Yugoslav Geography ans Culture

A former Yugoslav republic, Montenegro was initially a part of Serbia after the breakup of Yugoslavia and only recently became a sovereign state in 2006. Montenegro means “Black Mountain” and borders Croatia, Bosnia, Serbia, Kosovo, and Albania. A lot of its territory is covered in thick forest, has an Adriatic coastline, lowlands, and high mountain ranges. The Tara River canyon is the deepest and longest in Europe.

Montenegro is a multiethnic state in which no ethnic group forms a majority, including Montenegrins, Serbs, Bosniaks, and Albanians amongst its population. The official language is Montenegrin, although Serbian, Bosnian, Albanian, and Croatian are also recognized. Most of the population are members of the Serbian Orthodox church.

Public Holidays

2021
May 1	Labour Day/May Day
May 2	Labour Day/May Day Holiday
May 3	Labour Day/May Day Holiday observed
May 21	Independence Day
May 22	Independence Day Holiday
July 13	Statehood Day
July 14	Statehood Day Holiday

Legal Entity Types

Preduzetnik (Preduzetnik)
O.D. (Ortačko Društvo)
K.D. (Komanditno Društvo)
A.D. (Akcionarsko Društvo)
D.O.O. (Društvo sa Ograničenom Odgovornošću)
Dio stranog društva (Dio stranog društva)

Taxation

Corporate Tax: 9%
Income Tax (Lowest Marginal Rate): 9%
Income Tax (Highest Marginal Rate): 12.65% (11% national tax + 15% municipality surtax on income tax)
VAT/GST/Sales Tax: 21%, 7% (essential goods – basic foodstufs, water, pharmaceuticals, books, tourism services, etc.), 0% (postal services, education, social security services, healthcare, insurance, etc.)

Available Banks

AtlasMont Banka
Crnogorska komercijalna banka – OTP Bank group
Hipotekarna banka
Addiko Bank
Komercijalna banka Budva
Invest Banka Montenegro (formerly Pljevaljska banka)
NLB Montenegrobanka – Nova ljubljanska banka group
Prva banka Crne Gore (First Bank of Montenegro, formerly Nikšićka banka)
Podgorička banka – Société Générale group
Erste Bank AD Podgorica (before July 24, 2009 Opportunity Bank)
Lovćen banka AD
Zapad banka AD
ZIRAAT Bank Montenegro
Universal Capital Bank AD Podgorica
Adriatic Bank (formerly Nova banka)

Need more information about Montenegro?

Aadmi can support you with your expansion to Montenegro. Our team of experts in country manage every aspect of your expansion from incorporation, accounting, legal, and even administrative concerns. Matched with Global People Strategist’s powerful labor compliance software, your company is in good hands.

Contact us today for more information about how your company can benefit from using Aadmi as your global expansion partner.