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Starting a Company in Montenegro – and Why You Should
There are many benefits to starting a company in a country other than your own – least of all, the added tax benefits that can be associated with having an off-shore enterprise where the taxes paid are much less than you would have paid compared to your own country.
Europe is one of the leading destinations for business: More specifically, more corporates, corporations and entrepreneurs are looking towards Montenegro and the surrounding coast for their businesses and property investments. It’s more than just a rising holiday destination: It could change the way you do business, and how much you’re being charged to do it.
Here’s more information about forming a company in Montenegro, what it’ll cost you and why you should consider it.
Why Choose Montenegro?
Montenegro – including Tivat and surrounding areas – are some of the most picturesque parts of Europe, and certainly a chosen holiday destination. It’s a lot more than this if you’re an entrepreneur, and more people are choosing to start (or relocate) their business to Montenegro for the added benefits.
Some of the reasons why includes the low cost of registering and starting a legal enterprise, the registration process which is considerably easier when compared to other countries like the United States, and the many tax benefits, which includes the benefit of tax treaties with several other countries – and paying less tax on earnings and business earnings.
Business in Montenegro: Initial Set Up Costs
The cost of registering a business can cost hundreds and sometimes thousands of dollars in countries like the United States, Canada and Australia – and it can cost even more when the help of a qualified (and usually expensive) attorney is called in to administrate the process; then, add the cost of an accountant who comes on-board, and who knows how much you’re going to pay by the end of the process? And that’s just for registration.
Compared to Montenegro, you’ll only pay a total of 10 euros for the initial company registration, and an additional 12 euros for the registration of the subsequent paperwork. If a lawyer is used, which is recommended, it adds only about 70 euros, give or take.
Even if you want someone to handle the entire set up process for you, you can expect it to end up paying a whole lot less than other countries.
It’s no wonder that business in Montenegro is flourishing, and now is the time to take advantage, especially if you are about to register.
Montenegro: Making Registration Easier
Registering a company can several months in some countries while top-level management and lawyers take care of the paperwork. In Montenegro, it’ll likely take you only a week from the start to the end of the process, and maybe two weeks if some added paperwork is necessary (which is rare).
The only documents needed for company registration in Montenegro are the list of company directors, the articles of incorporation and the list of corporate statutes. Where the same process could have you tied up for months in any other country, Montenegro does not.
It’s not just the easy registration process that counts in your favor when registering a business in one of Europe’s most incredible countries: Tax benefits help too, and they’re likely one of the main reasons why it’s a good idea to opt for Montenegro.
Corporate tax is charged at a flat 9% for businesses, and any royalties or gains on top of this is taxed at 7%. Property tax remains constant, and the only property taxes paid during a transfer of property stay at 3%.
If you’re interested in sticking around for the long-term, earnings by residents of Montenegro are taxed up to 15% and no higher. Tax treaties are also in place with countries like Korea – and just like that, your business has international reach at a much lower running cost.
See why more businesses and entrepreneurs are flocking to Montenegro to start and relocate their business ventures – and why you should too?