23. 10. 2024.
Have you just taken the exciting step of registering your company in Montenegro? Congratulations!
Starting business in Montenegro involves several key steps to ensure compliance with local laws and regulations. This guide will show you the procedures you need to follow to successfully establish and operate your business in Montenegro.
1. COMPANY AND PIB REGISTRATION AT CRPS
The journey begins at the Central Register of Business Entities (CRPS) in Podgorica, where you will officially register your company. This step provides you with critical documents:
2. VAT REGISTRATION
If your business's annual turnover is expected to exceed 30,000€, it's advisable to register for VAT (Value Added Tax) early on. This registration, handled through the Tax Administration, ensures that you are set up to manage value-added tax on goods and services right from the start.
3. RESIDENCE PERMIT FOR THE EXECUTIVE DIRECTOR
If your Executive Director is not a Montenegrin resident, obtaining a work and residence permit is important. This permit allows them to legally reside and do business activities in Montenegro without encountering legal issues.
4. OPENING A LOCAL BANK ACCOUNT
Opening a business bank account is an essential step that follows company registration. This account must be registered to the Tax Administration, enabling you to manage your financial transactions and meet regulatory requirements.
5. REGISTRATION OF THE DIRECTOR FOR INSURANCE AT THE TAX ADMINISTRATION
Once your bank account is set up, the next step is to register your Executive Director for health and retirement insurance through the Tax Administration. This registration ensures that your director is covered under the local social security system, fulfilling an important legal obligation for employers in Montenegro.
6. OPERATIONAL LICENSE FROM THE MUNICIPALITY
Depending on your business activities, you may need to obtain an operational license from the municipality. This license confirms that your business is authorized to operate within specific industries and complies with local regulations and safety standards.
7. FIND AN ACCOUNTANT AND SET UP YOUR ACCOUNTING SYSTEMS
One of the final, crucial steps in your business setup is to find an accountant who can assist with setting up accounting and bookkeeping systems. An experienced accountant will help you establish a reliable system, manage your finances efficiently, and stay on top of your financial obligations. At Perfectum, our expert team is ready to handle all your accounting needs so you can focus on growing your business.
These steps ensure that your business is compliant, well-regulated, and ready for operation. Whether you are a local entrepreneur or an international investor, following these procedures will provide a solid foundation for your business ventures in Montenegro.
Need help navigating these steps or finding an accountant to set up your financial systems?
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