Montenegro is a tiny country in the Balkans with its major resorts located on the Adriatic shore, opposite Southern Italy. Having a residence permit in Montenegro and a company has some evident advantages and, of course, some drawbacks, which we describe below.
The pros:
- Montenegro is not an offshore jurisdiction, but a company in Montenegro has the lowest taxation in Europe - 9% on declared profit (personal profit tax is also 9%). Although it is located in Europe, it is not a EU member, which means there's no information exchange with EU (and no automatic exchange of financial account information).
- The company is easy to incorporate and maintain, incorporation can be done remotely, minimum capital is 1 euro only, initial and ongoing costs are incomparably lower than in any EU country. Local currency is euro so there's no loss during wire transfers. The company can obtain VAT. Bank account can be opened within 20 minutes.
- A company director or/and employee gets temporary residency in Montenegro.
The cons:
- All the information related to the company founder and director is public. Nominees are not available as the local legislation provides that company director is fully responsible for all company activities.
- Although the company can be registered remotely, the company director will have to visit Montenegro to apply for a temporary residence permit (we will help with the procedure) and to open a corporate account. The company will need accounting support (we will provide accounting services).
As you can see the cons can be disregarded if you need an affordable business vehicle with a bank account in euro zone allowing certain level of privacy (residence permit goes as a bonus). We will provide full support for your company including incorporation, account opening, obtaining VAT number, application for a temporary residence permit and ongoing accounting.
Important note. Temporary residence permit via employment is available only for the persons having visa free entrance to Montenegro. If you need any kind of a visa to enter the country, you will not be able to use this way. However there is a way available for all applicants, even for those in need of a visa. If you purchase a property (dwelling or commercial) you will be entitled to receive a temporary residence permit for 12 months and this residence permit can be renewed.
If you believe that immigration or obtaining a residence permit with a company in Montenegro can help you in your business, please ask for details. We will be happy to advise.