In Montenegro, the export economy is the 110th largest in the world. Last year, the country exported USD 322 million and imported USD 2.25 billion worth goods, which results in a negative trade balance of USD 1.93 billion. The top imports in the country are refined petroleum, cars, packaged pills, foodstuff and electricity. Setting up a trading company in Montenegro is relatively easy, provided that all the legal requirements are known and fulfilled. Our company formation consultants in Montenegro can assist you to open a trading company here.
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The Customs Law in Montenegro
The trading industry in Montenegro is regulated by the Customs Law.
According to this law, all goods which do not originate from Montenegro are applied a customs tariff, with certain exceptions. Our Montenegro company formation advisors can offer more information on what these exceptions consist of.
Also, trading activities of such goods have to obey certain regulations and there has to be a certificate of origin issued for them.
Goods which do not originate from Montenegro can be produced in one or several foreign countries. For the goods which were produced in more than one foreign country, it is considered that they originate from the country in which they underwent their last important, economically justifiable processing. Our company registration agents in Montenegro can provide further details on this matter.
International conventions and customs procedures in Montenegro
Montenegro is a member of the World Trade Organization, party of the Kyoto Protocol, the Washington Convention on International Trade in Endangered Species of Wild Fauna and Flora, as well as of the Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and Their Disposal.
The country takes advantage of the European Union ATP protocol (Autonomous Trade Preferences) which enables it to export inside the EU without customs duties on 95% of the exported products.
The free trade agreement signed with Russia enables local products to have free access to Russia, which is a 150 million consumer market. Our company formation representatives in Montenegro can provide further information on this agreement.
We can also assist trading companies in obtaining EORI numbers in Montenegro.
Registration process for a trading company in Montenegro
The most common type of business entity in the country is the D.O.O. To register such a company in Montenegro with the Central Register of the Commercial Court of Montenegro, certain documents must be gathered. We can provide all the necessary information on what they consist of.
These documents have to be submitted and then a Certificate of Registration will be obtained. The registration announcement will be also published in the Official Gazette.
If you would like to know more about the trading industry in Montenegro, or for assistance in opening a company in this country, please speak to our Montenegro company formation executives.