Businesses in Tiny Fashionable Montenegro is Booming and It Could Be Once in a Lifetime Opportunity
Who would have known that a small country such as Montenegro is rich with dazzling tourist spot and loaded with Europe’s most exceptional natural landscape? From deep canyons to mountainous regions and appealing coastline, Montenegro is a natural host. Visitors and tourist alike will get to experience something new every other time. For a millennial independent country, Montenegro has vast possibilities waiting to explore. Finding your footing in the country may begin through register a company in Montenegro.
Just like any newly independent country, a fresh and young Balkan state has plenty to offer. But then again, its offering dates way back in the 1970s. This was when the elite always had frequent Montenegro as it is opposite Italy. Although new to the entire world, this millennial country is stable in its economy and politics. The official currency is the Euro; thus, business dealing with next-door neighbours are even more practical. Montenegro may be small, but it is brimming with diversity. All in all, it is established in structures and culture, yet reformed in the economy and business opportunities.
Business as Usual in Montenegro
What makes Montenegro a chosen place to do business is probably its flat tax rate. The nine per cent flat rate applies to corporate income tax, withholding tax on dividend, interest and royalties. Moreover, Montenegro has signed more than 40 double tax treaties so that foreign investors can avoid double taxations. For such a place, this is an appeal to entrepreneurs. Tourism is the mainstay for the country. Hence, the government is highly supportive of business possibilities in this sector. The Montenegrins are a bunch of well-trained workforces and hiring them will not be a problem.
The Company for Registration
Company registration or business registration as they are commonly popular is a straightforward process in Montenegro. All business entities now can register at the Central Registry of Business Entities (CBRE), and businesses are automatically registered with the Department of Statistics and the register of applicable taxpayers. Anyone who wishes to register a company in Montenegro has equal rights as Montenegrins. There are six types of companies that you can register.
- Limited Liability Company
- Joint Stock Company
- General Partnership
- Limited Partnership
- Part of a foreign company
The most common company registration is the Limited Liability Company (LLC) and Joint Stock Company (JSC). The following will address the steps involved for LLC registration.
- Prepare the following documents before registering your company in Montenegro.
- Articles of incorporation
- The decision on the establishment of the entity
- Incorporation agreement
- A copy of ID or Passport (for foreign founders)
- Fee payment for registration of LLC and publishing decision in the official gazette of Montenegro
- Get the extract from the Central Depository Agency
*** documents a – d must be certified and stamped by a notary
- Once all of these are ready, you may fill up the registration application form and submit it to the CBRE.
- You can also submit for VAT or excise duty.
- After receiving the certification of registration, you or the company now need to create a company seal, open a bank account and register employees at the Tax Administration Office.
- The minimum share capital is 1 Euro.
Get Acquainted and Get Registered
The steps above may be tiresome to the ever-busy entrepreneur. But worry not. We are always available to help you get your company registered in Montenegro. So, get acquainted with us so that we can help you get registered, fuss-free.