A step-by-step procedure for setting up a new Montenegro company
This post is a further guide to our main article on setting up a Montenegro company and provides a complete checklist of tasks and procedure for registering a Montenegro company.
PROGRAMS FOR IMPROVING THE COMPETITIVENESS OF THE ECONOMY
PROGRAMS FOR IMPROVING THE COMPETITIVENESS OF THE ECONOMY
In order to continuously improve activities and support the development of entrepreneurship and
business in Montenegro and the needs of the economy itself, the Ministry of Economy in 2019created a new program named – Program for Improving the Competitiveness of the Economy. The new program, which consolidates the existing efforts for the development of entrepreneurship and business sector, is aligned with the Economic Reform Program for the period 2019-2021 and the Development Directions of Montenegro 2018-2021. The total budget allocated for the implementation of the Program for 2019 is € 1,640 million, while the individual amounts, as well as the manner and dynamics of the allocation of support are defined by the individual program lines.
TAX SYSTEM AND INCENTIVES
TAX SYSTEM AND INCENTIVES
Foreign companies in Montenegro are guaranteed equal legal treatment as local ones. Foreign investor can operate in Montenegro either as a legal entity or as a natural person. The term “foreign investor” applies to a company that has been set up in Montenegro by a foreigner, or foreign legal entity, whose share of investment capital is higher than 25% of total capital invested.
There is no limit on the amount of capital invested in Montenegro. Foreign investors are encouraged to invest freely within any industry and to transfer all assets, including profits and dividends. Foreign investors can acquire rights to real estate, such as commercial property, office space, residential space or land for construction. All major insurance companies around the globe insure investment projects in Montenegro.
WHY INVEST IN MONTENEGRO
WHY INVEST IN MONTENEGRO
• Politically and economically stable, democratic, multicultural multi-religious society
• Active promoter of good neighborly relations and participant in regional cooperation
• Member of NATO since June 2017
• Candidate for membership of the EU (prospective membership by 2025)
• Member of the World Trade Organization (WTO) since 2012 (party to the Trade Facilitation
Agreement – TFA)
• Member of the World Bank since 2007
• Member of the International Monetary Fund (IMF) since 2007
• Euro (€) is the official means of payment
• Enjoying access to a market of around 800 million consumers owing to the free trade agreements
with the EU (Stabilization and Association Agreement), CEFTA, EFTA, Russia, Turkey and Ukraine
• “The Gateway to the Balkans”, thanks to its favorable geographical location at the Adriatic /
Mediterranean Sea (convenient access for trade via Port of Bar, good railway and road connection
to Eastern and Central Europe) and stimulating business environment
MONTENEGRO AT A GLANCE
MONTENEGRO AT A GLANCE
Position: 41°52’-43°42’ latitude, 18°26’-20°22’ longitude
Population: 622,373 (2017 midyear est.)
Life Expectancy at birth, years: (2017) 76.7
Capital City Podgorica
Administrative division: 24 municipalities
Old Royal Capital City Cetinje
Geographic area: 13,812 km2
Length of border: 614 km
Coastline: 293 km
Length of beaches: 73 km
Climate: Mediterranean
Average number of sunny days: 240
Time Zone: GMT +1
Country code: +382
Country top-level domain: .me
.ME ccTLD of Montenegro https://domain.me/
National Parks: Durmitor (39,000 ha), Biogradska gora (5,650 ha), Lovćen
(6,220 ha), Skadar Lake (40,000 ha), Prokletije (16,630 ha)
UNESCO heritage sites: Bay of Kotor, Durmitor National Park, Stećci Medieval
Tombstone Graveyards, Venetian Works of Defence
between the 16th and 17th Centuries: Stato da Terra
– Western Stato da Mar
Registering a branch office Montenegro
Setting Up a Branch Office in Montenegro
This article provides an overview of the registration requirements, taxation and compliance for Montenegro branch offices of foreign companies.
