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Company Formation Macedonia

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Company Formation in Macedonia

Updated on Tuesday 15th May 2018

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Homepage-macedonia.jpgMacedonia is recognized for its rich culture, strategic geographic location, solid economy and as a reliable NATO and EU member. This country is an attractive destination for investments and extremely competitive on the European market due to its excellent business climate that relies on a promising tax regime and a vast range of incentives proposed by the government. Foreign and local entrepreneurs can set up easily limited liability companies, limited or general partnerships, or joint stock companies. Because the registration procedure of a company in Macedonia needs a complete attention, especially if you are a foreigner, it is suggested to talk to one of our specialists in company formation in Macedonia for information and assistance.
 

Types of companies you can open in Macedonia

 
Nationals and foreigners can set up their businesses through the following entities available in Macedonia:
 
•    limited liability companies;
•    joint stock companies;
•    limited partnerships;
•    general partnerships;
•    sole proprietorships.
 
Just like in most European states, the limited liability company is the preferred business structure for all kinds of activities in Macedonia. The easy incorporation process allows investors to set up their operations in a fast and reliable manner. One should bear in mind that the minimum share capital for this entity is set at EUR 5,000 and can be deposited in a Macedonian bank account. A limited liability company in Macedonia can be established by at least one stockholder and a maximum of 50 members. Because the market is welcoming and the business field anticipates the needs of foreign investors, one can buy shelf companies or ready-made companies which can be used as soon as the ownership has been granted and accepted by the Central Registry of the Republic of Macedonia.
 
Our company formation agents in Macedonia can provide you support in company registration and additional details about the services we can offer in this direction. Also, if you do not want to have a traditional office, you may ask for virtual office services in Macedonia for which our team can offer complete information. The Macedonian market is diverse and accepts foreign branches or subsidiaries to join the business field. Also, if you want to adopt a simple form of business at the beginning, you can establish your operations as a sole proprietor in Macedonia.
 

What other entities can be registered in Macedonia?

 
A form of business designed for large businesses is the Macedonian Joint Stock Company (AD) where the liability of its members is limited like in the case of the DOO but the requested minimum share capital is higher: 25000 EUR. Unlike in a limited liability company, the shares of this type of business can be registered on the Stock Exchange.
 
Two or more partners can be united under the same agreement and form a General Partnership (JTD) in Macedonia sharing the same responsibility and having the same managerial powers. In this type of business, no minimum share capital must be delivered at the moment of registration. In case of liquidation, the personal assets of the owners are not protected and can be used in order to cover the liabilities.
 
Another form of partnership is the Limited Partnership (KD) in Macedonia which is formed at least one general partner with unlimited liability on the profits and debts and the one limited with liability limited by their contribution to the capital. All the major decisions are taken by the general partner, but if this member cannot be a part of the legal entity, the business is dissolved. A form of partnership in Macedonia where the capital is divided into shares is the Limited Partnership with Shares (KDADA) formed by at least three shareholders, general partners, and silent partners. 
 

How can I set up an LLC in Macedonia?

 
Foreigners who want to set up limited liability companies or D.O.O. (Drushtvo so Ogranichena Odgovornost) need to provide the necessary information to the Trade Register and the local offices in Macedonia. EUR 5,000 or MKD 308,000 represents the minimum share capital which needs to be prepared for LLC incorporation. As soon as the Articles of Association have been accepted by the Central Registry of the Republic of Macedonia, owners need to apply for the company’s seal, tax purposes, social contributions and other related matters. Our team of advisors is at your disposal with assistance in opening a D.O.O. in Macedonia.
 

Can I open a branch in Macedonia?

 
Yes, foreign companies can set up branches in Macedonia if the following documents are prepared and accepted by the commercial division in the chosen city:
 
  • •    the registration certificate of the foreign company interested in establishing a branch;
  • •    the agreement that shows that the parent company wants to enter Macedonia through a branch;
  • •    documents with comprehensive information about the future activities of the branch in Macedonia;
  • •    information about the representative agent with residency in Macedonia who will act on behalf of the branch.

 

Can I open a subsidiary in Macedonia?

 
Yes, a subsidiary can be opened by companies from abroad who are interested in this type of independent legal entity. This is normally operating under the limited liability company which can be set up for a minimum share capital of EUR 5,000.
 

Company incorporation in Macedonia

 
The process of company incorporation in Macedonia starts with drafting and notarizing the articles of association (or the agreement for establishing a company) and the signature specimen of the manager. The process requires only one day for completion. The one-stop shop assured by the Central Registry of the Republic of Macedonia is the single institution for registering all economic entities. From the moment the founders deliver the notarized documents, the entity is registered for the Trade Register (in order to receive the statistic number). The other steps for incorporating a company are registering the company with the Public Revenue Office, publishing the LLC formation notice on the Central Register’s website and opening the company bank account.
 
The registration for the Employment Agency is also made through the Central Registry. The Agency will allow the registration of the first directors and the registration of the employees with the social funds. Please bear in mind that the Articles of Association are significant documents necessary for company registration and need to comprise the following matters:
 
  • •    the structure of the business, the name and the domiciliation of the owners;
  • •    the name of your company in Macedonia and the official business address;
  • •    information about the minimum share capital provided to a Macedonian bank account;
  • •    details about the board of managers, the type of activities and about the company secretary.
 

What are virtual office services in Macedonia?

 
The virtual office services are a set of facilities dedicated for entrepreneurs who want to avoid opening a traditional office in Macedonia. These services are subject to low costs and foreigners can benefit from special facilities like a notable business address, mail collecting and forwarding, a local phone number and a private one, plus voice mailbox on request. Also, the collection of bank statements can be provided on request. You can ask our advisors for extra information about the virtual office services in Macedonia
 

Economy overview on Macedonia

 
Situated in the center of the Balkans, Macedonia, even though it’s a small country, it is considered one of the most desired destinations when it comes to starting a company. With a great fiscal policy and well-developed infrastructure, it is one of the most wanted locations for investors. The capital gains is levied at a flat rate of 10% and the corporate tax on retain gains is 0%. These measures were taken recently in order to encourage Macedonian and foreign investors. Also, a number of treaties were signed to establish a good fiscal environment-like the double taxation treaties (with more than 30 countries). Macedonia is considered one of the most liberalized countries when it comes to telecommunications. The internet is highly developed, Macedonia being a leader in Wi-Fi technology, another considerable advantage for those businessmen who want to open companies in Macedonia.
 
Macedonia is represented by its major cities like Skopje (the capital), Tetovo, Ohrida, Prilep, Bitola, Veles, Gostivar, Strumica, Kumanovo or Crusova. As for the industries developed in Macedonia, we mention that the country has a solid economy based on agriculture, a large production of textiles, and a consistent trading sector with significant partners like Greece, Italy, Spain, Germany, Russia and Serbia among many others. The USA is also a reliable trading partner for Macedonia considering the fruitful collaboration for 2017, the year in which about $ 300 million were registered from imports and exports. 
 
If you want to benefit from the company formation services our agents in Macedonia can offer, please do not hesitate to contact us right away.
 
 

Companyformationmacedonia.com is a part of Bridgewest.eu, an international network which has affiliated partners throughout the world, including our partner Dutch law firm which can provide local legal assistance to foreign investors.

 

 

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