Ease of Doing Business in
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Region | Europe & Central Asia |
---|---|
Income Category | Upper middle income |
Population | 622,781 |
GNI Per Capita (US$) | 6,970 |
City Covered | Podgorica |
Note: The distance to frontier (DTF) measure shows the distance of each economy to the “frontier,” which represents the best performance observed on each of the indicators across all economies in the Doing Business sample since 2005. An economy’s distance to frontier is reflected on a scale from 0 to 100, where 0 represents the lowest performance and 100 represents the frontier. The ease of doing business ranking ranges from 1 to 190.
Rankings on Doing Business topics - Montenegro
Distance to Frontier (DTF) on Doing Business topics - Montenegro
Topics | DB 2018 Rank | DB 2018 DTF | DB 2017 DTFinfo_outline | Change in DTF (% points) |
---|---|---|---|---|
Overall | 42 | 73.18 | 71.54 | 1.64 |
Starting a Business | 60 | 90.07 | 90.07 | .. |
Dealing with Construction Permits | 78 | 69.30 | 68.82 | 0.48 |
Sandal Tahiti Thong Circles White Multi Women's Wolky q1v4wpp | 127 | 59.17 | 43.50 | 15.67 |
Registering Property | 76 | 65.76 | 65.76 | .. |
Getting Credit | 12 | 85.00 | 85.00 | .. |
Protecting Minority Investors | 51 | 61.67 | 61.67 | .. |
Paying Taxes | 70 | 76.67 | 76.67 | .. |
Trading across Borders | 44 | 88.75 | 88.75 | .. |
Enforcing Contracts | 42 | 66.75 | 66.75 | .. |
Resolving Insolvency | 37 | 68.70 | 68.37 | 0.33 |
DB 2017 DTF
Last year's DTF are adjusted. They are based on 10 topics and reflect data corrections.
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- account_balance Enforcing Contracts
- gavel Resolving Insolvency
Starting a Business - Montenegro
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Starting a Business
The steps of launching a business are shown below. Included are: the number of procedures entrepreneurs can expect to go through to start up and formally operate an industrial or commercial business, as well as the time and cost to complete these procedures and the paid-in minimum capital requirement as a percentage of gross national income (GNI) per capita.
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- language Compare all economies
Standardized Company | |
---|---|
Legal form | Društvo sa ograničenom odgovornošću (DOO) - Limited Liability Company |
Paid-in minimum capital requirement | EUR 1 |
City Covered | Podgorica |
Indicator | Montenegro | Europe & Central Asia | OECD high income | Overall Best Performer |
---|---|---|---|---|
Procedure – Men (number)
info_outline
Procedure – Men (number)The total number of procedures required for married men to register a firm. A procedure is defined as any interaction of the company founders with external parties (for example, government agencies, lawyers, auditors or notaries). View methodology Sneaker Women's Black Avi Miz Mooz tXZHqw6fx |
6 | 5.2 | 4.9 | 1.00 (New Zealand) |
Time – Men (days)
info_outline
Time – Men (days)The total number of days required for married men to register a firm. The measure captures the median duration that incorporation lawyers indicate is necessary to complete a procedure with minimum follow-up with government agencies and no extra payments. View methodology Sneaker Women's Black Avi Miz Mooz tXZHqw6fx |
10 | 10.1 | 8.5 | 0.50 (New Zealand) |
Cost – Men (% of income per capita)
info_outline
Cost – Men (% of income per capita)Cost is recorded as a percentage of the economy’s income per capita. It includes all official fees and fees for legal or professional services if such services are required by law for married men. View methodology Sneaker Women's Black Avi Miz Mooz tXZHqw6fx |
1.5 | 4.4 | 3.1 | 0.00 (United Kingdom) |
Procedure – Women (number)
info_outline
Procedure – Women (number)The total number of procedures required for married women to register a firm. A procedure is defined as any interaction of the company founders with external parties (for example, government agencies, lawyers, auditors or notaries). View methodology Sneaker Women's Black Avi Miz Mooz tXZHqw6fx |
6 | 5.2 | 4.9 | 1.00 (New Zealand) |
Time – Women (days)
info_outline
Time – Women (days)The total number of days required for married women to register a firm. The measure captures the median duration that incorporation lawyers indicate is necessary to complete a procedure with minimum follow-up with government agencies and no extra payments. View methodology Sneaker Women's Black Avi Miz Mooz tXZHqw6fx |
10 | 10.1 | 8.5 | 0.50 (New Zealand) |
Cost – Women (% of income per capita)
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Cost – Women (% of income per capita)Cost is recorded as a percentage of the economy’s income per capita. It includes all official fees and fees for legal or professional services if such services are required by law for married women. View methodologyLeather Women's Black Domina Pump Pleaser 420 Sneaker Women's Black Avi Miz Mooz tXZHqw6fx |
1.5 | 4.4 | 3.1 | 0.00 (United Kingdom) |
Paid-in min. capital (% of income per capita)
info_outline
Paid-in min. capital (% of income per capita)
The amount that the entrepreneur needs to deposit in a bank or with a notary before registration and up to 3 months following incorporation and is recorded as a percentage of the economy’s income per capita. View methodology Sneaker Women's Black Avi Miz Mooz tXZHqw6fx |
0.0 | 3.4 | 8.7 | 0.00 (113 Economies) |
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DB 2018 Distance to Frontier (DTF)
Note: The ranking of economies on the ease of starting a business is determined by sorting their distance to frontier scores for starting a business. These scores are the simple average of the distance to frontier scores for each of the component indicators.
