The Montenegrin economy relies heavily on tourism, foreign investments and trade. Import and export in Montenegro is supported by the local authorities through a series of measures to liberalize the trade regime. If you want to open a company in Montenegro, you should know that the key commodities of the country are manufactured goods, agricultural products and raw materials.
Our experts in company formation in Montenegro can give you details about the trading sector of the economy.
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Import/export legislation in Montenegro
Montenegro is not a member state of the European Union yet, therefore it has its own Customs regulations when it comes to trading companies undertaking import and export activities. However, the government has adhered to various international standards and has entered various agreements with countries with which Montenegro has strong economic ties.
The Law on Customs Tariffs is the main act providing for import/export regulations in Montenegro and was created in January 2006. A year later, the new act was adjusted to EU’s Harmonized System when the tariff classification was also updated, thus Montenegro has started slowly preparing its entrance in the European Union.
Under the new regulations, the previous 10,000 products were reclassified in only 97, thus reducing the bureaucracy around customs regulations. Also, new tax rates imposed on import and export of goods in Montenegro have been set in place. There are 14 new rates that range between 0% and 30%.
If you want to open a company in Montenegro and engage in import-export activities, you can rely on our specialists who can help you with the procedures.
Products imported and exported in Montenegro
Montenegro is credited as the 167th largest export economy in the world. Major trade policy reforms have been implemented by the Montenegrin authorities in order to become a member of the World Trade Organization. The custom duties have been lowered and the tariff and non-tariff barriers have been removed.
When it comes to exports, Montenegro rely on raw aluminum (21.6%) electricity (9.4%), wood products (5.5%), dried vegetables and wines (4.9%). Montenegrin companies operating in the steel industry where accounted for exporting bars of iron or non-alloy steel. The top export destinations of Montenegro are: Serbia, Italy, Bosnia and Herzegovina, Belgium and Pakistan.
Products imported in Montenegro include: petroleum oils and oils obtained from bituminous minerals (7.6%), cars and vehicles motors (3.7%), pharmaceutical products (2.7%) and electrical energy (2.2%). Companies manufacturing food products in Montenegro imported fresh or frozen meat, accounting for 2.3% of the total imports in the country. The imported goods and merchandise come mainly from: Serbia, China, Croatia and Italy.
If you want to set up a company in the trading sector, you can rely on our specialists in company registration in Montenegro for professional assistance.
We can also assist in EORI registration in Montenegro.
Montenegro’s main import-export partners
Montenegro has good economic relations with countries all over the world, however, its core trading activities concentrate in Europe where it exports most of the locally produced goods. Montenegro’s main export partners are Serbia, Hungary, Slovenia and Russia. When it comes to imports, most of the goods come from Serbia, China, Croatia and Italy.
Montenegro’s borders with Croatia by land and Italy by sea make it easy for the country to import high-quality products from these two EU member countries.
For more information on operating a trading business here, you can ask for the advice of our company registration consultants in Montenegro.
Setting up a trading business in Montenegro
In order to import or export goods into/from Montenegro, one must first register as a trader and obtain the necessary business licenses. Both simple forms, such as sole traders or partnerships, and complex ones, such as limited liability companies, can engage in trading activities in Montenegro, provided that they register with the Companies House, the Customs Authorities and apply for VAT numbers.
For customs operations with companies in the EU, a Montenegro trader must also apply for an EORI number. The procedure is simple and the EORI number will be based on the company’s VAT number.
Our Montenegro company formation officers can help you register a business as trading company. Then, the necessary import-export licenses must be obtained.
Import and export procedures in Montenegro
In order to import or export goods into/from Montenegro, a local company must complete various operations with the Customs Administration.
It should be noted that there are different regulations for the import/export of various goods and special licenses are required to the import/export of the following:
- – meat, fish, eggs and dairy products;
- – vegetables and fruit;
- – live animals;
- – trees and plants;
- – coffee, tea and other such alcoholic beverages.
For these, special licenses must be obtained each time such goods are brought into or leave the country.
When it comes to the documents that must accompany the goods entering/leaving Montenegro, the following must be submitted with the Customs Control Authorities:
- the Customs entry documents which must be prepared directly by the importing company;
- the Customs declaration and/or clearance which must be drafted in a specific format agreed by the Montenegrin authorities;
- the import license, the certificate of inspection and the packaging list of the goods;
- the insurance certificate, the legal undertaking and/or the customs bond (where applicable);
- depending on the way the goods enter the country, the ATA or TIR Carnet or the airway bill must also be presented.
Other documents, such as certificate of origin, health and ingredients certificates must be submitted in the case of specific products.
If you want to set up a business in this sector, you can rely on our agents in Montenegro.
Export and import agreements in Montenegro
After obtaining its independence, Montenegro signed the Stabilization and Association agreement with the European Union in 2007. This agreement is aimed at creating free trade within the EU, based on fair, stable and transparent rules. The main features of the Montenegro trade agreement are:
- • Enabling the free movement of workers within the region;
- • Free movement of capital;
- • Liberalizing the custom related documentation – reducing the number of import licenses needed by Montenegrin companies;
- • Protecting the intellectual property rights.
Recent data on imports and exports in Montenegro
According to the data gathered by the Organization for Economic Co-operation and Development (OCED):
- – in 2018, Montenegro ranked 152 in the world in terms of Gross Domestic Product (GDP);
- – the same year, the country ranked 164th in terms of exports at a worldwide level;
- – in 2018, Montenegro ranked 145th in terms of imports on a global scale;
- – the value of goods exported was 475 million USD, while the value of imports was 3,51 billion USD in 2018.
Don`t hesitate to contact our Montenegro company formation agents if you need more details on how to start a trading company in this country.