After the long instability and insecurity, the region of Southeastern Europe (SEE) has become an important target market for foreign direct investment (FDI). This region is also for Austrian companies an important market and for many investors it represents even an extended home market. Montenegro, the youngest generally recognized state in Europe, was for a long time not noticed by investors. In the unified state with Serbia, it was very difficult for the country to attract investments, since the majority of the FDI-Inflow was going to Belgrade. Moreover, the effects of international economic sanctions and political uncertainty with Serbia created additional barriers. The process of transformation from a socialist economy to a modern market economy began relatively late, but still the country that started with this process much later is in some areas more opened and developed than other countries in the region. Montenegro's economy has some structural weaknesses - the high share of the services sector in total economic output, the weak industrial sector with outdated technology and the high dependence on the inflow of FDI. Although some laws following the independence have already been brought up to European standards and ensure a greater sense of stability per se, there are still many improvements needed in the judiciary system. The small number of courts and bailiffs challenge investing activities. This thesis is structured as a guide for potential investors, to provide them with the most important information about Montenegro, its economy and legal system. The thesis also provides an industry analysis, where potential investment opportunities for Austrian investors are presented. The country "of the black mountain" is a small market, but offers great investment potential in certain sectors of the economy.