- ► ▼ Figure – Starting a Business in Montenegro – Procedure, Time and Cost
* This symbol is shown beside procedure numbers that take place simultaneously with the previous procedure.
Note: Online procedures account for 0.5 days in the total time calculation. For economies that have a different procedure list for men and women, the graph shows the time for women. For more information on methodology, see the Doing Business website (http://www.doingbusiness.org/methodology). For details on the procedures reflected here, see the summary below.
- ► ▼ Details – Starting a Business in Montenegro – Procedure, Time and Cost
No. Procedures Time to Complete Associated Costs 1
Certify the company’s founding agreements
Agency : Basic Court and Notaries
Lawyers are no longer authorized to do the certification of corporate documents. The applicant certifies company documents at the basic court and certifies copies at municipalities. Certification fees vary depending on the number of pages, documents, and so forth.
Montenegrin Notary Chamber was established on 29 April 2011, and on 25 June 2011 they started operating when almost all work in relation with notarization-certification has been relocated from basic courts to public notaries.
The total cost is: 21 Euro (13 Euro for the court + 2 Euro for each copy of documents such as passport).
Notarization of the OP form - 10 Euro1 day EUR 13 for court + EUR 2 per document (4 documents) + EUR 10 for OP form 2
Submit the request together with the necessary documents and obtain the registration certificate, TIN (tax identification number), VAT tax number and customs authorization
Agency : Central Registry of Business Entities of the Tax Administration (CRBE)
The applicant first checks the company name online at no charge (www.crps.me); name reservation is not required, but is available for additional fee. After that, applicant comes to the Central Registry of Business Entities located at the Tax authority with completed documents and registers the name and company. At the registry, separate counter exists for LLC registration and payment of relevant fees can be done at the same place.
The Central Registry of Business Entities prepares text for the announcement of company formation. The registry also estimates the publication fee (based on notice length) and sends all notices to the Official Gazette, which are published in the upcoming issue. Publication time is 10–15 days. However, subsequent procedures do not depend on the announcement, so the client can continue to form the company regardless of the publication date.
Required documents for registration are:
1. Article of Incorporation (Statute);
2. Founding decision (Agreement) signed by the notary;
3. Registration Form PS01: list of founders, members of a company, managers and members of the board of directors, if they are appointed:
(a) the first and surnames and any former names;
(b) their personal identification number;
(c) their residential addresses;
(d) their citizenship;
(e) details of any other directorships, memberships in limited liability companies or partnerships, or other management positions held in Montenegro or elsewhere and the place of registration of such companies if not in Montenegro; name of an executive director; name of the company, address of the seat of the company and address for receiving official correspondence, if they are different; persons authorized to represent the company and information if the representation is collective or individual; a document which would confirm payment of registration fee.
5 days EUR 10 (registration fee) + EUR 12 (publication fee) 3
Obtain company's seal
Agency : Seal maker
The company seal or stamp is a core instrument in company legal transactions. The company orders a seal or stamp upon registering with the Company Registry because it is essential for subsequent company transactions including opening a bank account and registration with Tax Authority. The seal is made on the day it is ordered. Cost varies from 20 to 40 Euro.
Even though as of 2011 the use of seal is not mandated by law, it is still widely used in practice.1 day EUR 30-40 4
Open a bank account
Agency : Commercial Bank
The companies must open a bank account in order to register with Tax Authority.
