There are a few good reasons why Montenegro attracts hundreds of foreigners every year, many of whom decide to stay permanently. While the country is beautiful in nature, historic sites and low costs of living, these are only a handful of reasons to keep you there, and the speed at which you can form your own business is certainly something to consider. In this article, we will guide you through the entire company formation process in Montenegro, and show you just how simple it actually is.
Now, the documents you will need to obtain will differ based on the type of company you choose to form. If you are not sure which one to pick, we suggest you do some research on different business entity types that exist in Montenegro. The most common one is a Limited Liability Company (it’s also the cheapest and the easiest type of company to form). To open one, you will need:
- The company name, which must be unique.
- A legal address (a virtual one is also sufficient).
- A corporate bank account in one of the local banks.
- Tax&VAT registration.
- List of the company members.
- Name of an executive director.
- The foundation act.
- The founder’s international passport.
- Specific business licenses and permits (depending on the type of business you are opening).
Obtaining these documents is incredibly easy and cost-efficient. Remember to notarize and translate everything into Montenegrin before filing your documents. We suggest getting some professional legal assistance to ensure there are no setbacks during the formation process.
Overall, it won’t take long for your business to be up and running. The formation process should not take more than two weeks, but it could all be finalized in a couple of days if you follow the procedures properly. Also, since Montenegro is a country in development, the Montenegrin government is doing everything to create a fruitful business environment in every part of the country. The required share capital is set at 1EUR, which makes the formation process incredibly cheap. Of course, there are some other fees you will have to pay, but it’s all much cheaper than you would expect. The business registration fee is only 22EUR, which makes it the lowest in Europe, for example.
Besides just quick and easy LLC formation procedures, Montenegro offers an abundance of business opportunities. Underdeveloped markets such as IT are growing rapidly, so the demand is extremely high. As the country keeps making progress on its EU path, there’s a bright future ahead for anyone looking to start their business in Montenegro.
Again, to get the most of it, we recommend hiring a professional legal consultant. In this way, you will ensure that the process is as fast and effortless as possible. Consider it an investment towards the future of your company, as it will help you save time, money, and effort during the process (especially in the long run).
All in all, everyone looking to start a business in Europe should look no further than the small Balkan country of Montenegro. The process is incredibly simple, and as a foreign investor, you will be able to enjoy the incredible benefits provided by the local government.