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Wednesday, April 24, 2024
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Montenegro’s Economic Development Ministry forges ahead with EU-conforming business legislation

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Over the past four months, the Ministry of Economic Development has significantly ramped up efforts to draft a new Companies Act, with the aim of aligning Montenegro’s business legislation more closely with the legal framework of the European Union (EU), Minister Nik Gjeloshaj announced.

Gjeloshaj highlighted that the decision to introduce new legislation stemmed primarily from the realization that the current law lacked certain provisions necessary for smooth implementation, often resulting in practical challenges.

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He emphasized that the revised law has been meticulously crafted to bring it in line with specific aspects of EU Directive 2017/828, particularly focusing on issues related to fostering long-term shareholder engagement.

Moreover, Gjeloshaj underscored that the proposed law also adheres to various other EU directives, such as Directive 2019/1151, which emphasizes the use of digital tools and procedures in business law, as well as directives concerning cross-border mergers, divisions, and gender equality.

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“The objective is to ensure complete harmonization of our national legislative framework with existing EU regulations. This will facilitate a more seamless integration of our national market with the broader EU market environment,” Gjeloshaj explained.

In tandem with this legislative effort, preparations are underway for a Draft Law on the Registration of Business and Other Entities, which aims to address existing shortcomings in the registration process. Gjeloshaj noted that the lack of clear regulations in this area has led to procedural ambiguities and inconsistent practices.

Gjeloshaj expressed confidence that the proposed laws will yield positive outcomes, fostering improved business conditions, boosting economic activity and competitiveness, and creating a more conducive environment for the establishment of new enterprises and market competition.

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