Nikolai Timofejev
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's decision, including banking and payment rails.
Get an investment license in Montenegro.
Montenegro licenses investment firms under the Zakon o tržištu kapitala - a new EU-aligned text in Sl. list CG 16/2026 since 11 February 2026 - through the Capital Market Authority in Podgorica, with IFR-style K-factor own funds in force since 20 February 2026. Fund managers hold a separate licence: €125,000 for a UCITS-type management company, decided in 60 days. The licence fee is 2% of the statutory minimum capital; corporate tax runs 9%, 12% and 15% by band. An EU candidate with no passport, 8 investment firms on the register at end-2025 - and a statutory capital minimum per service that we confirm with the Authority before quoting.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Montenegro in brief
A law rewritten for accession, and a capital figure confirmed before the quote.
Montenegro licenses investment firms under the Zakon o tržištu kapitala. The 2018 text (Službeni list CG 1/2018, amended by 69/2025) is giving way to a new, EU-aligned law passed on 2 February 2026 and published in Sl. list CG 16/2026 on 11 February 2026. The dozvola za rad investicionog društva covers the art. 3 services - reception and transmission, execution, dealing on own account, portfolio management, advice, underwriting and placing - with custody and FX as ancillaries. The gate is the Komisija za tržište kapitala, the Capital Market Authority. Fund management is a separate licence: a UCITS-type management company under the March 2025 open-ended funds law at €125,000 (art. 13), or a DZUAIF under the alternative funds law at €125,000 or €300,000 for a large manager and €100,000 or €250,000 for a medium or small one (art. 16). Own funds follow the IFR method since 20 February 2026: K-factors, fixed overheads, a permanent minimum (Rules 05/1-156/1-26).
Two figures, confirmed before we quote. The Capital Market Law sets a statutory minimum capital for each investment service, and the 2026 capital rules point to art. 246 for minimum regulatory capital; the fee schedule prices the licence at 2% of that minimum (art. 8, in force 1 July 2026). No decision period is published for investment firms, while the fund laws give 60 days for a UCITS-type manager (art. 25) and 90 plus 45 for an AIF manager (art. 21). We confirm the minimum with the Authority before we quote. The market is small: 8 investment firms and 7 authorised credit institutions at 31 December 2025, 7 operating funds, an Investor Protection Fund live since 1 January 2026, one exchange in Podgorica. Montenegro is an EU candidate and has no passport. Corporate tax runs 9%, 12% and 15% by band, dividends carry 15% withholding, and 623,633 people live here. We build the a.d. from Podgorica.
Investment firm licence under the Zakon o tržištu kapitala (new text Sl. list CG 16/2026) from the Capital Market Authority in Podgorica - art. 3 services, K-factor own funds since 20 February 2026, a fee of 2% of a statutory minimum capital we confirm with the Authority, no decision period published; fund managers €125,000 with a 60-day clock.
Corporate tax 9%, 12% and 15% by band, dividends 15% withholding, VAT 21%. EU candidate, no passport. 8 firms at end-2025. Built from Podgorica.
The two builds
The investment firm - or the fund management company.
Two licences from one Authority: the investment firm under the Capital Market Law, priced at 2% of a statutory minimum we confirm before quoting, and the fund management company at €125,000 with a 60-day clock. We fix which one carries the business before drafting.
The investment firm - or the €125k fund manager with a 60-day clock.
01 - INVESTMENT FIRM LICENCE
The investiciono društvo
The dozvola za rad investicionog društva for the art. 3 services - reception and transmission, execution, dealing on own account, portfolio management, advice, underwriting and placing, with custody and FX as ancillaries. The licence fee is 2% of the statutory minimum capital for the services applied for; the euro minimum per service is set by the law and confirmed with the Authority before we quote.
The dozvola za rad investicionog društva for the art. 3 services - reception and transmission, execution, dealing on own account, portfolio management, advice, underwriting and placing, with custody and FX as ancillaries. The licence fee is 2% of the statutory minimum capital for the services applied for; the euro minimum per service is set by the law and confirmed with the Authority before we quote.
