Company Management in Montenegro
Company Management in MontenegroUpdated on Monday 27th February 2023
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The company management in Montenegro influences a lot the activities of a business, since the individuals who are part of the top management are the ones setting the outline a business will follow. The purpose of a company management is to minimize the risks involving the company operations, as well as to adopt strategic measures to rise the profits of the business.
Our lawyers in Montenegro can offer more details on the main aspects of a company management here. Besides guiding you about company management in Montenegro, our immigration attorneys can also assist you in other matters. For instance; if you are planning immigration to Montenegro, our lawyers can guide you in detail about relocation requirements. Due to the relatively high number of expatriates living in Montenegro, there are some international schools, mainly in Podgorica and along the coast. You will almost certainly want your child to be educated in your native language, such as English, German, or French, so enrolling your child in an international school is a must.
Responsibilities of the board of directors in Montenegro
In Montenegro, the following legal entities require at least one director:
• A JSC (joint stock company).
Our law firm in Montenegro can help you set up such legal entities here.
Corporate directors are allowed in case of a branch or a representative office in this country.
When it comes to the obligations of the board of directors, some of these are:
• To behave in good faith and for the benefit of the business;
• To practice due care and rules of professional conduct when making decisions;
• To make sure that the correct measures are adopted to appropriately oversee the activities of the company and that the responsibilities are assumed by it;
• To offer the appropriate consideration to every matter decided by the board;
• To practice powers only for the appropriate company purposes;
• Other responsibilities: our attorneys in Montenegro can offer more details on what these other responsibilities consist of. If you need legal help in other matters besides company management in Montenegro, you are welcome to consult with our attorneys. For instance, if you are interested in acquiring a residency permit in Montenegro, the services of our lawyers are at your disposal. In Montenegro, a temporary residency visa can be obtained based on a family reunion. The spouse(s) and children (or other dependents) under the age of 18 are eligible for this sort of permit.
Evaluation of the board of directors in Montenegro
The board of directors in Montenegro has to analyze and evaluate the quality and efficiency of its activities at least one time per year.
The procedure of the board of directors’ evaluation has to include, among others:
• An evaluation of the operational work quality of the board of directors;
• An evaluation if the crucial issues were appropriately prepared and taken into account;
• An evaluation of each member of the board of directors’ contribution to the work of his special activity, mainly in connection with their presence at the sessions of the board and with the constructive contribution to decisions and discussions;
• An evaluation of the structure of the board of directors in Montenegro in terms of the need for likely revisions for the definite criteria;
• Other evaluations: our Montenegro lawyers can offer more information on what these other evaluations consist of.
If you have further questions about the business organization in Montenegro, or for assistance in opening a business in this country, please contact our Montenegro law firm. In addition to this, our lawyers can also offer you their legal services if you are interested in acquiring citizenship in Montenegro by investment. Foreign investors must meet specific financial and other requirements to qualify for citizenship via naturalization. Application requirements include a clean criminal record, a lack of transgressions of international law, strong moral character, good health, and the provision of finances from a legitimate source. To learn more about the criteria, consult with our immigration lawyers.