IM Property Group has recently posted a Q&A in which we explained the process of obtaining temporary residence permit in Montenegro based on property ownership. You can check it out HERE.

Today we will attempt to answer to the most common questions IM Property Group and our sister company IM Accounting receive from clients who think about applying for a temporary residence permit based on company formation, in order to ensure they have access to numerous investment benefits Montenegro has to offer.

For additional details or assistance with the process, feel free to visit IM Accounting website, email us at contact@im-accounting.com or call our Budva office at +382 33 680 912

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Q: Are foreign nationals allowed to apply for a temporary residence permit in Montenegro based on company formation/employment?

A: In accordance with the currently applicable Law on Foreign Nationals, foreign nationals who form a company on the territory of Montenegro, are able to obtain a temporary Montenegrin residence permit.

Q: What are the initial steps required in order to form the company in Montenegro?

A: A foreign national who expects to apply for a temporary residence permit by forming a company in Montenegro, needs to take the following steps:

– Register their arrival in Montenegro with the local police via the closest tourist organization office (Turistička organizacija), within 24 hours of their arrival in Montenegro, in order to be eligible to apply for temporary residential permit.

– Commence the company formation procedure by preparing documentation needed in order to register their business with the Trade Register of Montenegro. Please note that the procedure requires that all the business’ statutory documents are drafted and notarized.

– Open a corporate bank account

– Prepare documentation required to apply for temporary residence permit based on company formation and employment

With close to 15 years of experience in finance and financial management, our IM Accounting team can help guide you through a company formation process, residence permit application and day to day financial management in Montenegro, all hassle-free.

 Q: Is there a minimum amount a foreign national would need to spend on company formation in order to qualify for residency?

A:  Minimum amount of money required to set up a limited liability company in Montenegro is 1 EUR. There are no upper limitations in relation to the company investment capital.

Q: How long is the permit valid for and can it be renewed?

A: The temporary residence permit based on company formation is issued for a period of 12 months and can be further extended. Extension procedure should be initiated 30 days before the residence expires.

Q: Can more than one person apply for temporary residency based on the company ownership?

A: Once a foreign national opens a company in Montenegro, that allows them to become an employee of the company and therefore work in Montenegro. In addition to that, a spouse of the company owner/employee and children under the age of 18 are also eligible for temporary residence, on the grounds of family reunification.

Q: What documents would a foreign national need to submit in order to apply for temporary residence based on company formation?

A: An applicant would need to submit the following documents:

– Proof of company formation;

– Offer of employment by the company formed;

– A bank receipt attesting a bank deposit of 3,650 EUR into a Montenegrin bank – this amount of 10 EUR per day for a year is considered sufficient funds to remain in Montenegro;

– Valid medical insurance covering a 30 days period;

– Copies of each page of your passport (passport has to be valid for the full duration of the granted residency);

– Certificate of no criminal record issued by the relevant institution in the country of origin, not older than 6 months;

– Proof of registration with the local police in Montenegro – this is compulsory within the first 24 hours after your arrival in Montenegro;

– Proof of paying the residence permit fee:

– Nostrified diploma and a transcript of school records

Please note that all documents which are submitted in the language other than the language in the official use in Montenegro, need to be officially translated by the certified translator and notarized (you may contact IM Property Group for further info on translation and notary fees)

Q: How long does it take to get the temporary permit based on company formation/employment?

A: It takes 7 to 10 days to form the company in Montenegro, and additional 1-2 days to open a corporate bank account. Once foreign national submits the paperwork to the local office of the Ministry of the Interior, it takes up to 20 days for the authorities to issue the temporary permit based on company formation. Once the paperwork is submitted, they will receive the confirmation that the process has started.

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For additional information visit IM Accounting page, email contact@im-accounting.com or call our Budva office at +382 33 680 912