Request for opening of the bank account is submitted on the form ZZOUR of the bank, by post or personally, and it has to have the following information:
- Name of the requesting party
- Address of the seat of the company and the telephone
- Name of the account
Besides the form ZZOUR, an entrepreneur has to submit the following documents:
1. A confirmation of the Central Registry of Commercial Entities in Podgorica on registration (validated copy),
2. A contract on opening of the account and keeping the account (is closed in a bank),
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3. A card of the deposited signatures (is received in the bank),
4. OP (validation of the signature),
5. A document on tax identification number (PIB) by the Tax Authority of Montenegro,
6. Photocopy of IDs of authorized persons of the company.1 day no charge 5
Register with Tax Authority
Agency : Tax Authority
The company must file a bank account certificate as well as single registration form (JPR) to register the company and its employees with the Tax Administration. Registration is then automatically done with the Employment Bureau, the Pension Fund, and the Health Fund.
1 day no charge 6
Notify the competent inspection authority and the municipal authority in charge of economic affairs
Agency : Municipality
New reforms abolished the license and made it sufficient to have a notification. If the Company is engaged in trade, it pays the administrative fee in the amount of 3 Euro within the municipal authority in charge of economic affairs for the notification.
1 day EUR 3 Applies to women only.
Takes place simultaneously with previous procedure.
Dealing with Construction Permits - Montenegro
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Dealing with Construction Permits
Shown below are the procedures, time, and costs to build a warehouse, including obtaining necessary licenses and permits, completing required notifications and inspections, and obtaining utility connections.
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- language Compare all economies
- ► ▼ Figure – Dealing with Construction Permits in Montenegro and comparator economies – Ranking and DTF
DB 2018 Distance to Frontier (DTF)
Note: The ranking of economies on the ease of dealing with construction permits is determined by sorting their distance to frontier scores for dealing with construction permits. These scores are the simple average of the distance to frontier scores for each of the component indicators.
- ► ▼ Figure – Dealing with Construction Permits in Montenegro – Procedure, Time and Cost
* This symbol is shown beside procedure numbers that take place simultaneously with the previous procedure.
Note: Online procedures account for 0.5 days in the total time calculation. For economies that have a different procedure list for men and women, the graph shows the time for women. For more information on methodology, see the Doing Business website (http://www.doingbusiness.org/methodology). For details on the procedures reflected here, see the summary below.
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Applies to women only.
Takes place simultaneously with previous procedure.
Getting Electricity - Montenegro
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Getting Electricity
The challenges required for a business to obtain a permanent electricity connection for a newly constructed warehouse are shown below. Included are the number of steps, time, and cost.
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- ► ▼ Figure – Getting Electricity in Montenegro and comparator economies – Ranking and DTF
DB 2018 Distance to Frontier (DTF)
Note: The ranking of economies on the ease of getting electricity is determined by sorting their distance to frontier scores for getting electricity. These scores are the simple average of the distance to frontier scores for each of the component indicators.
- ► ▼ Figure – Getting Electricity in Montenegro – Procedure, Time and Cost
* This symbol is shown beside procedure numbers that take place simultaneously with the previous procedure.
Note: Online procedures account for 0.5 days in the total time calculation. For economies that have a different procedure list for men and women, the graph shows the time for women. For more information on methodology, see the Doing Business website (http://www.doingbusiness.org/methodology). For details on the procedures reflected here, see the summary below.
- ► ▼ Details – Getting Electricity in Montenegro – Procedure, Time and Cost
Applies to women only.
Takes place simultaneously with previous procedure.
- ► ▼ Details – Getting Electricity in Montenegro – Measure of Quality
Note:
If the duration and frequency of outages is 100 or less, the economy is eligible to score on the Reliability of supply and transparency of tariff index.
If the duration and frequency of outages is not available, or is over 100, the economy is not eligible to score on the index.
If the minimum outage time considered for SAIDI/SAIFI is over 5 minutes, the economy is not eligible to score on the index.
Registering Property - Montenegro
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Registering Property
The ease with which businesses can secure rights to property is shown below. Included are the number of steps, time, and cost involved in registering property.
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- ► ▼ Figure – Registering Property in Montenegro and comparator economies – Ranking and DTF
Women's Black Pleaser 420 Leather Domina Pump DB 2018 Distance to Frontier (DTF)
Note: The ranking of economies on the ease of registering property is determined by sorting their distance to frontier scores for registering property. These scores are the simple average of the distance to frontier scores for each of the component indicators.
