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Follow on Google News | Benefits to Register a Comapny in MontenegroMontenegro provides several tax benefits and incentives to support startups and encourage entrepreneurship. These incentives aim to reduce the financial burden on new businesses, promote innovation, and stimulate economic growth.
By: IMEXMalta Although increased from January 2022, Montenegro has low corporate tax rates. In addition, foreign-owned companies can use several business and tax incentives. However, the banking system is a bit tight. Montenegrin economy heavily relies on tourism, so there are low and high liquidity periods. When it comes to administration, Montenegro is not the best, but not the worst also. You'll find some procedures very easy, but some will be long and will require a bunch of unnecessary documentation. Although Montenegrin law has the same principles as EU regulations, occasionally you'll find some inconsistencies in regulations. In economically underdeveloped municipalities, the Law on Corporate Income Tax provides that a newly established legal entity does not pay corporate income tax for the first eight years of operation. Moreover, the Law on Personal Income Tax stipulates that the tax calculated on the taxpayers' personal income for the first eight years of operation is reduced by 100%. Some sectors are excluded from these exemptions, including the sector of primary production of agricultural products, transport, fisheries and steel production. It is also worth noting that the tax relief is applicable only if the total amount of taxes does not exceed the amount of €200,000 for the first eight years of operation. When starting a business, foreign investors have the same rights and obligations as Montenegrin citizens. Furthermore, in addition to owning a business, they have the right to own real estate, as well as to obtain economic citizenship. The state guarantees full protection of foreign investors. Within a single process, you can obtain a certificate of incorporation, PIB number, VAT number and customs number, while, after this registration, a bank account can be opened in just 30 minutes. Montenegro's company registration process is easy and straightforward. The Central Registry of Business Entities (CBRE) of the Tax Administration collects corporate documentation and issues a tax-identification number as well as a VAT tax number. read the full article at https://indotinc.com/ End
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