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Articles

Open a Trust in Macedonia

Updated on Monday 06th January 2020

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Civil trusts, commercial trusts, single-unit trusts or charitable trusts can be set up in Macedonia, under the rules of an agreement between one or more settlors where different assets are involved. Our company formation agents in Macedonia can give in-depth information and also support for opening trusts in this country, regardless of your nationality. They can also help international investors open companies in Macedonia.
 

What you need to know about trusts in Macedonia

 
A trust in Macedonia can be established between two or more settlors who are interested in transferring properties, bonds, stocks or any other assets to trustees with the purpose of generating profits. Some investors might want to protect their personal assets from the ones of their companies, so a trust might be an ideal business option for them, mentioning that they cannot skip the payment of debts in the firm by hiding the assets.
 
Trust companies can deal with the management and control of trusts in Macedonia, however, you can also appoint a lawyer, a broker or an experienced advisor who can handle the assets on your behalf.
 

Documents for opening a trust in Macedonia

 
From the beginning, it is important to know that trusts have no legal personality in Macedonia, therefore, these cannot be treated as companies are in this country. Trusts can be established based on a mutual agreement or a contract that offers information about the assets involved, the settlors and the trustees. More than that, the purpose of the trust must be clearly asserted, and the same thing is available for the management and control of the assets mentioned in the trust. The beneficiaries of the trust need to be mentioned by the documents or by the arrangement established.  
 

What are the rights of a trust settlor in Macedonia?

 
The management of a trust, the expenses involved, and the modifications that might appear when dealing with the assets of a trust need to be registered and presented to the owner or settlor. There are also special cases in which errors or bad handling of assets are discovered, a matter where the settlor can change or dismiss the manager of the trust. 
 
Besides different rights, settlors need to pay a specific fee for trustee services in Macedonia, and this kind of information is found in the documents of the trust. For more details about how you can set up a trust in Macedonia, do not hesitate to talk to one of our specialists who can guide you throughout the entire process.
 

The annulment of a trust in Macedonia

 
A trust can be canceled for varied reasons, among which, illegal assets discovered, bad management of the trust, false trustees or unsolicited or unwanted investments made. It is important to have an idea about the trustee services you can receive in Macedonia and hire an experienced consultant after a preliminary verification. Do not hesitate to talk to us for extra information about these aspects and about the annulment of a trust in Macedonia.
 

Why invest in Macedonia

 
The attention towards investments in Macedonia is highlighted by a large number of investors who have businesses in this country in sectors like tourism, engineering, agriculture, IT, communication, pharmaceuticals, real estate, import and export, manufacturing and many more. 10% rate is the lowest tax on profit in Macedonia, the fast incorporation of a company with the help of the one-stop-shop system and the free access of a large market full of business possibilities are among the significant advantages of the Macedonian business environment that attracts numerous investors each year. The macroeconomic stability, the excellent infrastructure, the double tax treaties signed with countries worldwide, the competent and multilingual workforce are important features and benefits of Macedonia when it comes to foreign direct investments in this country. Below we have gathered some interesting facts, data and information about the business and investment direction in Macedonia that you might find it interesting:
 
  1. USD 5.9 million was the total FDI stock for 2018 in Macedonia;
  2. most of the foreign investments are directed to services, agriculture mining, import, and export;
  3. Austria and Germany are the main investors in Macedonia;
  4. according to the 2019 Doing Business report, Macedonia ranks 10th out of 190 worldwide economies.
 
Foreign investors interested in opening a trust in Macedonia can get in touch with one of our company formation agents and find out all the information they need. Feel free to address your inquiries and let us help you open a company in Macedonia.
 
 

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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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Mihai Cuc, Partner of
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www.romanianlawoffice.com

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