Legislation of Montenegro

Service packages Legislation Tax System Audit Services

List of laws and regulations

Act name
Scope of law
Ownership rights
Административные налоги
Administrative taxes
Prevention of money laundering and terrorist financing
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Tax treaties entered

Austria
Azerbaijan
Albania
Belarus
Belgium
Bulgaria
Bosnia and Herzegovina
Great Britain
Hungary
Germany
Denmark
Egypt
India
Ireland
Italy
Cyprus
China
Korea
Kuwait
Latvia
Macedonia
Malaysia
Malta
Moldova
The Netherlands
Norway
The UAE
Poland
Portugal
Russia
Romania
Serbia
Slovakia
Slovenia
Turkey
Ukraine
Finland
France
Croatia
The Czech Republic
Switzerland
Sweden
Sri Lanka

Tax Exchange Information Agreement (TIEA)

No

List of state regulatory authorities

Government of Montenegro
Parliament of Montenegro
Ministry of finance
Ministry of Justice
Ministry of Economic Development and Tourism
Central Bank of Montenegro

Corporate info

Legal system
Civil law
Types of entity
- General partnership (Ortačko Društvo, OD);
- Limited partnership (Komanditno Društvo, KD);
- Limited liability company (Društvo s Oraničenom Odgovornošću, DOO);
- Joint-stock company (Akcionarsko Društvo, AD)
Shelf companies permitted
No
Incorporation timescale for a new company
10-14 days
Company suffix
It must end in Limited or Ltd
Sensitive words
A company name may not be reserved if it contains the words “bank”, “insurance”, etc. without a respective license and additional permit
Cyrillic alphabet permitted in company name
Yes
Local registered office
Yes
Local registered agent
Yes
Information to be kept at the registered office
Corporate documents, accounts
Seal required, type of seal
Seal is not required
Redomiciliation (to, from) permitted
Not permitted

Director and secretary

Minimum number of directors
1
Residency requirements for directors
No
Corporate directors permitted
Yes
Directors’ meetings/frequency/location
No limitations
Disclosure to local agent
No
Disclosure to public
Yes
Company secretary required
No
Residency requirements for a secretary
No
Qualified secretary required
No
Corporate secretary permitted
No

Shareholder and beneficiary

Minimum number of shareholders
1
Residency requirements for shareholders
No
Corporate shareholder permitted
Yes
Meetings/frequency/location
No limitations
Disclosure to local agent
No
Disclosure to public
Yes
Beneficiary info disclosure to
Yes

Shares and share capital

Minimum authorized share capital
1 EUR
Minimum issued share capital
1 EUR
Minimum paid share capital
1 EUR
Authorized capital payment deadlines
At incorporation
Issued capital payment deadlines
At incorporation
Standard currency
EUR
Standard authorized share capital
1 EUR
Standard par value of shares
1 EUR
Shares with no par value permitted
No
Bearer shares permitted
No

Taxes

Personal tax
0%, 9% and 15%
Сorporate tax
9%
Corporate tax (in detail)
Applied tax rate depends on realized profit of taxpayers and varies from 9% to 15%
Capital gains tax
9%
Capital gains tax. Details
Capital gains are included in taxable income and are taxed at a rate of 9% for both individuals and legal entities
VAT
21%
VAT. Details
Standard VAT rate - 21%. There is a reduced rate - 7%
Withholding tax
15% (dividend), 15% (interest), 15% (royalty)
Other taxes
Social insurance contributions, Payroll tax, Coffee tax, Property tax, Property transfer tax
Exchange control
No
Government fee
-
Stamp duty
No

Accounts

Requirement to prepare accounts
Yes
Requirement to file accounts
Yes
Publicly accessible accounts
Yes
Requirement to file Annual Return
Yes
Publicly accessible Annual Return
Yes
Audit required
No

General information shortly

Location
Southeast Europe, the west of the Balkan Peninsula
Total area
13,812 sq. km
Population
622 218 (2016)
Capital
Podgorica
National currency
Euro
Conditional reduction of currency
EUR
Against USD
1,09
Climate, average max and min t°
Northern Montenegro – moderate continental climate, Adriatic coast – Mediterranean climate
Time difference from Moscow
- 2 hours
Dialing code
+382
State language
Montenegrin
Ethnic groups
Montenegrins – 43,16%; Serbs – 31,99%; Bosnians – 7,77%; Albanians – 5,03%; Muslims – 3,97%; Croatians – 1,10%; Romani – 0,42%; Yugoslavs – 0,30% and others
Literacy rate
98%
History
Credit rating
B+
Government type
Parliamentary republic
Executive branch
The executive branch is the President and the Government of Montenegro (Vlade Crne Gore)
Legislative branch
The legislative body is the Parliament of Montenegro (Skupština Crne Gore)
Judicial branch
Two-tier court system. The Supreme Court ensures unity of law enforcement practice throughout the country. There is also the Constitutional Court
Unemployment
19,99 (2020)
GDP per capita rank
73 (2020)
Corruption perceptions index rank
46 (2021)

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Banks of Montenegro

Bank
The cost of opening an account, $
Global rating
Countrywide rating
GSL rating
2 300
N/A
N/A
3 500
N/A
N/A
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