- ✓RTO, execution, portfolio management, advice
- ✓Dealing on own account, underwriting, placing
- ✓Statutory minimum capital per service - confirmed with the Authority
- ✓Licence fee 2% of that minimum (cjenovnik art. 8)
- ✓K-factor own funds since 20 February 2026 (Rules 05/1-156/1-26)
- ✓8 licensed firms at 31 December 2025
02 - FUND MANAGEMENT COMPANY
€125,000 initial capitalThe UCITS-type or AIF manager
A separate licence with figures the law does print: €125,000 for a UCITS-type management company (art. 13 of the March 2025 open-ended funds law), decided within 60 days of an orderly application (art. 25); €125,000 or €300,000 for a large DZUAIF and €100,000 or €250,000 for a medium or small one (art. 16 of the AIF law), decided in 90 days plus 45 (art. 21).
UCITS-type management company at €125,000 (art. 13), 60 days to decide; AIF managers at €125,000 or €300,000 for large, €100,000 or €250,000 for the rest, 90 plus 45 days.
- ✓UCITS-type management company - €125,000 (art. 13)
- ✓+0.02% of net assets above €250m, capped at €10m (art. 15)
- ✓Large DZUAIF €125,000 · €300,000 internally managed (art. 16)
- ✓Medium or small DZUAIF €100,000 · €250,000
- ✓60 days UCITS-type (art. 25) · 90 + 45 days AIF (art. 21)
- ✓Fee 2% of minimum capital · fund establishment €2,500
Costs and timelines are confirmed for your case before any work begins. Authority fees follow the Pravilnik o naknadama - cjenovnik in force since 1 July 2026 (Sl. list CG 144/25, 44/26, 67/26); the investment-firm capital minimum is confirmed with the Authority in writing and itemised in your quote.
Why Montenegro
A law rewritten for accession, fees priced off the minimum, and a market of eight firms.
Montenegro sells an EU-aligned rulebook ahead of an EU passport - and a starting tax band of 9%.
✓
A law written for accession
The Zakon o tržištu kapitala in Sl. list CG 16/2026, passed 2 February 2026, carries MiFID II-style services and IFR-style K-factor own funds under Rules 05/1-156/1-26 of 20 February 2026 - drafted for the day membership comes.Sl. list CG 16/2026.
✓
Fees priced off the minimum
The licence costs 2% of the statutory minimum capital (cjenovnik art. 8); supervision is 1% of total income with a €400 quarterly floor (art. 11); a tied agent registers for €500, a broker or adviser for €600 plus €300.2% of capital, 1% of income.
✓
9% at the bottom
Porez na dobit is progressive: 9% to €100,000 of profit, €9,000 plus 12% to €1.5 million, €177,000 plus 15% above (art. 28) - a small firm's early years sit in the first band.To €100,000 of profit.
✓
A fund regime with numbers
€125,000 for a UCITS-type manager and 60 days to decide (arts. 13, 25); €125,000 or €300,000 for a large AIF manager, €100,000 or €250,000 for the rest, 90 plus 45 days (arts. 16, 21).€125,000, 60 days.
✓
A market of eight firms
8 investment firms and 7 authorised credit institutions at 31 December 2025 in the Authority's annual report, 7 operating funds and one exchange in Podgorica. The statutory capital minimum per service is confirmed with the Authority, and no decision period is published for firms.Seven funds, one exchange.
✓
Investor protection since January
The Fond za zaštitu investitora started on 1 January 2026 with 8 investment firms and 7 credit institutions as members. The coverage per investor is not yet printed on an official page - we confirm it with the Authority.Live since 1 January 2026.
How it compares
How Montenegro differs from other routes.
The honest comparison: an EU-aligned rulebook without the passport - against the Albanian neighbour and two members of the union.
