Starting a company in Montenegro is an attractive option for many foreign investors due to its proximity to the European Union (EU), low taxes, and business-friendly environment. To start a company in Montenegro, you will need to follow these steps:
- Choose a company type. There are three main types of companies in Montenegro: public limited company (AD), limited liability company (DOO), and limited partnership (KD).
- Choose a company name. The company name must be unique and compliant with Montenegrin law.
- Determine a company address. The company’s official address must be in Montenegro.
- Prepare a company agreement. The company agreement is a document that defines the company’s legal structure and operations.
- Pay a company registration fee. The company registration fee varies depending on the type of company.
- Register the company with the Commercial Register.
- Open a bank account.
- Obtain a tax identification number.
The required documents to start a company in Montenegro are as follows:
- Company agreement
- Receipt for the company registration fee
- Identity documents of the company shareholders and managers
- Residence documents of the company shareholders and managers
The required time to start a company in Montenegro is approximately 2-3 weeks.
The following are some of the advantages of starting a company in Montenegro:
- Proximity to the EU: Montenegro is a candidate country for the European Union (EU). Once full EU membership is achieved, companies established in Montenegro will be able to trade freely in the EU.
- Low taxes: The corporate tax rate in Montenegro is 9%. This is lower than in many other European countries.
- Business-friendly environment: Montenegro is considered to be a good place to do business. The government offers a variety of incentives to support investors.
The following are some of the disadvantages of starting a company in Montenegro:
- Language: The official language of Montenegro is Serbian. This could be a challenge for people who speak English or another European language.
- Local laws and regulations: It is necessary to comply with local laws and regulations in Montenegro. This could be a challenge for foreign investors.
For more information on starting a company in Montenegro, you can visit the website of the Chamber of Commerce of Montenegro.
Here are some additional tips for starting a company in Montenegro:
- Consult with an attorney or accountant. These professionals can help you streamline the company formation process and prevent potential errors or misunderstandings.
- Working with an attorney or accountant in Montenegro can help you learn about local laws and regulations.
- Opening a bank account in Montenegro can help you finance your company.
- Obtaining a tax identification number in Montenegro will allow your company to pay taxes.