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Accounting in Macedonia

Updated on Friday 17th September 2021

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Accounting-in-Macedonia.jpgMacedonia is home to numerous companies established whether by nationals or foreign investors. Having a thriving business climate and offering the necessary assistance when it comes to setting up firms in this country, make Macedonia a preferred destination for all types of entrepreneurs who also need to respect the accounting standards in this sense. Our company formation agents in Macedonia can help foreigners establish the business presence in the country and can offer assistance for the accounting matters of the business.
 

Why hire an accounting firm in Macedonia?

 
Each company registered in Macedonia must respect the business requirements and needs to align with the accounting conditions imposed. An accounting firm in Macedonia can properly control the financial operations of a company under the rules imposed by the Accounting Law in Macedonia.
 

What are the rules for accounting in Macedonia?

 
The Macedonian accounting standards should be in the attention of all foreign entrepreneurs willing to operate in this country. It is good to know that Macedonia respects the IFRS (International Financial Reporting Standards) rules and regulations in matters of accounting and business operations in optimal conditions.
 

Accounting services for your company in Macedonia

 
As soon as the business structure has been established, your company in Macedonia needs to have an accounting department or better yet, it can benefit from the external services offered by an accounting firm in Macedonia. The following accounting services can be offered by our Macedonia team of accountants as soon as you registered your business:
 
  • •    payroll services (related to calculation and payment of salaries of employees);
  • •    bookkeeping is extremely important for any business in Macedonia and it is related to keeping all accounting documents;
  • •    preparation and filing of annual taxes;
  • •    VAT registration;
  • •    tax filings and tax advice are recommended to new investors and business owners of Macedonian companies;
  • •    tax minimization methods are employed when the company wants to reduce the taxes it pays;
  • •    audits which need to be completed in accordance with the Macedonian legislation.
 

What is an accounting report for a company in Macedonia?

 
All the accounting operations in a firm are maintained in a specific journal and serve, alongside annexes to varied financial reports. Such reports are submitted on a yearly basis, in compliance with the applicable accounting laws. An accounting report normally contains information about the income statements in the firm, the liquid assets, information about the capital of the company if changes intervened and the financial standing of the firm. 
 

Where do I file the annual accounting report in Macedonia?

 
The Ministry of Finance of the Republic of Macedonia is the relevant jurisdictional authority that accepts the annual accounting reports of companies established in this country. Moreover, the authority can prescribe rules and regulations for keeping the accounting records of companies, in respect with the International Financial Reporting Standards. If you need support for annual statements in your company, please do not hesitate to address your inquiries to our team of accountants in Macedonia.
 

Are IFRS standards applicable to companies with securities not traded in a public market?

 
Yes, according to the Company Law of the Republic of Macedonia, commercial entities, large and medium commercial companies, firms in the banking sector, branches and subsidiaries must respect the IFRS standards in matters of accounting.
 

Bookkeeping documents for companies in Macedonia

 
An accounting firm in charge of your company’s daily operations will have to take care of documents like payment slips, traveling orders, entry notifications, payroll outgoing invoices or supplier invoices. Accounting services are important for any kind of company, whether it is a large one (subsidiaries, branches, joint-stock companies), or a small one. Even sole proprietorships will have to respect the accounting standards when having operations in Macedonia. A specialized team in accounting matters is everything you need at the time your business is registered in Macedonia, so feel free to ask for support in this direction.
 

Does a company need audits in Macedonia?

 
Yes, audits are mandatory for medium and large companies in Macedonia and are overseen by the financial institutions in the country, in respect with the legal framework. As an important change in the audit system in Macedonia in recent years, we mention that the auditor is obliged to include the description of the audit matters and of the audit procedures made, highlighting the important facts and avoiding the technical language. Audits will reveal the financial status in the firm, the profit and losses, the financial risks and other related aspects.
 

Do I need transaction advisory for my company in Macedonia?

 
Yes, it is recommended to ask for a comprehensive financial analysis as part of the transaction advisory for companies in Macedonia. The risks and the business opportunities in the firm can be revealed by a financial due diligence report which also shows if the main cash-flow indicators need to be adjusted or not. In most cases, a fiscal and financial analysis in a company is more than welcomed and that because the business owners will know if it is necessary to implement new strategies and solutions in order to achieve the established targets. It is important to know that an experienced accountant in Macedonia can provide support in transaction advisory and connected aspects. You might want to solicit such services from our accounting firm in Macedonia.
 
 

Why do I need accounting services in Macedonia?

 
A company owner in Macedonia knows that the market and the business climate are challenging and in a continuous development. Sometimes, cutting costs may be an effective solution for your company, therefore, an accounting firm can highlight the sectors in which improvements can be made. All accounting services we can provide in Macedonia are tailored to the client’s needs in the business field he/she operates. 
 

