Company formation in a foreign country may appear to be a daunting task. Now that your dream is shaping into your reality, the obstacles begin to raise their heads and it is perfectly natural to start to feel a little overwhelmed by the process.
Collecting all of the documentation for your company is the first step to forming your company in Montenegro. Next, you will be required to be present in Montenegro to complete the company formation process. Alternatively, you can sign a Power of Attorney document which would allow a Montenegrin lawyer to form the company on your behalf.
Firstly, you will want to have all of your documentation for company formation ready to go. This includes, but is not limited to:
- A company name;
- A registered local address;
- One director, one company secretary and one shareholder. The director does not need to be a Montenegrin citizen and the shareholder must obtain a tax identification number;
- A local bank account to deposit the share capital which is a minimum of €1;
- Company documents such as the Memorandum of Association and Articles of Association.
Once you have all of the required documents and you are ready to dive headfirst into the advantageous world of Montenegro company formation, there is one last step that could stifle any thriving entrepreneur.
Entrepreneurs are typically busy people whose time is occupied by the tasks associated with owning a business, leaving little wiggle room for other activities. This can make it challenging, or impossible, to find the time to leave your home country to fly to Montenegro to be present for company formation.
You, as a foreign entrepreneur, do not need to interrupt your daily life in order to form a company in Montenegro. Montenegro gives you the option to simply sign over Power of Attorney to your Montenegrin lawyers, sit back and relax as the process gets taken care of for you – without having to uproot your life.
Power of Attorney is a legal document that is signed by both parties and it states that the individual, which is you as the foreign business owner, grants the attorneys permission to take care of his/her private or business matters on his/her behalf. The legal framework for Power of Attorney in Montenegro is covered under the Official Gazette of the Montenegrin Republic. Power of Attorney may be revoked at any time.
There are different ways in which the Power of Attorney document may be presented in Montenegro, which are:
- 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 document 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 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 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.