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Starting a business in Montenegro

Starting a business in Montenegro

If you’re starting a business in Montenegro or working for yourself, here is a guide to safeguard your investment in the future. This is a quick overview of the steps to follow in order to register a new business. The process to register a business in Montenegro takes an average of 4-5 working days and can be completed without client’s presence with power-of-attorney letters.

There are six types of companies: entrepreneur, limited liability company, joint stock company, general partnership, limited partnership, and part of a foreign company.

The most common form of establishing company is Limited liability company (d.o.o.) and we will list the details regarding this type of company.

Process of company establishing in Montenegro requires you to have:

  • more than 18 years;
  • an official address of the company;
  • a copy of your passport;
  • a decision on the establishment of the company;
  • a decision on the appointment of the executive director;
  • a statute of the company
  • an original name (not already registered) name for the company;
  • initial capital which can be domestic and foreign and the minimum initial capital can be 1 €.
  • one primary activity for your company.

Central Register of business entities (CRPS) registers new business and collects detailed data about Montenegrin legal entities.

It is important to know that for this formation of company, one person can be the founder and executive director at the same time.

As for the procedure of opening a limited liability company when the founder is a legal entity, the procedure is the same, as well as the required documentation. Only in this case you will need to submit data for the legal entity that wants to establish a company.

Also, another type of business that is allowed in Montenegro in accordance with legal regulations, is to open a representative office for your mother company that already exits in another country. This option will certainly be interesting for those who already developed a business in their home country.

This procedure is also very simple and it is necessary to submit:

  • document proving the existence of your company in the home country;
  • decision on registration of a representative office in Montenegro;
  • statute of the company;
  • address of business in Montenegro;
  • data for persons authorized to represent the company in business to third parties;
  • last balance sheet and income statement of the parent company;
  • copy of passport for the director of the representative office;

After registering the company, the bank accounts can be opened.

If you have any questions, please feel free to write to us, it would be our pleasure to answer your questions.