Montenegro vs other jurisdictions
| Feature |  Montenegro | Other jurisdictions |
|---|---|---|
| Regime | Zakon o tržištu kapitala (Sl. list CG 16/2026) · Capital Market Authority | Law 62/2020 Albania · ZTK Croatia · ZTFI-1 Slovenia |
| Capital | Statutory minimum per service · confirmed per file | Albania ALL 6.5m-95m · Croatia and Slovenia €75k-€750k |
| Passport | None · EU candidate | Albania none · Croatia and Slovenia 30 EEA states |
| Timeline | Firms: none published · funds 60 days, AIFM 90 + 45 | Albania 3 months (art. 14(5)) · Croatia and Slovenia MiFID 6 months |
Regime
MontenegroZakon o tržištu kapitala (Sl. list CG 16/2026) · Capital Market Authority
Other jurisdictionsLaw 62/2020 Albania · ZTK Croatia · ZTFI-1 Slovenia
Capital
MontenegroStatutory minimum per service · confirmed per file
Other jurisdictionsAlbania ALL 6.5m-95m · Croatia and Slovenia €75k-€750k
Passport
MontenegroNone · EU candidate
Other jurisdictionsAlbania none · Croatia and Slovenia 30 EEA states
Timeline
MontenegroFirms: none published · funds 60 days, AIFM 90 + 45
Other jurisdictionsAlbania 3 months (art. 14(5)) · Croatia and Slovenia MiFID 6 months
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Montenegro | Investment firm - Capital Market Authority | 9% · 12% · 15% bands | a.d. in Podgorica, fee 2% of minimum capital |
 Albania | Shoqëri komisionere - AMF | 15% (AIDA tax guide) | ALL 6.5m / 16.25m / 95m, 3 months |
 Croatia | Investicijsko društvo - HANFA | 10% to €1m revenue · 18% | ZTK čl. 10 €75k-€750k, EU passport |
 Slovenia | Borznoposredniška družba - ATVP | 22% (2024-2028) | ZBNIP 11. člen €75k-€750k, EU passport |
MontenegroLicense typeInvestment firm - Capital Market Authority
Taxation9% · 12% · 15% bands
Requirementsa.d. in Podgorica, fee 2% of minimum capital
AlbaniaLicense typeShoqëri komisionere - AMF
Taxation15% (AIDA tax guide)
RequirementsALL 6.5m / 16.25m / 95m, 3 months
CroatiaLicense typeInvesticijsko društvo - HANFA
Taxation10% to €1m revenue · 18%
RequirementsZTK čl. 10 €75k-€750k, EU passport
SloveniaLicense typeBorznoposredniška družba - ATVP
Taxation22% (2024-2028)
RequirementsZBNIP 11. člen €75k-€750k, EU passport
Before you apply
Requirements for the Montenegrin licence.Requirements for the licence.
The Authority reads the file against art. 3 of its Rules on the application for a licence to provide investment services. The checklist below is what a passing application contains - and where the law kept a figure from us.
01
Montenegrin company - every licensed firm on the register is an akcionarsko društvo seated in Podgorica; the legal form under the 2026 law is confirmed with the Authority before incorporation.
02
Paid-in capital - proof of paid-in capital to the statutory minimum for each service applied for (Rules art. 3; art. 246 of the 2026 law for minimum regulatory capital); the euro figures are confirmed with the Authority and printed in your quote, not guessed here.
03
Articles of association and organisation act - the constitutional documents and the internal organisation act filed with the application (Rules art. 3).
04
Three-year business plan - services, clients and financials the Authority can interrogate (Rules art. 3).
05
Shareholders and qualifying holdings - identity of shareholders and prior approval of qualifying holdings (Rules art. 3); the foreign-ownership position is confirmed per structure.
06
Executive director and board - prior approval by the Authority (Rules art. 3 point 7), with fit-and-proper, organisational and staffing evidence under arts. 208-209 of the 2018 law.
07
Licensed individuals - brokers, dealers, investment advisers and portfolio managers hold the Authority's professional licences: €600 application, €300 work authorisation (cjenovnik art. 25).
08
Staff and technical capacity - evidence under the Rules on organisational requirements and conduct of business, with a price list for clients filed alongside.
09
Own funds - K-factor, fixed-overheads and permanent-minimum requirements with CET1, AT1 and T2 capital under Rules 05/1-156/1-26 of 20 February 2026 (art. 9(1)).
10
Fees and the Investor Protection Fund - proof of payment of the licence fee at 2% of the statutory minimum capital (art. 8), 1% of total income a year thereafter (art. 11), and membership of the Fond za zaštitu investitora operating since 1 January 2026.
01
An a.d. in Podgorica.
02
Capital to the statutory minimum.
03
Articles and organisation act.
04
Three-year business plan.
05
Qualifying holdings approved.
06
Director and board approved.
07
Licensed brokers and advisers.
08
Staff and systems evidenced.
09
K-factor own funds live.
10
Fee paid, fund membership.
Reflects the Zakon o tržištu kapitala (Sl. list CG 1/2018, 69/2025 and the new text in 16/2026), the Rules on the application for a licence, Rules 05/1-156/1-26 and the cjenovnik in force from 1 July 2026.Capital Market Law + Rules 05/1-156/1-26 + cjenovnik 2026.
