MONTENEGRO Law and Practice Contributed by: Luka Popović and Milana Savović, BDK Advokati
• proof of ownership of, or the right to use, business premises; • game rules; • proof that the minimum share capital requirement of EUR75,000 is met; and • an unconditional guarantee of a credit institu- tion with a registered office in Montenegro of EUR10,000 (as security for the payment of duties and winnings). Casino licences The conditions that the interested party must meet, the documents that must be provided with the appli- cation, and the criteria for the award of the casino licence are prescribed by the Games of Chance Act. The Games of Chance Act prescribes multiple docu- ments/information to be delivered with the application for a casino licence, as follows: • proof of registration in the Central Registry of Com- mercial Entities or another appropriate registry in the country where the company, founder, or com- pany member has its registered office or residence; • tax identification number (TIN), name and seat of the company; • memorandum of association; • list of shareholders or stockholders of the compa- ny, including full names and residential addresses and/or company names and registered office addresses, information on registration numbers, as well as the total nominal value of shares or stocks and the percentage share in the share capital of the company; • an excerpt from the registry if the member of the company is a legal entity, or from another public registry if the founder or member of the company is a foreign legal entity, and a list of shareholders or stockholders, including their names and residential addresses and/or company names and registered office addresses, as well as the total nominal amounts of shares or stocks and the percentage of participation in the share capital of the founding legal entity; • a certified copy of the identification document showing the data on the name, surname, date and place of birth for the director, company members, and members of the management and governing bodies;
• data on the beneficial owner, in accordance with the Act on Prevention of Money Laundering and Financing of Terrorism; • a notarised statement that the company is not a beneficial owner of an affiliated company with another company that already holds the right to organise casino games; • a certificate from the authority responsible for maintaining criminal records for the director, authorised/legal representatives, company mem- bers, management and executive body members, founders, and the beneficial owners, confirming that no criminal proceedings are pending against the aforementioned individuals nor have they been convicted of offences punishable by an uncon- ditional prison sentence of one year or more, including crimes related to payment transactions, economic operations, life and bodily integrity, freedoms and rights, labour rights, environment and spatial planning, general safety, computer data security, legal transactions, IP, and official duty (for Montenegrin citizens, this information is verified ex officio – if any of these individuals is not a Monte- negrin citizen, they must submit a certificate from their country of citizenship, and a certificate from any country where they have resided in the past two years); • a certificate issued by the authority responsible for maintaining criminal records, evidencing that no criminal proceedings are being conducted against the founder and the beneficial owner of the com- pany, nor has a final and binding conviction been pronounced in connection with the performance of professional activities; • if the founder or member of the company is a foreign legal or natural person, a certificate, con- firmation, or other act issued by the administra- tive authority competent for the collection of tax revenues, or the competent authority of the country in which the founder and member of the company have their registered office or residence, which must not be older than 30 days as of the date of submission of the application; • proof of the minimum share capital of EUR250,000; • a three-year business plan; • balance sheet and income statement for the previ- ous two years (depending on the date of estab- lishment or commencement of activity), or audit
330 CHAMBERS.COM
Powered by FlippingBook