17 Dec New Restrictions on Opening Bank Accounts for Companies Founded by Legal Entities from Offshore Destinations

Jelena Vujisic, Partner in TLA member firm from Montenegro published an article in CEE Legal Matters.

In Montenegro, it is not possible to open any corporate bank account for companies registered in Montenegro if the founder of such company is a legal entity / company from an offshore destination as it is for example British Virgin Islands etc. Regardless the fact that there are no any legal restriction that the company from offshore destination establish an limited liability company and register it at the Central Register of Legal entities of Montenegro, the banks in Montenegro reject to open the bank accounts for such local companies in accordance to their new rules and instruction of Central bank of Montenegro.

Therefore, we recommend to any possible foreign investor who is interested in expanding the business in Montenegro to check all steps for doing business in Montenegro, especially since changes happen in different areas connected with the business very often.