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Company Act in Macedonia

Updated on Thursday 28th June 2018

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Company-Act-in-Macedonia.jpgThe Republic of Macedonia successfully developed as an attractive destination for business and investments. Due to a wide range of tax incentives, measures and encouragements, foreigners can choose Macedonia for further operations and company expansion, keeping in mind that this country is an important player on an international business scale. In this sense, all activities related to any kinds of entities are controlled by the Law on Trade Companies. We come to your attention with our company formation services in Macedonia which are at your disposal when establishing your business. Our specialists in company formation in Macedonia can provide you with complete information in this matter.
 

What types of companies can you set up in Macedonia?

 
From the beginning, we mention that the Central Registry of the Republic in Macedonia supervises the company incorporation process in this country for both locals and foreigners. Entrepreneurs can operate through the following entities:
 
  • •    private limited liability company;
  • •    public limited liability company;
  • •    general partnership;
  • •    limited partnership;
  • •    partnership limited by shares;
  • •    sole proprietorship.
 
The activities of the entities mentioned above must be registered considering the conditions imposed by the Company Act in Macedonia. Also, the same law is applicable for those interested in setting up branches or subsidiaries in the Republic of Macedonia.
 

What information can be found in the Articles of Association?

 
 The Articles of Association stand at the base of forming a business in Macedonia, as a national or as a foreign investor. Entrepreneurs who want to open companies in Macedonia must provide all kinds of details at the date of incorporation, such as:
 
  • •    the name of the business after a verification with the Central Registry of the Republic of Macedonia;
  • •    the name of the shareholders, plus information about their nationality and residency;
  • •    the board of directors as appointed by the shareholders of the company;
  • •    the business address and information about the minimum share capital;
  • •    the activities and the purposes of the newly-formed business in Macedonia.
 
 
As for partnerships in Macedonia, these entities are established respecting the same conditions, but mentioning that details about the silent and the general partners must be stipulated. A Partners Agreement in this sense is also recommended before starting the activities as a general or a limited partnership.
 

Branches in Macedonia

 
Foreign companies are welcomed in Macedonia and may operate through branches respecting several conditions as mentioned by the Company Act. Before a branch is established in Macedonia, the foreign firm must make proof that it is already operating on the market in the country of origins. The Central Registry of the Republic of Macedonia is in charge of incorporating branches if the following conditions are satisfied:
 
  • •    provide information about the parent company and the country of establishment;
  • •    information about the representative of the branch (he/she needs to have residency in Macedonia);
  • •    the Company Agreement and also the foreign company’s’ reports;
  • •    Macedonian ministries’ approvals before the company commences the activities.
 
Instead of dealing with the language barrier and all kinds of misunderstandings, it is best to solicit complete support and information from our company formation agents in Macedonia when establishing a branch.
 
 

How can I set up a sole proprietorship in Macedonia?

 
Investors from abroad who are interested in acting as sole traders in Macedonia need to have Macedonian permanent residence. The registration procedure is done at the Central Registry of the Republic of Macedonia, once the entrepreneur provides information about the trade name, the type of activities, information about the business address and about the residency in Macedonia. Business persons from abroad can open only one sole proprietorship in Macedonia, according to the provisions of the Company Act. Also, the ATP abbreviation is imposed at the end of the sole proprietorships’ name.
 

The company agreement in Macedonia

 
The company agreement or the company charter is an internal document which sets out the activities and the purposes of the firm, the type of company, the duration of the firm, information about the minimum share capital and complete details about the management and constitution of the enterprise. The stockholders of the company are the ones who create this type of document. We remind that companies in Macedonia are registered for an indefinite period of time, but if the owners decided on a settled date, such information will be mentioned in the company agreement.
 

Company liquidation in Macedonia

 
For varied reasons, companies may face difficulties and financial problems for which restructuring is not a good option. The next step in this sense is liquidating the company or in other words, closing the activities. This may take place only after the General Meeting decided to do so and if:
 
•    the bankruptcy process begins;
•    if the business does not respect the law and particularly the Company Act in Macedonia.
 
In cases of general and limited partnerships registered in Macedonia, if a bankruptcy process started against one of the partners, the other member is authorized to obtain the general partnership and all of its liabilities and assets without a termination procedure in this sense. Please keep in mind that the records and the forms created at the time of company liquidation must be submitted to the Central Registry of the Republic of Macedonia.
 
We suggest you contact our team of company incorporation specialists in Macedonia for complete assistance when opening a business in this country, regardless of the chosen operations.
 

 

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www.romanianlawoffice.com

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