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Business in Montenegro
Company Register in Montenegro
The entrepreneur willing to open a company in Montenegro must be familiarized first with the types of business defined by the law. These are:
- the limited liability companies;
- the public limited liability companies;
- the general partnerships;
- the limited liability partnerships.
A foreign company may also open a branch in Montenegro. Our company formation experts in Montenegro can help businessmen open any of the company types available in the country.
The Company Law in Montenegro
The main law that provides for the registration of companies in Montenegro is the Company Act. According to it, any local or foreign businessperson can start a business in Montenegro, as long as all the requirements are met, and the company is registered with the Companies House.
If you plan to open a company in Montenegro and need assistance or information about the laws to respect, you can rely on our agents.
Quick Facts
Types of business entities in Montenegro
A Joint Stock Company (Akcionarsko drutvo) is designed especially for large businesses due to the fact that it requires a high amount of capital (25.000 EUR) and the shares of it can be transferable to the public. The major decisions are also taken by the General Meeting of the shareholders but the daily decisions are taken by the Board of Directors appointed by it. An auditor is also appointed in order to check the company’s finances.
The foreign investors which own a company in another country can open a Montenegro branch by providing the minimum share capital and by taking the whole responsibility for its actions. Other forms of business opened by the foreign companies are the subsidiaries and in research purposes, the representative offices.
Foreign enterprisers can also open limited partnerships in Montenegro. The same requirements are applicable when opening a limited partnership, with the main difference between the members of the business. In this type of partnership, there must be a general partner who will also manage the business and a limited partner who will act as a silent partner. The general partner will be responsible for their personal assets for the business’ obligations, while the limited partner will be accountable only in the limit of their contribution.
Company formation steps in Montenegro
The following steps must be completed in order to open a company in Montenegro:
- the documents related to the incorporation of the company must be prepared – they must be drafted and notarized;
- the company name which must be unique must be chosen and reserved with the Trade Register in Montenegro;
- the business owners must also find a legal address for the Montenegro company – a virtual office can be useful;
- the incorporation documents must be filed with the Companies Registrar of Montenegro which will issue the Certificate of Registration;
- the corporate bank account must be opened with a local bank in Montenegro, and the share capital will be deposited;
- the company must register for tax, VAT and employment purposes with the tax authorities in Montenegro;
- the necessary business licenses must be obtained with the appropriate authorities before starting any activity.
Connect with CrossPoint Business Solutions
Looking to form an LLC company in Oman? Look no further than Cross Point – the best business setup agency in Oman. Our team of experts can guide you through the entire process, from initial registration to ongoing compliance. Trust us to handle all the legal and administrative details, so you can focus on growing your business. Contact us today to get started!
To book a free consultation, call or WhatsApp on +968 9671 7108. To connect over email, send us your query at info@crosspointtrading.com
