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15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the Capital Market Authority licence, including banking and payment rails.
Forex license in Montenegro: Capital Market Authority licence with CFDs.
A forex license in Montenegro is an investment-firm licence from the Capital Market Authority of Montenegro (Komisija za tržište kapitala), and the Law on Capital Market counts CFDs as instruments. Four of the six investment firms on the Authority's register of 1 April 2026 are licensed for CFDs. A derivatives firm pays EUR 2,500 a quarter plus 0.30% of income in supervision fees. We run the file from Podgorica.
30 yrs
of experienceof experience
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated · Reviewed by the Prifinance team
Montenegro in brief
Forex license in Montenegro: CFDs licensed now, an EU-aligned law from accession.
Montenegro licenses brokers under the Law on Capital Market (Official Gazette of Montenegro 001/18, amended 069/25). Currency derivatives (point (a)) and financial contracts for differences (point (f)) are financial instruments under Art. 3(1)(4), so forex and CFDs need no category of their own: the Authority's licence lists the services a firm may provide and the instruments it may serve. The Authority's register describes an investment firm as a joint-stock company whose main business is investment and ancillary services; whether the 2025 amendment admits a limited liability company is confirmed per case. Art. 23 defines dealing on own account as trading with own capital and a market maker as a firm continuously present on the market at prices it sets. The market is live. On the register of 1 April 2026, four of the six investment firms list CFDs, two of them also deal on own account, and all four may hold client money or instruments.
From 1 July 2026 the Authority's fee rulebook prices a licence application at 2% of the statutory minimum capital for the service applied for (Art. 8), so the fee rests on the capital of the Law, which we confirm in the quote. Supervision costs a derivatives firm EUR 2,500 a quarter plus 0.30% of total quarterly income, at least EUR 10,000 a year (Art. 11(3)); most other investment firms pay 1% of income with a EUR 400 quarterly minimum (Art. 11(1)). The Authority decides on licences in a summary procedure under the administrative-procedure law (Art. 26), and its decision period is confirmed per case. The EU-aligned Law on Capital Market (016/26, amended 152/26) is the second regime: it applies only from the day Montenegro joins the EU, so a firm licensed now faces a second alignment on accession and has no passport before it.
Montenegro licenses CFD brokers as investment firms under the Law on Capital Market, which lists CFDs as instruments. Four of the six firms on the register of 1 April 2026 have CFDs in their licences.
The application fee is 2% of the statutory minimum capital; a derivatives firm pays EUR 2,500 a quarter plus 0.30% of income. An EU-aligned law applies only from accession.
The two builds
A market maker with CFDs, or an agency firm that executes CFD orders.
The Authority licenses each firm for named services and instruments, and CFDs are on the instrument list of four firms on the register of 1 April 2026. Two of them deal on own account; the other two receive, transmit and execute orders. Both builds pay the derivatives rate of supervision.
Dealing on own account with CFDs, or an agency firm that executes CFD orders.
01 - DEALING ON OWN ACCOUNT
The investment firm as market maker
A Montenegrin investment firm licensed to deal on own account, with CFDs among its instruments, can be the counterparty to its clients' trades. Two firms on the register of 1 April 2026 hold that combination. The application fee is 2% of the statutory minimum capital for the service, and that capital is confirmed in the quote; supervision then runs at EUR 2,500 a quarter plus 0.30% of income.
A Montenegrin investment firm licensed to deal on own account, with CFDs among its instruments, can be the counterparty to its clients' trades. Two firms on the register of 1 April 2026 hold that combination. The application fee is 2% of the statutory minimum capital for the service, and that capital is confirmed in the quote; supervision then runs at EUR 2,500 a quarter plus 0.30% of income.
- ✓Dealing on own account with CFDs
- ✓Market maker - Art. 23, item 5
- ✓Application fee 2% of minimum capital
- ✓EUR 2,500 a quarter + 0.30% of income
- ✓At least EUR 10,000 a year in supervision
- ✓Two such firms on the 2026 register
02 - AGENCY FIRM WITH CFDS
2 firms, April 2026 registerReception, transmission and execution
An agency firm receives, transmits and executes client orders in CFDs without dealing on own account, as two of the four CFD firms on the register of 1 April 2026 do. It pays 2% of the statutory minimum capital for those services to apply and, because it serves derivatives, the same EUR 2,500 a quarter plus 0.30% of income. Dealing on own account can be added later on the same application form.
