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Montenegro, especially Podgorica, is experiencing a significant surge in new business formations due to its robust economy, strategic geographical location, and favorable business environment. In Montenegro, the 'Law on Business Organizations' regulates the process involved in business formation. This law provides for the establishment, operation, and dissolution of economic entities in Montenegro, including sole proprietorships, partnerships, Limited Liability Companies (LLCs), Joint-Stock Companies, and subsidiaries of foreign companies.
While setting up a business in Podgorica may seem simple with the modernized online system, there are numerous complexities where legal guidance may be needed. These include understanding and navigation of local regulations, drafting business agreements, dealing with tax regulations, obtaining necessary permits and licenses, and ensuring compliance with employment laws.
It’s crucial to be informed about local laws when setting up a business in Podgorica. Some of the key laws involve regulations related to business registration, company’s name reservation, obtaining tax identification and VAT numbers, and procurement of the necessary licenses and permits. Additionally, local employment laws, anti-corruption laws, and business operation laws play a significant role in new business formations.
In Montenegro, you can establish several types of business entities: General Partnership, Limited Partnership, Limited Liability Company, Joint Stock Company, and Branch Office.
The registration process for a new business in Montenegro usually takes around 5 to 10 days on average.
There are no nationality or residency requirements. Foreign individuals and entities have the same rights to start a business in Montenegro as Montenegrin nationals.
Montenegro offers a very competitive corporate tax rate which is currently set at 9%.
Yes. Once your company has been properly registered, you can immediately apply to open a corporate bank account in Montenegro.
The Central Registry of Commercial Entities (CRPS) is the main governmental body that handles new business formations. Moreover, the Tax Administration of Montenegro and the Ministry of Economy also provide useful information. The Montenegro Business Alliance (MBA) and Chamber of Economy Montenegro also offer useful resources and networks.
If you need legal assistance in New Business Formation in Podgorica, find a good local lawyer with expertise in the field. They will be able to guide you through the process, ensure that all legal bases are covered, and prevent future legal problems. Remember to continue educating yourself about local laws and regulations, and take advantage of available resources to maximize your business success.
