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Macedonia

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Guide to Company Incorporation in Macedonia

May 12, 2011, 12:13 pm
BridgeWest

1. What is the minimum share capital of a Limited Liability Company in Macedonia?
Limited Liability Companies are the most common form of business organization in Macedonia due to their simple structure perfect for small to medium sized businesses and no capital requirement. However the Macedonian Law imposes that a company deposit a minimum of 5.000 EUR in a bank account in one year since business commencement.

2. What is the minimum share capital for a Public Company Limited by shares in Macedonia ?
A Macedonian Joint Stock Company is established by at one or more members who can be individuals or legal entities. The minimum capital requirement is 25.000 EUR.

3. Are there any special requirements for establishing a Macedonian Limited Liability Company?
Setting up a Limited Liability Company in Macedonia requires at least one individual or legal entity as founders and the liability of the members is restricted to the amount invested by each one. There is no requirement as to the citizenship of the founders or directors. In order to establish a Macedonian Limited Liability certain documents must be submitted to the Trade Register of the country. It is possible for the company to be set up from abroad by using a company representative authorized with power of attorney to carry out all the required procedures. Also every company in Macedonia is required to have a registered office in Macedonia.

4. How can I register for VAT in Macedonia?
VAT registration in Macedonia is mandatory for companies that exceed the annual turnover of 21.000 EUR must register for VAT. In order to do so companies need to submit an application at the Tax Authorities of Macedonia by the 15th day after the threshold is reached. Companies are not obliged to reach the threshold to register, being able to voluntarily register for VAT. Company representatives are allowed to register a company for VAT at the Macedonian Tax Authorities.

5. How can I open a bank account in Macedonia?
Companies in Macedonia need to open bank accounts in which to operate transactions and deposit the company's capital. For this purpose certain documents as written request for opening a bank account, registration certificate from the Company Register, signature of the manager notarized. The documents need to be original or notary certified and the owner or the manager's presence is not required to open the account. Most banks in Macedonia accept working with a representative of the company authorized with power of attorney.

6. How can I recruit personnel in Macedonia ?

The rate of unemployment of Macedonia is quite high; therefore there are plenty of workers willing to find a good reliable job. Companies can candidates by creating corporate accounts on job websites, or collaborate with a recruitment agency that provides the best solutions following the company's needs.

7. What is the average salary in Macedonia?

The net average salary of Macedonia is around 450 EUR.

8. What is the overall economical situation in Macedonia?

Macedonia represents a small economy in the global picture, being responsible for 0, 01% of the world total input. Industry and agriculture are important business sectors, even if the services sector has gained the lead in the last years. The level of education of citizens is high, Macedonian workers being highly competitive and skilled. Even so, Macedonia struggles with a high unemployment rate, slow economical development and rather low standard of life. However the Macedonian government has taken measures to improve the less productive business sectors, and even if foreign investment is not at its highest, entrepreneurs may benefit from incentives offered by the government to encourage foreign investment.




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