In Montenegro during 2022, there were a total of 685 foreign companies, generating over two billion euros in revenue, according to MONSTAT data.

The largest number of foreign branches, 162, belong to Serbian citizens, who collectively generated approximately 557.8 million euros in 2022.

Following Serbia, the next highest number of branches is held by Turkish citizens, with 58 companies reportedly achieving a turnover of 69.8 million euros in 2022.

There were 29 branches from Bosnia and Herzegovina, which generated around 65 million euros, while companies from Slovenia accounted for 28 branches with a total of 242.2 million euros. Croatian firms operated 20 branches with a combined turnover of approximately 128.26 million euros in 2022.

MONSTAT clarifies that the statistics on foreign branches reflect the activities of business entities that are residents of Montenegro and are under the control of foreign entities (either legal or natural persons).

“The entities monitored are those where foreign capital (from one or more countries) constitutes more than 50 percent of the total capital,” they stated.

Forbes Montenegro sought a list of companies with foreign ownership from MONSTAT, but the statistical institute did not provide this information, citing confidentiality reasons.

“In accordance with Article 56 of the Law on Official Statistics, individual data on natural or legal entities are confidential and considered an official secret, thus we cannot provide the requested information,” they explained.

According to the Central Registry of Business Entities (CRPS), among the foreign companies owned by Serbian citizens are Mesa Popola Mesa Industry, Messer Tehnogas, a travel agency, Hemofarm, Siemens Energy, Elnos, Health Leskovac, and Energoprojekt Hidroinženjering … all of which are active companies.

Notable foreign companies from Croatia include Konstruktor, Marana, and Akuo Energy, while from Slovenia, the notable name is Drava Vodnogospodarsko podjetje, and from Bosnia and Herzegovina, names include Mass – Gintas Is Dornia and Kon Electromekanik Sanayi.

A Significant Number of Foreign Ownership Companies Registered as DOO and AD

Data from the registers indicate that a considerable number of foreign-owned companies are registered in Montenegro as joint-stock companies (AD) or limited liability companies (DOO).

Forbes Montenegro has discovered that there are over 800 limited liability companies in Montenegro, primarily owned by Serbian citizens, alongside approximately 30 joint-stock companies.

Among the DOOs with Serbian ownership, notable companies include M: Tel, New M, Swisslion Takovo, and Temaso. Among the ADs, General Insurance and Poliex are well-known. Additionally, Miodrag Kostić, a Serbian businessman, is known to hold significant shares (over 30 percent) in Budva Riviera and Sveti Stefan Hotels, although this is not reflected in the registers as the ownership is registered under Kostić’s Cypriot company.

Croatian citizens own stakes in 24 DOOs, including Mining Mont and Job Brokers Zarakop, as well as in Nine AD – Ulcinjska and Budva Riviera, Cemex, and Montenegrin Telekom.

Slovenes hold shares in 20 DOOs (such as NLB and Petrol) and 15 ADs (including Zetatrans and Sava Insurance), while residents of Bosnia and Herzegovina own stakes in 40 DOOs and various ADs (such as Čelebić Invest and Autoremont Osmanagić).

Turkish citizens are represented in one DOO and over a dozen ADs (including Port of Adria and Ziraat Bank), as indicated by register data.