Montenegro

Starting a Business in

Montenegro

Below is a detailed summary of the bureaucratic and legal hurdles faced by entrepreneurs wishing to incorporate and register a new firm in Montenegro. It examines the procedures, time and cost involved in launching a commercial or industrial firm with up to 50 employees and start-up capital of 10 times the economy's per-capita gross national income.

This information was collected as part of the Doing Business project, which measures and compares regulations relevant to the life cycle of a small- to medium-sized domestic business in 189 economies. The most recent round of data collection was completed in June 2014.

Compare Montenegro to 188 other economies.

  • Standardized Company

  • Legal form: Društvo sa ograničenom odgovornošću (DOO) - Limited Liability Company
  • Paid in minimum capital requirement: EUR 1
  • City: Podgorica
No. Procedure Time to Complete Associated Costs
1 Certify the company’s founding agreements
Agency: Basic Court and Notaries

The Republic of Montenegro still has no public notaries, but the profession is expected to develop soon. Lawyers are no longer authorized to do the certification of corporate documents. The applicant certifies company documents at the basic court and certifies copies at municipalities. Certification fees vary depending on the number of pages, documents, and so forth.

Montenegrin Notary Chamber was established on 29 April 2011, and on 25 June 2011 they started operating when almost all work in relation with notarization-certification has been relocated from basic courts to public notaries. 
The total cost is: 21 Euro (13 Euro for the court + copies of documents such as passport - each copy 2 Euro).
1 day on average EUR 22 for court + EUR 2 per document (4 documents)
2 Submit the request together with the necessary documents and obtain the registration certificate, TIN (tax identification number), VAT tax number and customs authorization
Agency: Central Registry of Commercial Entities

The applicant checks the company name online and then comes to the registry located at the Commercial Court with completed documents and registers the name and company. At the registry one counter exist for LLC registration and payment of relevant fees can be done at the same place. (Name can be checked online at no charge at (www.crps.cg.yu) and name reservation can be done online but payment is done in person. Company Forms can be obtained online.

The Company Registry prepares text for the announcement of company formation. The Registry also estimates the publication fee (based on notice length) and sends all notices to the Official Gazette, which are published in the upcoming issue. Publication time is 10–15 days. Even so, subsequent procedures do not depend on the announcement, so the client can continue to form the company regardless of the publication date.

Required documents for registration are:
1. Article of Incorporation;
2. the Statute;
3. Registration Form PS01: list of founders, members of a company, managers and members of the board of directors, if they are appointed: a) the first and surnames and any former names; (b) their personal identification number (c) their residential addresses; (d) their citizenship; (e) details of any other directorships, memberships in limited liability companies or partnerships, or other management positions held in Montenegro or elsewhere and the place of registration of such companies if not in Montenegro; name of an executive director; name of the company, address of the seat of the company and address for receiving official correspondence, if they are different; persons authorized to represent the company and information if the representation is collective or individual; a document which would confirm payment of registration fee.
5 days EUR 10 (registration fee) + EUR 12 (publication fee)
3 Register employees for Health and Pension at Tax Administration counter
Agency: Tax Authority

This registration happens at a different desk.
1 day no charge
4 Obtain company's seal
Agency: Seal maker

The company seal or stamp is a core instrument in company legal transactions. The company orders a seal or stamp upon registering with the Company Registry because it is essential for subsequent company transactions. The seal is made on the day it is ordered.
1 day EUR 30-40
5 Open a bank account
Agency: Commercial Bank

The certificate of bank account set-up is required to register for taxes. The bank account is opened once the company is registered with the Company Registry and tax office and the Statistical Office.
Request for opening of the bank account is submitted on the form ZZOUR of the bank, by post or personally, and it has to have the following information:
- Name of the requesting party
- Address of the seat of the company and the telephone
- Name of the account

Besides the form ZZOUR, an entrepreneur has to submit the following documents:

1. A confirmation of the Central Registry of Commercial Entities in Podgorica on registration (validated copy),
2. A contract on opening of the account and keeping the account (is closed in a bank),
3. Notification of MONSTAT on classification of the activities (original document),
4. A card of the deposited signatures (is received in the bank),
5. OP (validation of the signature) a form validated in the Basic Court,
6. A document on tax identification number (PIB) by the Tax Authority of Montenegro,
7. Act of foundation (a copy),
8. Photocopy of IDs of authorized persons of the company.
1 day no charge
6 Notify the competent inspection authority and the municipal authority in charge of economic affairs
Agency: Municipality

New reforms abolished the license and made it sufficient to have a notification. If the Company is engaged in trade, it pays the administrative fee in the amount of 3 € within the municipal authority in charge of economic affairs for the notification.
1 day on average EUR 3

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