Ideas for a profitable business and obtaining a residence permit in Montenegro in 2024

Find refuge for an emigrant and move for a better life to a place where there are many investors and entrepreneurs, networking, a growing economy, attractive conditions and simple requirements for doing business, a simplified taxation system. This is not an easy task. In this article we will introduce you to one of such places.

You will learn:

1. Why is it profitable to open a business and obtain a residence permit in Montenegro
2. Which areas of the economy are poorly developed, statistics
3. Ideas for starting a business in Montenegro. How to open a profitable business with few competitors
4. Tips on how to start your own business. What skills do you need to have?
5. Top mistakes of beginning business people
6. How to attract investments in Montenegro if there are none
7. Interesting startups in Montenegro of the 2023 year
8. Advice from entrepreneurs, investors and psychologists: how an emigrant can open a business in a new country and not burn out.
9. List of useful resources

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A more complete list of developing activities:

• Electronics
• Construction
• Food production
• Healthcare
• Education
• Tourism

Statistics of new enterprises registered in 2023:

• Tourism 25%
• Production 15%
• Construction 10%
• Trade 20%
• Healthcare 5%
• Education 5%

Choose a niche that suits you, research the market and competitors, register with the chamber of commerce and start making money. Developing an economy overlooking the Adriatic coast can be a profitable solution for those who want to live a quality life in a good climate and a safe social atmosphere. More about all this later in our article.

1. Advantages of opening a company and obtaining a residence permit in Montenegro

• - Favorable business climate. Low taxes on profits and property, simplified procedure for registering a company. Simple legislation and a progressive taxation system. The income tax rate ranges from 5 to 15%. The value added tax rate is 21%.
• Low living costs. The cost of living here is much lower than in many other European countries. Real estate, food and services are all affordable if you want to reduce your living expenses.
• Attractive place for tourism. Many tourist attractions: mountain lakes, national parks and beautiful beaches. This makes the country attractive to tourists, which can be beneficial for hotel, restaurant, and tourism businesses.
• Friendly people and safe environment. Friendly, hospitable people who welcome foreign investors. Safety and low crime rate.
•  Ability to open and manage all bureaucratic issues remotely.
• Minimum authorized capital of 1 euro to open an LLC.
• Stable economic development, since Czech Republic is a member of NATO and a candidate for membership in the EU.

To obtain a residence permit in Montenegro (borawak) on the basis of doing business, you must meet the following requirements:

• Have health insurance that covers treatment costs.
• Have sufficient income to provide for yourself and your family.
• Have no criminal record.
• Register a company in Montenegro.
• Create at least 10 jobs.

The procedure for registering a company and obtaining borawak in Montenegro takes about 2 months. Opening a company in Montenegro can be a profitable and promising solution, along with other countries where there are more stringent requirements and rules.

2. In-demand niches that are not yet occupied or not occupied enough:

• Excursions.
• Sales and repair of electronics. The production of electronics can be a profitable discovery, because imported household appliances are very expensive and there is a shortage of modern equipment such as computers, telephones, and washing machines.
• Teaching foreign languages: English, Serbian, Italian, Turkish.
• Organization of events: weddings, birthdays, corporate parties and other events.
• Food manufacturing. Since there is a dependence on imports, you can consider ideas: a farm, a cheese factory, a bakery. Grow various crops: grapes, olives, fruits, vegetables, etc. Raise farm animals: cows, pigs, sheep.

According to the Montenegro Employment Agency, there is a shortage of specialists in the country:

• Education. Shortage of qualified teachers and lecturers.
• Healthcare. Doctors, pharmacists, people caring for the elderly and the sick at home.
• IT specialists with knowledge of English. Current vacancies in the Montenegro IT Telegram chat at this link t.me/montenegro_it.
• Construction. There are not enough workers to produce bricks, concrete or cement.

What problems can you help solve:

• Lack of qualified personnel and assistance in finding them. For example, in tourism, construction, cleaning, agriculture, medical care.
• Environmental pollution: recycling and disposal and production of environmentally friendly goods.
• Lack of services for older people, for children with disabilities

3. Ideas on how to create a profitable project

To become a successful entrepreneur, you need to consider:

• Demand in a niche. It is important to choose one in which you see a shortage of offers, but increased demand.
• Poor development of this niche. This is a sign that there is potential for growth.

When choosing, pay attention to:

• Personal interests and skills. It is important to choose a direction that interests you and in which you have the strong qualities necessary for a manager.
• Evaluate your resources to see if you can succeed. Critical thinking is useful to incorporate into any new endeavor to avoid trouble.

