Business immigration. How to open a company and obtain a residence permit in Montenegro in 2024

Many entrepreneurs choose countries not only because of a number of attractive economic factors, but also to have a reason for a long stay. In this article, we will introduce you to one of these places where you can easily and quickly become legalized on the basis of doing business. You will learn: why business immigration to Montenegro is attractive and how to obtain a residence permit in 2024.

Why is the country attractive for starting and running a business?

• Geographical location. It is located on the Adriatic coast and has favorable climatic conditions, tourists and investors.
• Low tax rates.
• Simple registration procedure.
• Economic recovery, which creates a favorable environment for the development of any service sector and production of goods.

1. Developed activities

1. Tourism, hotel and restaurant industry: sale of excursions, Adriatic seafood cuisine, beach holidays and SPA hotels - all this is in great demand. With beautiful beaches, mountains and historical sites, tourism is a major economic sector.
2. Real estate investment is a popular destination, especially on the coast.
3. Agriculture. Thanks to the warm climate, grapes are grown here and wine is produced, as well as deli meats and cheeses.
4. Information technology: many opportunities for IT startups and companies, for example, reduced taxes.

2. How to open a business in Montenegro in 2024. Registration process.

1. Selection of legal form

• Limited liability company (DOO) is the most common form due to its simple management structure.
• Joint stock company (AD) - suitable for large projects, but has a complex management structure.
• Individual entrepreneur (PP) - simple registration and personal responsibility for the business.

2. Preparation of documents

• Application for registration, which indicates information about the company: name, legal address, type of activity.
• Company charter. Defines goals, objectives, management structure, approved by the founders.
• Decisions of the founders, minutes of meetings.
• Documents confirming the identity of the founders.
• Certificate of no criminal record. For foreign citizens, translation into Montenegrin is required.
• Rental agreement for premises (if necessary) to confirm the presence of a legal address.

3. Registration in the Central Register of Business Entities and social insurance authorities

• Submission of documents. In person or through a proxy.
• Payment of state duty: the cost depends on the chosen form of company.
• Obtaining a certificate of registration. Confirms the status of a legal entity.

4. Opening a bank account

• Not necessary at the initial stage, but necessary for conducting calculations.

5. Registration with the tax service and obtaining a TIN.

6. Mandatory permits for employees

3. Residence permit (residence permit) through opening a business in Montenegro

• Company registration.
• Obtaining a work permit for you and your employees.
• Submitting an application to the Ministry of Internal Affairs.

Providing documents: passport, certificate of no criminal record, medical insurance, documents confirming your financial solvency.

The cost of opening a company in Montenegro when contacting our GoMonte agency will be from €300 excluding state fees. Terms from 2 to 4 weeks State fee for company registration €65. The state fee for obtaining a residence permit is €250. Find out more about the cost and list of documents and services on the page: https://gomonte.me/en/services/residence-permit/

The specialists of our company GoMonte will help you with the following services:

• Legal consultations
• Registration and submission of documents
• Accounting

Leave your application by email: gomonte3000@gmail.com.

4. How to choose commercial real estate for your business

Choosing suitable commercial real estate for rent in Montenegro for your business is an important step towards success. Whether it's an office, a store or a production facility, you need to approach your search carefully.

Key factors to consider when choosing a room:

1. Location. It should be convenient for both you and your clients, partners and employees, have convenient parking spaces and be located in a prestigious area.

2. The size and layout of the premises must meet the needs of your company and provide enough space for equipment, office workstations, storage areas, etc.

3. Condition of the building and infrastructure: communications, security systems, air conditioning, etc. The presence of modern communications and amenities will increase work efficiency and help you pass all inspections of government supervisory authorities faster.

4. Cost of rent or purchase. It is necessary to analyze the real estate market, compare prices and rental conditions of various properties in order to choose the best offer.

5. Legal aspects. Before concluding a contract, you must carefully study all legal aspects of the transaction. Pay attention to the terms of the contract, the rights and obligations of the parties, possible restrictions on the use of the premises and other legal issues.

View the catalog of commercial properties of our agency: https://gomonte.me/en/commercial/

5. Taxes in Montenegro for business in 2024

Entrepreneurs engaged in commercial activities are required to pay income tax at a rate of 9% at the federal level. In addition, there is VAT, which is 21% and is required to be paid when selling goods and services.

Entrepreneurs are also required to maintain accounting records and report to tax authorities.

In addition, entrepreneurs must comply with the laws and regulations governing their type of business. For example, opening a business in certain industries may require special licenses or permits.

It is important to note that the state provides various benefits and support programs for entrepreneurs, which can reduce the tax burden and stimulate business development. For example, small and medium-sized enterprises may be exempt from paying income tax for the first few years of their operation.

6. Features of labor legislation

1. One of the key features is the establishment of minimum labor standards that must be met by employers. These include working hours, wages, leave, labor protection and other aspects regulating the working conditions of workers. For example, 40-hour working hours per week are established, as well as minimum wage rates.

2. Legislation provides for the right to social security, health insurance, vacation and other benefits for employees. In addition, employees have the right to vocational training and advanced training at the expense of the employer.

The country has special laws for foreign workers who come to work in this country. They regulate the working conditions of foreign citizens, the procedure for obtaining a work permit and other issues related to their employment.

7. Financial instruments and support for entrepreneurs

Here you can find a wide range of financial instruments and support for successful development. From small family businesses to large start-ups, everyone can find suitable financial solutions to realize their ideas here.

One of the main financial instruments is lending. Banks offer a wide range of loan products, ranging from short-term loans to cover operating expenses to long-term financing for project development. There are government support programs.

Entrepreneurship is also actively supported through various financing programs aimed at developing small and medium-sized businesses, innovation and exports. You can receive financial support in the form of a guarantor or subsidies for the launch of a new project, equipment modernization, participation in international exhibitions and other purposes.

Another important financial tool is investment financing. Many investors from different countries come here and there is an opportunity to receive investment for development. There is a wide range of consulting services and training programs on financial management, planning, and marketing. This will help you effectively manage your resources and achieve your goals.

8. Opening a business in Montenegro: pros and cons

Advantages:

1. Favorable conditions for running a company. Simplified registration procedure, low taxes.
2. Strategic location. Thanks to its geographical position at the crossroads of Europe and the Balkan Peninsula, it has access to international markets.
3. Tourist potential. There are many opportunities to create new ideas in the field of hotel management and tourism services.
4. Residence permit for you and your family.

Flaws:

1. Bureaucracy. In some cases, obtaining permits can be difficult and costly.
2. Competition. Especially in the tourism sector. This requires a good understanding of the market and the development of a unique offer.
3. Insufficient infrastructure. Some regions have poor infrastructure, which can make it difficult to conduct business in those locations.
4. Uncertainty in legislation. Difficulties with opening some types of activities.

This country with loyal legislation and a charming atmosphere can become an ideal platform for the implementation of your ideas. If you have any questions, write to our consultants +382 69 777 680 Viber/WatsAap/Telegram or email: gomonte3000@gmail.com.

Read also our articles on this topic: Ideas for a profitable business in the state, Buy real estate in Budva. Advice for foreigners, Advantageous offers for investment.