Foreign companies that wish to conduct business in Montenegro typically set up a Montenegro subsidiary company or open a branch office. Most small to medium-sized companies choose to register a subsidiary company in Montenegro in order to take advantage of the greater flexibility and liability protection that such a structure provides over a branch office. Therefore, before you decide to set up a branch office, you should carefully consider if it is the right structure for your needs. This guide provides information about the following topics related to a Montenegro branch office:
Legal Structure of a Monteengro Company
Legal Structure of a Monteengro Company
When deciding whether to incorporate a private limited liability company in Montengro, it is helpful to understand the structure and attributes of this corporate form. This guide explains what a Montengro company is and how it is organized. Some of the questions it will answer are: a) What is the legal status of a Montengro company? b) What can and can’t a company do? c) Who owns the company? d) Who operates a company? eWhat is the Constitution of the company?
If you already understand the basics of a Montengro private limited company’s corporate structure and simply want to know how to register one in Montengro, please see our Montengro Company Registration Guide which details the procedure and steps for registering a private limited company in Montengro. But if you want an introduction to this corporate structure, please continue reading.
Annual Filing Requirements for Montenegro Companies
Annual Filing Requirements for Montenegro Companies
All Montenegro companies must follow certain legal obligations every year regardless of their size or business structure. Compared to other countries, the obligations in Montenegro are quite simple and straightforward. Still, a busy entrepreneur may forget a deadline, which can result in fines and penalties.
Therefore, it is important to understand the compliance requirements and come up with a plan to stay on top of them. The following article explains the annual filing requirements you need to fulfill to comply with Montenegro company law.
Compliance requirements for a Montenegro company
Guide to Compliance Laws
For seven consecutive years, Montenegro has topped the World Bank’s list of the best countries to do business. Montenegro’s business-friendly and easy to follow regulations are one reason for this high ranking. Compliance rules for Montenegro based companies are generally straightforward, logical and devoid of unnecessary bureaucracy – especially for small to mid-size companies. Nonetheless, if you do not follow even these simple regulations, your company can be in trouble with the authorities and it can face fines or, in serious cases, even prosecution. Therefore, it is important to understand and follow the requirements related to tax, employees, data protection and licensing that all Montenegro companies are expected to comply with.
First Steps After Company Registration
First Steps After Company Registration
This article is a complement to our guide on Montenegro company registration. It serves as a checklist of tasks that you would normally complete in the first few weeks after incorporating your company and before commencing your business operations.
FAQ
What are the main requirements?
Following are the main requirements for setting up a Montenegro company.
Following are the main requirements for setting up a Montenegro company.
- A company needs to have at least one shareholder who can be a local or foreign individual or company.
- At least one of the directors must be a natural person, above the age of eighteen years old, and a resident of Montenegro shareholder who is a natural person can also be a director of the company.
- A qualified company secretary has to be appointed. The secretary must be a resident of Montenegro.
- Company must have a physical, local address in Montenegro.
- The company must have a paid up capital of at least $1.
Representative Office Registration
Representative Office Registration
(This form is not available in Montenegro)
If your company is not yet ready to fully commit to Montenegro, Montenegro does not have the option of establishing a representative office in the country that will be used to conduct a marketing evaluation. This helps the company evaluate its business potential, overall business environment, regulatory requirements, etc., without creating a new company in Montenegro. But the office is allowed to perform a very limited range of activities and may not be worth the investment.
Subsidiary Company Registration in Montenegro
Subsidiary Company Registration in Montenegro
Easy access to european markets, low tax rates, an efficient legal system and business-friendly policies make Montengro one of the most sought after places for foreign companies to expand their business. Foreign companies have three options to register their business in Montenegro: a representative office, a branch office or a subsidiary company.
Foreign Company Registration in Montenegro
Foreign Company Registration in Montenegro
Once a foreign company has decided to open an office in Montenegro, the next step is to choose the appropriate business structure for their registration. The guide below provides an overview of the business structure options available to foreign companies. The following topics are covered.
Guide to incorporating a local Montenegro company
How to register a Montenegro company
This article describes Montenegro company law on requirements and procedure to register a private limited company in Montenegro.
Incorporating a company in Montenegrois fast, easy, and free from unnecessary red-tape. Montenegro is consistently ranked as one of the best places in the world for doing business. This guide explains the requirements and procedure to register a private limited company in Montenegro. It covers the following topics:
Company business forms in Montenegro
Types of Business Structures in Montenegro
As you decide to incorporate your business in Montenegro, you will have to select the business structure that best suits your needs. This article provides an overview of the different business entity structures allowed in Montenegro and explains why a limited liability company is the best choice for most businesses.
