ISSUE 5

6 Chamber News Platinum Sponsor Gold Sponsor Sponsors In Kind Award Sponsor AMCHAM TALENTS ANNOUNCING THE 4TH GENERATION AmCham is pleased to announce the launch of the fourth generation of the AmCham Talents program, starting in Although young professionals, recognized as high-potential employees within their respective companies, usually have opportunities for postgraduate education and training, they lack the practical experience and opportunity to develop their soft skills by learning directly from leaders from different industries. This program hopes to bridge this gap and contribute to the personal and career development of such employees through a series of interactive sessions led by prominent leaders as well as networking opportunities with their peers. LEADER SESSIONS MR. DANKO SCHÖNWALD CPO Head Croatia, Novartis Hrvatska BLUE OCEAN STRATEGY - SHIFT IN FOCUS: FROM COMPETING TO CREATING NEW MARKET SPACE MR. SINIŠA TOPALOVIĆ Managing Director, Horwath i Horwath Consulting Zagreb BECOMING A CEO MRS. VEDRANA LIKAN Managing Partner, Colliers Advisory EFFECTIVE DECISION MAKING MR. GORAN KAPIČIĆ Chief Representative, Podravka China LEADERSHIP IN A DIVERSE AND MULTICULTURAL ENVIRONMENT MRS. MARIA ANARGYROU-NIKOLIĆ General Manager, Coca-Cola HBC Hrvatska FROM CHIEF EXECUTIVE OFFICER TO CHIEF PURPOSE OFFICER MR. BARRY RUDOLPH Presidio Group MANAGING RISK EXPERT SESSIONS MR. MLADEN VUKMIR Partner, Odvjetničko društvo Vukmir i suradnici DISPUTE MANAGEMENT - RECONCILING INTERESTS MR. JOE BAŠIĆ Director, MPG Southeast Europe MANAGING COMPLEX PROJECTS WITH MULTIPLE STAKEHOLDERS - THE CASE OF ULTRA EUROPE MUSIC FESTIVAL FINAL EVENT SELECTION OF THE AMCHAM TALENT OF THE YEAR AND CERTIFICATE CEREMONY AmCham withholds the right to change speakers and topics at its own discretion. SPONSORSHIP IF INTERESTED IN SPONSORING THE PROGRAM, PLEASE TAKE A LOOK AT OUR SPONSORSHIP PACKAGES. PARTICIPATION FEE: This fee covers access to all events. Member fee is 1,500 HRK + VAT (1,875 HRK) per person. Patron member companies can register one employee free of charge. Additional participants will be charged the regular price of admission. Non-member participants can register for the program per invitation only, with a participation fee of 2,300 HRK + VAT (2,875 HRK) Fluency in English (written and spoken) is required in order to enroll into the program. Please register by filling out the reply form for members or non-members and sending it to event@amcham.hr. 6 ISSUE 1/2016

7 Chamber News HR DAYS 2016: IN A MODERN COMPETITIVE ENVIRONMENT, FLEXIBILITY IS THE MOST IMPORTANT THING AmCham Supported Event The annual HR Days conference organized by MojPosao and SELECTIO was held in Rovinj on 17th and 18th March. The conference gathered around 200 HR professionals from the region. The main theme of this year s conference were the challenges that many companies are facing today; namely, how to deal with young and talented employees whose work habits and expectations differ significantly from previous generations of employees. WINDAYS16 WILL FOCUS ON THE DEVELOPMENT AND ATTRACTION OF TALENT, DIGITAL AND OPEN SOURCE AmCham Supported Event The organizers pointed out that the role of HR is undergoing major changes because the characteristics of leaders are also changing. The most important thing is to improve the company s culture and prepare it for the future. For this, the role of HR is crucial. HR specialists are the ones anticipating changes and implementing them within the companies, even when the companies themselves do not understand why the changes are necessary, said Raimo Mäkilä, CEO of Finnish AlmaCareer Oy and Vice President of Alma Media. Through interactive lectures and workshops, the guest speakers advised on how to increase employee engagement and empower people in a modern business environment. Flexibility is the most important thing in a modern competitive environment. New ge nerations are looking for flexible work hours, coaches they can learn from and time they want to invest in building energy for their longterm career development. To achieve this, they need to focus on their mental, emotional and physical energy. We are only as strong as our weakest battery. Consider what that means when you are under pressure, said Koen Gonnissen, Executive Coach and Trainer. In addition to Koen Gonnissen, participants had a chance to learn from a number of other renowned and inspirational speakers such as Jesus Vega, guest lecturer at COTRUGLI Business School, Yannis Koutrakis, IBM s Area HR Leader for Southeast Europe, Mireia Montane, coach and lecturer at EADA Business School and many others. The 16th edition of the WinDays conference will take place on the island of Sveti Nikola in Poreč from the 26th to the 29th of April Its motto Set ideas into motion embodies this year s conference s focus on ideas. All successful businesses start with a good idea, so the meeting will create an inspiring environment that will enable participants to create new solutions and approaches, as well as new partnerships and relations that will generate ideas for success. The WinDays16 Business conference, on the 26th and the 27th April, will address the creation of conditions that will retain, develop and attract talent. To transform Croatia into a country that offers excellent conditions for business, it is necessary to first fulfill numerous prerequisites. The most important also serve as the conference s key themes - creation and adoption of a success culture, attraction of foreign investments, and development of new companies, with focus on small and medium businesses that are key drivers of economic growth. The WinDays16 Technology conference will take place from the 27th to the 29th of April. In line with Microsoft s openness to cooperation within the IT industry and the company s activities over the past years, the conference will expand the range of topics and introduce two new tracks digital and open source. Today, digital marketing is one of the most propulsive branches of applied IT. Every company that bases a part of its key business model on digital technologies can be considered a digital company. Solutions based on open source offer countless opportunities that will be explored at the conference for the first time. By bringing new tracks, the conference further expands its focus and retains its position as the most important technological event in the region. Registration for the conference is open. All participants can register online via the official web site 1/2016 ISSUE 7

8 Chamber News RECOMMENDATIONS FOR IMPROVING THE BUSINESS CLIMATE AND ENCOURAGING INVESTMENT GROWTH IN CROATIA For more than 15 years, AmCham Croatia has acted as a wide business platform for American, international, and Croatian companies. During this time, it has established strong cooperation with government institutions and bodies responsible for creating and implementing public policies that influence the development of the economy. To continue this cooperation, AmCham Croatia has published its Recommendations for Improving the Business Climate and Encouraging Investment Growth in Croatia (Recommendations). You can download and read the Recommendations at AmCham website. The Recommendations draw on the experiences of our members in facing difficulties when conducting business, and have been prepared by our expert member committees. They are aimed at implementing specific and feasible solutions to facilitate business and make Croatia an attractive location for investments, leading to a higher rate of economic growth and employment. We have presented these Recommendations in individual meetings with government officials. On April 7, we held a press conference to present the recommendations to the public, in order to create awareness of our members experiences and proposals, and encourage public-private dialogue on the steps needed to improve the competitiveness of the Croatian economy. Andrea Doko Jelušić, AmCham Executive Director, and Berislav Horvat, AmCham President, held a short presentation of the Recommendations, followed by a panel discussion, with Davor Huić - Special Advisor to the Prime Minister on Domestic Policy, Leo Prelec - Deputy Minister of Economy, and Sanja Madžarević Šujster - Senior Country Economist of the World Bank Croatia. AMCHAM RECOMMENDATIONS ESTABLISHING A POLICY TO ATTRACT DIRECT FOREIGN INVESTMENTS AS A LONG-TERM GOVERNMENT PRIORITY Prepare and implement a long term investment strategy Promote the benefits of direct foreign investments Improve the incentive system for attracting investments 2. IMPROVING GENERAL BUSINESS CONDITIONS Improving the performance of government institutions Improving the performance of the judicial system and intellectual property protection Improving the entrepreneurial climate Introducing the practice of better regulation when preparing all legal measures Implementing digitization in Croatian public administration and economy 3. MORE EFFICIENT USE OF STRUCTURAL EUROPEAN UNION FUNDS 4. CREATING A NATIONAL HUMAN RESOURCES STRATEGY Harmonizing labor supply with labor demand Improving labor market competitiveness 5. ENSURING THE STABILITY, CONSISTENCY AND PREDICTABILITY OF THE TAX SYSTEM Conducting mandatory studies on the principle of better regulation Rationalizing the parafiscal charges system Stimulating employment Defining tax evasion and tax fraud, and establishing appropriate sanctions Stimulating tax cuts to unburden the economy Providing legal security to tax payers 6. ACHIEVING EFFICIENCY AND CONSISTENCY WITH EU REGULATIONS IN THE PUBLIC PROCUREMENT SYSTEM Consistently applying and implementing EU laws and practices, while respecting the specific characteristics of Croatia s public procurement procedures Improving the efficiency of legal protection in public procurement procedures by standardizing applicable standards and practices 7. IMPROVING THE AVAILABILITY, EFFICIENCY, AND SUSTAINABILITY OF THE HEALTHCARE SYSTEM Opening the health insurance market Investing in health through optimized healthcare expenditures Enabling fast and comprehensive access to innovative medical technologies MRS. MADŽAREVIĆ ŠUJSTER, MR. PRELEC, MR. HORVAT, MR. HUIĆ AND MRS. DOKO JELUŠIĆ 8. ENSURING LONG-TERM, ECOLOGICALLY SUSTAINABLE ECONOMIC DEVELOPMENT Increasing energy efficiency and using renewable energy sources in industries as an important step towards developing a green economy Using renewable energy sources to improve the international trade balance Encouraging E-mobility by creating smart energy grids 8 ISSUE 1/2016

9 WELCOME TO RIT CROATIA! RIT Croatia, formerly known as American College of Management and Technology, is the only American college in Croatia. Our globally recognized, career-oriented educational programs will successfully prepare you for the business world that awaits you! At RIT Croatia, you can study: International Business (Zagreb Campus) International Hospitality and Service Management (Dubrovnik Campus) Information Technology (Dubrovnik and Zagreb Campus) WHERE FUTURE LEADERS STUDY QUALITY PROGRAMS FOR SUCCESSFUL CAREERS

