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How to start a company in Montenegro
How to start a company in Montenegro: a small but rapidly developing country that offers a range of benefits for entrepreneurs looking to start a new company. Located in southeastern Europe, Montenegro boasts a strategic location on the Adriatic coast, making it an ideal gateway to both the Balkans and the wider European market.
One of the main advantages of starting a company in Montenegro is its favorable tax system. The country has a flat se tax rate of 9%, which is one of the lowest in Europe. This makes Montenegro an attractive destination for businesses looking to maximize their profits and minimize their tax liabilities.
Another key advantage of starting a company in Montenegro is its business-friendly environment. The country has streamlined its regulatory framework to make it easier for businesses to set up and operate. In addition, Montenegro has signed free trade agreements with several countries, providing access to a wider market and facilitating international trade.
Montenegro’s infrastructure is also improving rapidly, with ongoing investments in road, rail, and air transport. This makes it easier for businesses to move goods and services, and to connect with customers and suppliers both domestically and internationally.This beautiful and welcoming country that offers a high quality of life for entrepreneurs and their families. With its stunning coastline, rich history, and vibrant culture, Montenegro is an ideal location for those seeking a healthy work-life balance.
To physically apply for your Temporary Residency in Montenegro your accountant will assist you. You need to apply with the Ministry of Police (MUP) of the Municipality where you registered your company.
You then follow the regular Temporary Residency application where the only difference being you need to apply for a D visa (Work Visa) and you are not required to prove funds as you are employed by yourself and will be theoretically earning an income. For Temporary Residency through employment you will need to undergo a health screening by a locally appointed clinic.
Your accountant will be able to assist you and we do not recommend trying to apply yourself. We can provide you with an accountant or attorney to assist you. Costs can vary and for company formation and documentation you can expect to pay between €600 and €1,500 depending on your requirements or personal situation. Be sure you know what you are paying for.
The biggest benefit of forming a company in Montenegro is that you can appoint yourself as director and obtain Temporary Residency. The process is pretty simple. We advise you to use a reputable accountant (some attorneys can also assist), as it can be quite a process to apply if you aren’t able to speak Montenegrin or know the exact what, where and hows.
- Reserve a name and apply for incorporation. The DOO, which is a limited Liability company, is the cheapest and easiest in that you need at least one shareholder and €1 starting capital as a qualifying requirement. Documents will need to be prepared such as Memorandum of Incorporation. You will need an address in Montenegro to apply for incorporation, you can speak to your accountant regarding your options.
- Once registration is complete and you have received your certificate of incorporation you can order your company stamp. This is VERY IMPORTANT as its essentially your company signature and you can do very little (if nothing) without it.
- You will need to appoint an accountant, as required by law.
- your accountant will prepare your letter of invite to come to Montenegro as well as your offer of employment. You will need these to apply for your D visa as well as for your application for Temporary Residency.
- You are required to open a bank account. This can be a bit of a struggle as laws have changed recently but your accountant should be able to assist you. This is not necessary to for starting a company or applying for temporary residency. You can open one at a later date but is needed.
- Your accountant will do your necessary registrations with the tax office as well as register your employment contract with the ministry.
To physically apply for your Temporary Residency in Montenegro, your accountant should assist you. You need to apply with the Ministry of Police (MUP) of the Municipality where you registered your company.
You then follow the regular Temporary Residency application where the only difference being you need to apply for a D visa (Work Visa) and you are not required to prove funds as you are employed by yourself and will be theoretically earning an income. For Temporary Residency through employment you will need to undergo a health screening by a locally appointed clinic.
Your accountant will be able to assist you and we do not recommend trying to apply yourself. We can provide you with an accountant or attorney to assist you. Costs can vary and for company formation and documentation you can expect to pay between €800 and €1,500 depending on your requirements or personal situation. Be sure you know what you are paying for.
Contact us for more information.
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