2014年-世界发展银行全球_Enterprise_Surveys___Montenegro_Country_Profile_2013_15页_1mb

Montenegro Country Profile 2013 Summary

Core Content Overview

The Montenegro Country Profile 2013 is part of the World Bank's Enterprise Surveys, which aim to assess the business environment and firm performance across various sectors. The report provides a comprehensive overview of challenges and opportunities faced by firms in Montenegro, benchmarked against the Eastern Europe & Central Asia (ECA) region and the Upper Middle Income group. The data collected is based on interviews with firm managers and owners, offering insights into infrastructure, trade, regulations, corruption, crime, and financial conditions.

Key Business Environment Indicators

Corruption

• Graft Index: 12.7% of firms in Montenegro reported being asked or expected to pay a bribe when applying for public services, which is slightly above the regional average of 13.3% and lower than the Upper Middle Income group average of 7.5%.
• Gifts to Tax Inspectors: 16.3% of firms expected to give gifts during meetings with tax inspectors, higher than the regional average of 10.7% and the Upper Middle Income group of 7.7%.
• Gifts for Government Contracts: 0.0% of firms in Montenegro expected to give gifts for government contracts, which is significantly lower than the regional average of 24.4% and the Upper Middle Income group of 19.6%.
• Gifts for Construction Permits: 52.6% of firms expected to give gifts for construction permits, much higher than the regional average of 86.5% and the Upper Middle Income group of 23.4%.
• Gifts for Import Licenses: 12.9% of firms expected to give gifts for import licenses, slightly above the regional average of 10.5% and the Upper Middle Income group of 7.3%.
• Gifts for Operating Licenses: 0.0% of firms in Montenegro expected to give gifts for operating licenses, lower than the regional average of 10.6% and the Upper Middle Income group of 6.0%.

Regulations, Taxes, and Business Licensing

• Days to Obtain Import License: 18.1 days, slightly higher than the regional average of 15.4 days and the Upper Middle Income group of 23.0 days.
• Days to Obtain Construction-related Permit: 43.0 days, higher than the regional average of 83.2 days and the Upper Middle Income group of 89.7 days.
• Days to Obtain Operating License: 11.8 days, lower than the regional average of 24.0 days and the Upper Middle Income group of 40.8 days.
• Senior Management Time Spent on Government Regulation: 9.6%, slightly above the regional average of 11.0% and the Upper Middle Income group of 11.0%.
• Average Number of Visits with Tax Officials: 2.8 visits, higher than the regional average of 1.4 and the Upper Middle Income group of 1.8.
• Legal Forms:
  • Open Shareholding Company: 4.1%, slightly below the regional average of 4.7% and the Upper Middle Income group of 3.9%.
  • Closed Shareholding Company: 94.0%, significantly higher than the regional average of 72.8% and the Upper Middle Income group of 58.1%.
  • Sole Proprietorship: 0.0%, much lower than the regional average of 14.3% and the Upper Middle Income group of 24.1%.
  • Partnership: 1.9%, lower than the regional average of 2.8% and the Upper Middle Income group of 6.5%.
  • Limited Partnership: 0.0%, lower than the regional average of 3.9% and the Upper Middle Income group of 4.9%.
  • Other: 0.0%, lower than the regional average of 1.5% and the Upper Middle Income group of 1.4%.

Average Firm

• Age: 14.5 years, slightly above the regional average of 13.4 years and the Upper Middle Income group of 17.2 years.
• Female Top Manager: 19.4%, slightly below the regional average of 21.1% and the Upper Middle Income group of 20.7%.
• Female Ownership Participation: 24.0%, below the regional average of 32.4% and the Upper Middle Income group of 38.1%.
• Ownership Composition:
  • Private Domestic: 96.7%, slightly below the regional average of 92.8% and the Upper Middle Income group of 88.0%.
  • Private Foreign: 1.9%, below the regional average of 5.8% and the Upper Middle Income group of 9.9%.
  • Government/State: 0.0%, slightly below the regional average of 0.5% and the Upper Middle Income group of 0.4%.
  • Other: 1.4%, slightly above the regional average of 0.9% and the Upper Middle Income group of 1.7%.

Finance

• Internal Finance for Investment: 54.3%, slightly below the regional average of 71.2% and the Upper Middle Income group of 66.3%.
• Bank Finance for Investment: 16.6%, slightly below the regional average of 39.1% and the Upper Middle Income group of 42.8%.
• Trade Credit Financing for Investment: 14.3%, slightly above the regional average of 4.6% and the Upper Middle Income group of 6.2%.
• Equity, Sale of Stock for Investment: 9.9%, below the regional average of 5.8% and the Upper Middle Income group of 4.5%.
• Other Financing for Investment: 5.0%, below the regional average of 3.6% and the Upper Middle Income group of 4.1%.
• External Working Capital Financing: 44.9%, slightly above the regional average of 24.5% and the Upper Middle Income group of 33.5%.
• Collateral Needed for a Loan: 244.2% of the loan amount, higher than the regional average of 187.3% and the Upper Middle Income group of 186.7%.
• Firms with Bank Loans/Line of Credit: 54.6%, slightly below the regional average of 39.1% and the Upper Middle Income group of 42.8%.
• Firms with Checking or Savings Account: 96.0%, slightly below the regional average of 88.6% and the Upper Middle Income group of 93.3%.

Main Points and Key Findings

• Corruption remains a significant issue in Montenegro, with firms often facing informal payments for permits and licenses, particularly for construction permits.
• Regulatory and licensing processes are generally more burdensome for Montenegro firms compared to the regional average, especially for construction-related permits.
• Firm age is relatively high in Montenegro, suggesting a more mature business environment, though still lower than the regional average.
• Female participation in management and ownership is moderate, with a slight increase in small firms compared to the national average.
• Ownership structure is dominated by closed shareholding companies, with very few open shareholding companies or sole proprietorships.
• Financial services are accessible to a majority of firms, but the reliance on internal financing is high, and the collateral requirements for loans are substantial.
• Infrastructure issues are a concern, with frequent power outages and water shortages affecting firm operations and sales.
• Trade activity is moderate, with a significant proportion of firms using foreign materials and a relatively low percentage of firms engaged in direct exports.
• Crime and informality are present but not as severe as in some other countries, with a high percentage of firms formally registered at startup.
• Innovation and workforce show mixed results, with limited use of international quality certifications and a high percentage of firms using email for communication, but a lower use of websites.

Conclusion

The report highlights that Montenegro's business environment, while not the worst in the region, still presents notable challenges, especially in the areas of corruption, regulations, and infrastructure. Despite these issues, there are positive aspects such as relatively high access to formal financial services and moderate levels of informality. The data suggests that improvements in regulatory efficiency, infrastructure development, and reducing informal payments could significantly enhance the business environment and support firm productivity and growth.