10 News&Views report TRANSFER OF PERSONAL DATA RECENT CHALLENGES By Ivana Markovinović Žunko, attorney-at-law, Law Firm Vedriš & Partners IVANA MARKOVINOVIĆ ŽUNKO EU LEGAL FRAMEWORK Everyone has the right to the protection of personal data this principle has been derived from the general right to privacy, which is one of the fundamental rights according to the European Convention on Human Rights. In 1980, seven principles for the protection of personal data (notice, purpose, consent, security, disclosure, access, accountability) were recognized by the European authorities, which led to a more binding form of governance, namely the adoption of Directive 95/46/EC of the European Parliament and of the Council on 24 October 1995 on the protection of individuals with regard to the processing of personal data and on the free movement of such data, known as the Data Protection Directive. It established strict rules in order to ensure high standards of protection everywhere in the EU, but it also set specific rules for the transfer of personal data outside the EU, based on the basic principle that personal data can only be transferred to countries outside the EU and the EEA when an adequate level of protection is guaranteed. Recently, the established rules and practices have been challenged due to the evolution of privacy issues caused by new technologies. On 15 December 2015, the European Parliament, the Council and the Commission reached an agreement with regard to the new data protection rules, establishing a modern and harmonized data protection framework as the condition to the implementation of the Digital Single Market Strategy, a major project of the EU that should enable free movement of goods and services in the digital environment. In the meantime, the present regulations will remain binding for EU countries. DATA TRANSFER ACCORDING TO CROATIAN LAW The Croatian Data Protection Act strictly follows EU rules the general principle on transfer has been defined by Article 13 of Act stipulating that Personal data filing systems or personal data contained in personal data filing systems may be transferred abroad from the Republic of Croatia for further processing only if the state or the international organization the personal data is being transferred to have adequately regulated the legal protection of personal data and have ensured an adequate level of protection. Personal data may be transferred out of the Republic of Croatia to states or to international organizations which do not provide for an adequate level of protection only exceptionally e.g. if the transfer is essential for protecting the life or the physical integrity of the data subject or for protecting public interest. Prior to transferring personal data abroad from the Republic of Croatia, the personal data filing system controller shall, in case of reasonable doubt that an adequate personal data protection system exists or that the adequate level of protection is ensured, obtain an opinion regarding this issue from the competent authority in Croatia the Personal Data Protection Agency. In practice, the restrictions can be evaded by applying standard contractual clauses that offer sufficient safeguards with respect to the protection of the privacy or Binding Corporate Rules (BCR) as internal rules of the company, both requiring prior approval of the Agency. Implementation of both the rules and the clauses requires the approval of the Agency. ASSESSMENT OF THE ADEQUATE LEVEL OF PROTECTION Apparently, for the implementation of the above mentioned data protection rules, the assessment of the «adequate level of protection» is crucial. According to Croatian law, an adequate level of protection provided by the state or the international organization shall be assessed in relation to circumstances pertaining to the disclosure of personal data, particularly with regard to the type, purpose and processing time of the data, the country to which the data is to be transferred, the governing laws in that country, and the professional and safety measures applied in that country. Keeping in mind the provisions of the Data Protection Directive, the assessment is not required for transfer within the EU it has been explicitly stipulated that the Member States shall neither restrict nor prohibit the free flow of personal data between Member States for reasons connected with protection, meaning the issue of adequacy of the protection should only be raised in the case of transfer to third countries. Based on the Directive, the Council and the European Parliament have given the Commission the power to determine whether a third country ensures an adequate level of protection by reason of its domestic law or of the international commitments it has entered into. The Commission has so far recognized Andorra, Argentina, Canada (commercial organizations), Faeroe Islands, Guernsey, Israel, Isle of Man, Jersey, New Zealand, Switzerland and Uruguay as providing adequate protection, namely the personal data can be transferred from EU countries and three EEA member countries (Norway, Liechtenstein and Iceland) without any restrictions to those third countries. TRANSFER FROM EU TO USA The status of the United States of America, as clearly the most important destination in the practice, has recently been radically challenged due to the collapse of so-called Safe Harbor rules. The Safe Harbor Privacy Principles were originally designed between 1998 and 2000 in order to prevent private organizations within the European Union or United States from accidentally disclosing or losing the personal data 10 ISSUE 1/2016

11 News&Views they store. The US companies that adhered to the above mentioned seven principles for data protection could opt into a program and be certified as providing an adequate level of protection in terms of EU requirements. In 2000, the European Commission decided that the data can be safely transferred from the EU to such US companies - this is referred to as the Safe Harbor Decision. COURT DECISION IN SCHREMS CASE On 6 October 2015, the European Court of Justice invalidated the Safe Harbor Decision, arguing that legislation permitting public authorities to have access on a generalized basis to the content of electronic communications must be regarded as compromising the essence of the fundamental right to respect for private life. The ruling comes after the case against Facebook had been initiated by an Austrian privacy activist Max Schrems. He founded a group called Europe v Facebook, basically arguing that the Safe Harbor agreement which allows over 3,000 US companies - including Google, Facebook, and Apple - to repatriate European personal data in practice does not offer the consumer any protection. The Group filed a complaint against Facebook Ireland Ltd with the Irish Data Protection Commissioner who rejected the complaint. However, an application for judicial review with the Irish High Court was filed, which eventually led to the now infamous ruling of the European Court of Justice. Basically, the Court was of the opinion that data protection regulators in each of the EU countries should have oversight over how companies collect and use the online information of their countries citizens, and that Safe Harbor rules simply do not suffice to protect privacy. The ruling echoed broadly in the world of international business. Some of the stakeholders such as Facebook or Microsoft tried to play down the impact of the ruling, but it was clear that the new agreement was highly needed, despite potential solutions such as implementation of standard clauses or BCRs for transatlantic data flow. NEW RULES The ruling did not come completely out of the blue, as a new safe harbor agreement has been continually negotiated between the EU and US over the last couple of years, following the infamous Snowden case that revealed numerous global surveillance programs run by US entities. The result is the adoption of a new framework for transatlantic data transfer - the EU-US Privacy Shield, agreed to on 2 February 2016 between the European Commission and the United States. The new arrangement will include significant elements such as strong obligations for companies handling Europeans personal data, robust enforcement, clear safeguards and transparency obligations on US government access, and effective protection of EU citizens rights with several redress possibilities. The reform is ongoing and it is still too early for any evaluation of its efficiency for the delicate task of preserving privacy in a highly challenging contemporary environment. PRODAJA I SERVIS: Vukovina: Gašparić Auto 01/ ; Kaštel Stari: Autokuća VIP Cars 021/ ; Ludbreg: Auto centar Toni 042/ ; Osijek: AC Buljubašić 031/ ; Pazin: Autokuća Etradex 052/ ; Rijeka: 40Box-Kundić 051/ ; Slavonski Brod: Auto Novaković 035/ ; Split: Autokuća Lovret 021/ ; Velika Mlaka: Auto Teskera 01/ ; Veliko Trgovišće: Auto centar Bišćan 049/ ; Zadar: Auto Hrvatska Zadar 023/ SERVIS: Mlini: Sea River Dubrovnik Tech Department 020/ Generalni distributer za RH: LMG Autokuća članica Gašparić Grupe, info@mitsubishi-motors.hr 1/2016 ISSUE 11

12 News&Views report AUDIT WILL NOT SAVE YOU FROM TAX AUDIT TAX REVIEW IS IMPORTANT By Jasmina Kajtezović, Crowe Horwath d.o.o. TAX INSPECTIONS ARE REGULAR PROCEDURES performed by the tax authorities. Every taxpayer can expect them, especially those who have profits, have no employees, who often file corrections of their tax returns, have losses, etc. Tax inspection can be also expected by those taxpayers who did not have tax inspections recently. WHAT IS AUDITED IN THE TAX AUDIT AND WHEN CAN TAX AUDITS BE PERFORMED Value added tax is most often the subject to tax audit, since it is the main source of financing of the state budget. However, also corporate profit tax and personal income tax can be subject to tax audit, and audited simultaneously. The period for which the tax audit can be performed are those years not under the statute of limitation, usually the last three years. In order to avoid additional tax liabilities that can be assessed during the tax audit, it is crucial to prepare for the tax audit and to undertake timely all actions to identify and possibly eliminate tax risks and avoid penalties. A preparation for a tax audit primarily involves a detailed tax review of the accounting documentation and tax treatment of business transactions recorded in the books, in accordance with the applicable tax rules for the respective period. Since the tax audits cannot be predicted, it is never too late to perform the tax review, except when the tax inspection hands over the tax inspection order. JASMINA KAJTEZOVIĆ STATUTORY AUDIT DOES NOT IDENTIFY TAX RISKS The taxpayers believe that if they had statutory audit, they are safe from tax risks and potential tax liabilities in case of the tax inspection. However, the auditors do not perform a tax review in the course of their assessment of financial statements. The audit is performed in accordance with the prescribed audit procedures by taking into consideration the materiality threshold, which means that transactions lower than e.g. one million HRK will not be reviewed; however, they can be subject to significant tax risks. The auditors will review and comment the important tax liabilities, such as corporate income tax and those tax liabilities which have impact on the financial statements. Auditors are not obliged to review the business transactions and related accounting documentation from the tax perspective like tax inspectors do. For example, the auditors will not check whether the input VAT is correctly deducted, if the withholding tax rate is correctly applied, or the benefit in kind is assessed on all benefits, etc. As opposed to the auditors approach, tax reviews performed by the tax experts use the same approach as tax inspection. The only difference is in the scope of the transactions and documentation subject to review. Tax inspections review them in more detail, which is why tax audits may last for several months. Preliminary tax reviews focus on representative samples of transactions and documents, which provide the basis for making conclusions on whether the tax treatment was correctly applied and whether the taxpayer has trustworthy and substantiate supporting documentation for the recorded business transactions. WHY AND WHEN SHOULD YOU PERFORM TAX REVIEW Due to frequent changes in tax legislation, which often occur within one taxable period, it is recommended to perform tax review for at least last three years open for tax audit. Also, it is recommended to perform a tax review with the arrival of the new head of the accounting department, chief financial officer or accounting service provider, to get insight into the inherited status of the books and decide on further steps. The ideal time for tax review is during preparation of year-end financial statements and corporate income tax return. They should be reviewed by the tax experts who will examine the transactions and documentation used for the tax return. Preparation of tax return does not only involve the formal filling of the tax return form, but also a detailed examination of whether transactions were correctly recorded in the books and records based on which the tax return is prepared. IF YOU ARE A DILIGENT TAXPAYER YOU CAN BE RELIEVED FROM THE TAX AUDIT Some taxpayers can be relieved from the tax audit under specific terms and conditions. The tax authorities can approve a so-called special status. However, these taxpayers are regularly monitored if they fulfil the respective conditions and if they are allowed to keep the special status. Approval of special status is intended for a limited number of mainly large taxpayers. Therefore, if you want to be safe from the tax audit, additional tax liabilities, penalties and pecuniary fines, it is important to properly check your tax status in the books in order to react and undertake all necessary actions and eliminate potential tax risks on time. 12 ISSUE 1/2016

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14 News&Views ON 23 MARCH 2016, the new Regulation (EU) No 2015/2424 of the European Parliament and of the Council entered into force, amending the previous Council Regulation (EC) No 207/2009 on the Community trade mark. As part of the same reform, the existing Directive 2008/95/ EC of the European Parliament and the Council to approximate the laws relating to trade marks was replaced with the new Directive (EU) 2015/2436 of the European Parliament and the Council. The new legislation introduced some important practical changes into the EU trade mark system, but the most obvious of all is the change of name of the EU agency in charge of registration and administration of trade marks, the Office for Harmonization in the Internal Market (OHIM), as well as the change of name of the Community trade mark. The OHIM is now called the European Union Intellectual Property Office (EUIPO) and the EU-wide Community trade mark (CTM) became European Union Trade Mark (EUTM). as covering only the literal meaning of the words used. Owners of registered EU trade marks applied for before 22 June 2012, covering an entire heading of a Nice class, may now declare that their intention had been to seek protection with respect to goods or services beyond those covered by the literal meaning of that heading, provided that those additional goods or services were included in that class in the applicable edition of the Nice Classification at the time of filing. Such a declaration must be submitted to the EUIPO by 24 September Therefore, it is advisable that the owners of EU trade marks falling under the scope of this provision review their registrations, to see if they should take action in order to ensure that the relevant goods and services are appropriately covered by their trade mark registrations. Another significant change which will affect the registration procedure for EU trade marks is the removal of the graphical representation requirement, which will enter into force at a later time, on report HIGHLIGHTS OF THE REFORM OF THE EU TRADE MARK LAW By Marina Poturičić Mladin, attorney-at-law, Law firm Vukina & Partners Ltd. MARINA POTURIČIĆ MLADIN The users of the EU trade mark system will be particularly interested to learn about the changes in fee structure, which generally aim to achieve an overall reduction of fees. However, it is no longer possible to register a trade mark in up to three classes of goods and/or services according to the Nice Classification 1 for a single fee, as was the case before. A separate fee is now payable for each designated class, both for the filing of a new application and for renewal of an existing trade mark. Since the previous three-for-one fee system often tempted applicants to include three classes in their trade mark applications, regardless of their actual needs, many trade marks were inevitably registered for unnecessarily broad scopes. This change should, therefore, motivate future EU trade mark owners to limit their applications to those goods and services for which they intend to use their mark, thus gradually helping the trade mark register to better reflect the reality of the marketplace. Furthermore, it is important to mention another amendment that might require action on part of existing EU trade mark owners, which concerns interpretation of the scope of protection defined by the list of goods and services. In order to bring the legislation in line with the practice established by the Court of Justice of the EU, the amended Regulation sets forth that the use of general terms, including the class headings of the Nice Classification, shall be interpreted 1 October As of that date, it will no longer be necessary that a mark applied for registration is able to be represented graphically, as long as it can be represented in such a way which will allow for the subject matter of protection to be clearly and precisely determined by the authorities and the public. This is expected to facilitate registration of those non-conventional marks where adequate graphical representation is not always feasible (e.g. smells, movements, holograms, etc.). Finally, when it comes to protecting trade marks from infringement and especially fighting counterfeit goods, the amended Regulation now enables EUTM owners to prevent third persons from bringing such goods into the EU even in those situations where the goods are not intended to be put on sale on the EU market (i.e. goods in transit). However, this will not be possible if the holder of the goods is able to show that the EUTM owner cannot rely on trade mark rights to prevent the sale of the goods in the country of their final destination. In addition to that, EU trade mark owners will now be entitled to prohibit preparatory acts which might lead to trade mark infringement, such as affixing infringing signage to packaging, labels, tags, etc. All in all, the objective of these and other changes introduced into the new legislation is to improve and modernize the EU trade mark system, making it more efficient, predictable, easier to use and less costly for its users. 1 Goods and services for the purpose of trade mark registration are classified in accordance with the International Classification of Goods and Services for the Purposes of the Registration of Marks (the Nice Classification). 14 ISSUE 1/2016