How to open a branch in Montenegro
The branch office must bear the same as the parent company, meaning it must operate under the same trading name;
the are no share capital requirements for setting up a branch office in Montenegro, however, the amount of money for the operations must be established by the parent company;
Opening a company bank account in Montenegro
Opening bank account in Montenegro
As a foreigner who has just arrived in Montenegro to open a business, there are many reasons why opening a local bank account should be one of the first things to check your to-do list.
This guide is only for foreigners in Montenegro. None of this applies to you if you’re a Montenegrin national. This is because the rules and standard practices that are applied to the Montenegrins are vastly different from those that are applied to foreign nationals – EU or otherwise.
What should you know before opening a bank account?
Low taxes in Montenegro
There are countries in which it is fully legally and safely doing business. In which much lower taxes are paid.
If you transfer your business to one of these countries, you have 30-50% fewer costs and tax liabilities.
Benefits for Montenegro Residency
Local Currency is Euro.
For getting Residency of any European Country including Schengen, person need to put huge investment i.e. minimum Euro 1,00,000/- and obligation for creating of atleast one or two jobs but in Montenegro person can get business residency by investment just Euro 5,000 onward and there is no obligation for creation of job.
Temporary Residence for Employment
A foreigner can work in Montenegro on the basis of a temporary residence and work permit or work registration certificate, unless otherwise provided by the law.
Temporary residence permit for property owners
Starting from November 3, 2015 now all foreign owners of property in Montenegro could apply for temporary residence in Montenegro.
In order to apply for temporary residence for 1 year, the property owner should fill in, sign and submit an application for temporary residence permit to the Ministry of Foreign Affairs. All applications should be submitted in person, while the application fee of EUR 45 per person shall be paid.
The time for processing the residency application is 40 days.
Visa and residence permit in montenegro
Overview of visa regimes for foreign citizens
Mere possession of a visa does not grant the entry to Montenegro. Other legal requirements for granting a foreigner the entry and stay to Montenegro must also be met according to the Law on Foreigners (“Official Gazette of Montenegro”, No. 82/08). Visa regime between Montenegro and other countries is regulated by the Regulation on Visa Regime(“Official Gazette of Montenegro”, No. 18/09). Visa in itself does not offer a grant of permission to work in Montenegro. Person who intends to work in Montenegro must obtain a temporary residence permit for the purpose of employment or seasonal work, on the grounds of previously issued work permit.Types of Visas
Law on Foreigners (“Official Gazette of Montenegro”, No. 82/08).prescribes the following types of visas:- Airport transit ( A)
- Transit (B)
- Short stay visa (C)
- Long stay visa (D)
- intending to stay in Montenegro in order to perform business or other activities, provide advisory expert activities as agreed by the Agreement on business and technical cooperation, on a long-term production cooperation, and on transfer technologies and foreign investments;
- coming to serve to Montenegro as a member of foreign diplomatic and consular representative office to Montenegro or an international organizations accredited to Montenegro, member of economic and cultural representative office, as well as to the members of his family, i.e. members of his household holding diplomatic or official passports.
- employment and work, performing economic or business activity;
- seasonal work;
- secondary education and studies
- participation in student exchange programmes or other youth programmes
- specialisation or professional training and acquisition of practical skills;
- scientific-research work;
- medical treatment;
- family reunification;
- humanitarian reasons;
- other justified reasons specified by law or international agree.
Visa issuance precedure
As a general rule, a foreigner shall submit a visa application personally. In exceptional, justified cases, a foreigner does not have to apply for a visa personally, but does need to appear at the diplomatic or consular representative office once it is issued. For a foreigner who is minor, i.e. legally incapable, visa application shall be filed by a parent or his legal representative.In addition to the visa application, the foreigner shall submit:
- valid travel document (the period of validity of the travel document should exceed that of the visa’s by three months);
- one color photo 35×45 mm;
- proof of the purpose of stay in Montenegro (letter of guarantee by a physical person or letter of invitation by a legal entity, state authority inMontenegro or organizer of an international conference or event);
- proof of ensured accommodation (receipt from a tourist arrangement, hotel or other type of accommodation reservation that has been paid in);
- proof of possession of means for sustenance during his stay in Montenegro, as well as for return into the country where he comes from or for travel into a third state (cash, a bank account, traveler’s checks, credit cards etc.);
- proof of the means of travel and intention to return into the state where a foreigner comes from or into a third state (a return airplane or other transportation ticket, a driving license);
- proof of health insurance;
- proof that the consular fee has been charged,
- as well as other corresponding documents based on which the purpose and ensured accommodation in Montenegro can be determined
If you believe a company in Montenegro can help you in your business, please ask for details. We will be happy to advise.