Reception, transmission and execution in CFDs without own-account dealing, at the same derivatives rate of supervision.
- ✓Reception, transmission, execution
- ✓CFDs on the licence's instrument list
- ✓Fee 2% of the minimum for these services
- ✓Derivatives rate of supervision
- ✓Extension later on the same form
- ✓Client money only if the licence allows
Costs and timelines are confirmed for your case before any work begins. The 2% application fee depends on the statutory minimum capital for the services you choose, so the quote states both amounts.
Why Montenegro
Four CFD firms on the April 2026 register, and fees and taxes in euros.
On the register of 1 April 2026 four firms hold Authority licences that cover CFDs, and supervision has a rate set for derivatives; a second law applies from EU accession.
✓
A licensed CFD niche
On the Authority's register of 1 April 2026, four of the six investment firms list CFDs among their instruments, two of them also deal on own account, and all four may hold client money or instruments. Two of the seven authorised banks list derivatives services too.Four of six firms, April 2026.
✓
Fees in euros, set per quarter
Approvals carry flat euro fees: EUR 500 for a qualifying holding, EUR 300 for each executive director or board member. Supervision is billed by the quarter, EUR 2,500 plus 0.30% of income for a derivatives firm since 1 July 2026, and is due within 15 days of the quarter's end.EUR 2,500 a quarter plus 0.30%.
✓
Licence and approvals together
The Authority may decide the licence together with the qualifying-holding, director and general-act approvals (Art. 4 of its application rules). Licences, approvals and consents go through a summary procedure under Art. 26 of the Law.One decision possible, summary procedure.
✓
Filing through CRPS
Amendment No. 116/25 to the application rules added filing through the Central Register of Business Entities (CRPS) system (Art. 4a). The form is completed electronically and signed with certified signatures or a qualified e-signature (Art. 2).CRPS system, qualified e-signature.
✓
Profit tax from 9%
Profit tax runs in bands on the official return: 9% up to EUR 100,000, 12% above that and 15% above EUR 1,500,000. Dividends carry 15% withholding at payment.9%, 12%, 15% by band.
✓
Warning: a second law at accession
The EU-aligned Law on Capital Market (016/26, amended 152/26) and its capital-adequacy rules (064/26, 148/26) apply only from the day Montenegro joins the EU. A licence granted now is issued under the 2018 Law, and the firm adjusts to the new one on accession.A second law applies from EU accession.
How it compares
How Montenegro differs from other routes.
Croatia and Slovenia, both EU members, license a market maker at €750,000 of capital with a passport to the other 29 EEA states: HANFA charges €10,400 for the usual market-maker set, the ATVP €7,520 plus a flat €33,840 a year. Cyprus adds 15% tax and ESMA's 30:1 to 2:1 retail tiers. Montenegro answers with a lower tax start, 9% on the first EUR 100,000 of profit, and 2% of its statutory capital to apply; it offers no passport until accession.
Montenegro vs other jurisdictions
| Feature |  Montenegro | Other jurisdictions |
|---|---|---|
| Application fee | 2% of the statutory minimum capital | €10,400 market-maker set Croatia · €7,520 Slovenia |
| Yearly supervision | EUR 2,500 a quarter + 0.30% of income | Per mille, quarterly Croatia · €33,840 flat Slovenia |
| Passport | None until EU accession | Other 29 EEA states from Croatia, Slovenia, Cyprus |
| Corporate tax | 9% / 12% / 15% by band | 10% / 18% Croatia · 22% Slovenia · 15% Cyprus |
Application fee
Montenegro2% of the statutory minimum capital
Other jurisdictions€10,400 market-maker set Croatia · €7,520 Slovenia
Yearly supervision
MontenegroEUR 2,500 a quarter + 0.30% of income
Other jurisdictionsPer mille, quarterly Croatia · €33,840 flat Slovenia
Passport
MontenegroNone until EU accession
Other jurisdictionsOther 29 EEA states from Croatia, Slovenia, Cyprus
Corporate tax
Montenegro9% / 12% / 15% by band
Other jurisdictions10% / 18% Croatia · 22% Slovenia · 15% Cyprus
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Montenegro | Authority investment firm | 9% / 12% / 15% CIT · 15% WHT | 2% application fee, EUR 2,500 a quarter + 0.30% |
 Croatia | HANFA investment firm - ZTK | 10% to €1m revenue · 18% above | IFD €75k-€750k, €5,100 dealing fee, supervisory board |
 Slovenia | ATVP brokerage firm (BPD) | 22% CIT to 2028 · 15% WHT | IFD €75k-€750k, 1,600-point fee, licensed boards |
 Cyprus | CySEC CIF | 15% CIT (2026) | IFD tiers, EU passport |
MontenegroLicense typeAuthority investment firm
Taxation9% / 12% / 15% CIT · 15% WHT
Requirements2% application fee, EUR 2,500 a quarter + 0.30%
CroatiaLicense typeHANFA investment firm - ZTK
Taxation10% to €1m revenue · 18% above
RequirementsIFD €75k-€750k, €5,100 dealing fee, supervisory board
SloveniaLicense typeATVP brokerage firm (BPD)
Taxation22% CIT to 2028 · 15% WHT
RequirementsIFD €75k-€750k, 1,600-point fee, licensed boards
CyprusLicense typeCySEC CIF
Taxation15% CIT (2026)
RequirementsIFD tiers, EU passport
Rest of Europe
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Before you apply
Forex license requirements in Montenegro: what the Authority checks.Montenegro forex license requirements.
