Power of Attorney and What it Means in Montenegro

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While company formation in Montenegro is a breeze made easier by low-cost company formation and fast company incorporation process, it can still be difficult for foreign entrepreneurs to find the time in their day-to-day lives to up and leave his/her home country and form a company in Montenegro.  Work stops for no man; which is why the government of Montenegro added an extra perk to company formation in Montenegro.

Now that your dream of company formation in Montenegro is finally taking shape and becoming a reality, it may seem as though countless obstacles are raising their heads.  The first step to forming a company in Montenegro is to gather all of your paperwork and required documentation to ensure that you are ready to form your company.  The next step it to be present in Montenegro to incorporate your company.  Alternatively, you can sign over Power of Attorney and allow a qualified lawyer to take over and form your company on your behalf.

Power of Attorney will allow you to form your remotely.  Remote company formation refers to the ability to remain in your home country for the entire duration of the company formation process.

What is the Power of Attorney?

Understanding what Power of Attorney is and what it means to sign Power of Attorney over to another party is important.  To summarize, the Power of Attorney is a written agreement in which a third party is given permission to act on your behalf.  It is a simple way to have another person take care of your financial and legal matters for you.

Power of Attorney can be used for many different reasons, however, in the case of company formation in Montenegro, Power of Attorney is initiated to allow for a third party in Montenegro to sign company documents and form a company on behalf of the business owner.

Advantages of Power of Attorney:

  • Remote company formation;
  • Remote company registration;
  • Remote trademark validation;
  • Assistance from the experienced local professionals who know the steps and procedures involved in company formation in Montenegro.

What are the Risks?

Naturally, signing over Power of Attorney may raise a few red flags for the business owner.  Giving third-party permission to sign important documents on your behalf is no small task and you should take the time to research a reputable company that has your best interests at heart. Power of Attorney can be withdrawn at any stage during the process which ensures that the power remains in the hands of the business owner.  This protects the business owner from being taken advantage of if the Power of Attorney is abused.

One should not sit idly by while the company formation process is being taken care of remotely.  The business owner will still need to overlook and actively be involved in the company formation process, they can simply do it from afar without having to go to Montenegro.

This advantage of company formation in Montenegro is not usually an option in other non-offshore jurisdictions.  Remote company formation is another step that Montenegro’s government has taken to make company formation in Montenegro quick, simple, and easy for the business owner.

How is Power of Attorney Presented in Montenegro?

  • As a written or a verbal contract;
  • As a private document;
  • As official authorization of a family member/party member of the individual’s household or the employee of the individual.

The final point listed above is only relevant in the case of an emergency and the first two points are considered the common practice.

There are multiple reasons one would sign a Power of Attorney agreement in Montenegro which ranges from opening a business in Montenegro, trademark validation in Montenegro, healthcare, and company registration in Montenegro.

The ability to sign a Power of Attorney document and form a company remotely is another small perk of company formation in Montenegro which makes a world of difference to the business owner.  Why not leave your company formation in the hands of the experts while you benefit from the new company that you have created?  You are also protected by your ability to revoke Power of Attorney at any stage which means there is very little risk to you as the business owner.

Stevan. M

Stevan. M

Stevan is a Montenegro based writer and consultant

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