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The Government of Montenegro has changed the rules and requirements for setting up an offshore bank since January 01, 2001. Applicants must now undergo extensive background checks and have to come up with a minimum operating capital of EURO 2,500,000, out of which almost 25% must be kept permanently in the country. Montenegro does not offer any government imposed insurance scheme on its banks. |
As per the "Act on companies which are established and which conduct business activity on special terms" of 1996, a territory of the Republic of Montenegro declared as a ‘free economic and developing area’ guarantees foreign legal and natural persons the freedom of establishing companies, the freedom of enterprise and freedom of contracting international business transactions, subject to terms and methods prescribed by the Act.
The Republic of Montenegro, by the Act, ensures tax exemptions and relieves and other privileges for establishing and conducting business activity of companies or branches of foreign and domiciling, sojourning and working of foreign citizens.
Capital
Minimal capital for incorporating an Offshore Bank as a Joint Stock Company is USD 10.000, which is paid to the Bank in Montenegro with a big authority by wire transfer prior to the registration.
Procedure & Time Period
The registration procedure in The Ministry of Finance lasts between 4-5 working days, after all documents from founders are submitted. After registration process the following documents are issued The following documents are usually delivered: Certificate of Registration-Bank License, Charter-Articles of Incorporation Attestation on Director, Attestation on Founders, Accounting opening letter from Montenegrobanka AD or from similar bank, Letter from Directorate of Public revenues on tax payer ID number assigned.
Products & Services
Offshore bank will be issued a standard license, without expiration date with the following activities -
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Accepting all kinds of money deposits (deposit transactions)
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Accepting and providing loans (loan transactions)
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Foreign currency and foreign currency exchange operations
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Issuing of securities and credit cards
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Depositing and managing of securities, by purchase and sale of securities
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Issuing different kinds of guaranties/guaranties transactions
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Mediation in securities trading
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Payment transactions/ opening of accounts for physical persons and legal entities and "nostro" and "loro" accounts
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And providing various other financial services.
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