Montenegro is a country in the Balkans, on the shore of the Adriatic sea. The capital city is Podgorica, while Cetinje has the status of the old royal capital. The currency used is the euro (€).
Montenegro has recorded great economic development in recent years. It is an attractive investment destination for Russians, Italians, Austrians, etc. The economy is mainly dependent on tourism, as it is a popular destination for summer vacations. If you're interested in starting your own business in Montenegro, becoming an entrepreneur is a good place to start. We have gathered all the information that you need to start your business.
Disclaimer: Be aware that this article is not a substitute for legal advice. Please always check official websites or seek legal advice before you take action.
Entrepreneurship is a business owned and run by an individual. It is similar to sole traders and proprietorships in other countries. The owner is a natural person, and their liability is not limited. The entrepreneur is personally responsible for all assets and debts of their business. There are three types of entrepreneurship in Montenegro:
- Crafts business;
- Trade business;
- Hospitality business.
This business form is the easiest to establish and run. It is highly flexible to its changing environment, as the decisions can be made fast and the owner can act promptly.
To operate as an entrepreneur, you have to register with the authorities first. The procedure is similar for all three types.
Pay the registration fees
Visit any post office or commercial bank in Montenegro and fill the payment slips. There are two fees that need to be paid: the registration fee of €10 and the municipality fee of €3 (slip examples are shown in the images). An additional €0.4 postal services fee will be charged.
Notarise the documents
Go to any authorized notary in Montenegro and ask for signature notarization. Make sure you bring your ID card. The cost of notarization is €2.98 per signature. You will need this when opening a bank account.
Register as an entrepreneur
The entity in charge of this step is the Central Registry of Commercial Entities (CRPS). The office is located in Podgorica, Vaka Djurovića street, number 20. Fill out the business registration application for entrepreneurs and submit it, accompanied by a photocopy of your ID card and payment proof. If everything is in order, you will obtain a registration certificate.