The Authority's rules on the content of the licence application (070/18, 023/19, 116/25) list what goes in the file, and the Authority may ask for more.
01
Legal form - a Montenegrin joint-stock company whose predominant business is investment and ancillary services under the Authority's licence; any other form is confirmed per case.
02
Application form - the Authority's form, completed electronically and signed by the management body or by the founders of a company in formation, with certified signatures or a qualified e-signature (Art. 2).
03
Corporate documents - the memorandum or decision of incorporation, the articles, the internal organisation and job-classification act and the list of shareholders with their holdings (Art. 3).
04
Business plan - a plan for the first three years that shows the services the firm will provide, filed with its price list of services.
05
Owners and managers - applications for approval of qualifying holdings (EUR 500) and of the executive director and board members (EUR 300 each), which the Authority may decide together with the licence.
06
People and capacity - the list of relevant persons under Art. 208 of the Law and proof of staffing, organisational and technical capacity under Art. 209.
07
Capital - proof that the founding capital is paid, at the statutory minimum for the services applied for, which is confirmed in the quote.
08
Fee - proof of payment of the application fee, 2% of the statutory minimum capital for the service applied for (fee rulebook Art. 8, applied from 1 July 2026).
09
Licensed individuals - brokers and investment advisers with the Authority's title (EUR 600) and work approval (EUR 300), under the title rules No. 092/26 of 30 June 2026.
10
Reporting and AML - daily transaction reports under the Authority's instruction of 31 July 2026, periodic reports under Rules No. 072/26, and AML procedures under its guidelines rulebook No. 059/24.
01
Joint-stock company, investment services.
02
Signed electronic application form.
03
Incorporation documents, shareholder list.
04
Three-year business plan, price list.
05
Owner and director approvals.
06
Persons and capacity, Arts. 208-209.
07
Founding capital paid, amount in quote.
08
Fee: 2% of minimum capital.
09
Brokers and advisers with titles.
10
Daily reports, AML procedures.
Reflects the Law on Capital Market (001/18, amended 069/25), the Authority's application rules (070/18, 023/19, 116/25) and its fee rulebook applied from 1 July 2026, as of October 2026. The statutory minimum capital and the decision period are confirmed per case.Law on Capital Market, application rules, fee rulebook from 1 July 2026, as of October 2026.
Verify it yourself
Official sources
Regulator pages, legal texts and public registers the figures on this page are based on.
- LawLaw on the Capital Market (Sl. list CG 001/18, 069/25) - CMA consolidated textscmn.me
- FeesCMA - Pravilnik o naknadama za rad Komisije - cjenovnik (applies from 1.7.2026)scmn.me
- RegisterCMA - Investment firms and authorised credit institutionsscmn.me
- RegulatorCMA - Regulation (current laws and the EU-accession package)scmn.me
- GuidanceGovernment of Montenegro - PD corporate profit tax return form (9% / 12% / 15%)wapi.gov.me
How it works
From the choice of services to the Authority's licence.
01
Services and capital
We fix the services and the instruments, and with them the statutory minimum capital and the 2% application fee that rests on it.Services fix capital and the 2% fee.