Contact:
Mob. +382 69 590 433
On line registration company
On line registration procedure company could be done without your presence in Montenegro:
PORTO
Quick and easy – 3 steps without travel:
You need to send us, by post, copy of your passport (page with your photo) – verified by Public notary in your country; then, the Authorization letter – verified by your Notar, too (we send you the form for that letter); and documents for opening an account for firm/company in bank in Montenegro, Podgorica (we send you that, so you could sign it).
So, all of these documents, after you sign it and do what’s needed with Public notary, you sending us by post.
Than we finish the Registration here and send you by post all papers and documents when it’s finished (of course, you send us Name of future firm. Also, predominant activity, main activity which firm will be doing.)
Service for complete registration is 950€.
If you need some more info, e-mail us: selecta.me@gmail.com
Mob: 00382 69 590 433
If you need some more info, e-mail us selecta.me@gmail.com
La costituzione della società in Montenegro
Costituzione societa s.r.l. in Montenegro
Vi serve solo il passaporto, 1 euro di capitale sociale ed un giorno di presenza in Montenegro (per una doo – srl)
Company Liquidation in Montenegro
How can a company be liquidated in Montenegro?
There are two way of liquidate a company, through non judicial procedure or by bankruptcy procedure with the approval from the Bankruptcy tribunal.
How to get residence permit in Montenegro?
How can you draw-up a residence permit in Montenegro?
Read This To Find Out Why
Keeping in mind that Montenegro is on its way to the EU, it certainly is an attractive place for doing business. Montenegro, which will soon become a member of the EU, offers very loyal conditions to the foreigners for obtaining residence permits and registration of permanent residence in this country is possible after five years of permanent residence. Citizenship can be obtained after another five years (or three, provided the marriage with a citizen of the country).
That is why those who want to reside in the EU in the long term, choose Montenegro to start.
Starting a Business in Montenegro
Ready to Launch Your Startup?
Incorporate in MONTENEGRO.
Learn why Montenegro is the best place to set up your new company.
Milinko Velimirovic – business consultant
Milinko Velimirovic – business consultant
info:selecta.me@gmail.com
Mob: 00382 69 590 433
How To Find Our Office
How To Find Our Office
If you need some more info, e-mail us selecta.me@gmail.com
Mob: 00382 590 433
Service Description
Incorporation of Montenegro Company, including:
- Reguest for company’s name
- Memorandum & Articles of Association in Montenegro
- Certificate of Incorporation
- VAT Registration
Business Montenegro
- TIC Registration
- Provision of registered office address
- Opening of a bank account
- Seal of the company
- International courier services
All prices are subject to VAT at the current standard rate (19%) and valid for the year 2016
If you need some more info, e-mail us selecta.me@gmail.com
Mob: 00382 69 590 433
http://www.eliaschristofi.com/en/kipr-offshore-why-register-company-Montenegro
The List of the Banks we work with
The List of the Banks we work with
If you need some more info, e-mail us selecta.me@gmail.com
Mob: 00382 69 590 433
WHO CAN REGISTER A MONTENEGRO COMPANY?
Anyone may now register a company in Montenegro
Anyone may now register a company in Montenegro, ie Montengero nationals, European 
nationals, and non-European nationals alike.
All are treated equally, and the process of registration has been made extremely simple.
IS ANONYMITY POSSIBLE?
The directors of the company will however encounter difficulties when they come to open a corporate bank account, and will be required to disclose the ultimate beneficial shareholders of the company.
The disclosure of this information to the bank does not mean that the information is available to the public.
Business Montenegro
Banks will not disclose information to anyone unless requested to do so by a court of law in Montenegro.
Such incidents are rare, and necessarily involve the suspicion of money laundering and/or connection with terrorist organisations.
