What are the main requirements?
Following are the main requirements for setting up a Montenegro company.
Following are the main requirements for setting up a Montenegro company.
- A company needs to have at least one shareholder who can be a local or foreign individual or company.
- At least one of the directors must be a natural person, above the age of eighteen years old, and a resident of Montenegro shareholder who is a natural person can also be a director of the company.
- A qualified company secretary has to be appointed. The secretary must be a resident of Montenegro.
- Company must have a physical, local address in Montenegro.
- The company must have a paid up capital of at least $1.
What are the guidelines for naming a Montenegro company?
The first step in the registration of a Montenegro company is reserving a name for the company – a company cannot be registered without having an approved name beforehand. The requirements for a company name are that the selected name should not conflict with any other existing name, and it should not contain any offensive or degrading words.
There are three possible outcomes when you submit a name request:
- If the name is approved, the entrepreneur can proceed to the next step of incorporating the company with that name.
- If the name is “referred”, it means that the name will be referred for additional review by other government departments and a final outcome will be available in anywhere from a few days to a few weeks.
- If the name is rejected, the applicant has to submit a new name.
What are the key requirements for setting up a Montenegro company?
A Montenegro Private Limited Company (LLC) registration requires at least 1 shareholder. A Private Limited Company can have a maximum of 50 shareholders.
What are the minimum and maximum number of shareholders a company can have?
A Montenegro Private Limited Company (LLC) registration requires at least 1 shareholder. A Private Limited Company can have a maximum of 50 shareholders.
What are the guidelines for naming a Montenegro company?
The first step in the registration of a Montenegro company is reserving a name for the company – a company cannot be registered without having an approved name beforehand. The requirements for a company name are that the selected name should not conflict with any other existing name, and it should not contain any offensive or degrading words.
There are three possible outcomes when you submit a name request:
- If the name is approved, the entrepreneur can proceed to the next step of incorporating the company with that name.
- If the name is “referred”, it means that the name will be referred for additional review by other government departments and a final outcome will be available in anywhere from a few days to a few weeks.
- If the name is rejected, the applicant has to submit a new name.
What are the key requirements for setting up a Montenegro company?
Following are the main requirements for setting up a Montenegro company.
- A company needs to have at least one shareholder who can be a local or foreign individual or company.
- At least one of the directors must be a natural person, above the age of eighteen years old, and a resident of Montenegro.
- A shareholder who is a natural person can also be a director of the company.
- A qualified company secretary has to be appointed. The secretary must be a resident of Montenegro.
- Company must have a physical, local address in Montenegro.
- The company must have a paid up capital of at least $1.
A Montenegro Private Limited Company (LLC) registration requires at least 1 shareholder. A Private Limited Company can have a maximum of 50 shareholders.
Does a foreigner need to visit Montenegro to establish a company?
No, you do not have to be physically present in Montenegro to setup a company. All incorporation related paperwork can be executed online without your physical presence in Montenegro. However, as part of the KYC procedures the bank authorities may require an interview with one or more of the key persons of the company. This may necessitate a visit to Montenegro to open the bank account.
How many directors are required to register a company in Montenegro?
Registration of a Private Limited Company in Montenegro requires at least one director. There is no limit on the maximum number of directors, although a maximum number is usually stated in the Constitution of the Company. A director must be a natural person and a corporate entity cannot be a director. Furthermore, at least one of the directors must be a resident of Montenegro.
Is having a local director necessary for a Montenegro company?
No.
Foreign companies or entrepreneurs who wish to incorporate and operate a Montenegro company can either A) have a foreign executive relocate to Montenegro to act as the resident director (subject to the approval of their work pass); or B) use the nominee director service of a corporate services firm to meet the resident director requirement.
What is the procedure for registering a Montenegro company?
Company registration procedure in Montenegro consists of two simple steps:
Company Name Reservation
Before registering a new company in Montenegro, the company name must be reserved. Therefore, application to reserve your proposed company name must be filed first. If the proposed company name does not conflict with any existing names and does not fall into the category of undesirable names, it should take only 10-15 minutes to get the company name approval. Once approved, the name will be reserved for you for 60 days from the date of approval.
What are the guidelines for naming a Montenegro company?
The first step in the registration of a Montenegro company is reserving a name for the company – a company cannot be registered without having an approved name beforehand. The requirements for a company name are that the selected name should not conflict with any other existing name, and it should not contain any offensive or degrading words.
There are three possible outcomes when you submit a name request:
- If the name is approved, the entrepreneur can proceed to the next step of incorporating the company with that name.
- If the name is “referred”, it means that the name will be referred for additional review by other government departments and a final outcome will be available in anywhere from a few days to a few weeks.
- If the name is rejected, the applicant has to submit a new name.
Can a foreigner incorporate a Montenegro company himself?
The Law on Companies of Montenegro does not mandate that all parties must engage the services of a licensed corporate service provider for this purpose.
Does a foreigner need to visit Montenegro to establish a company?
No, you do not have to be physically present in Montenegro to setup a company. All incorporation related paperwork can be executed online without your physical presence in Montenegro. To open an account with the bank required the personal presence of the director.
Who can open a company in Montenegro?
Any person, irrespective of his or her nationality can open a company in Montenegro as long as they are above the age of 18 .
