The process of privatization of companies basically generates the transfer of ownership of companies, which leads to the change of management form to private companies and persons. The subject of this research is to determine the scopes and challenges of the privatization process in the Republic of Serbia. The goal of the research is to define the level of applicability and adaptability of privatization models under transitory conditions. The basic hypothesis of the research is that there is a correlative relationship between the numbers of offered and sold companies and the methods used. The results of this research will indicate the scopes, challenges and efficiency of the privatization processes in Serbia, appropriately providing a scientific background for further research in the area. The object of the research are the scopes and challenges of privatization in the case of the Republic of Serbia with a special overview on the Autonomous Province of Vojvodina as the most developed region of Serbia and under the hypothesis that the effects of privatization on the territory of AP Vojvodina are greatly felt on the whole territory of Serbia.