15 News&Views INTRODUCTION The Enforcement Act of Croatia 1 has transposed the provisions on the European Enforcement Title, in the legal matter of debt collection, from Regulation (EC) No 805/2004 of the European Parliament and the Council of 21 April 2004, creating the European Enforcement Order for uncontested claims (in further text: Regulation). This European enforcement order refers to the enforcement of uncontested claims, namely to the confirmation on the European Enforcement Order 2, to the confirmation of the enforceability of court settlements 3, and to the confirmation of enforceability of other public documents enforceable in the Republic of Croatia 4. THE PROCEDURE The procedure for issuing the European Enforcement title refers to uncontested claims, and includes ordering and conducting enforcement. The procedure is carried out before the competent court, a notary public or other bodies 5 authorized to issue a copy of the local European enforceable instrument on uncontested claims. 1. UNCONTESTED CLAIMS TO BE ISSUED WITHOUT PRIOR HEARING OF THE DEBTOR The European Enforcement title is to be issued without prior hearing of the debtor. 6 The competent body issuing the certificate will provide ex officio a copy of the certificate to the debtor. 2. REJECTION OR REFUSAL OF THE REQUEST However, if the competent court or other authorities reject or refuse the application for the certificate issuance, applicant is entitled to appeal against such rejection or dismissal. The following procedure will be conducted under the provisions of the law governing the appeal against the decisions that reject or dismiss applications for execution (enforcement) 7. Should a notary public finds that the conditions for issuing the certificate on distraint - referred to in Article 358 Section 1 - have not been met, he shall forward the request for the certificate with a copy of the file to the competent municipal court, to decide upon the request. The notary public is required to explain the grounds for his reasoning that the party s request cannot be fulfilled CORRECTION AND CANCELLATION OF CERTIFICATES The distraint certificate may require correction or cancellation. An application under Article 10, section 1 of the EC Regulation to correct or cancel the judicial confirmation is to be submitted to the same court that issued it. The court will decide about the application for correction of the certificate by applying the provisions of Article 342 of the Civil Procedure Act, and about the request for certificate revocation by applying the provisions of Article 36 of the Enforcement Act. 9 RULES APPLICABLE TO THE DETERMINATION OF ENFORCEMENT ON THE BASIS OF THE EUROPEAN ENFORCEMENT TITLE The writ of execution, which was under the Regulation approved as a European Enforcement title in another EU Member State, will be enforced in the Republic of Croatia under the same conditions as a local enforceable document, without the need to conduct a special procedure for the recognition of this document and the declaration of its enforceability, i.e. without the need to decide about its recognition as a preliminary issue 10. When a creditor is obliged under Article 20, section 2, paragraph c) of the Regulation, to enclose a translation of the European enforcement title with a proposal for enforcement, such translation will be in Croatian and certified by the translator qualified in one of the EU member states 11. Requirements under Articles 21 and 23 of the Regulation provide for jurisdiction of the court having jurisdiction under the local Enforcement Act 12. report ENFORCEMENT PROCEEDINGS ON THE BASIS OF THE EUROPEAN ENFORCEMENT TITLE By Dr. sc. Mirna Pavletić Župić, Attorney at Law, Law Firm Župić & Partners, Zagreb The suspension and limitation of enforcement will be ruled both under the provisions of the local Enforcement Act and on the grounds specified in Article 23 of the Regulation 13. An appeal filed after deadline expiry or a motion for the reasons to appeal are covered in Articles of the Croatian Enforcement Act, and also apply on the European Enforcement Title 14. MIRNA PAVLETIĆ ŽUPIĆ 1 Enforcement Act of the Republic of Croatia (Official Gazette No112/12,25/13,93/14; further EA), 2 Art (1) EC Rgulation, 3 Art 24(1) EC Regulation, 4 Art 25(1) EC Regulation, 5 detailed in Art. 326 of the EA, 6 EA, Art. 358 (1), 7 EA, Art. 358, Par. 2 and 3, 8 EA, Art. 358(4), 9 EA, Art. 359, 10 EA,Art. 360, 11 EA, Art. 361, 12 EA, Art 362, 13 EA, Art 363, 14 EA, Art 364 1/2016 ISSUE 15

16 News&Views TODAY S HYPER-COMPETITIVE AND INTERCONNECTED world of business is driving companies to explore unfamiliar and at times dangerous markets for new investment opportunities. These are markets which must be visited and assessed by people, not software. Despite powerful innovations in communication technologies capable of facilitating networking, coordination and negotiations, managers and subject matter experts must still travel for a variety of reasons, not the least of which is overseeing quality control and assurance and applying a human touch to their business. And while companies are quick to assert safety and security is everyone s responsibility, the fact is employees traveling abroad are specialists in a field that rarely, if ever, includes personal safety and risk management. While such events are rarely preventable, they are manageable and to some extent avoidable with proper planning. Severe weather and natural disasters are well-known and affect certain areas more than others. Travelers should be aware of the probability and impact of severe weather or natural disasters on their activities and be appropriately prepared and equipped to endure these events. Well-informed security practitioners and threat experts understand the socio-economic and political dynamics that trigger civil unrest, as well as adversary capabilities and modus operandi, in a given country. This knowledge prepares and guides travelers in terms of where to go, not go, and how to (or not) comport themselves. report TRAVEL SECURITY RISK MANAGEMENT by Justin M. Bishop, Offline Solutions d.o.o. Duty of Care, the legal and moral responsibility to ensure the safety, security and well-being of employees, knows no borders. Duty of Care does not end at the corporate office or factory floor, and is perhaps most critical and challenging when employees travel abroad. The myriad of issues that can impact traveler safety and security fall into one of three categories: medical emergencies, natural disasters, and man-made incidents. While some events are predictable (e.g. typhoons in the Philippines, strikes in Paris, civil unrest in Athens) or expected (e.g. petty crime in Barcelona, terrorism in Baghdad, kidnapping in Mexico City), others are not. Further complicating the picture is the fact that travelers often lack familiarity with the culture, customs, laws, and languages of the country they visit. Each of these factors presents challenges when the destination is deemed low-risk or safe. Add insurgency, civil war, terrorism or animosity toward foreigners, and the risks increase significantly. Recent terrorist attacks against hotels, airlines, museums, cafes, beaches, and public gatherings throughout Europe, North Africa, and South Asia are constant reminders that the ability to track, monitor and account for employees is no longer a luxury, but a necessity. Situational awareness and traveler accountability is not limited to terrorist incidents. The Tohoku earthquake and tsunami in Japan in 2011 and the 2004 tsunami that devastated Thailand s southern coast also triggered demands for employee accountability and realtime situation updates. Prior to the November 2015 terrorist attack at the Radisson Blu in Bamako, Mali, the hotel was a well-known lodging and social venue for diplomats and international business travelers. As such, it was an obviously attractive and soft target in a country with an active insurgency and multiple terrorist groups with a history of attacking Western interests. Even a basic threat or risk assessment would have flagged the Radisson Blu as a hotel to avoid or, if unavoidable, a location requiring heightened vigilance and enhanced personal security measures. In brief, a well-developed travel security management program provides employees with the knowledge, skills and abilities to avoid, mitigate, and respond to crises or incidents abroad. As Benjamin Franklin wrote, An ounce of prevention is worth a pound of cure. PREPARING Companies should prepare employees by educating them on travel destinations prior to commencing travel. Pre-travel briefings and training should address crime, common scams and local laws, as well as disease, health and medical concerns, social customs, culture and mores. Additionally, the location of safe havens including hospitals, police stations and friendly embassies should be provided along with cards containing phone numbers of vetted individuals the traveler can contact in an emergency. Employees being met or transported by individuals they have not previously seen should be given the driver s photo, physical description, and contact details prior to travel. Travelers should also have access to threat assessments sum- 16 ISSUE 1/2016

17 News&Views marizing the capabilities, intentions and modus operandi of criminal and terrorist groups operating or capable of operating in the area. Prior to traveling to conflict-prone or high-risk environments, travelers should receive security awareness training focused on situational awareness, recognizing pre-attack surveillance and attack sites, defensive driving, threat de-escalation, kidnap avoidance and survival, and first aid. Finally, they should be briefed on Standard Operating Procedures (SOP) pertaining to corporate emergency response, communication, and contingency plans. Employees traveling abroad must know what their employer will and will not be doing and the actions they as employees are expected to take in a crisis. Below is a general list of requirements and actions companies and employees should consider prior to foreign travel. Identify key areas of travel Identify and evaluate vulnerabilities, threats and risks Rehearse routine and emergency sign of life and communication plans Review medical and emergency evacuation protocols Obtain photo and contact details of vetted local drivers and points of contact Familiarization with high-risk or no-go areas Review hotel and office security assessments Review route assessments and journey management protocols Review safe haven and shelter-in-place protocols MONITORING When employees travel and arrive at their destination, security managers should be able to track and monitor significant local and regional events in order to advise and warn employees of potential risks. Travelers do not want lengthy, verbose reports about potential problems. They want pragmatic, actionable information regarding real dangers in their immediate vicinity. When problems arise, they want to communicate their location and status to those who can help. Purpose-built news, social media, and advanced Big Data analytic systems, such as those developed by Prescient Traveler, the Chicago-based provider of what is arguably the most technologically advanced travel risk management service on the market, provides travelers with timely, actionable information about imminent or potential threats. Prescient s powerful location-aware mobile app provides interactive maps, imagery, and overlays depicting safe havens and no-go areas in the traveler s immediate vicinity, as well as emergency points of contact and actions they should (or should not) take during an incident or crisis. Traveler monitoring, tracking and early warning services like those described above are often beyond the scope of most business capabilities and must be outsourced. Regardless, this level of awareness and accountability is the new norm for companies competing in global markets. Sound pre-travel planning and preparation, combined with in-transit and on-site monitoring services and common sense, helps ensure travelers avoid all but the most severe incidents or events. JUSTIN M. BISHOP RESPONDING Area familiarization and knowledge of pre-identified safe havens, as well as no-go areas, and the means to communicate signs of life, current location, and anticipated next steps to trusted local points of contact and stakeholders back home is critical. Reliable and redundant communications and on-call security or threat specialists are essential to guiding travelers, who may be operating under tremendous stress, through pre-planned actions such as sheltering-in-place, moving to a known point or safe haven, or preparing for assisted or non-assisted recovery. Situational awareness and real-time communication with the traveler is not only crucial to coordinating their movement and actions, but ensures effective crisis management from afar, which almost always includes providing situation updates to corporate board members, the media and general public, family members, and other stakeholders. Ensuring the health and safety of employees living or traveling abroad is a collective responsibility that requires prior thought, planning and resources. It is risky and irresponsible to assume employees have the knowledge or time needed to identify, comprehend, and reduce the risks they may encounter abroad. Having employees sign liability waivers does not absolve the company of its Duty of Care responsibilities. The way to mitigate risk to employees traveling abroad is through deliberate planning, preparation, training and rehearsal of critical aspects of the travel security management program. Whether for business or leisure, travel should be safe, enjoyable and rewarding, but the associated risks should not be underestimated and must be given due care and attention. Let our advance worrying become advance thinking and planning. Winston Churchill 1 About the author: Justin M. Bishop is the Managing Director of Offline Solutions d.o.o., a risk management consultancy in Split, Croatia. Mr. Bishop has over 25 years of international executive and private security experience and is Board-Certified in Security Management by the American Society for Industrial Security (ASIS). He is also an ASIS Certified Protection Professional (CPP) and Physical Security Specialist (PSP). 1/2016 ISSUE 17