How it works
From first call to the Authority's register.
01
Services and capital
The art. 3 services fixed in writing, and the statutory minimum capital for that set confirmed with the Authority in writing before any money moves.Minimum confirmed in writing.
02
Company and approvals
The a.d. in Podgorica, shareholders and qualifying holdings, executive director and board approvals (Rules art. 3 point 7).Director, board, holdings.
03
The application
The Rules art. 3 file complete at filing, the licence fee at 2% of the minimum paid (cjenovnik art. 8).Fee 2% paid.
04
Authority review
No statutory period is published for investment firms - funds get 60 days, AIF managers 90 plus 45 - so the file is written to close question rounds, not to a calendar.No clock published.
05
Licence and launch
Register entry, Investor Protection Fund membership, licensed staff in seat, exchange and CKDD access - the firm live in Podgorica.Fund, exchange, CKDD.
Quick facts
RegulatorCapital Market Authority
LicenceInvestment firm licence
Investment-firm capitalStatutory minimum per service · confirmed
UCITS-type manager€125,000 (art. 13)
AIF manager€125,000 / €300,000 · €100,000 / €250,000
Licence fee2% of statutory minimum capital
Fund manager clock60 days · AIFM 90 + 45
Corporate tax9% · 12% · 15%
The Authority publishes neither a statutory decision period for investment firms nor processing statistics; the fund laws print 60 and 90 plus 45 days. We plan to the file and confirm the capital minimum in writing before anyone counts on a date.
On the ground in Montenegro
Run from our Podgorica office.
Prifinance - Montenegro
Podgorica · Montenegro
Podgorica, Montenegro
01
Company and approvals
An akcionarsko društvo in Podgorica, shareholders and qualifying holdings cleared, the executive director and board approved by the Authority before the file goes in.Cleared before filing.
02
The Authority's file
Articles, organisation act, three-year plan, staffing and technical evidence, price list and proof of capital to the Rules art. 3 list - the capital minimum confirmed in writing first.Rules art. 3 list.
03
Licensed people
Brokers, dealers, advisers and portfolio managers with the Authority's professional licences, and an executive bench that meets arts. 208-209 of the 2018 law.Authority licences held.
04
Own funds and launch
K-factor reporting live from day one under Rules 05/1-156/1-26, Investor Protection Fund membership, Montenegroberza and CKDD access.K-factors, fund, exchange.
We also have offices in
Tallinn
Estonia
Roseni 13
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 investment firms in Montenegro.
Three bands from 9%, a 15% withholding on dividends, and supervision priced as a share of income.
Porez na dobit 9%
The first band of art. 28 of the corporate income tax law: 9% on profit up to €100,000. The Ministry of Finance page still prints only the historic flat 9%; the law prints three bands.To €100,000.
12% band
€9,000 plus 12% on profit between €100,000.01 and €1,500,000 (art. 28).€9,000 + 12% to €1.5m.
15% band
€177,000 plus 15% on profit above €1,500,000.01 (art. 28) - amendments consolidated through Sl. list CG 104/26 of 17 July 2026.€177,000 + 15% above.
Dividend withholding 15%
Art. 29(4): 15% on dividends; 30% where the payee sits in a low-tax jurisdiction (art. 29(5)).30% low-tax.
VAT 21%
The standard rate per the Montenegrin Investment Agency; the VAT treatment of each service line, exempt or standard-rated, is confirmed before pricing.Exemption confirmed per line.
Supervision as a share of income
Investment firms pay 1% of total income a year, at least €400 a quarter (cjenovnik art. 11); management companies 2% of the management fee (art. 16); funds 0.25% of annual asset value (arts. 18-19).Of income, min €400/quarter.
Tax summary
Corporate tax9% · 12% · 15% progressive
Dividend withholding15% · 30% low-tax
VAT21%
Supervision fee1% of income · min €400/quarter
Licence fee2% of statutory minimum capital
*Figures as of 2026 per Montenegrin law (Zakon o porezu na dobit pravnih lica, consolidated to Sl. list CG 104/26). 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 a.d., 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 firm.
Follow Prifinance
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Montenegro · SCMN
Launch your investment firm in Montenegro with expert support.
