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The 300-kilometer-long coastline and stunning mountainous north of Montenegro are what propel the industry, which contributes about 25% of GDP. Large-scale tourism and hospitality facilities have seen a surge in foreign investment as a result of government sales of previously state-owned land. The market is mostly concerned with the coastal hotels and resorts of Montenegro. To capitalize on its wealth of natural beauty (rural tourism, cultural tourism, and ecotourism) and geographic variety, which includes mountains, sea coasts, and lakes, Montenegro is aiming to expand its tourism business. Here, prices are typically more expensive than in other developed tourist destinations along the Mediterranean. Tourism officials in Montenegro want to divert more travelers away from low-profit package trips and onto upmarket, opulent endeavors. Additionally, Montenegro wants to develop into a hub for conventions and business gatherings. The country has some of the best facilities and developments available in the world, whereby people can enjoy the latter. The development of standalone tourist facilities, as well as the improvement of existing properties, 

are excellent opportunities for U.S. businesses that specialize in: 

  • Hotel management.
  • Theme park development.
  • Amusement games and attractions. 
  • Golf course development.
  • Fast food establishments.
  • Sports and leisure facilities, casino management, and environmental control.

Creating businesses in Montenegro

If you have a local partner, starting a business in Montenegro is reasonably quick and simple. Without a local expert, navigating the Montenegrin bureaucracy and language difficulties is certainly achievable, but it causes a lot of worry and headaches.

Fortunately, because of the generally low salaries and cheap cost of living in this lovely Balkan nation, the fees for having this done for you are rather inexpensive. It’s simply not worth the hassle to do it yourself. The most popular legal structure is an LLC (Restricted Liability Company), which I would strongly advise choosing because of its limited liability, which safeguards your assets. A single Euro is the only capital requirement for an LLC.

How long does it take in Montenegro to form a business

In Montenegro, the LLC company’s complete filing procedure takes around 7 days. You will be accompanied to all required appointments by Ivana and her staff.

Papers and services necessary for obtaining a business license and a residence permit

  • Visa and passport. 
  • Passport translation.
  • Certification of a passport before a notary.
  • A special power of attorney certification.
  • Original diploma from high school or college (certificate and document with marks).
  • Diploma translation and notarization (Additional: high school 150 euros, university 300 euros).
  • Records of any arrests or crimes from your country of citizenship.
  • Either a lease agreement or a title to the property in your name.
  • A statement from a Montenegrin bank stated:
  1.  that you have 3.650 euros in it.
  2. 10 euros each day for a year as evidence that you can sustain yourself. 

Take away

In conclusion, Montenegro is a very, very fascinating country for expats looking to settle in Europe, as well as for Digital Nomads and Perpetual Travelers looking to set up a base in a European country. It is a tax haven in comparison to the bordering EU countries, and it has amazing landscapes, pleasant weather, and nice people. Even though there is a lot of red tape, it is incredibly affordable to just have everything done for you because of the low-income level. Starting a business and getting a residency permit will only require a total of 20 to 25 days. Easily convert your temporary residence card into a permanent residence permit and even citizenship without any paperwork it gets even more interesting due to the limitations on travel.