residence/retirement visa/business start up

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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

Tsarine Serial expat

Member since 11 March 2010

TsarineSerial expat15 May 2021 22:55:47

424

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

424

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

Tsarine Serial expat

Member since 11 March 2010

TsarineSerial expat17 August 2022 20:06:44

#10

424

Rishi,

Feel free to send me a DM,

Tsarine

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