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Registering a Company in Montenegro
Montenegro is a country in the southeastern Balkan Peninsula, bordering Croatia, Bosnia and Herzegovina, Serbia, Kosovo, and Albania. The capital is Podgorica. Montenegro is a small country with a distinct geographic location, a rich historical and cultural heritage, and natural beauty. Montenegro declared independence on May 21, 2006, and since then has gradually developed its own economic and political system, attracting more foreign investment.
Overview Of Montenegro’s Investment Climate Advantages
Montenegro offers several advantages in terms of investment climate. To begin with, the country’s relative political stability and good social order make it an attractive investment destination. Many foreign investors are drawn to the country’s relatively low tax rates, which include corporate and personal income taxes.
Corporate income tax is 9%, personal income tax is 9% to 11%, and VAT is 7% to 21%. Most importantly, Montenegro’s Law on Foreign Investments states that when foreigners establish a business in Montenegro, they are treated as nationals.
Montenegro: Cross-Border Trade Advantages and Euro Stability
On the other hand, Montenegro has signed free trade agreements with several countries, making import and export operations easier for local businesses. Start-ups and SMEs can particularly benefit from this, as the reduced operating costs in Montenegro make conducting business there more cost-effective.
Furthermore, Montenegro is situated in the southeastern region of Europe and acts as a conduit connecting the European market with the Balkan market. It extends its influence to both the southeastern and western European markets, offering significant prospects for market expansion and granting companies wider business prospects.
Although Montenegro is not a member of the European Union, it has adopted the euro as its currency of circulation, reducing investment and transaction risk and allowing for free fund transfers to promote international trade.
Starting a Business in Montenegro: A Comprehensive Guide to Company Registration and Business Types
The company registration process in Montenegro is relatively simple, saving applicants valuable time and effort. The most common types of local businesses are limited liability companies (DOO), joint stock companies (AD), and offices. By law, all businesses must apply for registration with the Central Register of Economic Entities (CRPS). Foreigners registering a company typically choose to form a limited liability company.
The Process of Registering a Company in Montenegro is as Follows:
Firstly, apply for a new business account with the account of the Tax Administration and the account of the Official Gazette, and then pay 6EUR to the account of the CRPS in order to obtain a CRPS slip.
Following that, it is possible to submit the registration documents to the Central Register of Economic Entities, which include the Articles of Association, notarized decision/agreement on the establishment of the company (2 copies), decision of the Central Depository, notarized copy of the passport (2 copies), the payment order, the application form for registration of the company, the VAT form, and the excise tax form (if the company is a taxpayer); the certificate of registration can be obtained after 7 days with valid documents.
Maximize Investments in Montenegro: Embrace Export-Focused Sectors with 3E Accounting’s Expertise!
Because the Montenegrin market is small, investors considering establishing factories there should focus on expanding into the Balkans, South-East Europe, or the European market as a whole.
As a result, it is recommended that export-oriented industries be prioritized as the primary development strategy. Such a strategy will help to maximize Montenegro’s unique geographical location and favourable business environment, resulting in greater market coverage and higher returns.
Investors can gain a competitive advantage and achieve business success in Montenegro by leveraging the export market’s potential. If you are interested in establishing a company in Montenegro, please contact 3E Accounting.
