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Open a Bank Account in Macedonia

Updated on Friday 02nd October 2020

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Open a bank account in Macedonia.jpgForeign citizens in Macedonia can easily open bank accounts in this country. Both natural persons and legal entities can choose a bank to work within Macedonia, helped by one of our company formation agents in Macedonia. Our team can handle the formalities and the entire process, so feel free to send us your inquiries and let us help you from the start. Also, if you are interested in company registration in Macedonia our specialists can help.
 

Requirements for opening a bank account in Macedonia

 
The financial institutions in Macedonia will solicit a series of documents to open a bank account. In the case of non-residents in Macedonia, a valid passport, an ID card, the proof of residence, some utility bills, or a rental contract, plus a payslip should be sufficient. Also, the bank will provide specific forms to be filled with personal information. 
 
In the case of companies in Macedonia, a bank account is required for the minimum share capital and future financial operations. Among the required documents, the bank will ask for the documents of the company, plus the ones of the business representative. One of our company formation agents in Macedonia can deal with the formalities of opening a bank account and can help with specific requirements imposed by the bank.
 

What bank services can be offered in Macedonia?

 
The possibility of payments in different currencies, local money transfers or abroad, internet banking services, money withdrawal are among the services offered by any bank in Macedonia. Other facilities can be offered to company owners in Macedonia, such as, a bank officer in charge of the business financial aspects, specific credit cards, withdrawal limitations, to name a few. Many banks in Macedonia offer tailored services for investors and business owners from abroad. It is recommended to know the type of banking services you need and solicit information from the chosen bank. Our company formation specialists in Macedonia can help business owners open a bank account in this country. You can simply get in touch with us and let us provide you with complete support.
 

Do I need to travel to Macedonia for opening a bank account?

 
Many banks in Macedonia do not offer the possibility of opening a bank account without your physical presence. This means you cannot open a bank account online, and you have to be present for all kinds of formalities. However, if you get in touch with our team, we can represent you and act on your behalf with a power of attorney. Still, all the forms must be signed in person.
 

How many banks provide services to foreigners in Macedonia?

 
There are 8 banks out of 15 that can provide banking services to foreigners in Macedonia, whether natural persons or business entities. Non-resident companies must provide information about the business address in the home state or the registration document from the domicile country, with the mention that the representative of the business can open the bank account. Also, the representative of the company can be one of our specialists, so make sure you address your inquiries to our team. 
 

Banking in Macedonia

 
The National Bank of the Republic of North Macedonia is the central bank of the country and the one that supervises the activities of all financial institutions, in agreement with the Banking Law. This institution can issue the required licenses for all banks and other financial organizations in Macedonia if specific conditions are respected. The maintenance of a safe and correct banking system enters the attention of the National Bank of the Republic of North Macedonia.
 

Investments in Macedonia

 
Macedonia is a preferred business destination for international investors from many points of view, and the taxation structure, the skilled workforce, and the multitude of business possibilities are key factors for many entrepreneurs. The registration of companies is one of the simplest formalities in Macedonia. Furthermore, several tax benefits can be provided to entrepreneurs if they invest the profits. Here are some facts and figures that highlight the economy of Macedonia:
 
  1. Macedonia ranks 17th out of 190 economies in the world, according to the World Bank and the 2020 Doing Business report.
  2. The UK is the main investor in Macedonia, 14% of the FDIs coming from this country.
  3. Tax exemptions for 10 years can be offered to foreign entrepreneurs in Macedonia.
  4. The manufacturing sector is quite prolific in Macedonia, 39% of the foreign investments being directed here.
 
For more details about how to open a bank account in Macedonia, feel free to contact our team of company formation specialists.
 

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Call us now at +44 203 287 0408 to set up an appointment with our lawyers in Skopje, Macedonia. Alternatively you can incorporate your company without traveling to Macedonia.

As a BridgeWest 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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