Your Future Starts Here
Establisment of a company
With the smallest share capital requested (only 1 Euro), the LTD represents the limited liability company in Montenegro. This type of company is the most common form of business in Montenegro. At least one shareholder is necessary for registration. The liability in the company of the shareholder is equal to its contribution at the initial capital, the company must have a registered address in Montenegro at least one shareholder who can be a natural person or legal entity, a Montenegro resident or non-resident is required;
As any local company, a bank account must be opened with a local bank before registering for taxes with the Tax Authority (the share capital will be deposited here).
Once the company is registered, the necessary business licenses must be obtained. The LTD must also register for taxation with the Montenegro Tax Administration. If the company will be involved in trading activities, a VAT number is also mandatory.
Financial Advising
A financial advisor provides advice and management on whatever aspect of your financial life you need help with. This most often is focused on managing your investment portfolio.
A Financial Advisor responsible for providing businesses and individuals with sound advice regarding their financial planning and investments. Their duties include meeting with clients to establish their needs and obtain financial statements, using financial statements and legislation to develop financial plans to maximize profitability or reduce debts and researching investment opportunities for clients, educating clients on the products and services available to help them best utilize their available funds and achieve important monetary goals.
Work and resident permit
Mostly, clients opt for the CEO position as it gives them full control over the company. In addition, in this case, you can use the perk of not being limited in the time you can spend out of Montenegro during your residence period. If you are registered as a company CEO, you are not required to spend a certain amount of time in Montenegro. However, if your goal is permanent residence, this may affect it.
No matter if you are registered as a CEO or in another position, your salary must be at least a minimum net salary in Montenegro. In addition, salary taxes and social contributions must be paid to the tax authority. This amount varies depending on the net salary.
Minimum wage: From October 1, 2024, the minimum net salary will be:
Ø EUR 600,00 for employees in positions requiring up to level V of education(elementary education and high school education lasting up to 5 years- The contribution will be around EUR 78.23)
Ø EUR 800,00 for employees in positions requiring level VI or higher education. (high and higher education with a college diploma, master’s degree or doctoral dissertation -The contribution will be around EUR 129,15
Temporary residence permit based on company ownership is technically a residence permit based on employment. In short, you are not eligible for a residence permit as a company owner, or a co-owner. But you are if you employ yourself as a CEO or any other position.
Financial Reports
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Financial statements are reports compiled by businesses that detail the company’s financial activities and health.
Financial statements are often audited by government agencies and audit to ensure accuracy and for tax, financing, or investing purposes the primary financial statements of for-profit businesses include the balance sheet, income statement, statement of cash flow, and statement of changes in equity, VAT report, salary calculation, end report.
Financial statements provide governments, investors, executives, and lenders with a picture of a company’s financial activities and profitability.
External reporting is used by company outsiders, like regulatory agencies, tax authorities, investors, lenders and trade partners, so it has more rigid requirements.
Internal reporting is used by a company’s senior management team to inform decision-making, so it can be more tailored to their specific informational needs and the company’s business objectives.
Whether external or internal, the challenge for most companies is creating accurate, timely financial reporting in an efficient way
From Business Establishment to Financial Planning – Your Trusted Partner.
Manage Your Money and Get Advice Right From Your Phone
From setting up your business to managing finances, we’re your trusted partner every step of the way. Our expert team aligns your vision with practical financial strategies, supporting sustainable growth and success from day one.
Sandra Tomović
Accountant
Address
Montenegro Office:
A. 2nd Floor, Baku Street 94,
81000 Podgorica, Montenegro