02
Company and people
We form the joint-stock company or file for it in formation. The founders pay the capital, and we prepare the directors, the qualifying holders, the brokers and the advisers for approval.Company, capital, approvals prepared.
03
Electronic filing
The signed form goes in electronically, through the CRPS system where used, with the three-year business plan, the price list, the approval applications and proof of the fee.Form, plan, price list, fee proof.
04
Authority review
The Authority decides in a summary procedure and may take the licence and the approvals in one decision. We confirm its decision period per case, and its decisions can be challenged in an administrative dispute.Summary procedure; period per case.
05
Licence and supervision
Supervision runs by the quarter from the start: EUR 2,500 plus 0.30% of total quarterly income for a derivatives firm, paid within 15 days of the quarter's end, alongside daily transaction reports.Quarterly fees, daily reports.
Quick facts
RegulatorCapital Market Authority, Podgorica
StatuteLaw on Capital Market · 001/18, 069/25
CFD firms, 1 Apr 20264 of 6 · 2 dealing on own account
Application fee2% of statutory minimum capital
Supervision, derivativesEUR 2,500 a quarter + 0.30% of income
Director approvalEUR 300 · EUR 150 on re-election
EU-aligned law016/26 · applies from accession
TimingConfirmed per case
The Government's statement on the 2025 amending bill says it revised the Law's deadlines, and the Authority decides in a summary procedure. We confirm the decision period for your file before we set a timeline.
On the ground in Montenegro
Run from our Podgorica office.
Prifinance - Montenegro
Podgorica · Montenegro
Podgorica, Montenegro
01
Services and instruments
Dealing on own account or reception, transmission and execution, with CFDs on the instrument list: the choice sets the 2% fee and the supervision rate, so we make it first.They set the fee and supervision rate.
02
The joint-stock company
Incorporation documents, articles and the internal organisation act, with the founding capital paid and evidenced before the application goes in.Documents, capital paid before filing.
03
Owners and management
Qualifying-holding and director approvals prepared for a joint decision with the licence, plus the relevant persons and staffing under Arts. 208-209.Approvals filed with the licence.
04
Reporting from day one
Daily transaction reports, periodic reports under Rules No. 072/26, quarterly supervision fees within 15 days of each quarter and AML procedures for the Authority.Daily reports, quarterly fees, AML.
We also have offices in
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of forex brokers in Montenegro.
Montenegro taxes company profit in three bands, 9%, 12% and 15%, and the payer withholds 15% on dividends when it pays them.
Three bands: 9%, 12%, 15%
The official corporate profit tax return (form PD) applies 9% to taxable profit up to EUR 100,000, 12% to the part above EUR 100,000 and 15% to the part above EUR 1,500,000.9%, 12% above EUR 100,000, 15% above EUR 1.5M.
15% withholding on dividends
The payer withholds 15% of the gross dividend or profit share paid to resident and non-resident legal entities at the time of payment (Art. 29 of the Corporate Profit Tax Law, as amended to No. 125/23). Lower treaty rates are confirmed per structure.Withheld at payment, on the gross amount.
Withholding report by February
The IOPPO withholding report for the previous year is due by the end of February (Art. 29a(5)). Dividends paid to individuals carry 15% as well, under Art. 50 of the Personal Income Tax Law.IOPPO for the previous year.
Dividends received and losses
Dividends and profit shares from resident legal entities stay out of the taxable base (Art. 9), capital gains count in full, and losses carry forward for five years, as the PD form and its annex PG 1 set out.Outside the base; losses carried 5 years.
Supervision by the quarter
Regulatory fees sit next to the tax bill: a derivatives firm pays the Authority EUR 2,500 a quarter plus 0.30% of total quarterly income, at least EUR 10,000 a year. Members of the Investor Protection Fund also pay the Authority 10% of their regular contribution each quarter.EUR 2,500 a quarter plus 0.30%.
Pillar Two and VAT
Only groups with revenue of EUR 750 million or more come under Pillar Two top-up taxes. The Montenegrin position for such a group, and VAT on brokerage and dealing, are confirmed per structure.Confirmed per structure.
