First Steps After Company Registration

There are a number of obligations you must perform before you can start working. These obligations relate to regulations, such as the purchase of company seals, the establishment of statutory books, registration of taxes and permits, opening a bank account, opening an office, arranging insurance, etc.

Are these commitments complex and intimidating? In Montenegro, these tasks are very simple and can be easily performed.

We recommend that you seek the help of a specialized company.

1. Submit documents for a residence permit

Request a Residence Permit
If you are a director of a company, you are required to obtain a residence permit.

If you are interested, We can choose an appointed local resident director on your behalf – visit our services page to find out more.

2. Open Bank Account

After successful registration of your Montenegro company, you can open a corporate account in any of the largest banks in Montenegro.

Every Montenegrin bank requires the physical presence of the company’s director as part of the account opening process. If you are unable to visit Montenegro, you should find a local director. For more details, see our guide to opening a corporate bank account in Montenegro.

To start a business in Montenegro, you need to open an account in a bank. There are several well-known international banks operating in Montenegro.

To open a company account, the bank will usually ask for a certificate of incorporation, a company constitution, a board resolution approving the opening of the account, and proof of the identity of the director and other users. Every bank in Montenegro requires the physical presence of the director and other signatories.

Once you have opened a bank account, each shareholder must deposit the appropriate share capital in the initial capital of the firm.

3. Hire an accounting agency

Važno je tačno evidentirati prihode i troškove vašeg poslovanja od prvog dana poslovanja. Poreski propisi u većini Crne Gore o ovim transakcijama i tačnom evidentiranju prihoda i troškova vašeg poslovanja. Zaposlite odmah računovodstvenu agenciju i ne biste trebali odgađati. Morate imati knjigovođu za svoje poslovanje da biste mogli raditi bilo koji posao.

Alternativa uspostavljanju vašeg vlastitog računovodstvenog sustava je prenošenje ove funkcije na vanjsku računovodstvenu kuću, tako da vam za ovu funkciju neće trebati stalno osoblje; Ovo može biti isplativije.

Have any company formation related questions?

Our direct enquiry form will allow you to contact our client servicing team.

4. You may need to apply for one or more business licenses for some business activities such as:

In some industries, a business license is required before starting a business. these are the branches of insurance, banks, etc. retail, construction, hotels, restaurants, spas, medical clinics, employment agencies, travel agencies, financial services,

5. Apply for tax on goods and services (VAT)

If your company’s estimated annual income exceeds 30,000 euros, you must register for goods and services tax (VAT), which in other countries is known as value added tax or sales tax.
Companies registered for VAT should charge this tax to their customers on goods and services provided and remit that amount to the tax authorities. For additional VAT details, see our guide to VAT in Montenegro.

6. Appoint Company Secretary

The Law on Companies of Montenegro states that the company does not have to appoint a qualified company secretary.

8. Buy Company Seal

All Montenegrin companies are legally obliged to buy a stamp for the stamp of official documents. An „archive stamp“ with the name, serial number and date imprinted is also required. The documents are usually signed by the director or some other authorized person. The seal should be kept under the control of the director of the company.

9. Issue Share Certificates

A share certificate is a legal document that confirms ownership of a certain number of shares in a corporation. Certificates of shares must be issued to all shareholders of the company. Certificates will be signed by the director of the company.

Share certificates are held by shareholders and should be reissued when shares are transferred, divided, consolidated or otherwise reclassified.

10. Set up Statutory Books

Legal books are kept at the company’s headquarters. These are public documents that must be updated and made available. Statutory books contain:

Up-to-date information on employees in companies such as directors, auditors and secretaries; information should be named and resigned.
List of shareholders, how many shares they own and details of all share transfers.
Information on fixed or variable costs and debentures used to secure any borrowing of the company.
Resolutions and minutes of body meetings.

The director of your company is responsible for creating and maintaining statutory books for the company.

11. Obtain Business Insurance

You should insure the company against general liability, employee liability insurance and any special business insurance you may need. Some insurances are mandatory and others are not mandatory.

11. Hire Employees

We suggest that you use a standard employment contract that allows you to hire all your employees. You have several benefits:

1. that your agreements consistently follow the country’s employment regulations.
Consistency in the employment conditions of all employees and thus reduce the chances of mistakes.
Avoid discord and moral challenges among employees

Act If you have problems you can contact the Employment Act