Incorporation of the bank (in the legal form of a join stock company) is definitive upon the execution of the agreement on incorporation (signatures of founders on the document must be certified by the public notary).

The application for registration of a bank must be submitted to the Central Register of the Commercial Corporations (the CRCC) within 60 days after the delivery of the decision of the CBoM on granting the bank license.

In the first iteration, the CRCC shall register:

In second iteration, bank needs to serve to the CBoM application for appointment of executive directors to be allowed. After such approval is granted by the CBoM, respective registration of executive managers will be executed by the CRCC.

The CBoM shall reach its decision on the approvals referred to in this law within 60 days as of the day the application for obtaining approval has been orderly submitted, unless other timeframes has been stipulated by this law.

In order to provide legal ground for registration of the bank, which must take place in course of an administrative proceeding before the CRCC, a bank’s general meeting must (minimal requirement):

Aforementioned decisions must be enclosed to the bank's registration file (this can be done after bank's corporate governance system is properly set-up).

The process of incorporation and registration of a joint stock company (JSC) is defined in the Law on Business Organizations.

The monetary fraction of a founding capital must be fully paid to the account of a commercial bank in Montenegro before registration file is submitted to the CRCC. 

The following documents and evidences must be created as a part of a registration file:

After obtaining the CRCC’s registration certificate, bank must:

Next phase: Corporate Governance


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