Company Formation in Macedonia

As general information, foreign investors should know that the process of establishing a company in Macedonia can be conducted quite hassle-freely, on condition that a series of prerequisites are fulfilled. Macedonia is very open to foreign businesses, offering a welcoming environment for persons who are interested to develop their activities in any field. Moreover, foreign investors benefit from the same rules and regulations as nationals, and hurdles in company formation by foreigners rarely intervene. 

 STEPS FOR COMPANY REGISTRATION IN MACEDONIA

1) In order to incorporate a company in Macedonia, the founders should think about and provide three company names at their discretion. Following a rather quick preliminary check-up of the availability thereto, the client is informed on the reservation of one of the company’s names.

2) Thereafter, the client should fill out a given company incorporation form where information related to the shareholding structure and company’s intended activities are provided. Additional information to be used for the purpose of opening a company in Macedonia includes: addresses of the founders and their professional occupations, details on who shall be appointed as manager of the future company, and also details on the payment of the share capital amount; as a side note, the Trade Company Law in Macedonia provides the opportunity to pay the share capital amount, i.e. EUR 5,000, either upon the registration of the company or in one year following the incorporation thereto.

3) Along with the above mentioned form and information, the founders should also provide copies of the relevant documents, such as passport and utility bills that are to be used in the incorporation process. Since Macedonia offers the possibility to open a company remotely, the vast majority of foreign investors choose not to visit the country and to delegate powers to a representative through a Power of Attorney.

4) Based on this specific document, duly notarized and apostilled, the company can be registered with the Central Register of Republic of Macedonia, which is actually the single institution for registering LLCs and other forms of entities. Meanwhile, the company’s documents are executed and the client receives a series of special forms to be prepared and signed by the person with signatory rights within the company ready to be opened in Macedonia.

5) All documents related to the establishment of the company must be translated by a sworn translator and notarized by a Notary Public in Macedonia. Following the completion of the above mentioned steps, the documents are submitted for proper registration with the Central Register.

6) After receiving the certificate of registration, the shareholders of the newly established Macedonian must order a company seal and for this purpose they have to provide the company's certificate of registration.

Due to the new Macedonian technology used by the one-stop shop, registering a company may even be completed in one day. There are, however, some other procedures that need to be completed in order to set up a functional company, such as registering for social security. These procedures may be completed in one day as well. 

Establishing a Macedonian company takes about a week to complete, but it's likely that the time period could be less.

REQUIREMENTS FOR COMPANY INCORPORATION IN MACEDONIA

- Any person of any nationality or residence can be director or shareholder in a Macedonian company;

- A company manager must be appointed

- The shareholders of a company established in Macedonia can be both natural persons or legal entities;

- A company in Macedonia must hold a local registered office (service provided by BridgeWest)

- The share capital for establishing a Limited Liability Company in Macedonia is EUR 5,000; however it can be paid entirely either upon the incorporation of the company or within one year from the registration date

SERVICES PROVIDED FOR COMPANY INCORPORATION IN MACEDONIA

- drafting the Articles of Association (necessary for the company incorporation in Macedonia);
The Articles of Association of a company in Macedonia can be signed through Power of Attorney (the same applies to Public Notary proceedings, a step required by the Macedonian Law).

-  drafting all other documents required for the incorporation of a company in Macedonia;
These documents include: Specimen Signatures, Special Forms provided by the Company Registration Office in Macedonia, passport copies etc.

- arranging Public Notary procedures (The procedures for incorporating a company in Macedonia have to be done through a Public Notary);

-  offering a Registered Office in Macedonia for your company (if required);
The registered office may be any address where the Macedonian company declares to have its headquarters. The registered office will be public.

-  setting up a bank account for your company in Macedonia.
This refers both to an initial share capital account as well as a current bank account after the company is formed.

-  recommending an accountant in Macedonia;
Accountancy services are recommended for any new business registration in Macedonia.

BRIDGEWEST CAN ASSIST YOU WITH:

Establishing a Limited Liability Company;

The Macedonian Limited Liability company can be established by at least one member or legal entity who whishes to incorporate a small or medium sized business. The Limited Liability Company, which requires a minimum share capital of 5,000 EUR, may grow into a joint stock company. The members of a Limited Liability company are responsible for the company's debts and obligations to the extent of their contribution. A Macedonian Limited Liability company must have a managing board and it's subject to taxation.

Incorporating a Joint Stock Company;

A Joint Stock company may be established in Macedonia by at least two persons or legal entities, foreign or Macedonian who join in business for the same purpose. They must provide a minimum capital of 25,000 EUR, divided into shares with a nominal value decided at a shareholders' meeting. As in a Limited Liability company, the members of a Joint Stock company are liable for the company's debts and obligations to the extent of their contributions or shares. A Joint Stock company is designated for business at a larger scale and must be registered in the National Trade Register.

MACEDONIA KEY FACTS

- A company registered in Macedonia is subject to a flat corporate tax rate of 10%, one of the lowest rates in Europe.

- In Macedonia, the VAT rate is 18%..

- Dividend tax in Macedonia is 10%.

- Overall, The entire tax system in Macedonia is quite a great incentive for foreign investors who want to set up a company here. The can benefit from a low corporate tax rate of 10% and even a 0% corporate tax on retained earnings.

BridgeWest is also able to offer ready-made companies in Macedonia and VAT registration.

Please contact us for more information about how to open a company in Macedonia and prices.

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