- ► ▼ Figure – Registering Property in Montenegro – Procedure, Time and Cost
* This symbol is shown beside procedure numbers that take place simultaneously with the previous procedure.
Note: Online procedures account for 0.5 days in the total time calculation. For economies that have a different procedure list for men and women, the graph shows the time for women. For more information on methodology, see the Doing Business website (http://www.doingbusiness.org/methodology). For details on the procedures reflected here, see the summary below.
- ► ▼ Details – Registering Property in Montenegro – Procedure, Time and Cost
Applies to women only.
Takes place simultaneously with previous procedure.
Getting Credit - Montenegro
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Getting Credit
Measures on credit information sharing and the legal rights of borrowers and lenders are shown below. The Legal Rights Index ranges from 0-12, with higher scores indicating that those laws are better designed to expand access to credit. The Credit Information Index measures the scope, access and quality of credit information available through public registries or private bureaus. It ranges from 0-8, with higher values indicating that more credit information is available from a public registry or private bureau.
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- language Compare all economies
- ► ▼ Figure – Getting Credit in Montenegro and comparator economies – Ranking and DTF
DB 2018 Distance to Frontier (DTF)
Note: The ranking of economies on the ease of getting credit is determined by sorting their distance to frontier scores for getting credit. These scores are the distance to frontier score for the sum of the strength of legal rights index and the depth of credit information index.
- ► ▼ Details – Legal Rights in Montenegro
Strength of legal rights index (0-12)
12
Does an integrated or unified legal framework for secured transactions that extends to the creation, publicity and enforcement of functional equivalents to security interests in movable assets exist in the economy?
Yes
Does the law allow businesses to grant a non possessory security right in a single category of movable assets, without requiring a specific description of collateral?
Yes
Does the law allow businesses to grant a non possessory security right in substantially all of its assets, without requiring a specific description of collateral?
Yes
May a security right extend to future or after-acquired assets, and does it extend automatically to the products, proceeds and replacements of the original assets?
Yes
Is a general description of debts and obligations permitted in collateral agreements; can all types of debts and obligations be secured between parties; and can the collateral agreement include a maximum amount for which the assets are encumbered?
Yes
Is a collateral registry in operation for both incorporated and non-incorporated entities, that is unified geographically and by asset type, with an electronic database indexed by debtor's name?
Yes
Does a notice-based collateral registry exist in which all functional equivalents can be registered?
Yes
Does a modern collateral registry exist in which registrations, amendments, cancellations and searches can be performed online by any interested third party?
Yes
Are secured creditors paid first (i.e. before tax claims and employee claims) when a debtor defaults outside an insolvency procedure?
Yes
Are secured creditors paid first (i.e. before tax claims and employee claims) when a business is liquidated?
Yes
Are secured creditors subject to an automatic stay on enforcement when a debtor enters a court-supervised reorganization procedure? Does the law protect secured creditors’ rights by providing clear grounds for relief from the stay and sets a time limit for it?
Yes
Pleaser Domina Leather Pump 420 Women's Black Does the law allow parties to agree on out of court enforcement at the time a security interest is created? Does the law allow the secured creditor to sell the collateral through public auction or private tender, as well as, for the secured creditor to keep the asset in satisfaction of the debt?
Yes
- ► ▼ Details – Credit Information in Montenegro
Depth of credit information index (0-8) Black 420 Pump Domina Pleaser Women's Leather Credit bureau Credit registry Score Are data on both firms and individuals distributed? No Yes 1 Are both positive and negative credit data distributed? No Yes 1 Are data from retailers or utility companies - in addition to data from banks and financial institutions - distributed? No No 0 Are at least 2 years of historical data distributed? (Credit bureaus and registries that distribute more than 10 years of negative data or erase data on defaults as soon as they are repaid obtain a score of 0 for this component.) No No 0 Are data on loan amounts below 1% of income per capita distributed? No Yes 1 By law, do borrowers have the right to access their data in the credit bureau or credit registry? No Yes 1 Can banks and financial institutions access borrowers’ credit information online (for example, through an online platform, a system-to-system connection or both)? No Yes 1 Are bureau or registry credit scores offered as a value-added service to help banks and financial institutions assess the creditworthiness of borrowers? No No 0 Score ("yes" to either public bureau or private registry) 5 Note: An economy receives a score of 1 if there is a "yes" to either bureau or registry. If the credit bureau or registry is not operational or covers less than 5% of the adult population, the total score on the depth of credit information index is 0.Coverage Credit bureau Credit registry Number of individuals 0 127,234 Number of firms 0 5,673 Total 0 132,907 Percentage of adult population 0.0 31.6
Protecting Minority Investors - Montenegro
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Protecting Minority Investors
The indicators below describe three dimensions of investor protection: transparency of transactions (Extent of Disclosure Index), liability for self-dealing (Extent of Director Liability Index), shareholders’ ability to sue officers and directors for misconduct (Ease of Shareholder Suits Index) and Strength of Investor Protection Index. The indexes vary between 0 and 10, with higher values indicating greater disclosure, greater liability of directors, greater powers of shareholders to challenge the transaction, and better investor protection.
