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Company Law in Montenegro

Company Law in Montenegro

Updated on Friday 28th July 2017

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Company Law in MontenegroThe company law in Montenegro regulates aspects related to the establishment and organization of companies, the basic types of companies which can be set up in this country and the regulations regarding insolvency. The company Law in Montenegro was published in the Official Gazette, in 2006 and it also addresses issues related to non-governmental organizations.

Our attorneys in Montenegro can give you an in-depth presentation of the legal requirements provided in the company law.


The law on business organization in Montenegro


As part of the company law in Montenegro, this legislation stipulates the legal forms of enterprises and the obligations binding individual entrepreneurs. Accoding to the law on business organization, the main types of enterprises which can be established in Montenegro are the following:


•    The individual entrepreneur (sole proprietor);
•    Foreign company branches and subsidiaries;
•    The limited liability company (LLC);
•    The general partnership (GP);
•    The limited partnership (LP).


The law on business organization also regulates aspects related to the official records and documents of the company. After registration, each Montenegrin company must keep the following documents and records:

•    Minute bookings – they contain minutes of the meetings of the company directors, the minutes of all general meetings and minutes of meetings held by shareholders of the company;
•    Accounting books and records – they are kept in accordance with the accounting laws and standards;
•    Copies of the company`s property documents.

Issues concerning the share capital of a company, mergers and acquisitions, the appraisal of non-monetary contribution to a company are also regulated by the company law in Montenegro. Detailed information on each legal matter can be given to you by our lawyers in Montenegro.


The law on business organization insolvency in Montenegro


Another part of the company law in Montenegro is the law on business organization insolvency. It sets forth the grounds and procedures for company liquidation, the reorganization of commercial entities and the rights and obligations of all participants and affected parties. The law on business insolvency defines the legal types of liquidation proceedings, the legal entities/commercial companies which can be debtors in Montenegro, the institutions and persons who cannot be debtors in Montenehro, who holds the jurisdiction over insolvency cases and the grounds for initiation of insolvency.

If you want to open or close a company in Montenegro and need legal assistance on issues related to the company law, don`t hesitate to contact our law firm in Montenegro
 

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