The ISO code of Montenegro is ME according to the ISO 3166 standard. The local name of the country is Crna Gora. Montenegro capital city is Podgorica (official); Cetinje (Old Royal Capital, present seat of the President). People in Montenegro speak the Montenegrin language. On 21 May 2006, Montenegro emerged as a sovereign political entity. In the year 05/21/2006, Montenegro emerged as a sovereign political entity. The largest city in Montenegro is Podgorica.
Montenegro is located in the UTC +01:00 time zone, which is also called Central European Time or CET. The internet country code top-level domain (ccTLD) for Montenegro is .me. The International dialing code for Montenegro is 382. People in Montenegro drive on the right side of the road. Total land area of Montenegro is 13,812 km² (approx. 5,333 mi²). Montenegro is not a landlocked country. It means that is is bordered by at least one major body of water.
Montenegro is located in Europe. Montenegro is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.
Doing business in Montenegro
We offer various corporate services in Montenegro jurisdiction. These services can serve both, people coming from Montenegro and foreigners. If you plan on doing business in Montenegro you might be interested in contacting us.
To find out about starting your business in Montenegro click on company formation in Montenegro.
To find out how to open a bank account in Montenegro and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Montenegro.
Choose preferred service below or continue reading to find out more about Montenegro.
Demographics of Montenegro
The total population of Montenegro is 629,219 people. In Montenegro, the population density is 45 people per square kilometer (117 per square mile). Because of this statistic, this country is considered to be sparsely populated. Montenegro has approximately 82541 foreign immigrants. The median age is approximately 39.2 years. In Montenegro, 56.84 in every 100 people use internet. Montenegro has a Human Development Index (HDI) of 0.789.
The majority religion of Montenegro is Christianity, Montenegro is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Montenegro.
Culture of Montenegro
People in Montenegro speak the Montenegrin language. According to data on inbound tourists in Montenegro, 1,324,000 tourists arrive in the country each year. One of the most popular national dishes of Montenegro is kačamak. To read more click on culture of Montenegro.
Geography of Montenegro
Montenegro is considered to be a large nation because of its total area. Its total land area is 13,812 km² (approx. 5,333 mi²). Montenegro is located in Europe. Its capital city is Podgorica (official); Cetinje (Old Royal Capital, present seat of the President). Montenegro has 5 neighbouring countries. Its neighbours include Albania, Bosnia and Herzegovina, Croatia, Kosovo, and Serbia. Total length of land borders of Montenegro is 680 kilometers (~263 miles).
The highest point of Montenegro is Zla Kolata, with its official height being 2534 m (8,314 ft). Including land mass and EEZ, the total area of Montenegro is approximately 21,557 km² (~8,323 mi²). The most notable natural resources found in Montenegro are bauxite, hydroelectricity.To read more click on geography of Montenegro.
Economy of Montenegro
The currency of the country is euro. The symbol used for this currency is €, and it is abbreviated as EUR. 16% of population in the country are unemployed. The total number of unemployed people in Montenegro is 100,675. Each year, Montenegro exports around $0.49 billion and imports roughly $2.4 billion. The Gini Index of the country is 26.2. Montenegro has a Human Development Index (HDI) of 0.789.The Global Peace Index (GPI) for Montenegro is 1.854. Montenegro has a government debt of 81% of the country's Gross Domestic Product (GDP), as assessed in 2012. Montenegro is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are steelmaking, aluminum, agricultural processing, consumer goods, tourism.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Montenegro is $9,428 billion. Each year, consumers spend around $3,843 million. The ratio of consumer spending to GDP in Montenegro is 0%, and the ratio of consumer spending to the world consumer market is 0.0111. The corporate tax in Montenegro is set at 9%. Personal income tax ranges from 9% to 15%, depending on your specific situation and income level. VAT in Montenegro is 19%. In 2013, Montenegro received 103.2 million USD in foreign aid.In 2014, the foreign aid amounted to 125.7 USD.To read more click on economy of Montenegro.
Infrastructure of Montenegro
Infrastructure quality in Montenegro is rated to be at 2.84. It indicates a satisfactory quality - roads, railroad, ports and other facilities are able to handle significant traffic at all times and are also suited to various types of transport vehicles and vessels.
In Montenegro, 100% of the population has access to electricity. There are 10,088 internet hosts in Montenegro. Montenegro has 5 airports nationwide.
The logistics performance index of Montenegro is 2.88. It indicates a satisfactory performance - in general, traffic is handeled well, some flaws in certain areas are possible, but overall the logistics system performs reliably and is ready to handle predictable amounts of traffic.
Tracking possibilities for shipments are rated at 2.76. It indicates a satisfactory performance - the tracking systems provide all the basic information as well as additional data about shipments; most of the times it also has a weel established cooperation with foreign and international tracking systems, as well as usually provides information in multiple languages.
The number of road motor vehicles per 1000 inhabitants in Montenegro is 26. To read more click on infrastructure of Montenegro.
Politics of Montenegro
Montenegro, is a parliamentary republic. With regard to political and civil freedoms, Montenegro is 1. Citizens in Montenegro experience total freedom. The majority of countries in which citizens enjoy expansive civil liberties and political freedoms are representative democracies, in which officials are directly elected by citizens to advocate for their needs and desires. Free countries are often bolstered by healthy economies and high-functioning governments. The head of the government is Milo Đukanović.
According to the World Bank Group, the government effectiveness index of Montenegro is 0.28. This indicates that the government of Montenegro is mediocre. While some public and civil services are limited, in other cases they can be considered adequate or even effective. Potential investors should carefully evaluate the governmental situation in Montenegro before considering any business maneuvers.In Montenegro, the legislative power is vested in a Assembly. The Global Peace Index (GPI) for Montenegro is 1.854. The strength of legal rights index for Montenegro is 12. Overall, it is considered to be rather strong - bankruptcy and collateral laws are able to protect the rights of borrowers and lenders quite well; credit information is abundant and easily accessible. In 2013, Montenegro received 103.2 million USD in foreign aid. In 2014, the foreign aid amounted to 125.7 USD. Montenegro is a member of the United Nations (UN). On 28 June 2006, it joined the UN as a full member state. Montenegro is a member of the World Bank. To read more click on politics of Montenegro.
Environment of Montenegro
Montenegro emits 4.1 metric tons per capita of CO2. 6252 km² of Montenegro's territory is covered in forests. and forest land comprises 45% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Montenegro is 26. To read more click on environment of Montenegro.
Company formation in Montenegro
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Montenegro.
When establishing a company in Montenegro, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Montenegro that will affect the establishment and growth of one's business. Contact us or click on company formation in Montenegro to read additional information when setting up a business.
Bank account opening in Montenegro
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Montenegro. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.
When considering opening a bank account in Montenegro, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Montenegro or contact us.