Business Immigration to Montenegro: Company & Residency 2024
Montenegro is becoming an increasingly popular destination for entrepreneurs looking to expand their business or relocate. With favorable economic conditions, attractive tax rates, and simple business registration procedures, Montenegro offers excellent opportunities for investment. This guide will explain why Montenegro is ideal for business immigration and how to obtain a residence permit in 2024.
Why Choose Montenegro for Business Immigration?
1. Strategic Location
Located on the Adriatic coast, Montenegro offers a prime position for businesses targeting European markets. Its favorable climate and booming tourism sector make it ideal for both investment and quality of life.
2. Low Taxes
Montenegro boasts one of the lowest corporate tax rates in Europe, set at just 9%. Additionally, VAT is 21%, and there are exemptions for certain types of businesses in their early years.
3. Simple Business Registration Process
Opening a company in Montenegro is straightforward and requires minimal documentation, making it easier for foreign investors to set up their businesses.
4. Growing Economy
With increased foreign investment, the country’s economy is steadily improving, creating ample opportunities for businesses in sectors such as tourism, hospitality, IT, and real estate.
Top Industries for Business in Montenegro
Tourism and Hospitality: Restaurants, hotels, and excursion services thrive due to Montenegro's popularity as a travel destination.
Real Estate Investment: Coastal properties attract significant interest from foreign buyers.
Agriculture: Ideal climate conditions support wine production, cheese-making, and organic farming.
Information Technology (IT): Startups and IT companies benefit from favorable tax conditions.
Step-by-Step Guide to Opening a Business in Montenegro
1. Choose a Legal Form
Limited Liability Company (DOO): Best for small to medium businesses with simple management structures.
Joint Stock Company (AD): Suitable for large enterprises.
Individual Entrepreneur (PP): Ideal for freelancers and self-employed individuals.
2. Prepare the Necessary Documents
Application for registration
Company charter detailing objectives and management structure
Decision of the founders
Identity documents of the founders
Certificate of no criminal record (translated into Montenegrin)
Rental agreement for business premises
3. Register the Business
Submit documents to the Central Register of Business Entities.
Pay a state fee (from €65).
Obtain a Certificate of Registration.
4. Open a Bank Account
While not mandatory at the initial stage, a business account is required for transactions.
5. Register with the Tax Authority
Obtain a Tax Identification Number (TIN).
6. Obtain Work Permits
Secure work permits for yourself and your employees.
Obtaining a Residence Permit Through Business in Montenegro
To apply for a residence permit, submit the following documents to the Ministry of Internal Affairs:
Passport
Certificate of no criminal record
Medical insurance
Proof of financial stability
Costs and Timelines
Company registration fee: from €65
Residence permit fee: from €250
Processing time: 2 to 4 weeks
For assistance with registration, permits, and legal requirements, contact Boka Real Estate for professional support.
Contact us at: +38266195383
Visit our website
Choosing Commercial Real Estate for Your Business
Selecting the right commercial property is crucial to business success. Key factors to consider include:
Location: Ensure easy access for clients, employees, and partners.
Size and Layout: Adequate space for operations, equipment, and staff.
Infrastructure: Reliable utilities, security systems, and modern facilities.
Rental/Purchase Cost: Analyze the market for competitive pricing.
Legal Aspects: Carefully review lease or purchase agreements.
Explore our commercial property listings here
Taxes in Montenegro for Business in 2024
Corporate Income Tax: 9% flat rate
Value Added Tax (VAT): 21%
Tax Exemptions: Available for certain small and medium-sized enterprises in their initial years.
Labor Laws in Montenegro
Montenegrin labor laws ensure fair wages, paid vacations, and health insurance for employees. The standard workweek is 40 hours.
For foreign employees, specific permits are required to ensure legal employment status.
Financial Support for Entrepreneurs
Montenegro offers various financial programs to support startups and businesses, including:
Bank loans for business growth
Government subsidies for innovative projects
Grants for small and medium enterprises (SMEs)
Pros and Cons of Starting a Business in Montenegro
Pros:
✔ Simple registration process and low taxes.
✔ Access to European and Balkan markets.
✔ Growing tourism industry supports new business opportunities.
✔ Opportunity to secure a residence permit for you and your family.
Cons:
❗ Bureaucratic delays can complicate some processes.
❗ Competitive market in popular sectors like tourism.
❗ Some regions lack modern infrastructure.
Conclusion
Starting a business in Montenegro offers numerous advantages for investors, entrepreneurs, and freelancers. With a supportive legal environment, low tax rates, and growing economic opportunities, Montenegro is an excellent choice for business relocation and investment.
For assistance with company registration, real estate investments, and securing a residence permit, contact our team at Boka Real Estate.
Contact us at: +38266195383
Visit our website
