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Association of Independent Valuers of Montenegro 
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Bulevar Svetog Petra Cetinjskog 99
ME-81000 Podgorica

Tel: +382 20 245 523
Fax: +382 20 201 311


President: Slobodan Perović
Chairman of the Managing Board: Predrag Nikolić
Secretary General: Nikola Mališić

Number of direct members: 80
Number of qualified valuers (individuals): 75
Number of student members (individuals): 5

Member of TEGoVA since: May 2014
Category of membership: Associate


Established in 2000, CUP provides competent services to the Agency of Montenegro for Economic Restructuring and Foreign Investments and the Commercial Court,

Permanent Representatives to TEGoVA

Slobodan Perović

Slobodan Perović

MSc. (Econ.)

Tel: +382 67 613 147

Predrag Nikolić

Predrag Nikolić

Chairman of the Managing Board

Brief History and Role

The Association of Independent Valuers of Montenegro (CUP) was established on 7 June 2000 as a non-governmental organisation to provide competent services to the Agency of Montenegro for Economic Restructuring and Foreign Investments and the Commercial Court, with the intention to provide realistic valuation of all forms of assets in the transformation and privatisation of the state-owned capital.

The Association has been issuing licences as a certificate to independent valuers, in compliance with the documents of the Association (the Rulebook on Issuance of Licences). The valuations performed by the members of the Associations have been accepted as valid, and no disputable issues have arisen so far.

Principal Activities

- Gathering of competent persons from different professions, who create a specialist institution of valuers to deal with an organised and missing activity on this territory.

- The work of the Association shall be recognised by its authoritative character in valuations, which shall be recognised both in Montenegro and abroad.

- The Association, organised pursuant to the above criterion, shall implement international standards for valuation of different forms of values. For that purpose, the Association shall keep up to date with and implement the foreign practice and improve the national practice in its activities, and establish the systems and methods of valuation on which the Association shall insist in its work.

- The Association has the aim to become one of the logistic triggers in the economic system by being involved in the privatisation process and real estate and other transactions in a competent and impartial way. At the same time, the Association shall make its contribution to abandoning certain inferiority in the field of intellectual activities and services and substitution of their "import" to the extent that the members of the Association perform certain work in a competitive manner.

- The Association shall develop professional ethics, personal and social responsibility of valuers, train valuers within different professions (engineers, statisticians, economic specialists etc.) by establishing cooperation and becoming the member of other institutions of valuers.

Principal Areas of Policy

- Estimate of value of companies, institutions, estimate of value of capital.

- Valuation of material assets (land, infrastructure and buildings, machinery and equipment in general sense, means of transport, business inventory and equipment under construction, works of art, agricultural goods etc.).

- Valuation of working assets and liabilities (funds, short-term investments, receivables of all kinds, stocks, advance payments, invoices, loan liabilities and other liabilities).

- Valuation of non-material investments (knowledge of employees, value of management, trademark or brand, patents, drawings, consumer lists, operational and book-keeping systems, relations with suppliers, company image etc.).

- Provision of services to interested beneficiaries of valuation, for the purpose of: ownership of property, mortgage, determination of fair reimbursement in the process of expropriation, taxation, evaluation of development programmes, insurance of property and insurance companies, determination of liquidation value during compulsory sale or in the auction procedure, investment in real estate, merging, legal unbundling and liquidation of commercial entities, debt insurance, evaluation of dislocation and allocation, establishment of partnership, contribution of distribution and division.

- Permanent research and improvement of the role, system and methods of valuation of assets and value of companies and other forms of legal entities.

- Cooperation with relevant social institutions.

- Cooperation with related international organisations, institutions, and individuals.

- Involvement in the work of international associations in the field related to or of relevance for the activities of the Association.

- Improvement and transfer of knowledge in the field of market valuation methods.

- Improvement and transfer of knowledge about the functioning of companies in market-oriented economy.

- Improvement and transfer of knowledge on ownership restructuring and ownership transactions.

- Issuance of publications in the field of valuation of property, capital, and value of companies.

- Organisation of counseling.

- Organisation of round tables on current issues in the field of valuation.

- Other activities which contribute to strengthening of role of the institution of independent valuers.

- Issuance of licences to valuers pursuant to the adopted Rulebook.


The Association has the following bodies:
- Assembly
- President of the Association
- Managing Board
- Supervisory Board
- Secretary

The following commissions and working bodies have been established to ensure the overall functioning of the Association:

- Commission for issuance of licences and innovation of knowledge
- Commission for organisation of counselling, seminars etc.
- Commission for cooperation with organisations and institutions in Montenegro and international cooperation
- Editing of magazines and other publications
- Other Commissions, as needed.


The members of the Association are licenced valuers.

A person becomes a member of the Association after obtaining the licence, becoming familiarised with the Articles of Association and signing of application form.

The memership involves all professions of importance for valuation of assets (construction engineers - 27, mechanical engineers - 9, electric engineers - 2, agricultural engineers - 3, architectural engineers - 9, economists - 21, lawyers - 1, and others - 3.).

The members must possess higher education and meet criteria and other requirements indicated in the Rulebook on Issuance of Licences.