Directors of a Company in Montenegro

Updated on Monday 30th January 2023

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When you open a company, a body has to be created to represent it. This body is called the board of directors. The directors of a company in Montenegro are necessary for the effective governance of the corporation. There are two business entities that have directors in Montenegro. These are the limited liability companies and the joint stock companies. The minimum number of Montenegro company directors is three and the total members must be an odd number. The main responsabilities of the directors are to create management policies and to decide on major company issues. Our law firm in Montenegro has assisted many clients with the composition of its board of directors.

Qualifications of the directors in Montenegro

Directors are elected through a general meeting of shareholders and their term extends until the next holding of such meeting. The main qualification for directors of a company in Montenegro is that he/she must be a legally capable person. This means that he/she must be of legal age and must not be burdened with any legal prohibitions. Under the Law on Business Organizations, the law governing companies in Montenegro, a director must not be prohibited to be elected as a board member by virtue of a court order. The company auditor cannot also be elected as director and the company’s charter can provide for other qualifications of a director. You can ask our lawyers in Montenegro about the other qualifications of a director. Besides guiding you about the qualifications of a director, you are also welcome to consult with our seasoned lawyers if you are planning immigration to Montenegro. But before relocation, you are required to check whether you need a visa to immigrate to Montenegro or not. If you do require a visa to visit Montenegro, you can apply for either a short-stay or a long-stay visa, depending on how long you want to stay and the purpose of your visit.

Powers of Montenegro directors

The Law on Business Organizations stipulates the powers that Montenegro company directors have. Our attorneys in Montenegro have listed them down:

1. Take control and implement the policies of the company;

2. Manage and issue guidelines for implementing the affairs of the company;

3. Organize the company, its accounting and finances;

4. Appoint and dismiss officers of the corporation and other accountable persons;

5. Adoption of rules and procedures for the operation of the corporation;

6. The executive director can and shall attend all board meetings;

7. All other powers and functions provided for by the charter of the company.

There are other important information about the directors of a company in Montenegro. Please contact our associates in our Montenegro law firm and ask them to help you. Furthermore, if you are seeking information about acquiring a residence permit in Montenegro, you can get in touch with our lawyers. You can also obtain a temporary residency permit for secondary school or participate in foreign student exchange programs, specialization or practical training, scientific research work, medical treatment, humanitarian causes, or religious services can all be used as justifications for a temporary stay in Montenegro.

In addition to this, if you want to get citizenship in Montenegro, the services of our immigration lawyers are at your disposal. In addition to providing inexpensive citizenship, the processing is also rather speedy; permission for residency occurs in just three weeks and citizenship in six months. Candidates for the citizenship program must invest €250,000 in the Northern region that has been authorized by the government.