18 News&Views THE HOTEL AND TOURISM INDUSTRY IN CROATIA represents one of its key economic sectors. On an annual basis, it generates over 7 billion EUR of foreign currency inflows and contributes 18% of GDP. A hotel investment pace driven by foreign direct investments so far has been relatively slow in Croatia. This is not altogether surprising, since according to the 2015 Travel & Tourism Competitiveness Index by World Economic Forum, Croatia was ranked 125th out of 141 countries. In two major factors affecting investment intensity, regulation and taxation, Croatia fares even worse (as 137th and 139th respectively, out of 141 countries in total). Lastly, looking at barriers to entry, Croatia has a high consolidation level, since just three large hotel groups (Valamar Riviera, Lukšić Group and Maistra) control the ownership of 45% of total hotel, resort and camping supply in the country. However, Croatia has some great competitive advantages for investing in the hotel industry. Abundant and attractive natural resources which are well-preserved, plenty of free zones for development not spoiled by overbuilding, a great macro-location near European tourism markets, and above all a Mediterranean lifestyle which strongly appeals to international travelers. The hotel transaction market in Croatia is showing signs of revival after a long period of limited activity. Over the last three years ( ), 14 hotel transactions (single and portfolio) have been recorded with the total value of 425 million euros, as opposed to only 5 transactions with value of 26 million euros in the previous three years ( ). The key hotel buyers in Croatia are mainly existing owners in the hospitality industry, Croatian institutional investors and private equity funds, while foreign investors have only dipped their toe in the market so far. Even Croatian pension funds, which understand the market well, have been extremely cautious in the past decade when it comes to investing in the hospitality industry, having only begun doing so in the last couple of SANJA ČIŽMAR years. However, both domestic and Western-based funds continue seeking investment opportunities in the Croatian hotel market. They mainly target portfolio transactions or value-added greenfield projects, while in brownfield projects they search for high development and market potential. This is not surprising, since investors interest has been shifting from office and retail properties to hotels and hospitality. The reason is competitive hotel properties net yield ranging from 8.5% to 10%, compared to prime retail and office property yields of 8.5%. The key drivers of hotel transaction activity were banks, which induced sales of non-performing assets, individual owners divesting non-core assets or reinvesting capital, and privatization of the remaining Croatian Government hospitality portfolio. After a period of limited investment pace, last year hotel development activity was very strong in Croatia, since 18 major hotel development projects with a total investment value of nearly 200 million euros started operating in Still, investment activity has been mostly oriented to brownfield, with just one to two greenfield hotel projects. This continues the standard investment model of preferring brownfields due to the lower risk involved. report IS THE HOTEL INVESTMENT OUTLOOK IN CROATIA BRIGHT ENOUGH TO ATTRACT INVESTORS? By Sanja Čižmar, Senior Partner, Horwath HTL Croatia The hotel investment outlook in Croatia is positive, conditioned by an improvement of the business and investment climate. In the mid-term, we believe that a wider array of buyers will pursue hotel investments due to higher yield. New entrants, international and global, could be expected since Croatia is already on the radar of international players and investors will continue to search for higher returns in the hotel industry. Regarding financing, availability of debt for hotel investment projects will continue, due to the limited opportunities for development in the market and the high liquidity of the banking sector. Equity investors will continue to search the market for opportunities, however risk sensitive. An inflow of equity from GCC countries is expected, focused on high-end greenfield hotel projects. Hotel values are expected to rise and yields are expected to remain above hotel mortgage interest rates. Unlocking hotel investment potential in Croatia depends on creating the right environment. The main issues are stability, transparency of laws, a judicial system that will boost investors confidence, a competitive fiscal system, as well as public administration efficiency in urban planning and providing support to investors. Availability of competent human resources in Croatia could become the key challenge for the hotel industry in the years to come, while destination branding and management is a prerequisite of better positioning and future development for the hotel industry in Croatia. 18 ISSUE 1/2016

19 News&Views THINKING ABOUT what doing business in 2025 will be like, as well as what will influence it, seems difficult. But looking at some of the relevant international research and publications that describe conditions and expectations of future development as based on available information, leads us to the conclusion that we ourselves are a part of the seismic global change that influences both our personal lives and our businesses. How do we make the best of these changes and turn today s risks into tomorrow s opportunities? Many of us have only a vague perception of the matter, but we should be more engaged if we want to survive and grow within this environment. Some time ago, sustainable development was a term to an extent foreign to business environments, used only by leaders in particularly risky business sectors. Others just stood aside, relying mostly reactively on regulations, standards and incidents. That will soon change. And the business sector will lead those changes. WHAT IF 2025 IS HERE AND NOW? Let s try to imagine that 2025 is here already. Business as usual is no longer an option. Customer awareness and stakeholder expectations are high, with regards to sustainable sourcing and the efficient use of resources. Transparency and stakeholders involvement in the creation of policies and objectives is a normal way of doing business in an environment which is regulated, yet no trust is guaranteed. It is not enough to only manage business inside the company s physical boundaries. Special attention needs to be paid to relations with interested parties who are skeptical yet well-informed, cautious and seek evidence that we deserve their trust and that our product reflects their beliefs and values. Compliance with relevant regulation and standards goes without saying. Businesses are much more aware of their impact on the society at large and on future generations. Some vital resources are extremely expensive, thus thinking about alternative sources is not only driven by governmental policies, but the need to keep business alive. More focus is put on implementation of real actions through our strategies, goals and policies, rather than on only using various techniques to boost our brands and thus deserve the trust. Transparency and the need for open and clear communication leads to big data, and the ones who know how to use it and protect it are more successful than others. A JOURNEY TO 2025 Some global companies have already begun the journey, but for most businesses there is still much to be done. Being aware that our actions and products exert influence not only on our balance sheets, but also the environment and people s lives, is a starting point. Water supply and greenhouse gas emissions (GHG) are areas that deserve our greatest attention. The next 10 years are considered as being crucial for obtaining lasting emission reductions at a reasonable cost and preventing reaching the tipping point of an irreversible development. There are no simple solutions to all these challenges, but report DOING BUSINESS IN 2025 By Jelena Gruja, Det Norske Veritas Adriatica d.o.o. The Global Opportunity report issued by DNV GL, in cooperation with the UN Global Compact and Monday Morning Global Institute, states that we can definitely expect businesses, together with civil society, to form alliances for realizing collaborative actions to change societies from the ground up. On the other hand, it is not expected that politicians will actively advocate for change to the same extent as other stakeholders. That clearly means we should not wait and react, but instead assume responsibility for our own future and play an active role in adaptation to change. being aware of them and taking those first determined steps is a good start. Management system standards, as globally accepted best business practices, have already incorporated risk-based thinking and sustainability elements into their structures. Corporate social responsibility, extra-financial reporting, stakeholders engagement, own supply chain management and product life cycle perspective are platforms which all responsible companies should use as a starting point for building their long term future and strategies, thus turning today s risks into tomorrow s opportunities. 1/2016 ISSUE 19

20 News&Views EXPERIENCE CHANGE YOURSELF You cannot be transformative leader if you lack the personal experience of change and transformation. Similarly you cannot fully understand parenthood if you don t have a child. So this is the first step for the leaders - to be in the transformational shoes. Change is not easy, exit from the comfort zone is something we don t embrace and celebrate, but development of yourself and your surrounding is happening in situations when change hurts. So second lesson is to be prepared that change hurts. Third lesson is that after hard work and pain renaissance comes. So you do a change because of that part. This lesson is about love and passion. And the last one, not the least, is about people you are bounded with during your change. If you transmit the energy of faith in what you do on your team, even in the case of cash flow shortage, team would have a great energy and motivation. Change is about getting the practical lessons you embrace through the process. It is about the faith and inspiration you possess through the process. It is about inner you and creation of the new discoveries that are around you all the time. It is about achieving result by having different actions than before the change. Having this practice, you as a transformative leader radiate values and energy to the broader team, creating spiral of success. 1. To be an authentic leader, experience change yourself. Your story will then have credibility and you will build trust. 2. Be prepared that change hurts. 3. Love what you do. 4. Have faith - your team will feel it and they themselves will then believe. TRANSFORMATIVE LEADERS WHO ARE THEY? By Irena Jolić Šimović, Studio 5 poslovno savjetovanje d.o.o. report We transform your business. We fix negative trends. Result is our recommendation, not this ad! Contact us: office@studio-5.co (0) Miramarska 24, Zagreb FOR CHANGE, THE RIGHT TIMING IS CRUCIAL Leadership is about brain, guts and heart. You are a leader if you are competent; having feeling about the whole context and passion you transmit to the others. It is about balance, as well as in everything else you do. It is about how you and your organization achieve an extra mile. To be a transformative leader you need to add one additional characteristic to all said above, which seams small but is actually huge. Good judgment for the right timing to make a change. Right timing for change is one of the crucial elements for success. Firstly you need to create waves and then make judgment when and which ones to catch. When you catch it you need all the competence, wisdom and passion of your team to be a winning surfing team. Wrong timing for change, even though you possess all great leadership skills, could lead you in a different direction. Transformative leaders Making a change too early has the same effect as making it too late. are ones who conceptualize, create and influence the readiness of the organization to embrace and lead change. It is about the ability to create and sustain the team s motivation. Motivation could move mountains. How to create collective motivation dream of many leaders? It is the million dollar question 20 ISSUE 1/2016

