The Company Act in Montenegro regulates the forms of organization pursuing economic activities and their registration procedure. Foreign investors and local businessmen alike have the possibility to set up a sole trader in Montenegro, in accordance with the provisions of this law. Sole traders in Montenegro are natural persons engaged in economic activity for the purpose of making a gain.
Our experts in company registration in Montenegro can give you all the details regarding the process of setting up a sole trader.
The commercial legislation specifies six types of companies that an entrepreneur can open in Montenegro. The sole trader is the smallest and simplest form a business can take in Montenegro. It does not require a minimum capital in order to be set up and the trader is liable for all debts incurred to the full extent of his/her assets.
If a sole trader in Montenegro does business in the name of another person than his/her own it is compulsory for that name to be registered in accordance with the provisions of the specific rules and regulations. A sole trader in Montenegro can change the name of the business but is obliged to inform the Central Registry about the change within 30 days from the moment when the change occurred.
Any individual interested in activating as a sole trader in this country must follow the standard company registration procedure in Montenegro, by submitting a registration statement according to the provisions of the commercial laws of the country. A registration certificate is provided to the sole trader upon registration. Please not that this registration certificate does not represent a business permit or a license for conducting a commercial activity. Our Montenegro company formation agents can tell you more about the legal aspects of establishing a sole trader.
If a sole trader is your choice of business, we provide you with a description of the main steps to take in order to open this type of company in Montenegro. These include the following:
• Certify the articles of association and other founding agreements of the company - you need copies of your identification documents, the corporate documents and a receipt of document certification. These have to be submitted with the municipality where you set up the sole trader in Montenegro;
• Register the sole trader – you submit all the necessary documents with the Central Registry in order to obtain the registration certificate, tax identification number, VAT number and customs authorization;
• Obtain a company seal and open a bank account;
• Register with a tax authority - a single registration form has to be filed in with the Tax Administration. Registration is automatically done with the employment bureau and the pension and health fund.
Don`t hesitate to contact our representatives in company formation in Montenegro if you need professional assistance in setting a sole trader.