Tax summary
Profit tax9% to EUR 100,000 · 12% · 15% above EUR 1.5M
Dividend withholding15% of the gross amount
LossesCarried forward 5 years
Derivatives supervisionEUR 2,500 a quarter + 0.30%
VAT on dealingConfirmed per structure
*As of 2026 per the official corporate profit tax return (form PD), the Tax Administration's practice bulletin on Art. 29 withholding and the Authority's fee rulebook applied from 1 July 2026. Group and founder-level outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Montenegrin joint-stock company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed broker.
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Montenegro · Capital Market Authority
Get your forex license in Montenegro with expert support.
Full-service assistance - from the choice of services and the joint-stock company to the electronic filing, the director approvals and quarterly supervision - run through our Podgorica office.
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Request a free conclusion →FAQ
Questions founders ask about CFDs and the Authority in Montenegro.
Can a Montenegrin investment firm offer CFDs?+
Yes. Art. 3(1)(4) of the Law on Capital Market counts financial contracts for differences and currency derivatives as financial instruments, and the Authority's licence lists the instruments each firm may serve. On the register of 1 April 2026, four of the six investment firms had CFDs on that list.
How long does a forex license in Montenegro take?+
Montenegro's Capital Market Authority decides in a summary procedure, and its decision period is confirmed per case; it can rule on the licence and the owner and director approvals together. We file those approvals with the licence and set the timeline once the services and the capital are fixed.
What does a forex license in Montenegro cost?+
In Montenegro the Capital Market Authority's application fee is 2% of the statutory minimum capital for the service applied for, and that capital is confirmed in the quote. A derivatives firm then pays EUR 2,500 a quarter plus 0.30% of income in supervision; approvals cost EUR 500 per qualifying holding and EUR 300 per director or board member.
How many firms are licensed for CFDs in Montenegro?+
Four of the six investment firms on the Authority's register of 1 April 2026 have CFDs on their licence, and two of those four also deal on own account. All four may hold client money or financial instruments, and two of the seven authorised banks list derivatives services.
Does a Montenegrin licence reach the EU?+
No. Until Montenegro joins the EU there is no passport, and the EU-aligned Law on Capital Market of 2026 applies only from the day of accession. A firm licensed today works under the 2018 Law until then and comes under the new Law on accession, on transition terms we confirm per case.
Is there a leverage cap for retail CFD clients in Montenegro?+
We know of no Montenegrin leverage cap for retail clients, and ESMA's retail measures do not apply outside the EU. The Authority's rules on organisational requirements and conduct of business (083/18, 023/19, 076/21) are in force; what they require of a CFD offer is confirmed per case.
Can a foreign firm open a branch in Montenegro?+
Yes, as a branch of a third-country investment firm under the Authority's supervision. It pays 2% of the statutory minimum capital for investment firms plus EUR 1,000 for approving the people who will run it (fee rulebook Art. 12), and the 2025 Law on the resolution of investment firms covers it.
Does Montenegro have an investor compensation scheme?+
Yes, the Investor Protection Fund (Fond za zaštitu investitora), with Authority rules on membership, contributions and payouts (131/25, 146/25, 024/26). Members pay the Authority a quarterly management fee of 10% of their regular contribution; contribution rates and cover are confirmed in the quote.
Montenegro or Croatia for a CFD market maker?+
Croatia, if EU clients matter: HANFA's licence carries the passport to the other 29 EEA states, with €750,000 of capital and a €5,100 fee for dealing on own account. Montenegro suits a firm that does not need the passport: it charges 2% of the statutory capital to apply and taxes the first EUR 100,000 of profit at 9%.
Why Prifinance for Montenegro?+
Montenegro's 2% application fee and its supervision rate both follow from the services and instruments you choose, so our Podgorica office settles that choice with you before any drafting. The joint-stock company and the owner and director approvals come next, ready for a joint decision with the licence, and we plan daily reports and quarterly fees before launch.
CFDs allowed?+
Yes, as instruments in the licence.
How long?+
Confirmed per case; summary procedure.
Cost?+
2% of minimum capital; EUR 2,500 a quarter.
CFD firms?+
Four of six, April 2026.
EU passport?+
No, not before accession.
Leverage cap?+
None we know of; no ESMA rules.
Foreign branch?+
Yes; 2% plus EUR 1,000.
Investor fund?+
Yes; rates in the quote.
Or Croatia?+
Croatia for EU clients.
Why you?+
Podgorica office, services first.
Client notes
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Capital Market Authority of Montenegro or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.