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- language Compare all economies
- ► ▼ Figure – Protecting Minority Investors in Montenegro and comparator economies – Ranking and DTF
DB 2018 Distance to Frontier (DTF)
Note: The ranking of economies on the strength of minority investor protections is determined by sorting their distance to frontier scores for protecting minority investors. These scores are the simple average of the distance to frontier scores for the extent of conflict of interest regulation index and the extent of shareholder governance index.
Paying Taxes - Montenegro
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Paying Taxes
This topic records the taxes and mandatory contributions that a medium-size company must pay or withhold in a given year, as well as measures the administrative burden of paying taxes and contributions and complying with postfiling procedures.
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- language Compare all economies
- ► ▼ Figure – Paying Taxes in Montenegro and comparator economies – Ranking and DTF
DB 2018 Distance to Frontier (DTF)
Note: The ranking of economies on the ease of paying taxes is determined by sorting their distance to frontier scores on the ease of paying taxes. These scores are the simple average of the distance to frontier scores for each of the four component indicators – number of tax payments. time, total tax rate and postfiling index – with a threshold and a nonlinear transformation applied to one of the component indicators, the total tax rate. The nonlinear distance to frontier for the total tax rate is equal to the distance to frontier for the total tax rate to the power of 0.8. The threshold is defined as the total tax rate at the 15th percentile of the overall distribution for all years included in the analysis up to and including Doing Business 2015, which is 26.1%. All economies with a total tax rate below this threshold receive the same score as the economy at the threshold.
- ► ▼ Details – Paying Taxes in Montenegro
Tax or mandatory contribution Payments (number) Notes on Payments Time (hours) Statutory tax rate Tax base Total tax and contribution rate (% of profit) Notes on TTR Corporate income tax 1.0 online 43.0 9% taxable profits 7.33 Pension insurance 0.0 online and jointly 93.0 5.5% gross salaries 6.20 Health insurance 1.0 online 4.3% gross salaries 4.85 Surtax to personal tax 12.0 15.0% personal income tax 1.53 Capital gains tax 0.0 jointly 9.0% capital gains 0.91 Unemployment insurance 0.0 online and jointly 0.5% gross salaries 0.56 Property tax 2.0 0.5% for land; 0.28% for buildings net book value of property 0.53 Work fund contribution 0.0 online and jointly 0.2% gross salaries 0.23 VAT 1.0 online 164.0 19.0% value added 0.00 not included Employee paid - Social security contributions 0.0 online and jointly 24.0% gross salaries 0.00 withheld Fuel tax 1.0 included into the fuel price 0.00 small amount Totals 18 300 22.1
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Taxes by type Answer Profit tax (% of profit) 8.2 Labor tax and contributions (% of profit) 13.4 Other taxes (% of profit) 0.5
- ► ▼ Details – Paying Taxes in Montenegro – Measure of Quality
Notes: Names of taxes have been standardized. For instance income tax, profit tax, tax on company's income are all named corporate income tax in this table.
The hours for VAT include all the VAT and sales taxes applicable.
The hours for Social Security include all the hours for labor taxes and mandatory contributions in general.
The postfiling index is the average of the scores on time to comply with VAT refund, time to obtain a VAT refund, time to comply with a corporate income tax audit and time to complete a corporate income tax audit.
N/A = Not applicable.
Trading across Borders - Montenegro
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Trading across Borders
This topic measures the time and cost (excluding tariffs) associated with three sets of procedures—documentary compliance, border compliance and domestic transport—within the overall process of exporting or importing a shipment of goods.