Things you can do with minimal investment that will quickly pay off:

• Personal mentoring, sports coach
• Food delivery
• Masters of makeup, hair removal, manicure, and other beauty procedures
• Caring for children, elderly people, animals
• Repair of equipment, clothing, vehicles

To get started, you need to have professional training, a diploma or certificate, and start advertising on social networks. Minimum budget 30 euros/7 days. Please note that in these areas there is competition and investments are required; if it concerns food delivery or beauty treatments, much more will be required here than just advertising and perhaps you also need to take into account the rental of premises. Take into account the difficulties with the supply of auto parts and add taxes to this cost; everything over 70 euros is subject to duties.

4. Advice on Entrepreneurial Skills

It should be noted that bureaucratic issues can be challenging, especially for an expat who is not familiar with the laws and culture of the country. Therefore, at the first stage of intention, it is recommended to consult with a lawyer or other specialist who will help to avoid mistakes and avoid problems with the law.

If you follow these tips, you will have a better chance of success:

• Study the legislation and the market, assess the supply and demand for your services or goods.
• Take a Montenegrin language course, learn the culture and customs so you can provide good service to the locals.
• Meet local residents and business people.
• Create a business plan and assess risks.
• Choose the right form of ownership, it determines your rights and responsibilities.
• Prepare the necessary documents for registration.
• Make social connections, so you can quickly increase the flow of clients.
• Create a website, an Instagram page and run advertising.
• Be patient and consider the difference in mentality.
• Find partners, investors. Partnerships are useful in finding clients, suppliers and other resources.
• Start small and gradually expand.

Forms of ownership in Montenegro:

• LLC (Limited by Liability Company)
• AD (Joint Stock Friendship)
• Entrepreneur

To register a company, you need to contact the Ministry of Economy and submit an application. You must then register with the Inland Revenue, Pension and Health Funds. Or you can contact our specialists who will help with opening and registering with state organizations that comply with the law. Read more about what documents are required for registration and their cost in our article here: https://gomonte.me/en/services/residence-permit/

What taxes do you have to pay:

• VAT - 21%
• On profit - 9%
• On income of individuals - 9%

The employees of our company Gomonte can become a reliable assistant in the following matters:

• Submitting an application to open a company
• Assistance with opening bank accounts
• Legal and accounting support

You can pay for the company's services in any currency, including rubles, hryvnia, bitcoins, euros and dollars. More details: +382 69 777 680 or via Viber/WatsAap/Telegram messengers.

5. Top mistakes of beginning business people

• Lack of knowledge of local legal and accounting regulations

Familiarize yourself with the necessary regulations; this will eliminate unpleasant proceedings with fines and other problems with government officials.

• Incorrect planning

Think carefully: developing a strategy, identifying the target audience, analyzing competitors, etc.

• Wrong choice of niche

Once you choose a segment occupied by big players, it will be very difficult to surpass them. Analyze the dependence of your plan on the seasons, weather, political situation, requirements imposed by customs for the delivery of equipment and goods.

• Wrong choice of location

Newcomers do not betray the significance of the location. For example, you are planning to become a restaurateur. Choose a place with high traffic and good transport accessibility. Some cities have a small population, and there is a risk of being left without visitors when the tourist season ends.

• Lack of originality

Most often here you can find catering establishments with the same menu, beauty salons where they use the same cosmetic lines. There is absolutely no choice. Be creative, fresh ideas will attract the attention of consumers.

• Lack of knowledge of local legal and accounting regulations

Familiarize yourself with the necessary regulations; this will eliminate unpleasant proceedings with fines and other problems with government officials.

• Incorrect planning

Think carefully: developing a strategy, identifying the target audience, analyzing competitors, etc.

• Wrong choice of niche

Once you choose a segment occupied by big players, it will be very difficult to surpass them. Analyze the dependence of your plan on the seasons, weather, political situation, requirements imposed by customs for the delivery of equipment and goods.

• Wrong choice of location

Newcomers do not betray the significance of the location. For example, you are planning to become a restaurateur. Choose a place with high traffic and good transport accessibility. Some cities have a small population, and there is a risk of being left without visitors when the tourist season ends.

• Lack of originality

Most often here you can find catering establishments with the same menu, beauty salons where they use the same cosmetic lines. There is absolutely no choice. Be creative, fresh ideas will attract the attention of consumers.

• Insufficient analysis of other people's proposals

Research what others offer their customers, what their prices are, and their level of service. Think about how you will be different from them.

• Lack of marketing strategy

Think over your marketing, taking into account the peculiarities of the Montenegrin market, in order to declare yourself, your uniqueness and make a good profit.

• Inability to manage finances

Managing financial resources is one of the skills of effective sales. Having learned how to draw up a competent budget and control expenses, you will never face financial difficulties and bankruptcy.

