Montenegro Country Commercial Guide Table of Contents Doing Business in Montenegro ______________________________________________________________ 4 Market Overview ________________________________________________________________________________ 4 Market Challenges _______________________________________________________________________________ 4 Market Opportunities ____________________________________________________________________________ 5 Market Entry Strategy ____________________________________________________________________________ 5 Political Environment ______________________________________________________________________ 6 Political Environment _____________________________________________________ Error! Bookmark not defined. Selling US Products & Services _______________________________________________________________ 6 Using an Agent to Sell US Products and Services _______________________________________________________ 6 Establishing an Office ____________________________________________________________________________ 7 Franchising _____________________________________________________________________________________ 7 Direct Marketing ________________________________________________________________________________ 8 Joint Ventures/Licensing __________________________________________________________________________ 8 Selling to the Government ________________________________________________________________________ 8 Distribution & Sales Channels ______________________________________________________________________ 9 Express Delivery ________________________________________________________________________________ 9 Selling Factors & Techniques ______________________________________________________________________ 9 eCommerce ____________________________________________________________________________________ 9 Trade Promotion & Advertising ____________________________________________________________________ 9 Pricing _______________________________________________________________________________________ 10 Sales Service/Customer Support __________________________________________________________________ 10 Protecting Intellectual Property ___________________________________________________________________ 10 Due Diligence __________________________________________________________________________________ 10 Local Professional Services _______________________________________________________________________ 10 Principle Business Associations ___________________________________________________________________ 10 Limitations on Selling US Products and Services ______________________________________________________ 11 Selling U.S. Products and Services Web Resources ____________________________________________________ 11 Trade Regulations, Customs, & Standards ____________________________________________________ 11 Import Tariff __________________________________________________________________________________ 11 Trade Barriers _________________________________________________________________________________ 11 Import Requirements & Documentation ____________________________________________________________ 12 Labeling/Marking Requirements __________________________________________________________________ 12 U.S. Export Controls ____________________________________________________________________________ 13 Temporary Entry _______________________________________________________________________________ 13 Labeling/Marking Requirements __________________________________________________________________ 13 Prohibited & Restricted Imports ___________________________________________________________________ 13 Customs Regulations ____________________________________________________________________________ 13 Trade Standards _______________________________________________________________________________ 14 Overview ______________________________________________________________________________________________ 14 Standards _______________________________________________________________________ Error! Bookmark not defined. Conformity Assessment ____________________________________________________________ Error! Bookmark not defined. Product Certification _______________________________________________________________ Error! Bookmark not defined. Accreditation _____________________________________________________________________ Error! Bookmark not defined. Publication of technical regulations ___________________________________________________ Error! Bookmark not defined. Contact Information _______________________________________________________________ Error! Bookmark not defined. Trade Agreements ______________________________________________________________________________ 14 Licensing Requirements for Professional Services _____________________________________________________ 14 Trade Regulation Web Resources __________________________________________________________________ 15 Investment Climate Statement _____________________________________________________________ 16 Executive Summary _____________________________________________________________________________ 16 Openness to and Restrictions upon Foreign Investment ________________________________________________ 16 Conversion and Transfer Policies __________________________________________________________________ 17 Expropriation and Compensation __________________________________________________________________ 20 Dispute Settlement _____________________________________________________________________________ 20 Performance Requirements and Investment Incentives ________________________________________________ 21 Right to Private Ownership and Establishment _______________________________________________________ 22 Protection of Property Rights _____________________________________________________________________ 23 Transparency of the Regulatory System _____________________________________________________________ 23 Efficient Capital Markets and Portfolio Investment ___________________________________________________ 24 Competition from State-Owned Enterprises _________________________________________________________ 25 Corporate Social Responsibility ___________________________________________________________________ 25 Political Violence _______________________________________________________________________________ 26 Corruption ____________________________________________________________________________________ 26 Bilateral Investment Agreements __________________________________________________________________ 26 OPIC and Other Investment Insurance Programs _____________________________________________________ 27 Labor ________________________________________________________________________________________ 29 Foreign Trade Zones/Free Ports/Trade Facilitation ____________________________________________________ 29 Foreign Direct Investment and Foreign Portfolio Investment Statistics ____________________________________ 30 Contact for More Information on the Investment Climate Statement _____________________________________ 31 Trade & Project Financing _________________________________________________________________ 31 Methods of Payment ____________________________________________________________________________ 32 Banking Systems _______________________________________________________________________________ 32 Foreign Exchange Controls _______________________________________________________________________ 32 US Banks & Local Correspondent Banks _____________________________________________________________ 33 Project Financing _______________________________________________________________________________ 33 Financing Web Resources ________________________________________________________________________ 33 Business Travel __________________________________________________________________________ 34 Business Customs ______________________________________________________________________________ 34 Travel Advisory ________________________________________________________________________________ 34 Visa Requirements _____________________________________________________________________________ 34 Currency ______________________________________________________________________________________ 34 Telecommunications/Electric _____________________________________________________________________ 35 Transportation _________________________________________________________________________________ 35 Language _____________________________________________________________________________________ 36 Health _______________________________________________________________________________________ 37 Local Time, Business Hours and Holidays ____________________________________________________________ 37 Temporary Entry of Materials or Personal Belongings _________________________________________________ 37 Travel Related Web Resources ____________________________________________________________________ 38 Leading Sectors for US Exports & Investments _________________________________________________ 38 Best Prospect Overview ___________________________________________________ Error! Bookmark not defined. Energy ________________________________________________________________________________________________ 38 Agricultural Sector ________________________________________________________________ Error! Bookmark not defined. Construction ___________________________________________________________________________________________ 40 Oil and Gas ______________________________________________________________________