residence/retirement visa/business start up

karmsun Contributor

Member since 28 July 2017

karmsunContributor15 May 2021 12:59:05

146

Can someone give me an updated and realistic cost of getting a long term or residence visa in Montenegro as a US citizen ? Starting a business is what we have in mind so that is no problem.
The cost of opening and maintaining that business is my concern if someone can give me actual cost ?
I have read that the cost to open a business is 300 EU to 400 EU and to maintain it 60 EU to 200 EU a month.......Is that correct ? 200 EU per month to maintain a small new business is very high especially first year or two .

Would love to hear from someone that knows the real updated cost for 2021.

Appreciate anybody that can help me get things straight,
Thank you very much

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Tsarine Serial expat

Member since 11 March 2010

TsarineSerial expat15 May 2021 22:55:47

440

Hi Karmsun

I have read that the cost to open a business is 300 EU to 400 EU and to maintain it 60 EU to 200 EU a month.......Is that correct ?

Updated costs (not including VAT + 21%)
- Company incorporation c. 500,- euro + admin fees
- Work + residence permit c. 400,- euro/person + admin fees.
- Accounting fee starts from 1.800,- euro/year.

200 EU per month to maintain a small new business is very high especially first year or two .

- You do need to pay one Director of company at the minimum legal which is c. 250€/month (not a cost since you pay yourself and get that money back) + c. 125€/month of social contributions.

Therefore, the minimum monthly amount is 125€ social contributions + 150€ + VAT for the accountant, so c. 275€/month. You might find some accountants offering about 100€/month if you have minimal activity / invoicing etc.

Hope that helps,
Carine

karmsun Contributor

Member since 28 July 2017

karmsunContributor16 May 2021 02:06:47

146

Thank you very much Carine; very helpful.
Will they let you wait to open the business until you have found a suitable location and done the research needed to open any new business in a new location ? Was hoping to spend a few months going to a few different places doing some research??????
Will they let you attend classes to learn the language ? Some countries have a student visa that lets you register to take language classes to learn their language.
Thanks again, hope I can bother you again if more questions arise ?

Tsarine Serial expat

Member since 11 March 2010

TsarineSerial expat16 May 2021 06:21:14

440

Hi there,
Most foreigners can stay up to 90 days (every 180 days) on a tourist Visa, so you have that much time to stay without a residence permit.
Not sure about the language. I'll see if I can find some info.

karmsun Contributor

Member since 28 July 2017

karmsunContributor16 May 2021 08:32:33

146

Yes, that is true; 90 days is is not a lot of time but hopefully enough to at least nail down the city or area to focus on.

Thanks again for your help,
I really do appreciate it

Jarek Mikesz Milewski Member

Member since 11 June 2021

Jarek Mikesz MilewskiMember11 June 2021 08:35:03

Hi, do you need to have an accountant to run the business? Or it's mandatory in ME if you run a business?

Balkan Advisor New member

Member since 04 May 2021

Balkan AdvisorNew member11 June 2021 13:31:46

Hi Jarek,

company must appoint qualified accountant in Montenegro.

N.rishi New member

Member since 20 February 2018

N.rishiNew member15 August 2022 07:24:00

@Tsarine

Hello Carine,

I am looking to open a LLC remotely and was wondering if you would be aware of a genuine and good laywer/accountant who can take care of this based on the costs you have mentioned? Also, I will be applying for a residence permit based on that. Any leads would be highly appreciated.

I did Google and getting many companies who are willing to do this but their costs are very high, so thought of checking here.

Thanks

Rishi

fred_montenegro_property Member

Member since 17 April 2019

fred_montenegro_propertyMember15 August 2022 07:25:58

@N.rishi no sure you can do remote, it is such a mess here, you need to go to notary to open a company, to tax autorities and to bank, banks don't open with POA