COVID19 pandemic completely changed the global market, which affected every country in the world. Montenegro’s battle with the virus was an ever-shifting one: from being the last European country to be hit with the epidemic, then becoming the first COVID-free country on the continent, to now, when the cases are increasing on a day to day basis.
So, what does this mean for the aspiring business owners in Montenegro? How does it affect the company formation process? What will the future look like?
In this article, we will try to answer all of these questions in as much detail as possible, so you will know what awaits you if you are planning on opening a business in Montenegro soon.
The current situation in Montenegro
Unfortunately, Montenegro has recently seen a rise in COVID19 cases. Today, Montenegro has almost 4000 active cases, which is incredibly high considering the population size.
Still, the country’s borders remain open for a long list of countries. Social distancing and wearing masks in both open and closed spaces are mandatory throughout the entire country. Some municipalities including Nikšić, Rožaje, Berane, and Andrijevica are undergoing special restrictions due to the high number of active cases on their territories.
All in all, the country currently does not have too many restrictions that would hinder anyone from starting a business.
The Law on Innovation Activity
The COVID19 pandemic has prompted the Montenegrin government to develop a plan for the country’s economic recovery. This plan includes the Law on Innovation Activity, which is made to encourage innovators and entrepreneurs to start their own businesses. All of this will accelerate the digitalization process in the country, which will strengthen the Montenegrin IT sector.
Of course, all of this makes the country more attractive for anyone planning to open his or her business on the Balkan peninsula. What is more, Montenegro has a very high demand for digital solutions. If digital development is your line of business, this might be the best time to start conducting it in Montenegro.
So, should I open my business in Montenegro now?
Well, there is still a lot that we do not know. Nobody seems to have an estimated timeline on how long the pandemic will last, and at this time it is difficult to make any predictions.
Still, starting an e-business in Montenegro is definitely a good idea. The country is still behind on many of the recent digital trends, so getting started with it is quite easy. The pandemic will certainly accelerate these processes, so it is only a matter of time before it becomes one of the most profitable sectors in the country.
Of course, even if you do not come from the IT branch, Montenegro is still a good choice for launching a business. It’s steadily approaching the EU, and it is in constant development. The markets are small so they are easy to get into, and it also has one of the simplest company formation procedures in Europe.
Whatever you do, make sure to research everything thoroughly, be creative, consult with professionals in the country, and you will certainly have a successful business in no time whatsoever!