HOW LONG DOES IT TAKE TO REGISTER A COMPANY?
To register a company from scratch, takes approximately 7 to 10 working days.
The first step in any registration is to give the company a name.
TAXES AND ACCOUNTS
Montenegro is not a tax haven but a low tax area with an annual tax rate between 0% 7%
Business Montenegro
and 19% payable in the case of an International Business Company.
Montenegro has numerous double tax treaties for the avoidance of double taxation.
INCORPORATION/NAME
It normally takes one or two weeks to incorporate a new company, but shelf companies (ie already established) are available.
BANK ACCOUNTS
A Montenegro company can open a bank account anywhere in the world
DIRECTORS/SHAREHOLDERS
A minimum of one director.
If you need some more info, e-mail us selecta.me@gmail.com
Mob: 00382 69 590 433
http://www.eliaschristofi.com/en/how-register-company-cyprus-kipr-offshore
How To Register A Company In Montenegro
How To Register A Company In Montenegro
To start the registration process we require a completed questionnaire to be submitted to us by e-mail together with the following documents:
A copy of the passport, preferably scanned, showing the photograph, personal details and signature of the individual.
* Where the documents are not in English, they should be translated, certified and apostilled
* If you have any further queries, please do not hesitate to leave your message in the Contact Us section.
We will be most happy to help you.
If you need some more info, e-mail us selecta.me@gmail.com
Mob: 00382 69 590 433
http://www.eliaschristofi.com/en/how-register-company-cyprus-kipr-offshore
Why Register A Company In Montenegro
Why Register A Company In Montenegro
For people wanting to start a new business, Montenegro is a smart choice.
Montenegro offers great tax incentives due to its favourable tax regime and its wide network of double tax treaties.
- Currency : EUR
- Government : republic
- Unemployment rate : 14.70%
tax in montenegro
- Corporate income tax : 9%
- VAT (basic rate): 19%
- VAT (decreased rate): 7%
- Tax return : yearly
- Dividend tax : 9%
- Types of company: Limited liability company, Joint-stock company
- Registered capital : Limited liability company, 1 EUR, Joint-stock company, 25000 EUR
- Incorporation process duration : 7 – 14
These tax incentives together with so many other incentives offered by Montenegro, render Montenegro the ultimate international business centre of our planet!
Investors may freely transfer money into Montenegro, and freely transfer money out of Montenegro, without restrictions.
Montenegro offers a basket of incentives including the low tax on the net profits and the
Consultant Services Montenegro
double tax treaties.
We will guide you through the process of registering your company and establishing your registered identity.
Complete and submit our application form online.
In providing this information, it is our prime intention to contribute to the effort of Montenegro to become an even more successful international business centre for the benefit of foreign investors and to the Montenegro economy.
If you need some more info, e-mail us selecta.me@gmail.com
Mob: 00382 69 590 433
http://www.eliaschristofi.com/en/how-register-company-cyprus-kipr-offshore
Procedure of company formation in MONTENEGRO
The procedure of company formation a Montenegro Legal Entity can be completed within a maximum period of two weeks at the most, and enables the legal entity to start business forthwith.
We offer you full guidance and assistance that is required upon you choosing to incorporate a Montenegro Company.
Procedure of company formation in Montenegro is simpler than you might think, and Consulting company SELECTA specialises in guiding you every step of the way.
business montenegro
Fill in our simple form and register your Montenegro company online with us today.
WHAT WE NEED FROM YOU :
Further to the client questionnaire, which you are required to fill in and return to us, you will also be required to send us by e-mail the following information and documents in order to commence the registration process:
3 options of the Name – The preferred name must not be identical and/or similar to a name of another Montenegro Company. Furthermore according to the law, any offensive name shall also be rejected.
Company’s Nature – What will be the main activities of your Montenegro Company.
Owners – Names and details of the Beneficial Owners, which may be the same as the officers and/or shareholders of the Montenegro Company.
Where any of the above is a physical person
- A scanned copy of your passport showing the photograph, personal details and the
Businessman Montenegro
signature of the person in question;
If any of the aforementioned documents are not in montengrianin language, they must be translated, certified and apostilled in order to be accepted by the Montenegrian Registrar.
Now, the process is rather simple and fast. We describe it in stages.
Step 1: Decide.
