How to open a company in Montenegro?
Opening a company in Montenegro involves several steps, including choosing a business structure, registering the company with the Business Register of Montenegro, obtaining a tax identification number, opening a bank account, obtaining necessary licenses and permits, registering for social security and health insurance, and hiring employees. To ensure a smooth and efficient process, it is recommended to consult a legal expert or business advisor who is familiar with the specific regulations in place in Montenegro. Additionally, it is important to research the business environment, including the local economy and the availability of funding and investment opportunities, before making a final decision to start a company in the country.
If you decided to open a company in Montenegro, follow these steps:
- Choose the legal name of the company and check if that name is available in the Central Register of Business Entities, if so, reserve the name;
- Write and notarize the Decision on Establishing a Company. The Decision on Establishing a Company must be signed by the founder or founders of the company and notarized by a public notary in order to be considered legally binding;
- Write and sign the Agreement on the establishment of a company. This document also needs to be notarized to be considered legally binding;
- Write the statute of the company. The most important thing to write in the statute is the primary field of business of the company and additional ones. Each field has its own code that is regulated in the law on the classification of activities;
- Taxes to be paid:
- Tax Administration amount of 5€ on the bank account: 832-3161017-60
- Official paper of Montenegro amount 3€ on the bank account: 520-941100-57
- If you are a citizen of Montenegro you need to provide a copy of your ID, if you are a foreigner copy of your passport;
- CEO needs to sign the Approval of the executive director with the appointment. The approval of the executive director with the appointment involves the official recognition and authorization of the individual who will be leading the company as its executive director. This is recommended to be notarized;
- Fill out an application form on the Central Register of Business Entities website, specifically Form PS 01;
- If the company wants to apply for the registration of the taxpayer for value-added tax (VAT), the form PR VAT – Form PR PDV – 1 is filled out and submitted together with the other documentation required for the establishment of the company;
After you submitted all the documents above, next step is to order a stamp that needs to be exact replica as described in the company statute and open a bank account in Montenegro together with deposit and notarization of signatures.
These steps may vary depending on the specific business you plan to start and the specific regulations in place in Montenegro. It is recommended to consult a legal expert or business advisor to ensure you are following the correct procedure.
