Montenegro company formation is a cost-effective and fast process that can have your business up and running within a matter of days while avoiding a severe drain on your pocket.
Numerous costs need to be considered when looking into setting up a company in Montenegro and we will break a few of these down in this article to help you better understand where your money is going and how much this process will cost.
Below are a few of the costs which need to be taken into consideration when opening an LLC in Montenegro:
- Company formation fee – the company formation fee in Montenegro is approximately €797;
- Registration of a local address – every business formed in Montenegro requires a local registered address which costs approximately €75 per month if you are looking to set up in one of the upmarket buildings in Montenegro, however, Montenegro also offers virtual office spaces at a cheaper rate;
- Accounting fees – an accounting fee of approximately €135 per month is applicable if you would like to benefit from having someone else take care of your bookkeeping;
- Minimum share capital – another advantage of setting up a business in Montenegro is that there is no minimum share capital requirement;
The cost of company formation in Montenegro is not limited to the above list and each case will be unique depending on the business owner’s individual needs.
Additional fees are applicable for preparing the required documents for company formation such as the Memorandum and Articles of Associates and Power of Attorney (if applicable) and apostilling the company documents for registration.
Overall, the company formation costs will depend on the individual business, however, it can be achieved at a rate as low as €1100.
The low cost of setting up a company in Montenegro is a direct contrast to the high-speed formation time.
Company formation in Montenegro takes, on average, two weeks from the time that you submit your documents to being a fully operational company. There is no time to waste when you’re looking to set up a company and Montenegro makes it easy for you from start to finish.
The time it takes for you to collect and prepare your required documents for company formation in Montenegro should not take up too much of your time either as the list of required documents is short when compared to other EU countries. Some of the documents you will be required to present when registering include, but are not limited to:
- The company name;
- Notarized Articles of Association and Memorandum of Association;
- Minutes of directors and shareholders;
- The founder’s international passport;
- The registered address of the company;
- A list of all of the company’s members;
- The share capital, which is €1 as required by the country’s legislation. However, it can be greater than €1;
Other documents may be requested and the documents for company formation will vary depending on each individual business.
Company formation in Montenegro is quick and low-cost when compared to other countries while providing other benefits such as its proximity to the rest of Europe, low tax rates and 100% foreign ownership.
It may seem too good to be true, however, this is simply a result of Montenegro pushing to grow its economy and to attract foreign entrepreneurs to invest in its future – and it’s time you took advantage of this great opportunity.