21 News&Views DON MARKUŠIĆ report PASSING GRADE FOR CROATIA IN FIGHTING CORRUPTION By Don Markušić, Former AmCham President President, Asia-Pacific Chamber of Commerce A KEY ELEMENT FOR IMPROVING THE INVESTMENT CLIMATE is the fight against corruption, which includes both prevention and suppression. The Corruption Perceptions Index (CPI) is a Transparency International survey which creates a ranking list of countries according to the assessment of the corruption level in those countries. The CPI shows the level of corruption in the public sector on a scale of 0 to 100 whereby 0 represents the most corrupt countries, while corruption would not exist in a country that would score 100 points. Croatia was placed 50 on the 2015 CPI rank listing of 168 countries with a score of 51. The country has improved by three points and nine places compared to the last CPI (2014), thus achieving Transparency International Croatia s goal of pushing Croatia over the 50 point threshold. Now, this is hardly the English Premier League, as it s hardly appropriate to in this case observe your team or country s place on the ladder as compared to everyone else. The important figure is the score out of 100. In Croatia, when we assess things, we prefer to use a scholastic grading system, so that even Opinion Polls and Surveys rate the government s performance out of 5, for example. Croatia s score of 51 means that it has passed, but not with flying colors. It would certainly not get into the best universities with scores like that. Nevertheless, Croatia has graduated from remedial class and is now in the league of less corrupt countries. At the global level, 67% of countries have a score below 50 points, with the global average being 43 points. The average score for the European Union is 67 points and 18% of its members fall below this average score. To again use a sports analogy, the defending champion holds onto its title - Denmark is still the least corrupt country in the world with a score of 91 points, followed by Finland with 90 points and then Sweden with 89 points, with The Netherlands and Norway each scoring 87 points. The most corrupt countries in the world, with only 8 points each, are North Korea and Somalia. Croatia can no longer be proud of its doing less badly than other countries in the region, because it now must work even harder, as it will be compared with senior anti-corruption countries in the world. LAW ON LOBBYING The inaugural EU Anti-Corruption Report (2014) highlighted the transparency of lobbying as an anti-corruption measure. In the complex world of public policy-making, it is desirable for public administrations to engage in continuous dialogue with outside stakeholders. All interested parties should be able to have their say, but this should be done in a transparent way. Since lobbying activities can raise risks of corruption and regulatory capture, it is desirable to have mechanisms in place to frame such activities. This can be done by enacting specific legislation, i.e. The Law on Lobbying, which would include the mandatory registration of lobbyists. Such mechanisms can help to create both clarity and transparency in the relationship between public authorities and outside stakeholders. As such, they can help to reduce the risk of corruption, which would further improve Croatia s CPI score. THE INTEGRITY PACT Another major area under scrutiny in the EU Anti-Corruption Report is public procurement. According to the Report, EU Public Procurement Directives have achieved their objectives to a considerable degree. They have resulted in greater transparency, higher levels of competition, and measurable savings through lower prices. Nevertheless, further improvement is considered necessary for the simplification of procedures, and in order to strengthen anti-fraud and anti-corruption guarantees. We can galvanize the implementation of anti-corruption measures in the legal framework for public procurement by adopting Integrity Pacts in our public procurement procedures. The Integrity Pact is a tool developed by Transparency International to help governments, businesses and civil society fight corruption in public procurement. It is a binding and enforceable contract between the public authority and the bidders, by which all of the contracting parties undertake to prevent corruption, avoid paying or accepting bribes and follow transparent procedures. As it is a binding and enforceable contract, there are criminal sanctions in case of breach as well as liability for damages to the government and the competing bidders. Bidding in public tenders costs money and if foreign investors have a perception that the tender is rigged then they won t even bother. But if there is an integrity pact in place which increases transparency, then more foreign investors will be willing invest the time and money necessary to participate in a public tender, knowing that they are competing on a level playing field. Increased transparency in public procurement procedures will lead to a decreased perception of corruption and hence a higher CPI score for Croatia next year. Croatia s score of 51 points on the CPI is a landmark achievement, comparable to Croatia receiving its first positive report from the European Commission during its negotiations for EU accession. The NGOs which must constantly re-justify their existence, dependent on financial handouts when Croatia is doing badly, refuse to acknowledge Croatia s achievement and good result in the latest CPI. For the sake of reduced corruption and a better investment climate, let s hope that these NGOs are never happy! 1/2016 ISSUE 21

22 News&Views report 2016 EXPECTED TO BE THE RECORD YEAR ON CROATIAN INVESTMENT MARKET By Vedrana Likan, Managing Partner, Colliers Advisory d.o.o. VEDRANA LIKAN THE CROATIAN REAL ESTATE SECTOR expects several developments and transactions in 2016, underpinned by better economic climate, yield opportunities and improved investor sentiment. As most active markets in the coming year we see retail, office and hotel and hospitality sectors. Boosted by the country s economic recovery and historically low interest rates across the eurozone, the Croatian real estate market experienced several significant investments in retail, office and hotel and hospitality sectors in While the retail and office segments are experiencing upward pressure on rental prices, the industrial market, despite being the least developed sector, saw increased activity. RECOVERY OF LOCAL ECONOMY Croatia s GDP grew 1.9% in Q4 2015; the fifth consecutive positive quarter. Such growth confirms the economy s renewed strength following six years of recession. The expansion in Q3 (2.8%) and Q4 (1.9%) likely reflected improvements in both domestic demand and the contribution from the external sector. According to Croatian Bureau of Statistics the first estimate shows that the gross domestic product increased in real terms by 1.6% in 2015, compared to Recently higher EU funding and improving bank loan availability led to some investment recovery. Another record tourist season gave the important leverage to both foreign and (indirectly) local demand World Bank s Doing Business Report has brought improvements where Croatia has leaped from 89th place in 2013 to 65th place in 2014 in ease of doing business. Significant improvements were achieved in reducing the time for registering the property and dealing with construction permits which are very important factors of investment climate. OFFICE MARKET Zagreb s office vacancy rate currently stands at 14%. A class buildings have significantly lower vacancy levels in comparison to B class buildings. New office completions in 2015 totalled 18,500 m 2 of space (VMD Kvart Strojarska building B). A significant market activity has been recorded at the beginning of 2015 due to expiry of many leases i.e. lease relocation and renewals, in the public sector, financial and telecommunication sector. We expect that the demand will continue to predominantly come from IT companies and BPO s. Total Gross Take-up in Zagreb in 2015 amounted to 42,000 m 2. An additional 26,300 m 2 of office space will be added to Zagreb s office market in As a consequence of the upcoming increase in supply, we see growth of take up activity with either stagnation or minor changes in vacancy levels. RETAIL MARKET 2015 and Q saw major retail openings in Split and Dubrovnik. SUB City, the first contemporary shopping centre in Dubrovnik area, opened in September 2015 with approx. 12,000 m 2 NLA. After a number of delays, Mall of Split has finally opened its doors in March As one of the largest malls in Croatia, Mall of Split added 61,700 m 2 of NLA and more than 200 retail units to the market. Taking into account positive trends in consumer spending, tourism and economy in general, we expect an upward pressure on rents. Zagreb shopping centre market is saturated and several subprime malls are in need of repositioning on the market. Development opportunities can still be found, especially in secondary and tertiary cities where retail parks could be the most appropriate solution considering the smaller catchment area. INDUSTRIAL/LOGISTIC MARKET The industrial and logistics sector remains the least developed real estate sector in Croatia, and is characterised by lack of modern Class A warehouse supply. Zagreb area has a total industrial and logistics stock of approx. 900,000 m 2, a small fraction of which of can be classified as modern by European standards. Zagreb area and its satellite cities serve as the main focal point for business and location where majority of the logistic stock is situated. Generally, the reason for low market activity in the last years mostly lies in very limited options of available modern logistic properties on the market. The lack of adequate supply has led the end-users to consider BTS (Built-to-Suit) projects or outsource their operations to logistics service providers. The largest portion of demand for modern warehouse space comes from logistics services companies, food and beverage retailers, electronics retailer and other consumer goods retailers. The most demanded surfaces are those of 2,000 m 2 and 5,000 m 2, but there is also a significant interest for 10,000 m 2 premises. Vacancy rates in Zagreb s modern industrial warehouse market are estimated at very low levels due to the lack of larger available surfaces. Current market vacancy level stands at approx. 5.5%. An increase of demand for logistics space is continuing and many tenants are looking for better quality options and consider BTS (Built-to- Suit) projects as most convenient solution. We expect that trend to continue in 2016 which will drive pre-development and development of new logistic centres. A further drop of the vacancy rate can be expected which might trigger new developments. HTL MARKET Croatian tourism has experienced another record year in terms of tourist arrivals (+9% yoy) and overnight stays (+7% yoy). The sum- 22 ISSUE 1/2016

23 New Members mer of 2015 saw the opening of 25 new hotels on the Adriatic coast, predominantly brownfield investments. The largest new hotel development in 2015 was an 80m brownfield investment in the Dubrovnik Riviera Hotels project. The investor, HUP-ZAGREB, delivered a new 5-star Sheraton Dubrovnik Riviera Hotel and upgraded Hotel Astarea to the 4-star category. Do uş Group has continued investing in the Croatian coast with the latest 25m greenfield investment in D-Resort Šibenik, a 4+ star hotel, with 69 luxurious rooms and suites, and three exclusive villas. The biggest players on the hotel market are Plava Laguna (with its brands Istraturist, Adriatic Luxury hotels and Plava Laguna), Valamar Riviera (owned by Austrian investment firm EPIC) and Maistra (part of Adris Group). The hotel and hospitality sector is currently the most attractive sector for developers and investors due to the continually high growth of tourist arrivals and overnight stays, available funding and attractive brownfield investment opportunities available through the privatisation of state owned enterprises/ RE portfolios. Looking ahead, investment activity in the hotel sector is expected to continue, especially in brownfield investments. New entrants on the market can be expected, notably international hotel brands currently not present on the Croatian hotel market. RESORTS AND LUXURY RESIDENCES The largest supply of luxury villas in Croatia can be found in Istria (Pula, Umag, Rovinj, Medulin. etc.), Opatija, Split and Dubrovnik area and Island Hvar, Brač, Pag, Krk. The most prominent resorts in Croatia are Skiper Resort in Istria, Punta Skala - Falkensteiner near Zadar and Radisson Blu - Dubrovnik Sun Gardens, offering residences on sale with rental and property management programs. Buyers structure is diverse. At a national level, Slovenians account for the largest portion of international buyers. Buyers in the south include Swedes, Slovakians and the Brits. The latter are particularly attracted to Dubrovnik. Historic apartments inside the city walls still offer rental yields exceeding 6%. We expect demand increase from wealthy European buyers who are interested to invest in upgrading of their lifestyle by purchasing their coastal holiday home. Interest in investment product will lead to demand for wellpriced, cleverly designed, smaller properties which produce yield. CRE - TRANSACTION VOLUMES IN % Hotel Retail Office 2% 69% Source: Colliers International INVESTMENT OVERVIEW The Croatian commercial real estate market saw an extension of the upward trend with the hotel and hospitality market as the most attractive sector for investors, proved by several large transactions in 2014 and The Croatian real estate sector expects several developments and transactions in 2016, underpinned by a better economic climate, yield opportunities and improved investor sentiment. After several years of low liquidity 2016 will see strong investment transactions, especially in retail and office sectors. The prices have declined which led to better yield opportunities. With the forthcoming supply, mainly driven by bank disposals, we anticipate several transactions closing in 2016, making it the record year in investment sale volumes. PATRON UBER CROATIA D.O.O. RADNIČKA CESTA 47 HR ZAGREB PHONE: CONTACT PERSON: DAVOR TREMAC, GENERAL MANAGER, DAVOR@UBER.COM Uber - a transparent, efficient and convenient form of transportation is available in Zagreb as well. Uber is a technology platform that is based on a simple premise - with a tap of a button on your smartphone, you can order a ride and be on your way to the selected destination in a few minutes. Currently, Uber is present in almost 400 cities and over 65 countries worldwide. In Zagreb, Uber launched its uberx service, which allows access to the platform only to driver partners registered for transport and rent a car services. Using Uber provides numerous benefits to riders, primari ly a favorable price and a transparent service. Before starting, riders can see the name of the driver, his/her picture, type and license plates of the car, and can track the position of the car in real time on a map within the application. Payments are made automatically after finishing the ride by charging rider s credit or debit card. At the end of the trip, both riders and drivers rate each other ensuring quality of service. CORPORATE BISNODE D.O.O. FALLEROVO ŠETALIŠTE 22 HR ZAGREB PHONE: , FAX: CONTACT PERSON: IVAN BENJAMIN CEROVAC, DIRECTOR BENJAMIN.CEROVAC@BISNODE.HR Bisnode Croatia is a leader in providing business information in Croatia. It is a part of the international group Bisnode AB, Europe s largest provider of business and solvency information, with its head office located in Stockholm. Bisnode is the largest Dun & Bradstreet strategic partner in Europe. Bisnode AB has been present on the European information market since 1989, gathering more than 2,500 experts from 17 European countries. On the Croatian market, Bisnode is present through its brands Poslovna.hr, Boniteti.hr and Winko.com. Our portfolio consists of nearly 300 million records related to business entities. We have more than one million links between legal entities and natural persons, with 250,000 daily checks and more than 9,000 daily updates. There is only one goal to offer complete, verified and high quality information to our clients, which will assist in daily operations and strategic decision-making. 1/2016 ISSUE 23