• Lack of funding

Calculate financial indicators and estimates in advance for start-up and subsequent expansion. Use mutual settlements, partnerships, free advertising methods.

• Lack of experience

Get trained, take advice from competent, knowledgeable professionals. This way you will learn the basics faster.

• Lack of self-confidence

Starting everything from scratch in an unfamiliar environment requires a lot of effort, perseverance, faith in yourself and your strength. If in doubt, it will be difficult to reach the heights of fame or earn even bread and olives.

How to win a competitive battle:

• Seek support from those knowledgeable about the topic.
• Read books, articles, chat in local chats, get a general idea of how things work in reality.
• Attending seminars, conferences, exhibitions is a great way to surround yourself with like-minded people, learn about the latest trends, the secrets of those you may envy or strive to take their place in the industry.
• Watch other people's success and failure stories on YouTube or Forbes to avoid similar mistakes and avoid making unnecessary mistakes.  

6. Where to get start-up capital

If you want to attract financial resources for the development of your project, you need to properly prepare:

1. Determine your investment profile

Before you start looking for investors, you need to understand what type of investors you want to attract and a list of their expectations. There are several types:

• Investment funds. Organizations collect funds from private investors and invest them in various projects.
• Venture capitalists are private investors. Invest in new and fast-growing companies.
• Business angels are private investors. They can support small, interesting startups in which they see potential for growth.

2. Develop a business plan (BP)

This is a document that describes your strategy, goals, expected profits, risks and costs. It should be well written and structured to understand your development potential.

Include the following sections:

• Summary
• Description
• Market analysis
• Strategic plan
• Financial plan
• Create a presentation

A presentation is a great way to briefly present everything that is described in the BP. It should be short and concise and include all important aspects.

It is important to create a strong brand to create a positive impression. It is based on the following principles:

• Uniqueness
• Recognition
• Reliability

3. Attend events, exhibitions, forums, meetups, lectures. This will help you expand your network of contacts.

• Montenegro Investment Forum
• Venture Capital Association
• Incubator
• IT meetap in Budva and Podgorica, schedule here t.me/montenegro_it

A great way to tell potential investors about yourself is through social networks. Publish news about your brand to communicate and attract attention. A few popular social networks here that you can use for promotion:

• Instagram
• Facebook

4. Don't forget about these additional points:

• Pay attention to tax legislation, which has a number of advantages over other countries.
• Study the features of the Montenegrin market before you start your search.
• Write a business plan in English. Many foreigners who are willing to invest speak English.

7. Which startups opened in 2023?

• Innocent. Develops software for process automation, solutions for booking automation, personnel management and marketing.
• Greenify. Production of environmentally friendly building materials: building blocks made from recycled plastic.
• Biom. Biodegradable materials, packaging made from recycled starch.
• E-commerce.me. Develops an e-commerce platform and offers solutions for online sales and delivery of goods.

8. Tips from experts on how not to burn out

Moving to a new country can be a challenging experience for anyone. However, if you decide not only to settle in a new place for permanent residence, but also to become an entrepreneur, you need to be prepared for a number of challenges. Below are tips from entrepreneurs, experts in the field of raising capital, and psychologists who will help you find yourself in a new country and not burn out.

• Study the market and competitors. This information will help you develop a more effective strategy for your business.
• Find reliable partners and employees. You should not skimp on the quality of staff, as this can negatively affect your business.
• Be prepared for bureaucratic procedures and the fact that these procedures can take a long time and require careful preparation.
• Don't forget about stress management. Learn to manage your emotions by exercising regularly, meditating, or engaging in other activities that will help you relax and relieve stress.
• Communicate with local residents and other entrepreneurs. This will help you better understand the culture and mentality, get valuable life hacks and recommendations from experienced people who have already gone through all the difficulties.
• Don't be afraid to ask for help to avoid mistakes.

9. Links to useful resources:

1. How to draw up a BP and calculate it fincult.info
2. Official website of the Government of the Czech Republic gov.me
3. Managing CC statistics monstat.org
4. Documents and cost for registering an LLC or individual entrepreneur gomonte.me
5. Renting housing in Montenegro gomonte.me/search/rent/
6. Sale gomonte.me/search/sale/
7. Corporate Rights Law https://www.gov.me/

In conclusion, starting a business in a new country can be challenging, but not impossible. Follow the advice in our article, communicate on forums and chats. Contact specialists. Our specialists are always ready to answer any of your questions at the numbers listed on the website. Read our other articles on the topic of emigration: Interview. How to find inexpensive housing for rent blog/post/25/. Top cities where to buy an inexpensive apartment, house or land blog/post/24/.