MONTENEGRO Law and Practice Contributed by: Luka Popović and Milana Savović, BDK Advokati
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 EUR200,000; • 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 reports of the financial statements of the founder or member of the company (if they are subject to audit), for the previous two years prepared by an authorised auditor, in accordance with the regula- tions of the country of origin of the member or founder; • contract regarding the ownership right or the right of lease of the premises in which the operator intends to conduct casino games; • a report on the distance from educational institu- tions prepared and certified by a licensed geodetic organisation; • proof of payment of the administrative fee; • game rules for each game that will be organised; • data on the type and number of gaming machines and gaming aids, with detailed information for their identification if such are used in the premises for which the licence is being requested; • list of locations for receiving payments for betting games; • proof of payment of a one-time fee in the amount of EUR1,000 per betting shop; and • an unconditional guarantee of a credit institu- tion with a registered office in Montenegro of EUR30,000 and EUR3,000 for each betting shop (as security for the payment of duties and win- nings). Gaming-machine licences An application for a gaming-machine licence must be submitted to the Games of Chance Administration along with the following documents/information: • 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-
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