24 New Members CORPORATE DELL EMERGING MARKETS REPRESENTATIVE OFFICE IN CROATIA HEKTOROVIĆEVA 2/V HR ZAGREB PHONE: CONTACT PERSON: TOMISLAV JURAGA, COUNTRY MANAGER TOMISLAV_JURAGA@DELL.COM Since the first Dell PC was introduced in 1986, Dell has continued to shape the industry by breaking new ground and pioneering critical developments in home, small business and enterprise computing. For almost 30 years, Dell has empowered countries, communities, customers and people around the world to use technology to realize their dreams. Today, customers trust Dell to deliver technology solutions that will help them to do and achieve more, whether they re at home, work, school or anywhere in their world. Thanks to a wide variety of strategic partners, top engineers, product designers, technical experts and key industry software, hardware and component suppliers, Dell has established a uniquely broad perspective on the computing landscape with a mission to deliver innovative and cost-effective solutions that meet today s real-life customer challenges and work seamlessly with other products. Considering itself more a partner than a competitor, Dell uses industry groups and strategic partners to enable industry standards and technologies. In this way, Dell spurs innovation and delivers value to customers. FORTINET B.V. HARDWAREWEG 4 NL-3821BM AMERSFOORT NETHERLANDS CONTACT PERSON: TOMISLAV TUCIBAT, MAJOR ACCOUNTS, MANAGER ADRIATICS, TTUCIBAT@FORTINET.COM MOBILE: Fortinet is a global provider of high-performance network security and specialized security solutions that provide our customers with the power to protect and control their IT infrastructure. Our purpose-built, integrated security technologies, combined with our FortiGuard security intelligence services, provide the high performance and complete content protection our customers need to stay abreast of a constantly evolving threat landscape. More than 225,000 customers around the world - including the majority of the Global 1,000 enterprises, service providers and governments - are utilizing Fortinet s broad and deep portfolio to improve their security posture, simplify their infrastructure, and reduce their overall cost of ownership. From endpoints and mobile devices, to the perimeter and the core - including databases, messaging and Web applications - Fortinet helps protect the constantly evolving networks in every industry and region around the world. CORPORATE HP COMPUTING AND PRINTING D.O.O. RADNIČKA CESTA 41 HR ZAGREB PHONE: CONTACT PERSON: JOSIPA OKORARE, COUNTRY CONTROLLER JOSIPA.KLEPIC@HP.COM HP Inc. provides products, technologies, software, solutions, and services to individual consumers and small and mediumsized businesses (SMBs), as well as to the government, health and education sectors worldwide. It operates through Personal Systems and Printing segments. The Personal Systems segment offers commercial personal computers (PCs), consumer PCs, workstations, thin client PCs, tablets, retail point-of-sale systems, calculators and other related accessories, software, support, and services for the commercial and consumer markets. The Printing segment provides consumer and commercial printer hardware, supplies, media, scanning devices, and software and services, as well as laserjet and enterprise, inkjet and printing, graphics, and software and web services. The company was formerly known as the Hewlett-Packard Company, changing its name to HP Inc. in October HP Inc. was founded in 1939 and is headquartered in Palo Alto, California. RECRO-NET D.O.O. AVENIJA V. HOLJEVCA 40 HR ZAGREB PHONE: FAX: INFO@RECRO-NET.HR, CONTACT PERSON: TOMISLAV HRISOHO PRESIDENT OF THE BOARD THRISOHO@RECRO-NET.HR RECRO-NET is a leading ICT company in the area of networking, security, application and system integration solutions with offices in Croatia, Bosnia and Herzegovina, and UAE. With Gecko Solutions, Recro-Net s partner software company situated in Serbia and the USA, the company comprises a team of experts that offers services in design and development, consulting, implementation, monitoring, maintenance and sophisticated IT system improvements, with an emphasis on quality customer relations as a foundation for mutual development. RECRO-NET also offers global IT sourcing projects for UAE customers. RECRO-NET s portfolio is based on its strategic partnership with global IT vendors, such as Arbor, Cisco Systems, Dynatrace, EMC, Fujitsu, IBM, Lenovo, Microsoft, OpenTrust, Palo Alto, Radware, Symantec and others. 24 ISSUE 1/2016

25 New Members CORPORATE POSLOVNA INTELIGENCIJA D.O.O. STUBIČKA 50 B HR ZAGREB PHONE: FAX: POSLOVNA@INTELIGENCIJA.COM CONTACT PERSON: ANITA CVETIĆ OREŠČANIN, BOARD MEMBER ANITA.CVETIC.ORESCANIN@INTELIGENCIJA.COM Poslovna inteligencija Ltd is a leading vendor for the implementation of analytical systems and strategic ICT consulting in Southeast Europe. We provide services for the implementation of data warehouses, business intelligence, data integration, data mining, planning and budgeting, financial consolidation, performance management, risk management and master data management systems. Our areas of expertise are: Extensive knowledge of the methodologies and concepts needed for successful implementation of analytical solutions In-depth understanding of business processes in medium and large enterprises within different industries Partner relationship and experience in implementation of leading technologies, including Informatica, IBM, Oracle, EMC, SAP, Tableau, Panorama, Theobald and Microsoft, proven by vendor certificates. Based in Zagreb (Croatia), we operate from our offices in London, Ljubljana, Belgrade, Podgorica and Sarajevo, with more than 80 consultants skilled in the implementation of these systems. SMALL BUSINESS EUROPLAKAT LTD ZAGORSKA 2 HR ZAGREB PHONE: FAX: CONTACT PERSON: VEDRANA VUČINIĆ, ASSISTANT V.VUCINIC@EUROPLAKAT.HR Europlakat is Croatia s market leader in outdoor advertising. We succeed in maintaining our leading position by providing advanced solutions to our business partners in both the private and public sectors. Europlakat has more than 5,000 surfaces distributed nationally: 58% billboards, 40% citylights and 2% various large formats. It offers printing services for billboards, citylights, all types of awnings and vinyl stickers, all the while ensuring printing quality by choosing the right partners. Europlakat is a socially responsible company which supports humanitarian activities and the promotion of Croatian heritage, culture, sports and education. The company draws its strength from strategically being a part of the JCDecaux Group, the world leader in outdoor advertising, through Austrian owner Ankünder GmbH from Graz (49%) and Gewista from Vienna (51%). Given these exceptional international connections, we are able to offer many solutions for your advertising needs throughout Europe and the world. HORWATH HTL CROATIA - HORWATH I HORWATH CONSULTING ZAGREB D.O.O. ULICA GRADA VUKOVARA 269A/14 HR ZAGREB PHONE: FAX: OFFICEZAGREB@HORWATHHTL.COM CONTACT PERSON: SINIŠA TOPALOVIĆ, MANAGING DIRECTOR STOPALOVIC@HORWATHHTL.COM Horwath HTL is globally recognized as the pre-eminent consulting specialist in the hotel, tourism and leisure industries. With 100 years of experience and more than 10,000 finished projects across the globe, we are the world s largest hospitality consulting brand, with 45 offices providing expert local knowledge. Since 1915, we have been providing impartial and specialist advice to our clients and are recognized as the founders of the Uniform System of Accounts, which has subsequently become the industry standard for hospitality accounting. Horwath HTL s main fields of expertise include: Tourism and leisure Planning and development Asset management Valuations Transactional advice Health and wellness Corporate strategy, marketing and sales EU funds in tourism We work together with government bodies, international donor organizations, development agencies, banks, and hotel companies as well as a range of reputable private sector clients and investors. MEBU D.O.O. SMALL BUSINESS NETRETIĆ 31, HR NETRETIĆ PHONE: FAX: CONTACT PERSON MILAN BUKVIĆ, SALES DIRECTOR, MILAN.BUKVIC@MEBU.HR The basic activity of MEBU d.o.o is the production of fatty acid methyl-esters from plant oils, also known as biodiesel. It is a re- 1/2016 ISSUE 25

26 New Members newable source of energy, for which the demand in both Europe and the world is increasing. The main reason is its significant effect on ecology, but because of the unstable prices of mineral diesel, it also has positive economic effects for various businesses. Over the years, the MEBU company has become known on the market as a reliable manufacturer of this type of fuel, and has established many constructive collaborations with its partners. With further investment in production capacity and equipment, their aim is to foster conditions that will allow for more oil to be converted and thus support the agricultural production of rapeseed and oil plants in Croatia and other regions. MEBU actively promotes biodiesel as an ecologically acceptable energy source. STUDIO 5 POSLOVNO SAVJETOVANJE D.O.O. MIRAMARSKA 24 HR ZAGREB PHONE: FAX: OFFICE@STUDIO-5.CO CONTACT PERSON MARIJA VUKOVIĆ, OFFICE MANAGER MARIJA.VUKOVIC@STUDIO-5.CO SMALL BUSINESS Who they are A team of highly motivated and skilled professionals Studio 5 Consulting is a company focused on boutique business support services in Croatia and the region. With their senior executive backgrounds, they achieve excellence in their results. They perform with the highest standards of professional and personal integrity and business ethics, determined to help lift your business to the next level. Studio 5 helps you to fix negative trends, supports your leaders in transformational challenges, embraces growth, and works with you to create, build and run an efficient and motivated organization. Strategy and approach The traditional consulting approach is no longer valid Together with the client, who may come from any industry, Studio 5 s team implements optimal business practices in different business areas. The challenges arising in today s various and numerous industries are enormous. The team offers a completely different approach based on practical solutions and results in the following areas: Company Transformation, Organization and People, Human Resources, Strategy, Cost and Financial Management, Support to Foreign Investors. ODVJETNIČKO DRUŠTVO MATIĆ, ŠOOŠ MACELJSKI, MANDIĆ, STANIĆ & PARTNERI D.O.O. PRILAZ GJURE DEŽELIĆA 74/II HR ZAGREB PHONE: FAX: INFO@MSPARTNERS.HR CONTACT PERSON: ANDREJ ŠOOŠ MACELJSKI, DIRECTOR ASMACELJSKI@MSPARTNERS.HR Matić, Šooš Maceljski, Mandić, Stanić & Partners Ltd (M&S Partners) is a law firm situated in Zagreb, Croatia s official capital and business center. The beginnings of M&S Partners go back to 1987, and today the firm operates as a limited liability company originally incorporated by the merger of two law firms - Šooš Maceljski & Partners and Matić, Mandić and Stanić, both with long-standing traditions. The merger resulted in the creation of a next generation multi-disciplinary law firm, able to address its clients every need. As a multi-practice firm, M&S Partners is able to provide legal advice to clients in diverse sectors. The firm s main priority is its clients, whom they aim to serve at the highest standards of legal service. Practice areas: corporate law, banking and finance, bankruptcy law, debt collection, energy, damage compensation criminal law, contracts, real estate, litigation, employment law, administrative law, intellectual property, public procurement. HRVATSKO DRUŠTVO ZA KVALITETU (CROATIAN SOCIETY FOR QUALITY) SMALL BUSINESS NON PROFIT BERISLAVIĆEVA 6, HR ZAGREB PHONE: INFO@HDKVALITETA.HR CONTACT PERSON: JADRANKA PAVLINIĆ TOMLINSON, ADMINISTRATIVE SECRETARY REG@HDKVALITETA.HR The Croatian Society for Quality (HDK) is a voluntary, non-profit association of organizations and individuals - professionals who want to improve the quality of their services, products and business by exchanging experiences and knowledge, and applying available information on quality in Croatia, Europe and the World. Membership is made up of small, medium and large businesses, institutions, associations, organizations and individuals from various branches of the economy, education and service sectors as well as state administration. Since 1993, HDK has been a full member of the European Organization for Quality and a national representative for Croatia. HDK is the founder and organizer of the following international events: the Croatian Conference on Quality (since 1998) and the Scientific Assembly of the Croatian Society for Quality (since 2010). In 2003, HDK organized the first Croatian Quality Day, an event that celebrates European Quality Week and World Quality Day. 26 ISSUE 1/2016

