The Criteria eng - 100 najvećih u Crnoj Gori


for ranking businesses in the “Top 100 in Montenegro” project

The following are taken into consideration for rankings in the “Business Newspaper: Top 100 in Montenegro“ publication:

  • All businesses (LP, GP, LLC and JSC) registered in Montenegro;
  • Businesses operating for at least three years, that have at least 3 employees (except in rankings by business activities);
  • Businesses that have at least EUR 100,000 EUR of capital, micro companies with at least 50,000 EUR, and in rankings by business activities companies with at least EUR 10,000 of capital;
  • Businesses that have submitted correct financial report for 2018;
  • Businesses that have not been on the list of blocked companies in the past 12 months, with blockage that lasted no longer than one day;
  • Businesses that have not been on the Montenegrin Tax Administration’s “black lists” in the past 12 months or that comply with the agreed tax debt rescheduling;
  • Businesses delivering results continuously (results accomplished through one-time business endeavor or bookkeeping operations will not be taken into consideration);
  • Businesses not registered for committing a criminal offence;
  • Agencies registered for recruiting employees are excluded from the selection of the biggest employer.
  • 9200 Gambling and Betting are not registered for a business activity nor indirectly associated with entities from this business activity.



A) 12 awards in rankings by segments

Ranking of the Top 100 (except in the big companies category, in which every big company will be included) will be performed in official categories (classification according to the Law on Accounting).

  • Micro companies
  • Small enterprises
  • Medium-sized enterprises
  • Big companies (all of them)

Top ranked companies will be rewarded in each category. They will be ranked by their:

  1. Revenues
  2. Net profit
  3. Number of employees


B) 12 awards in rankings by business activities


Top 20 – 30  companies will be ranked for each business activity by their revenues, while only in trade, the biggest sector, top 50 will be ranked:


  1. Overall trade (business activity field G, with the exception of: pharmacy (4646, 4773), trade in oil and oil derivatives (4612, 4671,4730) and IT equipment (4651))
  2. Hotel industry (business activity code: 5510)
  3. Real estate business (field L)
  4. Auditing and accounting services (business activity code: 6920)
  5. Construction (section F,except code 4222, plus codes from field C – Processing industries_ 2351, 2352, 2361, 2362, 2363, 2364, 2365, 2369, 2370 and B – Extraction of ore and stone 0811, 0812)
  6. Production of food and beverages (Business activity A and Business activity codes from 1011 to 1107)
  7. Production and processing (except food and beverages): all business activity codes from sector B – (except 0811,
    0812), C, except sectors 10 and 11 (production of food and beverages), codes 2110, 2120 (pharmacy) and production associated with construction (codes: 2351, 2352, 2361, 2362, 2363, 2364, 2365, 2369, 2370).
  8. Telecommunications (business activity codes: 6110,6120,6130,6190,4222)
  9. IT sector (business activity codes: 4651,6201,6202,6203,6209)
  10. Pharmacy (production and trade in pharmaceuticals, wholesale and retail. Codes: 2110, 2120, 4646, 4773)
  11. Trade in oil and oil derivatives (business activity code: 4612, 4671, 4730)
  12. Medical services (business activity field Q).


C) The fastest growing company – 1 award

Companies whose revenues have continuously grown in the last three years, that have had a positive net-business result in the last two years, with the same or an increased number of employees, will be ranked in a special category. The biggest among them by revenues will be rewarded as the Fastest Growing Company.