More than 5,000 companies in Montenegro were founded by citizens of Russia and Turkey in 2022
Of the 9,063 companies that were established in Montenegro last year, nearly 80 percent were founded by foreigners (mainly citizens of Russia and Turkey) with capital of almost 30 million euros, according to data provided by the Tax and Customs ...
Out of 9,063 companies established in Montenegro last year, almost 80 percent were founded by foreigners — mainly citizens of Russia and Turkey — with capital of nearly 30 million euros, according to data provided by the Tax and Customs Administration (Uprava prihoda i carina— UPC).
The number of companies founded by foreignerswas 7,070, and in more than half of cases these were citizens ofRussia, who established 3,831 companies in Montenegro. They were followed by citizens ofTurkey, who founded 1,476 companies last year alone. Thus, citizens of Russia and Turkey founded more than 5,000 companies, accounting for 75% of the total number of companies established by foreigners.
Far behind Russia and Turkey in the list of foreign company founders in Montenegro are citizens of
Serbia, who founded 275 companies, followed immediately by citizens ofGermanywith 247 andUkrainewith 200 companies.
In fifth place are citizens of
Belaruswith 138 newly established companies, while the next in the list — Italians, Kosovars, English and citizens of Bosnia and Herzegovina — opened fewer than 100 companies in Montenegro over the past year.
Main activities of new companies in MontenegroThe UPC said that the activities of newly established companies founded by foreigners are varied, and the majority of them, 873, or about 12 percent of the total, are engaged in wholesale or retail trade.“About nine percent of them registered for computer programming activities, and 510 companies were registered as restaurants or other food service businesses. Then come companies engaged in consulting services (473 companies). Between 200 and 300 new companies are registered in the Central Register of Business Entities in the following activities: advertising agencies, hairdressing and beauty salons, real estate rental, IT consulting services, data processing and application services, design activities,” the UPC said.According to data provided by the UPC, 114 companies providing hotel and accommodation services were founded by foreigners last year.
In addition to companies, more than 1,000 new entrepreneurs were also registered
In addition to companies, 1,032 new entrepreneurs were also registered last year, with the structure being the opposite, namely 775 locals and 257 foreigners.
As for the current year, by the end of March 2,778 new companies had been registered, and the trend from the previous year continued, so that 2,016, or 72 percent of the companies, were founded by foreign citizens.
“The amount of capital for companies founded by foreigners and registered in 2023 is 2,033,912 euros,” the UPC said.
The structure of foreign arrivals has not changed significantly compared to last year. In 2023, citizens of Russia founded 1,238 companies, accounting for 60 percent of the total number of foreign citizens, while one fifth of the companies were founded by Turks. They are followed by citizens of Serbia, Germany, Ukraine and Belarus, in significantly smaller numbers.
Citizens of exotic countries are also opening companies in Montenegro
Interestingly, there are companies founded by citizens of exotic countries such as Thailand, Ghana, Kyrgyzstan, the British Virgin Islands and Nepal.
During this year, foreigners founded 249 companies engaged in wholesale or retail trade, more than 100 companies were created in the fields of programming and advertising agencies, and 85 were newly established to engage in restaurant and food service activities, i.e. building construction.
2022 was a record year for the volume of foreign direct investment in Montenegro
Last year was a record year for Montenegro in terms of
Foreigners invested the most money in real estate purchases in 2022, 448 million euros. Last year was the final year of the economic citizenship program, under which foreigners could apply for Montenegrin citizenship by purchasing real estate under certain conditions. That this was the main reason for foreign investment in real estate is shown by the fact that in 2019 they bought real estate worth 178 million euros.
Last year, foreigners invested 401 million in so-called intercompany debt, meaning they lent it to their own or other companies in Montenegro. By contrast, foreign investment in domestic companies and banks in 2019 amounted to one million euros.
The largest foreign investments in 2022 came from Serbia (137 million euros), followed by Russia (127 million), Germany (100 million), Switzerland (98 million), the United Arab Emirates (89 million), Turkey (78 million), Italy (58 million), the United States (48 million), and Cyprus (45 million).
Больше всего иностранных инвестиций в 2022 году поступило из Сербии (137 миллионов евро), за ней следуют Россия (127 миллионов), Германия (100 миллионов), Швейцария (98 миллионов), Объединенные Арабские Эмираты (89 миллионов), Турция (78 миллионов), Италия (58 миллионов), США (48 миллионов), Кипр (45 миллионов).