27 Members News ADECCO LAUNCHES 2016 CEO FOR ONE MONTH INITIATIVE Yet again, Adecco Group is inviting young people around the world to apply for an opportunity to become CEO for One Month in 50 countries. The successful applicants will gain the CEO experience in their countries alongside local Adecco senior management teams. One final candidate will also work under the direct supervision of the Group CEO Alain Dehaze. As part of the Adecco Way to WorkTM programme, the Group is offering 50 young people the chance to learn directly from the highestlevel leaders of a Fortune 500 company. The selected candidates will gain a unique professional opportunity to boost career prospects and gain the personal experience of a lifetime. Under the mentorship of Adecco Group CEO Alain Dehaze, the CEO for One Month will also get the opportunity to learn about running a company of 32,000 employees and 5,100 branches. Stationed at Group headquarters in Zurich, Switzerland, he or she will be rewarded with a salary, intended as an investment for future professional development, and will gain a springboard to a vast range of future careers. With youth unemployment proving a massive challenge for many countries, the scheme offers a beacon of hope that dreams can sometimes come true. To find out more about CEO for One Month visit the website download the app and apply. HIGH-LEVEL DELEGATION OF THE UNITED STATES OF AMERICA VISIT PODRAVKA Delegates of the United States embassy visited Podravka in Koprivnica. The delegation was comprised of H.E. Julieta Valls Noyes, Ambassador, and Mr. Damjan Benčić, Commercial Section Chief. Their hosts, Zvonimir Mršić, President of Podravka s Management Board, and Olivija Jakupec, Management Board member, welcomed them to the company and presented the Podravka Group s recent business endeavors, also familiarizing them with significant projects, the company s product range, production capacities, and development plans for the upcoming period. Following the meeting, held at the company s headquarters, they vi sited the factory of Vegeta and Podravka meals, allowing the USA delegation to see the production process of Podravka s most renowned brand Vegeta, which is being exported to more than 40 countries around the world, including the USA. MRS. OLIVIJA JAKUPEC, H.E. JULIETA VALLS NOYES AND MR. ZVONIMIR MRŠIĆ DHL EXPRESS EUROPE - TOP EMPLOYER FOR EUROPE! For the second year in a row, DHL Express in Europe have been recognized as a Top Employer for Europe by the Top Employers Institute. Srebrenka Saks, Country Manager, said that the Institute aims to recognize leading employers around the world - those that provide excellent employee conditions, nurture and develop talent at all levels of the organization, and strive to continuously optimize employment practices. Motivated individuals are the foundation of our strategy; they are what drives our service quality, ensures our customers stay loyal to us and, of course, makes sure we reach our numbers and remain a profitable network. It is not just about receiving the award, but also maintaining the reasons behind it and consistently driving excellence. FORUM ZAGREB CONGRESS CENTER HAS A NEW HALL FORUM Zagreb Congress Center is welcoming spring with many new features and a refreshed business offer. One of the novelties is the new RECI Hall, which expands FORUM Zagreb s offer to 8 conference halls. With its 90 square meters and capacity of 27 people in U-setup and 72 people in auditorium-setup, Reci Hall is optimal for all types of business events, from seminars and workshops to conferences and meetings. Since Reci Hall is separated by a track wall from its neighboring halls, its size is flexible and can be combined in three different ways. When connected with Zemlji Hall, it transforms into a conference hall for 210 people, and by opening the track wall that separates the Reci and Slovo Halls, these two become a conference hall which can accommodate up to 232 persons. By merging all three halls, the biggest and most spacious conference hall is formed, one with a capacity of up to 350 people. Large glass walls provide a source of daylight and a beautiful view from all our spaces. Thanks to an adjustable shading system, it is possible to regulate the amount of light that suits your event best - whether completely or partially darkened or bathed with daylight. Food and beverages are elements indispensable for the success of a business event, which is why FORUM Zagreb has expanded its offer with new dishes and flavors. From a simple Coffee Break and Breakfast (Croatian, American or Healthy-Diet), to tasty Quick Menus (Mexican, Italian, Chinese or German), a complete Daily Menu (soup, main dishes, salad and dessert) and delicious Cold-Hot Buffets and Cocktails, you can surely find something which appeals to everyone s palate. To make breaks even more comfortable and afford participants additional relaxation, FORUM Zagreb has introduced a special oasis within the dining room the Lounge Corner. Check out the new and expanded offer, contact the Reservation Department with confidence and let them help you organize your next event! 1/2016 ISSUE 27

28 Members News ĐURO HORVAT AWARDED CROATIA S 2015 EY ENTREPRENEUR OF THE YEAR AWARD Đuro Horvat, founder and owner of Tehnix d.o.o., was named Croatia s EY Entrepreneur of the Year 2015 at an award ceremony held in Lauba in Zagreb on the evening of 17 March. Đuro Horvat was selected among 30 candidates from all over the country. Founded 25 years ago, Tehnix has grown to become a leading eco-industry in Croatia and this part of Europe. The company produces environmental protection machinery and equipment, and by developing new technologies aims to perform EU tasks and achieve sustainable development goals much faster, as well as halt climate change. With over 325 employees, 50 patents and innovations, and more than 350 products sold locally and all over the world, Tehnix is one of the most successful companies in Croatia. In addition to the main prize, the independent jury comprised of Nenad Bakić and Saša Cvetojević, investors and entrepreneurs, Vedrana Jelušić-Kašić, EBRD Director in Croatia, Lajoš Žager, Dean of the Faculty of Economics and Business in Zagreb, last year s winners Alan Sumina and Zoran Vučinić of Nanobit, and led by Emil Tedeschi, President and CEO of Atlantic Grupa, presented two other awards. Kristijan Milaković of Nicro d.o.o. won the award for Technological Innovation and Habiba Legac of Feroimpex automobilska tehnika d.o.o. was awarded for International Achievement. The winners were selected among eight finalists which included Tomislav Mamić - Tommy d.o.o., Mohamed Radwan Joukhadar - Medical Intertrade d.o.o., Davor Zidarić - Centrometal d.o.o., Sjepan Hittner - Hittner d.o.o. and Boris Žgomba - Uniline d.o.o. Đuro Horvat will join the other national winners in June in Monte Carlo, where he will compete for the world s most prestigious award for entrepreneurs - EY World Entrepreneur of the Year. The program has been supported by Raiffeisenbank Austria as general sponsor and Agrokor, Microsoft Croatia and Nexus Private Equity Partners as sponsors. The American Chamber of Commerce, the Croatian Agency for SMEs, Innovations and Investments and the Croatian Employers Association are all partners of the program. AISZ CELEBRATES 50 YEARS IN ZAGREB What happened in 1966? The first Star Trek episode was broadcast, England defeated West Germany for the World Cup and The American School of Zagreb was founded. From only 10 students on the first floor of a family house to more than 250 children from 20 embassies and 33 countries as well as the Croatian community in Zagreb, the school continues to motivate, inspire and challenge students. With their excellent results in the International Baccalaureate Diploma Program, as well as an American high school diploma, our graduates have the credentials necessary to continue their education at Croatia s and the world s top universities. As we celebrate our 50th anniversary, we will welcome our new director Paul Buckley, who comes to AISZ in July. An outstanding and experienced administrator, Mr. Buckley has held leadership positions in international schools in Beijing, Colombo and, most recently, at the Jakarta Intercultural School. In 2012, Mr. Buckley was named the US State Department s Office of Overseas Schools Representative for the NAESP (National Association of Elementary School Principals) National Distinguished Principal Award. With some classes near capacity, applications for the school year as well as the Croatian Young Leaders Scholarship Program are now open. For information on the American International School of Zagreb and the Scholarship Program, please explore our website at ZMP IP D.O.O. RANKED GOLD IN THE SIXTH EDITION OF WTR 1000 ZMP IP d.o.o. was pleased to welcome the sixth edition of WTR 1000 The World s Leading Trademark Professionals, a research directory focused on the trademark industry s leading lights in 71 jurisdictions around the world in 2016, presented by World Trademark Review an independent daily news and information service dedicated exclusively to strategic and legal trademark issues. ZMP IP d.o.o., repeating its success from 2015, was placed in the gold band, the highest rank and a position which reflects its reputation among its competitors and peers in the trademark field. The gold band is reserved for those most praised by sources identified as the most competitive in the IP sphere. Furthermore, the Firm s Managing Director, Mrs. Ivana Sarlija, was the featured individual, among eight other prestigious trademark practitioners in Croatia. ZMP IP d.o.o. is a part of Zivko Mijatovic & Partners network, a full-service IP law firm, consisting of 15 offices in 14 European countries, also ranked in Albania, Bulgaria, Czech Republic, Romania, Serbia, Slovakia and Slovenia. It is a great recognition of our work to attract such considerable feedback from distinguished peers, all acclaimed for their top-quality and high-profile work. It means our constant presence in Central and Eastern Europe, high professional standards and dedication are valued, which serves as motivation for the coming years to continue providing our tailor-made, immediate and simultaneous service across the region, said Ivana Sarlija, Managing Director of ZMP IP d.o.o ISSUE 1/2016

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30 Members News KATARINA LINE S YEAR OF SUCCESS Croatian tour operator Katarina Line is one of the largest DMCs in Croatia and a premier small ship cruise company with weekly guaranteed departures from the end of April to mid-october. Katarina Line s cruise itineraries give travelers the chance to explore a stunning natural environment and picturesque, quaint Mediterranean towns while hopping from one island to another. This unique way of travelling and exploring coastal towns is one of the most popular and easy ways to experience the true Croatia. The year 2015 was a year of awards for Katarina Line and its director Mrs. Katica Hauptfeld as she received the Lifetime Achievement from the city of Opatija and the Entrepreneur of the Year Award by Women in Adria. During WTM in London, Katarina Line also received the Agent of the Year Award (short haul), from the All Leisure Group of British tour operators and the Top Performer Award by SAGA Holidays. By the end of the year there were also acknowledgements received from the County Tourist Board as well as the Tourist Flower Award in the category of tourist agencies in Croatia. These awards came as a result of the Katarina Line s growing success as a business whose team of young professionals designs quality tours to suit guests from all around the world. Katarina Line counted 89,218 guests visiting Croatia through their arrangements in 2015, and 2016 is showing to be a record breaker as well, considering the excellent booking situation at the moment. A continuous striving to create new and quality arrangements is what places this company at the very top of Croatia s tourism scene. New products and tours are implemented each year. One of its newest tours, Lakes and Mediterranean Harmony, begins in Venice and concludes in Split, connecting 4 countries in one excellent escorted coach tour program. It includes unique culinary experiences, making it a novelty on the market. Ideally, it can even be combined with a 7-night cruise from Split. GROW WITH CIKLOPEA: REBRANDING CAMPAIGN COMPLETE Ciklopea s rebranding campaign was launched in late 2015 and was conceived as a fully-fledged and multilevel restructuring of the company, its internal organization and processes, with the visual changes reflecting the internal ones. The rebranding campaign comprised of much more than a simple design update. In fact, it was the beginning of a whole new era in the company s development. The process was used to determine where Ciklopea stood after more than a decade of growth, to treasure the best of what was learned thus far, to improve the segments that needed improving and to crystalize the vision of the future. With the vision and mission redefined and confirmed and with the new motto: Individual approach. Customized solutions. Under its simple, clear and transparent logo, Ciklopea is looking at the future with an optimistic eye. METROTEKA NEWS We have become a company with an employee count in the double digits. Obviously, we are growing. Our ISO/IEC accredited calibration lab has been expanding its calibration possibilities, especially in the field of low temperatures, one very important in pharmaceuticals and healthcare. Now we are able to perform precise calibrations of contact thermometers as low as -95 o C, fridges as low as -150 o C, and noncontact infrared thermometers as low as -30 o C. Additionally, we have developed a method for the calibration of conductivity meters - which was not available in Croatia until now -complementary to our calibrations of ph meters. Furthermore, after becoming a European partner of Juran Global, an international organization founded by Dr Joseph M. Juran, the author of basic principles of modern management based on quality, we also provide in-house consulting and seminars in the fields of quality and metrology. Of all the Juran quality tools, the COPQ (Cost of Poor Quality) methodology has proven to be especially useful at this moment in Croatia and the region, applied by everything from small start-up companies, service providers and laboratories to financial service, healthcare and production largescale corporations. Juran was among the first to write about the COPQ (Cost of Poor Quality) and the first who, in the 1950s, after the Second World War, predicted that the quality of Japanese goods would surpass American goods in the 1970s. We are also developing an extraordinary online SAAS platform for the management of measuring equipment, which is entering the testing phase on its way to market. For more information on our mission to transform quality into coolity, visit CYBERSECURITY THE MUST-KNOW OF THE FUTURE The demand for cybersecurity experts has increased by 80 percent during the last six years. Companies and public sector organizations will need 6 million security professionals by 2019, but only 4.5 million will have the necessary qualifications. Today s managers must know 30 ISSUE 1/2016

