Montenegro
Financial Reporting Obligations for Companies in Montenegro
1. Registry for Submitting Financial Statements
In Montenegro, companies are required to submit their financial statements (annual reports) to the Centralni registar privrednih subjekata (Central Registry of Business Entities) (https://www.crps.me/), which is managed by the Privredni sud Crne Gore (Commercial Court of Montenegro) (https://sudovi.me/osnovni/privredni-podgorica). Companies must submit their reports electronically through the e-Dokumenta system (https://www.crps.me/eDokumenta).
2. Legal Forms Obliged to Publish Financial Statements
- Društvo sa ograničenom odgovornošću (d.o.o.) — Limited Liability Company. Must submit complete annual financial statements (balance sheet, income statement, cash flow, equity changes, and notes). Audit required if thresholds are exceeded.
- Akcionarsko društvo (a.d.) — Joint Stock Company. Must always submit full annual financial statements and is always subject to audit regardless of size.
- Javno trgovačko društvo (j.t.d.) — General Partnership. Must submit annual financial statements, audit only if thresholds are exceeded.
- Komanditno društvo (k.d.) — Limited Partnership. Must submit annual financial statements, audit only if thresholds are exceeded.
- Zadruga — Cooperative. Must submit annual financial statements, subject to audit if thresholds are exceeded.
- Podružnica stranog društva — Branch of a Foreign Company. Must submit financial statements in accordance with both Montenegrin law and parent company regulations.
Legal Forms Not Obliged to Publish Financial Statements
- Preduzetnik — Sole Proprietorship. Exempt from publishing financial statements but must maintain financial records for tax purposes.
- Udruženje — Association. Exempt from publishing financial statements unless conducting significant economic activities.
- Samostalna djelatnost — Independent Professional (e.g., freelancer). Exempt from publishing financial statements, but records must be kept for tax purposes.
3. Companies Requiring Audited Financial Statements
Companies must be audited if they meet at least two of the following conditions:
- Annual Turnover exceeds EUR 4 million
- Total Assets exceed EUR 2 million
- More than 50 employees
| Legal Form | Audit Rule | Criteria |
|---|---|---|
| Društvo sa ograničenom odgovornošću (d.o.o.) Limited Liability Company |
Audit required if thresholds exceeded | Turnover > EUR 4m; Assets > EUR 2m; Employees > 50 |
| Akcionarsko društvo (a.d.) Joint Stock Company |
Always audited | No thresholds apply |
| Javno trgovačko društvo (j.t.d.) General Partnership |
Audit required if thresholds exceeded | Turnover > EUR 4m; Assets > EUR 2m; Employees > 50 |
| Komanditno društvo (k.d.) Limited Partnership |
Audit required if thresholds exceeded | Same as j.t.d. |
| Zadruga Cooperative |
Audit required if thresholds exceeded | Turnover > EUR 4m; Assets > EUR 2m; Employees > 50 |
| Podružnica stranog društva Branch of a Foreign Company |
Depends on parent company rules | May also be subject to Montenegrin thresholds |
4. Local Stock Exchange and Financial Statements Publication
Companies listed on the Montenegro Stock Exchange (Montenegroberza) (https://www.montenegroberza.com/) must publish their financial statements in accordance with exchange regulations.
5. Deadline for Submitting Financial Statements
The deadline to submit financial statements to the Central Registry of Business Entities is six months after fiscal year-end. Listed companies follow stricter deadlines as per stock exchange rules.
6. Companies Submitting Partial Financial Statements
Small entities with turnover below EUR 2 million or assets below EUR 2 million may submit simplified financial statements.
7. Consequences for Late Submission of Financial Statements
Failure to submit on time can result in fines between EUR 500 and 5000, and persistent non-compliance may lead to removal from the registry.
8. Requirements for Foreign-Owned Branches and Newly Established Companies
Foreign-owned branches must submit financial statements in line with Montenegrin law and parent company regulations. Newly established companies must submit their first report by the end of the first fiscal year.
Sources
| Source | Link |
|---|---|
| Centralni registar privrednih subjekata (CRPS) | https://www.crps.me/ |
| Zakon o reviziji (Auditors Activities Act) | http://www.sluzbenilist.me/ |
| Montenegroberza (Montenegro Stock Exchange) | https://www.montenegroberza.com/ |
| Start Companies Search | Order Credit Report |
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