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Doing business in Montenegro


#1  2012-02-17 10:42:22

Julien
Founder
Julien
From: Grand Baie
Registered: 2005-03-11
Posts: 27532

Doing business in Montenegro

Hi,

are foreign investors welcome in Montenegro?

Is it complicated to register a company in Montenegro? What is the procedure?

What is the corporate tax rate in Montenegro?

Is it easy to recruit?

Any advice you would share with us?

Thank you very much for your participation,

Julien




 
 
 
 
 
 
 
 
 
 
 

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#2  2012-02-20 13:17:13

Nemanja
Member
Nemanja
From: Bar
Registered: 2011-12-09
Posts: 24

Re: Doing business in Montenegro

Hi Julien,

foreign investor are what is keeping Montenegro alive, so they are more then welcome.
Procedure for opening the company is quite easy, I say quite since it is much easier then 10 years ago, but still there are some paperwork to be done in couple of institutions. I presume you are interested in opening LLC. So, start capital is minimum 1e, and you need lawyer to finish all paperwork for you, and they charge around 500e, and also with this you get one year residency  as manager of company. Monthly expenses for bookkeeping, office, communal taxes can be around 300 (if you need big office, them for sure more, here I am talking about minimum expenses) and you have deductions like 150e per month for manager and 100e for every employee (if foreigners you also need one year residency for them, which agencies charge 200e with taxes), also this is minimum amount if your book minimal wage in Montenegro for all employees.
Corporate tax is 9%, generally speaking!
If your question is to recruit employees, my answer is yes since there is a lot of unemployment here and in region.

If you have more questions feel free to ask!




 
 
 

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#3  2012-02-20 18:03:53

Tsarine
Active member
Tsarine
From: Tivat
Registered: 2010-03-11
Posts: 49

Re: Doing business in Montenegro

Hi Julien,
I agree with most of the information provided by Nemanja.
Having set up a few companies myself here, I can say that the process is quite easy.
Indeed foreign investors are welcome here.
Accountant fees alone should be around 100eur + vat. Also, it is not necessary to hire a lawyer to set up the company, since the accountants can take care of that (statutes, etc). But if you need some more sophisticated statutes for ex. you'd use a lawyer.
It is not so easy to recruit in the sense that there are not many recruitment agencies, and the national one is very national-focused... For ex. their website is only in local language and impossible to navigate through when you don't speak the language (google translate can help though...). However it is true there is quite a lot of unemployment, so many potential workers on the market.
There are a few organisations that can help foreigners through investing or setting up businesses in Montenegro, such as the MIPA (Montenegro Investment Promotion Agency) which provide free assistance to investors coming to Montenegro and has a very friendly and efficient staff and a lot of very useful documentation available on their website.
Also, to assist french and english speaking investors in Montenegro, we have recently launched the "Franco-Montenegrin Business Club" on the initiative of the French Embassy. I am myself one of the founding members.
Hope this will help future investors!
Cheers!


Julien wrote:

Hi,

are foreign investors welcome in Montenegro?

Is it complicated to register a company in Montenegro? What is the procedure?

What is the corporate tax rate in Montenegro?

Is it easy to recruit?

Any advice you would share with us?

Thank you very much for your participation,

Julien




 
 
 
 
 
 
 
 
 

  • Offline

#4  2012-02-20 18:52:44

Julien
Founder
Julien
From: Grand Baie
Registered: 2005-03-11
Posts: 27532

Re: Doing business in Montenegro

Thanks for your posts !




 
 
 
 
 
 
 
 
 
 
 

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