Montenegro is a candidate for accession to the European Union. To this end, the government has developed economic laws to create conditions for investing in the economy. To open a company with foreign capital or create an offshore company in Montenegro, you need to study the legislation, registration and tax conditions.
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Features of offshore design
It is possible to register a company, including with Russian capital, relatively quickly. The package of documents depends on the type of business activity. The law of the country allows to make offshore Montenegro remotely, using the services of a registration agent. It is also possible to register offshore in Montenegro yourself. Documentation is accepted in the national and English languages. Some Russian documents require a certified translation.
What you need to prepare:
- passports of the founders of the organization, copies;
- power of attorney for registration of all documentation;
- type of activity;
- bank account information;
- the official name of the company and the size of the authorized capital.
For the last item you need to specify the prefix that will determine the type of organization. it is important that the name is not duplicated with similar offshore or local companies operating in Montenegro.
Most often, a limited liability company is registered. This form is suitable for most types of business activities in the country. The size of the authorized capital for LLC is not limited and can be from 10 Euros. If you plan to register the company as a joint stock company, you must specify 25 thousand. Euro.
Choice of activity
Most often, organizations are registered in Montenegro for the tourism business. It can be a host, restaurant business, excursions, active rest, car rental. The work of local residents or foreign citizens is allowed. However, there are several activities that require a license. This is a mandatory procedure for these types of offshore.
What a license is required for:
- all types of energy;
- banking;
- insurance of individuals and organizations;
- work of audit companies;
- stock exchange – brokers, dealers, investing, consulting.
Offshore outsourcing in Montenegro to companies planning to sell weapons and trade in medicines will be denied. It is forbidden to organize business activities in border areas, on the territory of reserves.
Features of registration
Before applying, you need to study local laws and regulations. it is important to choose the type of companies. The statement indicates the abbreviated form. For LLC it will be OD, private enterprise – Entrepreneur . The joint stock company must have AD in the name. Time of consideration of the application – from 3 working days. Failure is possible if the information is filled in incorrectly or there are errors.
To solve this problem, turn to local intermediaries. They offer legal support, control over all stages of offshore registration . The advantage is the reduction of registration time.
About tax fees and reporting
The tax system in Montenegro is close to the European one. Here the convenient financial and accounting reporting is created, the list of obligatory documents is simplified. Small companies hire local accounting and auditing organizations. Important: the amount of tax fees and reporting for residents and non-residents of the country are the same. This increases congruence in Montenegro.
About taxes for offshore , brief information:
- income tax – 9%;
- the amount of VAT depends on the annual turnover, can be 17% or 19%;
- deductions for wages – 67% of the official rate of the employee;
- there is no currency control in the country;
- reporting is annual only, the audit is conducted only at the request of regulatory authorities.
During business activities you need to comply with tax laws and other regulations of the country. The latter include sanitary and hygienic standards, fire safety. These points are controlled by government agencies.
The attractive investment climate in the republic and the proximity of the Balkan Peninsula make Montenegro the optimal zone for opening offshore on the Adriatic coast. A bank or an enterprise can open a branch here. Contacts with partners in Europe are possible, money from accounts can be transferred to EU countries, these transactions do not fall under prohibitive jurisdictions.