Choosing our accounting services in Macedonia

 
 
All the accounting aspects in a business need to be respected regardless of the country in which the company is registered. In the case of Macedonia, international entrepreneurs can choose to set up an accounting department in the firm or better yet, they can hire the services of an accounting company in Macedonia. Our team of experienced accountants in Macedonia is ready to offer immediate and necessary support in matters like financial records, bookkeeping, financial advice, tax compliance, financial statements, audits and many more. Also, you might want to know a little bit about the taxation structure in Macedonia:
 
  • The standard VAT rate is set at 18% for most of goods and services in Macedonia.
  • The corporate income tax in Macedonia is the lowest in the world and set at 10% rate.
  • The personal income tax of 18% is applicable to earnings of more than MKD 90,000/month.
  • 15% income tax is imposed since January 2019 on industrial property rights, capital gains, insurance and rentals.

 

Frequently Asked Questions

 
Our accounting specialists have created a set of questions and answers that will be helpful to foreign entrepreneurs interested in the taxation system in Macedonia, but also in the accounting rules. We present some of these questions, hoping that they will be useful before collaborating with us.
 
1. What kind of accounting services are required in a company registered in Macedonia?
Payroll services, bookkeeping, and preparation of annual taxes are the most important aspects of a company's accounting in Macedonia. A specialized accountant can also deal with the registration for the payment of taxes of a company in this country.
 
2. What does bookkeeping involve in a company in Macedonia?
Bookkeeping is one of the most important parts of a company's primary accounting. All the operations within the company are registered with the help of bookkeeping, and here we mention outgoing invoices, payment slips, invoice issuance, vendors and suppliers payments, account receivables, and many others.
 
3. How is the annual reporting done for a company in Macedonia?
Annual accounting reports are verified by the Macedonian Ministry of Finance. This institution complies with IFRS (International Financial Reporting Standards) rules. In order to make a correct report, you are invited to get in touch with our team of accounting specialists in Macedonia.
 
4. Why is an audit needed for a company in Macedonia?
The audit process reveals the financial situation of a company registered in Macedonia. All financial operations are mentioned in this type of report, but you can find more details about the audit process from our accountants.
 
5. Is financial advice included in the accounting services offered in Macedonia?
Of course, investors and entrepreneurs can benefit from financial advice for the companies they own in Macedonia. In addition, they can receive support for tax compliance in Macedonia.
 
6. Is it more advantageous to hire an accounting firm in Macedonia in exchange for arranging an entire department of this kind in the firm?
The costs of complete accounting services can be weighed against those dedicated to an entire department of specialists, employed in a company. The outsourcing of these services is much more advantageous, not only in terms of costs but also due to the extra facilities offered. In addition, confidentiality is guaranteed.
 
7. What does transaction advisory mean for Macedonian companies?
Transaction advisory involves several financial analyzes in which the possible risks in the company are evident, but also the methods by which they can be avoided. Our accountants with experience in the field can also offer you customized strategies for a good functioning of the financial direction of the company.
 
8. Can tax minimization methods be offered to Macedonian companies?
Of course, this aspect also comes to the attention of our experts. Company owners can pay fewer taxes if they resort to tax minimization methods.
 
9. What kind of companies need accounting services in Macedonia?
Small, medium and large companies are required to comply with international accounting rules, but also with local legislation in Macedonia. We remind you that our team of specialists can offer you the necessary support in this direction.
 
10. Why work with our accounting specialists?
With extensive experience behind us, our accountants can provide the services needed for any kind of company registered in Macedonia. Our clients can receive personalized offers and can rely on professionalism from the very beginning.
 

Making investments in Macedonia

 
Macedonia is considered a country full of financial opportunities, and foreign investors are already enjoying substantial profits, recorded in various fields, the country offers a number of advantages, and here we mention the beneficial tax system, a well-developed infrastructure, labor young and experienced, the possibility to access important financial markets and to set up companies without complicated formalities.
The IT sector, the energy sector, tourism, agriculture, automotive are among the favorites of those who want to develop their business in Macedonia. In addition, licenses, permits, and approvals can be obtained quite easily, we also mention the support offered by our specialists.
 
In need of professional accounting services for your business in Macedonia? You can ask our team of advisors for support in this sense, so please feel free to contact us for in-depth information about the accounting services in Macedonia we can provide for your firm.
 
 
 

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Call us now at +381605001680 to set up an appointment with our lawyers in Skopje, Macedonia. Alternatively you can incorporate your company without traveling to Macedonia.

As a Balkanski Centar Group client, you will benefit from the joint expertize of local lawyers and international consultants. Together we will be able to offer you the specialized help you require for your business start-up in Macedonia.

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The team from CompanyFormationMacedonia.com is very qualified and benefits from extensive expertise in this area. I would definitely recommend them to any entrepreneur decided to start his own business here.

Mihai Cuc, Partner of
Enescu&Cuc; Law Firm
www.romanianlawoffice.com

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