Business entities in Montenegro in 2023

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Choosing the right corporate structure and strategy for starting a business in a Montenegro is a pivotal determinant prior to company setup. Healy Consultants has the expertise and experience to advise our Clients on the optimum legal form of the new Montenegro business. There are several ways of doing business in Montenegro, most popular being through a limited company and a branch of a foreign entity.

Limited liability company (Drutvo s ogranienom odgovornou)

  • Limited liability company (LLC) is the most common type of company used by entrepreneurs and investors looking to do business in Montenegro. A Montenegro D.O.O can be setup by a single individual who can be the shareholder and director of the company. There are no restrictions as to the nationality and residency of the shareholder/director. The minimum paid up share capital for a Montenegro LLC is €1;
  • A Montenegro limited liability company must open a corporate bank account in Montenegro before registering for taxes with the Tax Authority.

Joint stock company (Akcionarsko drutvo)

  • A Montenegro joint stock company (JSC) is preferred by those investors and entrepreneurs seeking to establish larger corporations or business in the country. This entity can either be established as a private JSC or public JSC and in the case of the latter can list its shares into the Montenegro Stock Exchange. Like the LLC, a JSC can be established by one individual shareholder;
  • The minimum share capital required for a joint stock company is €25,000 and must be deposited into the company’s corporate account during incorporation. A JSC must also appoint a statutory auditor at incorporation.

Montenegro branch office

Foreign legal entities looking to do business in Montenegro without setting up local companies are permitted to establish a branch office in the country. A branch office can engage in profit making activities with Montenegro and its activities are only limited to the scope of the parent company’s business.

Montenegro representative office

Foreign companies are also permitted by Montenegro Law on Business Organizations to set up representative offices in the country strictly for the purposes of i) market research ii) promoting the business of the parent company and iii) research and development. This entity is not allowed to engage in profit making activities in Montenegro.

Table of comparison between different Montenegro business entities types

LLCJSCBranch officeRep office
Also known asD.O.OAkcionarsko drutvoN/AN/A
How long to set the company up?2 weeks5 weeks4 weeks4 weeks
How long to open company bank account?4 weeks4 weeks4 weeks4 weeks
Legal liability?LimitedLimitedUnlimitedUnlimited
Wholly foreign owned?YesYesYesYes
Minimum share capital?€1€25,000€1€1
File annual tax return?YesYesYesNo
Tax registration certificate required?YesYesYesNo
Recommended corporate bank account?Erste Bank Universal Capital BankPrva BankHipotekarna Bank
Does our Client need to travel?NoNoNoNo
Resident director required?NoNoNoNo
Resident shareholder required?NoNoNoNo
Minimum directors required?11Parent companyParent company
Minimum shareholders?11Parent companyParent company
Tax identification code (TIN) needed?YesYesYesNo
Montenegro resident company secretary required?YesYesNoNo
Corporate shareholders allowed?YesYesYesYes
Corporate director(s) allowed?NoNoYesYes
Montenegro corporate tax rate?9%-15%9%-15%9%-15%0%
Annual financial statements required?NoNoNoNo
Statutory audit required?YesYesNoNo
Regulated by?Chamber of EconomyChamber of EconomyChamber of EconomyChamber of Economy
Allowed to issue sales invoices?YesYesYesNo
Allowed to sign contracts?YesYesYesNo
Allowed to import and export goods?YesYesYesNo
Can rent an office space in Montenegro?YesYesYesYes
Can buy Montenegro property?YesYesYesNo
Can own equity in other Montenegro companies?YesYesYesNo
Total Montenegro business setup costs in Yr. 1€11,020€11,270€11,020€11,320
Subsequent annual costs (incl. accounting and tax fee)€5,890€5,890€5,890€5,890
Sample engagement invoiceView invoice PDFView invoice PDFView invoice PDFView invoice PDF

Contact us

For additional information on our company setup services in Montenegro, please contact our in-house country expert, Mr. Petar Chakarov, directly:
client relationship officer - Petar
  • Mr. Petar Chakarov
  • Sales & Business Development Manager
  • Contact me!
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