Perhaps this is the most important and difficult – to decide. Carefully review our site if you have questions, please contact us via the contacts listed on our site. We ask you to proceed to subsequent steps only if you have already cleared out all questions with our help, and resolve to proceed with the registration of a company in Montenegro. Respect your and our time.
Step 2: Filling out your registration form.
The form specifies the data that we need to process, such as:
selecting the name of your future company in Montenegro.- Determination of the authorized capital of the company in Montenegro. Currently, the minimum allowable amount of the share capital amounts to EUR 1.
Step 3: Payment of our services
Payment of our services is divided into two parts, before arriving in Montenegro, you pay the first part, and after arriving in Montenegro – the remainder. Since you have no doubt, to explore our price list, then see what we offer three options for registration of a company, which differ, in fact, in the spectrum of provided additional adaptation services. On this basis, the size of work which should be executed, and accordingly, and the size of an advance payment differs also.
The first variant of registration of the firm (in the Price „Start“) – no work is performed before your arrival, respectively; the total cost of our services is paid on the first day after your arrival in Montenegro.
The second variant of registration of a company (in the Price „Basic“) – according to the range of services we need to find you accommodation and arrange transfers. It is already some work and, moreover, we want to be sure that it will not be done in vain, and you really come
Porto montenegro
to Montenegro, but not abandon its plans for so-called „family reasons“. Therefore, the prepayment is 200 Euro; total price of our services is paid after your arrival in Montenegro.
The third variant of registration of a company (in the Price „Exclusive“) – add some more services that require pre-organization, in particular, we need to find you a vacant teacher of the language. Prepayment is 300 Euros; the total price is paid after your arrival in Montenegro.
* The order of payment is relevant if you plan to come to Montenegro for the registration of the company personally. In our view it is more convenient for you option. There is also the possibility to register a company by proxy. In this case, the total price paid as a deposit.
Step 4.The Registration of a company
we need the following documents from you:
Certified copies of passports. It is convenient to notarize and to translate them already in Montenegro, as overseas it is more complicated to perform this procedure.
If you have arrived in Montenegro in person, no more documents are required. In the case of remote registration of a company, we need authorization from the founders of the company in the name of our employee.
Porto Montenegro
After performing of the preparatory stages, a firm is registered in the Commercial Court of Montenegro, and with the tax and statistical authorities, as well as a bank account is opened. Typically these processes, including the registration of a company, occupy no more than 10-15 days.
Step 5. Residence permit
After the registration of a company, we can form a package of documents for obtaining residence permits. We offer a full range of services for the preparation of this document package. Residence permit is issued within 30 days. It is appropriate to clarify the visa issue: at the entrance to Montenegro you, depending on nationality, have the right to stay in the country from 30 to 90 days. For those, who may be just 30 days (for example, citizens of Russia), the term of the visa will expire before they receive a residence permit, as the
Porto Montenegro European Union
registration of the company and the subsequent receipt of residence permit takes longer than 30 days. But it’s not terrible, because when receiving documents for residence permit you will get the mark, allowing you to stay in the country over those 30 days, which is very convenient, since you’ll be able to come to the registration of a company already with the whole family, and with things for permanent residence.
The last step of the company formation procedeure in Montenegro is notifying the competent inspection authority and the municipal authority in charge of economic affairs. All the steps described above can be handled by our experts in company registration in Montenegro.
If you need some more info, e-mail us selecta.me@gmail.com
Mob: 00382 69 590 433
http://www.eliaschristofi.com/en/how-register-company-cyprus-kipr-offshore
If you believe a company in Montenegro can help you in your business, please ask for details. We will be happy to advise.
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Representative Office Montenegro
Representative Office Montenegro
Like in any other country, a representative office provides a presence in Montenegro, to promote your company and your products
What’s the cost of a Representative Office in Montenegro?
As usual, it depends from your goal – do you want to impress your customer with an luxurious office in downtown Podgroica? Or a virtual office is enough? However some basic rules are always true.
Knowing the bureaucracy I strongly suggest to use a consultant if you can afford it. Price depends but I believe that they will not charge less than Eur 500 including setup taxes.
Kotor Montenegro
You need a registered address in Montenegro. You can rent an office, but the law allows using a cheaper virtual office as well.