Setting up a Macedonian Company

The government of Macedonia encourages foreign entrepreneurs to invest in any business sectors, bringing their contribution to an economy in need. There are plenty of incentives and opportunities for entrepreneurs to engage in business. One of the most common investment types implies setting up a company. In Macedonia the process is straightforward, being completed in a short period of time.

Preliminary activities prior to registering Macedonian limited liability and joint stock companies
Companies that will develop business activities must be prepared for registration, completing a few steps. Any company must have an agreement, or deed certifying the association. The founders need to notarize the company deeds along with the signature specimen for the manager of the company. Also the company founders have to verify the company name, ensuring that no other entity is using it, in which case a law suit may apply. A bank account must also be prepared for future transactions and for the deposit of the initial capital. After these procedures are done, the company must be registered with the Central Registry of Macedonia.

Registering Macedonian limited liability and joint stock companies with the Central Registry                                  Every entrepreneur who whishes to engage in business activities through a company must register it at the Central Registry. Since the 1st of January 2006, the Macedonian Government has implemented a one-stop shop which facilitates registration of Macedonian limited liability companies, joint stock companies and other forms of trade companies. The founders must fill an application with the company's and partners, or shareholders' information along with the articles of association and company charters to the Macedonian Central Registry. The one-stop shop registration includes providing companies with a statistic number, registration with the Public Revenue Office and publication of the company registration on the Central Register's web site.

Making a company seal
Every company engaging in trade activities must have a company seal distinguishing it from other companies. The founders can order a company seal from stationary shops and the cost depends on the type and quality of the seal's material. In order to process the request the solicitors must provide the company's certificate of registration.

Registering the company with the Social Security Office
After registering the company and obtaining the company seal, the founders must register the employees with the Social Security Office. In order to complete this process they must provide the certification of registration acquired at the Macedonian Central Registry, the articles of association of the company and the statistical number along with an application.

Setting a Macedonian company from abroad
Keeping in mind that the government of Macedonia whishes to improve the investment sector, foreign entrepreneurs should feel encouraged to activate in any business sector of Macedonia. Foreign investors are treated equally and there is no restriction as to fully foreign owned capital, nor does a certain currency have to be used. In order to set a Macedonian company the founders may assign a legal representative to carry on with the registration procedures. However a registered office on the territory of Macedonia is requested and the Commercial Register should be notified of it.

How long does it take to establish a Macedonian company?
Due to the new technology used by the one-stop shop, registering a company may even be completed in one day. However there are some other procedures that need to be completed in order to set up a functional company, like registering for social security, or obtaining a company seal. These procedures may be completed in one day also. Establishing a Macedonian company takes about a week to complete, but it's likely that the time period could be less.