Full-service assistance - from the Podgorica a.d. and the shareholder and director approvals to the Authority's licence, the licensed staff and the Investor Protection Fund - run through our Podgorica office.
Get a consultation →Free legal opinion
Is Montenegro the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Montenegrin investment licence, answered.
Which licence does an investment firm need in Montenegro?+
The dozvola za rad investicionog društva from the Capital Market Authority (Komisija za tržište kapitala, SCMN on its English site) under the Zakon o tržištu kapitala - the new EU-aligned text in Sl. list CG 16/2026 - for the art. 3 services: RTO, execution, dealing on own account, portfolio management, advice, underwriting and placing. Fund managers hold a separate licence.
What capital does the Authority require?+
A statutory minimum per investment service: the fee schedule prices the licence at 2% of it and the 2026 capital rules point to art. 246 for minimum regulatory capital. We confirm the euro figure for your service set with the Authority before quoting. Fund managers are printed: €125,000 for a UCITS-type company, €125,000 or €300,000 for a large AIF manager.
How long does licensing take?+
For investment firms no decision period is published and the Authority publishes no statistics, so we plan to the file. The fund laws print one: 60 days from an orderly application for a UCITS-type management company (art. 25), 90 days extendable by 45 for an AIF manager (art. 21). A complete Rules art. 3 file is the lever.
What are the Authority's fees?+
Per the cjenovnik in force since 1 July 2026: an investment-firm licence at 2% of the statutory minimum capital (art. 8), a management company licence at 2% (art. 15), fund establishment €2,500 (art. 17), tied-agent registration €500 (art. 13), broker or adviser licence €600 plus €300 (art. 25). Supervision: 1% of total income, at least €400 a quarter (art. 11).
Who has to be in place?+
An executive director and board members approved in advance by the Authority (Rules art. 3 point 7), with fit-and-proper, organisational and staffing evidence under arts. 208-209 of the 2018 law; licensed brokers, dealers, investment advisers and portfolio managers holding the Authority's professional licences; an organisation built to the conduct-of-business rules. Residency is confirmed per structure.
Does the licence passport into the EU?+
No. Montenegro is an EU candidate: MiFID II, IFD/IFR, UCITS and AIFMD are being transposed - the licensing rules already contemplate branches of third-country and EU-supervised firms - but no passport applies in either direction until accession. A firm serving EU clients needs an EU licence beside the Montenegrin one.
How are Montenegrin investment firms taxed?+
Porez na dobit in three bands under art. 28: 9% on profit to €100,000, €9,000 plus 12% to €1,500,000, €177,000 plus 15% above. Dividends carry 15% withholding, 30% to low-tax jurisdictions (art. 29). VAT is 21%; the exemption position of each service line is confirmed before pricing.
What changed in 2026?+
A new Capital Market Law (Sl. list CG 16/2026, 11 February 2026); K-factor capital rules 05/1-156/1-26 from 20 February 2026; the Investor Protection Fund live from 1 January 2026 with 8 firms and 7 credit institutions; a new fee schedule from 1 July 2026; investment-firm resolution and benchmark laws; a crypto-asset provider register rulebook from 25 December 2025.
Montenegro or Croatia for a new firm?+
Croatia buys the EU passport: HANFA licenses under the ZTK at €75,000, €150,000 or €750,000 (čl. 10), fees €1,400-€10,200 per service, tax at 10% up to €1 million revenue and 18% above, €20,000 investor cover. Montenegro has no passport, a 9% starting band and a register of eight firms. European clients point to Zagreb. The Montenegrin market, to Podgorica.
Why Prifinance for Montenegro?+
A Podgorica office, the capital minimum confirmed with the Authority in writing before anyone drafts, and the executive director, board and licensed staff cleared under the Rules before filing. We build the a.d., the Rules art. 3 file and the K-factor reporting, then carry the firm into the Investor Protection Fund and onto the exchange.
Which licence?+
Investment firm, art. 3 services.
Capital?+
Confirmed with the Authority.
How long?+
No clock for firms.
Fees?+
2% of minimum capital.
People?+
Approved director, licensed staff.
Passport?+
None; EU candidate.
Taxes?+
9%, 12%, 15%.
2026 changes?+
New law, K-factors, fund.
Or Croatia?+
Passport vs 9% band.
Why you?+
Podgorica office, minimum confirmed.
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.