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- ► ▼ Figure – Trading across Borders in Montenegro and comparator economies – Ranking and DTF
DB 2018 Distance to Frontier (DTF)
Note: The ranking of economies on the ease of trading across borders is determined by sorting their distance to frontier scores for trading across borders. These scores are the simple average of the distance to frontier scores for the time and cost for documentary compliance and border compliance to export and import (domestic transport is not used for calculating the ranking).
- ► ▼ Details – Trading across Borders in Montenegro
Characteristics Export Import Product Leather Black Pump Pleaser Domina Women's 420 HS 76 : Aluminium and articles thereof HS 8708: Parts and accessories of motor vehicles Trade partner Greece China Border Bozaj border crossing Bar port Distance (km) 27 420 Women's Leather Pump Domina Pleaser Black 53 Domestic transport time (hours) 4 4 Domestic transport cost (USD) 133 169
- ► ▼ Details – Trading across Borders in Montenegro – Components of Border Compliance
Applies to women only.
Takes place simultaneously with previous procedure.
- ► ▼ Details – Trading across Borders in Montenegro – Trade Documents
Export Import Packing list Packing list CMR waybill Bill of lading Certificate of origin (CEFTA) Leather 420 Women's Pleaser Domina Black Pump Certificate of origin (CEFTA) Commercial invoice Commercial invoice Customs Export Declaration Customs import declaration SOLAS certificate
Enforcing Contracts - Montenegro
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Enforcing Contracts
Enforcing Contracts measures the time and cost for resolving a commercial dispute through a local first-instance court and the quality of judicial processes index, evaluating whether each economy has adopted a series of good practices that promote quality and efficiency in the court system.
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- language Compare all economies
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DB 2018 Distance to Frontier (DTF)
Note: The ranking of economies on the ease of enforcing contracts is determined by sorting their distance to frontier scores for enforcing contracts. These scores are the simple average of the distance to frontier scores for each of the component indicators.
- ► ▼ Details – Enforcing Contracts in Montenegro
Indicator Time (days)
545
Filing and service
60
Trial and judgment
365
Enforcement of judgment
120
Cost (% of claim value)
25.7
Attorney fees
11.3
Court fees
6.9
Enforcement fees
7.5
Quality of judicial processes index (0-18)
11.5
Court structure and proceedings (-1-5)
5.0
Case management (0-6)
3.5
Court automation (0-4)
1.0
Alternative dispute resolution (0-3)
2.0
Resolving Insolvency - Montenegro
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Resolving Insolvency
The time and cost required to resolve bankruptcies is shown below. The data identifies weaknesses in existing bankruptcy law and the main procedural and administrative bottlenecks in the bankruptcy process. The recovery rate, expressed in terms of how many cents on the dollar claimants recover from the insolvent firm, is also shown.
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- ► ▼ Figure – Resolving Insolvency in Montenegro and comparator economies – Ranking and DTF
DB 2018 Distance to Frontier (DTF)
Note: The ranking of economies on the ease of resolving insolvency is determined by sorting their distance to frontier scores for resolving insolvency. These scores are the simple average of the distance to frontier scores for the recovery rate and the strength of insolvency framework index.
- ► ▼ Details – Resolving Insolvency in Montenegro
Indicator Answer Explanation Proceeding liquidation (after an attempt at reorganization) Mirage management will likely initiate reorganization in an attempt to save the business. In practice, reorganization filings are accepted by courts, even when reorganization is not a viable solution. However, in the light of worsened market conditions and uncertain future of Mirage's business, BizBank is unlikely to vote for the adoption of the filed reorganization plan, in which case reorganization proceedings are likely to be converted into liquidation. Outcome piecemeal sale Due to poor market conditions, it is not likely that a buyer will be found for the hotel as a going concern. It will probably be difficult to find buyers even for separate assets. Time (in years) 1.4 It will take 17 months to complete liquidation proceedings in Montenegro. Cost (% of estate) 8.0 Major expenses will include remuneration of the administrator (3%), attorneys’ fees (3%) and fees of other professionals involved in the insolvency proceedings, such as accountants (1%) and auctioneer (1%). Recovery rate (cents on the dollar) 49.3
- Leather Pleaser Women's Pump 420 Domina Black ► ▼ Details – Resolving Insolvency in Montenegro – Measure of Quality
Note: Even if the economy’s legal framework includes provisions related to insolvency proceedings (liquidation or reorganization), the economy receives 0 points for the strength of insolvency framework index, if time, cost and outcome indicators are recorded as “no practice”.