Due to the country’s high business potential, many international business owners from both EU and non-EU nations choose to establish enterprises in Montenegro. Several procedures must be followed to register a corporation in Montenegro, including observing the Legal Provisions. The nation provides a variety of corporate structures, notably joint stock companies. This page goes into great length regarding joint stock companies and all necessary procedures for registering this type of business in Montenegro.
Joint Stock Company
JSC (Akcionarsko drutvo) is a kind of corporation created for sizeable financial venture capitalists and is a joint stock company. A.D.s must have a basic shareholding of 25,000 euros in money. The Annual Conference of Investors, which chooses the Board of Supervisors as the governing council, makes the resolutions. For this kind of firm, an accountant who will review the firm accounts annually is also necessary.
Registering JSC
The National Registry of Corporations, which is overseen by the Revenue Agency, is responsible for registering businesses in Montenegro.
JS businesses in this nation can establish their business operations in just one location only. Every company in this nation that registers with the National Company Registry automatically joins the Chamber of Commerce. A public site can be used to submit a corporate formation request in Montenegro.
Registration procedure
The Montenegro JSC registration process can take up to five weeks and entails the following registration steps:
- Validate the formation documents of the company
To begin the registration procedure in the country, candidate must compile their business papers for certification at the National Court. Another option is to visit the Montenegrin National Council, which also manages all papers and accreditation issues. Typically, a registrar will cost you 31 euros in total.
- Check to see if the company name is available
The National Directory of Commercial Enterprises has a web platform where applicants can search for available and registered names. Candidates have the choice of paying an extra price to reserve a brand name in addition to the free electronic domain search. The candidate must make sure that the name they choose is unique and also represent their corporate activities.
- Make registration payment
Claimants must deposit the business formation and publishing fees at a bank outside the CRBE premises before the Montenegro business establishment process can start. Then, along with other essential paperwork for the firm creation process, a payment confirmation will be needed. Costs associated with formation total €3,050 in the first year, and €400 in the second and subsequent years. The typical charge for a Montenegro assignment is €11,020, which covers all regulatory charges, firm registration, establishing a local business bank account, and other expenses.
- Establish the company
The CRBE department is where candidates can turn in their Montenegro firm incorporation paperwork. The following papers are required:
- The articles of formation,
- The taxpayer identification summary,
- The director and shareholder details,
- The confirmation for the authorization fee submission, and
- A summary of the company’s commercial operations.
- Create a business seal
A corporate seal is frequently used in practice for commercial operations even if it is not required by law, and regulators prefer to see stamps on business records. Additionally, a corporate stamp is needed to establish a bank account. A customized stamp order will cost between 30 and 40 euros in the country, and candidates may also have it on the same day.
- Establish a corporate account
Establishing an account with a bank is a simple procedure for non-residents and foreign-registered legal entities. The only challenge is deciding on an appropriate credit and financial institution. For creating a bank profile, businesses can select their ideal institution and submit the requested paperwork:
- Proof of the company’s incorporation,
- owner identity documents,
- a tax identification number, and
- the owner’s financial background.
Some banks require additional documentation, such as a certified travel document and the owner’s verified signatures, to file a request.