31 Members News how to minimize the vulnerability of their sensitive data, whether they work at a nuclear facility or run an online business from their garage. In fall of 2016, Webster Vienna Private University will be offering a compact 9-month certificate program. The program has already been a success in the US, where it was launched last year. It is the first time in Central Europe that a program like this is being offered in the context of a business and management education. You will learn about cybersecurity technologies from a management perspective and explore how people, processes and technology are best aligned to protect your business interests. The program focuses on the knowledge and tools necessary to address the increasing demand on corporate and government organizations to improve the security of their cyber content. Detailed Information: ac.at/certificate-cybersecurity-threat-detection Further certificate programs at Webster Vienna Private University: Certificate in Change Leadership: Certificate in Entrepreneurship: Certificate programs are short, focused programs designed to give students advanced skills in a particular subject or area of specialization. Certificates can be a great way to grow your professional contacts and network. Many professionals on an upward track enroll in certificate programs, as they can be a great way to open doors, especially if you re looking to change careers. specialist for real estate law, commercial law and debt collection; and Mrs. Maja Mamut, attorney, specialist for trade law, commercial law and collection of debts. Finally, we are glad to announce that we have hired two new trainees, both excellent lawyers with the highest scores from their respective law schools, Zagreb and Split s Faculties of Law, Ms. Karla Gea Kačer, LLM, and Mr. Martin Čaržavec, LLM. With excellent knowledge of English, German and Italian, their interests are in finance and tax law and civil law. SVPETRVS HOTELS ON THE ISLAND OF BRAČ: VACATION NEVER LOOKED SO GOOD This year s vacation at Waterman Svpetrvs Resorts in Supetar will be even more fun and relaxed thanks to the numerous novelties in their offer. In addition to the rich cuisine of Waterman Svpetrvs Resorts, the new spacious restaurant Palma, which offers show cooking and a unique view of the sea, will satisfy even the pickiest of eaters. The animation program has been moved to a new inspiring event tent - The Dome, a spherical tent with a modern geodesic shape. Due to its uniqueness, it has been awarded the Architizer A+ Award, known as the Oscar of architecture. LAW FIRM ŽUPIĆ & PARTNERS OPEN A NEW BRANCH OFFICE IN SPLIT AND WELCOME NEW COLLEAGUES We are glad to announce that we have opened a new branch office in Split - The Law Firm ŽUPIĆ & PARTNERS - SPLIT, Trg Hrvatske bratske zajednice 8 (The Business building of Croatia Osiguranje), Tel , Fax: , in order to expand our business in Dalmatia, and provide an additional level of quality service to our clients. In accordance with the needs of our clients, we provide legal services for the entire territory of Croatia, and now for the entire region of Dalmatia, with an already existing branch office of the Law Firm Župić & Partners in Zadar, Zrinsko-Frankopanska 8, Tel , Fax: We are pleased to announce that four new attorneys-at-law have joined our legal team: Mr. Alen Čičak, attorney, specializing in commercial law, joint ventures, investment projects; Mr. Mihovil Grubišić, attorney, specializing in civil and commercial law, and also serving as head of the branch office in Split; Mrs. Ana Rogić, attorney, For our youngest guests, Waterman Svpetrvs Resorts has prepared two surprises the extended Mini Land in which kids can enjoy movies in the mini movie theatre or star in a mini show to showcase their talents. In addition to the extended Mini Club, Waterman Svpetrvs Resorts are proud to present their indoor kids water park with slides and aqua toys, which will also feature games like treasure hunts, kids aqua aerobics and swimming lessons. Guests staying at Waterman Svpetrvs and seeking relaxation, can enjoy the new Agava pool with its sun terrace and new all-inclusive bar. For true nature lovers, there is Waterman Beach Village with its fully equipped bungalows, and for those more adventurous, there are new plots for tents, campers and caravans. Anyone wanting to spend some quality time in intimate and luxurious surroundings can choose Hotel Osam. Besides its luxury rooms, the hotel proudly presents its newest asset chef Ivica Katić. With his refined culinary knowledge and skilled hands, we invite you to try one of his specialties, created especially for hotel Osam. 1/2016 ISSUE 31

32 Members News INFINUM DEBUTS ON 2016 INC EUROPE On February 24, US-based Inc. magazine has published its annual list of fastest growing private companies in Europe. With a 596% growth over the last three years, Infinum earned the 210th spot on Inc s list. Infinum is a design and development agency, specialized in mobile and web development. Their client list includes Royal Caribbean International, Universal Music Group, T-Mobile and several amusement parks across the US. Over the same 3year period, the company s workforce, consisting mostly of software developers and designers, experienced a fourfold growth. Last year, the increase in hires prompted a move to a new office, located on the 7th floor of the recently built VMD business tower in Zagreb. This year the company is expanding their offices once again, to the 13th floor of the same building. The management aims to accommodate for planned growth, fueled by cooperation with clients from the United States. This year the company also enhanced their support for clients in the financial sector. In addition to technologycentered teams that are covering major mobile operating systems and web development, Infinum has formed a project-centered team focused on mobile banking solutions. In 2015, we established a number of new business partnerships with US-based clients. This includes clients from both coasts and in the Midwest, said Tomislav Car, Infinum s CEO. From a strategic perspective, we transitioned from doing one-off projects or marketing tools to ongoing cooperative projects where we build digital products alongside our clients which affect their core businesses. Our plans for the rest of 2016 include growing to a 100 people and fortifying our Operations, HR, Sales and Marketing teams. This has by far been our most successful year and we look forward to what the future will hold. DOOR TRAINING HRVATSKA REBRANDING The winds on the global market of the training and education sector is changing more and more towards a combination of modern ITtechnologies and standard training methods in the way knowledge is transferred. This fact, as well as a burning desire to expand out of the Croatian sea into wider global educational waters, motivated us to exchange the boat on which we were sailing for the past seven years for a new, faster, more modern and effective one. From now on, the Croatian team of DOOR International is offering their services in developing and delivering training and educational products as a digital learning agency for developing and delivering educational content using the latest available technology to clients around the globe. It s time to embark on ewyse! Start following us today at ADVERTISING / PR ALPHEUS CONSULTING HORWATH HTL CROATIA - HORWATH I HORWATH CONSULTING ZAGREB INSTITUTE FOR LEAN SIX SIGMA (IFSS) - SIX SIGMA ADRIATIC METROTEKA OFFLINE SOLUTIONS PRICEWATERHOUSECOOPERS U TURN TAX REFUND VLAHOVIĆ GRUPA VRATA ZNANJA - ewyse-digital Learning Agency DISTRIBUTION / LOGISTICS AGS ZAGREB DHL INTERNATIONAL OVERSEAS TRADE CO. LTD. 32 ISSUE 1/2016

33 TM Member to Member Discounts FOR FULL DETAILS ON DISCOUNT PROGRAM AND CONTACT INFO, PLEASE SEE AMCHAM S MEMBERS ONLY WEBPAGES EDUCATION RIT CROATIA ZAGREB SCHOOL OF ECONOMICS AND MANAGEMENT FINANCIAL SERVICES ALLIANZ ZAGREB CROWE HORWATH DELOITTE SAVJETODAVNE USLUGE ERNST & YOUNG KPMG CROATIA PBZ CARD PRICEWATERHOUSECOOPERS TMF CROATIA HOSPITALITY INDUSTRY ESPLANADE OLEANDER - ESPLANADE ZAGREB HOTEL HOTEL DUBROVNIK HUP ZAGREB RORAIMA 5 FORUM ZAGREB SUPETRUS HOTELI VALAMAR RIVIERA HUMAN RESOURCES SELECTIO KADROVI INFORMATION TECHNOLOGY ETRANET GROUP HP COMPUTING AND PRINTING INTEA POSLOVNA INTELIGENCIJA INTERIOR DESIGN STEELCASE S.A. - PODRUŽNICA ZAGREB LEGAL SERVICES ODVJETNIČKO DRUŠTVO MATIĆ, ŠOOŠ MACELJSKI, MANDIĆ, STANIĆ & PARTNERI MANUFACTURING HS PRODUKT MEDIA/PUBLISHING EUROPAPRESS HODING PRESSCUT REAL ESTATE COLLIERS ADVISORY TRANSLATION SERVICES AION TRAVEL / TOURISM ANTERRA / HERTZ CROATIA FRANCHISEE ATLAS KATARINA LINE POSADA - NAVIS YACHT CHARTER 1/2016 ISSUE 33

34 mediakit 2016 PUBLISHER American Chamber of Commerce in Croatia CIRCULATION copies per issue PUBLISHING SCHEDULE three issues per year (March, June, September) DISTRIBUTION Direct mailing to management of AmCham member companies and other business partners and various government and international institutions (in Croatia and abroad) including diplomatic corps and American Chambers in all European countries distributed at AmCham events in the VIP lounge of the Zagreb Airport ABOUT MAGAZINE magazine is published in English archive issues are available online in pdf format at publications/ RESERVATIONS AND ADDITIONAL INFORMATION American Chamber of Commerce Marina Vugrin Phone: Fax: ADVERTISE IN AMCHAM NEWS & VIEWS MAGAZINE kn inner cover kn back cover kn 1/1 page kn 1/2 221 x 271 mm format with bleed 90 x 240 mm 190 x 115 mm 90 x 115 mm 190 x 60 mm 1/1 page format without bleed: 215 x 265 mm VAT not included Sponsored article - same pricing as advertising Non-members pricing base price + 50% special aditional discounts for members WEBSITE ADVERTISING kn 1/2 1/4 double page kn kn kn 2/1 1/ kn 436 x 271 mm flyer insert Printing preparation Prepared ads can be delivered on CD or by . Ads should be in TIFF (300 dpi) or EPS format, in 1:1 ratio - according to above dimensions, in CMYK color model, fonts converted to curves. advertising price is for a period of one quarter (3 months) VAT not included Non-members pricing base price + 50% Banners should be in.jpg format. For additional information, please contact: Marina Vugrin - office@amcham.hr A4 PRICE 170x120 pixels kn Američka gospodarska komora u Hrvatskoj, Strojarska 22, Zagreb Poštarina plaćena HP-u d.d. u poštanskom uredu Zagreb Magazine of the American Chamber of Commerce in Croatia No. 1/ NEWS & VIEWS Lunch with the President of the Republic of Croatia AmCham Recommendations for Improving the Business Climate and Encouraging Investment Growth in Croatia NEWSLETTER ADVERTISING Chamber s Newsletter is sent every week to addresses of senior manage ment of AmCham member companies and other business partners, as well as government and international institutions. Available advertising space is limited and on a first-come first-served basis. Non-members pricing base price + 50%. one-time announcement promotional text (max. 600 characters including spaces) and your company logo or other picture/photo - 750,00 kn + VAT Newsletter sponsor your logo published in every Newsletter in the period of two months (4 issues) 2.000,00 kn + VAT For reservations and any additional info, please contact: Marina Vugrin - office@amcham.hr TISKANICA