Who can register as a shareholder in a company?
A shareholder can be an individual or another corporation, including a foreign corporation. Montenegro company law allows 100% foreign shareholding. Thus, a foreigner can register a Montenegro company as its sole shareholder.
A foreign company can set up a 100% owned local Montenegro company (often called as a subsidiary company). A subsidiary company is by far the most popular type of business structure for foreign companies operating in Montenegro. This is due to the liability protections and the favorable tax treatment available to this structure.
Will the identity of directors and shareholders be made public?
Yes, basic information about the shareholders and directors of a company is available to the public.
You can see company information on the official crps.me registry site
What business structures are possible in Montenegro?
The business entities allowed in Montenegro include sole proprietorships, partnerships, and limited liability companies. Among the three, private limited liability company is the most common form of legal structure in Montenegro. For more information, see business structures in Montenegro.
Does a company require a registered address to operate a business in Montenegro?
According to Montenegro Company Law, before setting up a new firm, each company must have a local Montenegro address as the registered address of the company. A registered address serves as the address of your business for legal purposes and for receiving official correspondence. Your statutory records should also be kept at this address. The address cannot be a PO Box number and must be a commercial address (residential address are allowed in a limited number of circumstances).
. If you have a corporate office and wish to use that as the registered address then you should ensure that the company secretary is based there and the company’s statutory books and records are maintained at that address. If you use a corporate services firm, it can provide the registered address service for you for a service fee.
Do I need any business licenses to operate my Montenegro company?
Depending upon the nature of business you plan to conduct, you may require a business license from the relevant regulatory authority. For example, a restaurant as well as a financial services firm will need a license from their respective regulatory authorities.
Fortunately, bureaucratic hurdles are kept to a minimum in Montenegro and most types of businesses do not require a license. Even if a license is required, you can be assured of a quick, efficient and straightforward approval process for your license application.
What is paid-up capital? How much capital is required to establish a company in Montenegro?
It is the total amount of capital provided to the company by its shareholders. In most cases, it represents the amount of cash that the shareholders have paid to the company to purchase its shares. The minimum required paid-up capital for a Montenegro company is $1. However, if the business is a regulated business that requires a license, a higher paid-up capital may be required as part of the licensing requirements.
What are the qualifications for being a Company Secretary?
The company secretary is optional
How long will it take?
How long does it take to reserve a name for a Montenegro company?
Name reservation for a new company takes only a few minutes if there is no objection from registar to the selected name. However, if the selected name is in any way found to be objectionable then the approval may take longer.
How long will it take?
How long does it take to register a Montenegro company?
Since the process of establishing a new company is computerized, it takes as little as a few minutes to register a new company. However, the logistics of the process (such as collecting and preparing necessary documents, etc.) may elongate the process to a few days. Therefore, for planning purposes it is safe to assume that the overall process of establishing a company in Montenegro can take a few days.
How long does it take to register a Montenegro company?
Since the process of establishing a new company is computerized, it takes as little as a few minutes to register a new company. However, the logistics of the process (such as collecting and preparing necessary documents, etc.) may elongate the process to a few days. Therefore, for planning purposes it is safe to assume that the overall process of establishing a company in Montenegro can take a few days.
Things the company can and cannot do?
Can a residential address be used as the company address?
Yes.
To establish a company, do foreigners need to have local partners?
It is not necessary for a foreigner to have a local partner. The Montenegro law allows foreign citizens to have 100% ownership in a Montenegro company. So, there is no need to have a local partner.
Can a foreigner relocate to Montenegro to operate the new business?
Yes, it is possible for a foreigner to relocate to Montenegro to handle the day to day affairs of the business by obtaining a work pass visa. You can read additional information about this visa here.
Can a Montenegro company hire foreigners?
What are my long-term obligations? Will my company need a Montenegro address at all times?
Yes. Subject to the approval of corresponding work pass application, a Montenegro company can hire a foreigner. Depending on the skill and qualification of the employee, different types of work passes are available. Please see additional information.
What are my long-term obligations?
Will my company need a Montenegro address at all times?
Yes. According to Montenegro Company Law, each company must have a local Montenegro address as the registered address of the company. A registered address serves as the address of your business for legal purposes and for receiving official correspondence. Your statutory records should be kept at this address. The address cannot be a PO Box number and must be a commercial address (residential address are allowed in a limited number of circumstances).
Your corporate service provider can provide a registered address service for a fee.
Will the company need a local director at all times?
No.
Foreign companies or entrepreneurs who wish to incorporate and operate a Montenegro company can either A) have a foreign executive relocate to Montenegro to act as the resident director (subject to the approval of their work pass); or B) use the nominee director service of a professional services firm to meet the resident director requirement.
Will the company need a Company Secretary at all times?
NO.
Does a Montenegro Company have to file audited accounts?
Every company incorporated in Montenegro must file its account (unaudited or audited) with the Accounting and Corporate Regulatory Authority of Montenegro every year.
How long must a Montenegro company keep its accounting records?
A Montenegro company has to keep its accounting records and other documents for a period of five years from the date of completion of the relevant transactions.
Why Montenegro?
Does Montenegro government provide any assistance to startups.
Yes, Montenegro offers some of the most generous tax benefits and other incentives to businesses that are based in Montenegro. Please see this section for more details.
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