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Company formation in
North Macedonia
North Macedonia
Comprehensive assistance in company formation, including banking services
How to form a company in North Macedonia
1
Document submission
You submit to us necessary documents of the future founders and directors for the purposes of company formation in North Macedonia and opening a bank account in North Macedonia
2
Payment of services
Payment of our services for company formation in North Macedonia and/or bank account assistance in North Macedonia
3
Company formation
We register a new company in North Macedonia for you. Upon completion of the registraion corporate documents are either delivered to you or submitted to a bank for the subsequent opening of a bank account
4
Bank account opening
In case you request an assistance with a bank account, we arrange an interview at the bank for you, inform you about the date of the visit and accompany you on your way to the bank. After the bank account is opened and active you receive corporate documents of the formed company as well as the access to the bank account
Key aspects to consider prior to forming a company in North Macedonia
Company formation in North Macedonia takes just 5 business days.
1. Founders of a company in North Macedonia can either be resident or non-resident in North Macedonia. Founders can be either individuals or legal entities.
2. A resident or a non-resident individual can be a director in North Macedonia. It is not required to register a company in North Macedonia with a resident individual as one of its shareholders or directors.
3. One individual can register a company in North Macedonia and simultaneously be a shareholder and a director in this company if such company is registered as a d.o.o. (a limited liability company).
4. There is no requirement for creating substance in North Macedonia - no need to hire local employees or rent an office in order to establish a company in North Macedonia or to conduct business in North Macedonia.
5. Minimum share capital that is required to register a company in North Macedonia as a d.o.o. (a limited liability company) is EUR 5,000.
6. Information about company founders, shareholders and directors after a company is registered in North Macedonia is publicly available in the state corporate register.
7. A company in North Macedonia can be registered remotely, on the basis of a power of attorney. It is necessary for the director of the new company to travel to Skopje for 1 day in order to open a corporate bank account.
2. A resident or a non-resident individual can be a director in North Macedonia. It is not required to register a company in North Macedonia with a resident individual as one of its shareholders or directors.
3. One individual can register a company in North Macedonia and simultaneously be a shareholder and a director in this company if such company is registered as a d.o.o. (a limited liability company).
4. There is no requirement for creating substance in North Macedonia - no need to hire local employees or rent an office in order to establish a company in North Macedonia or to conduct business in North Macedonia.
5. Minimum share capital that is required to register a company in North Macedonia as a d.o.o. (a limited liability company) is EUR 5,000.
6. Information about company founders, shareholders and directors after a company is registered in North Macedonia is publicly available in the state corporate register.
7. A company in North Macedonia can be registered remotely, on the basis of a power of attorney. It is necessary for the director of the new company to travel to Skopje for 1 day in order to open a corporate bank account.
Cost of services
Formation of a d.o.o.
Timeframe - 5 business days
Timeframe - 5 business days
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Advantages of forming a company in North Macedonia
Attractive business-environment
- Strategic geographical position at the crossroads of 2 main European transport corridors
- Highly-liberalised foreign trade policy
- Bilateral agreements that give local producers free access to the European Union and other markets, making North Macedonia a highly-competitive production and export platform
- Stable monetary environment with one of the lowest inflation rates in the region
- Highly-qualified workforce
Stability and security
- Political stability
- Secure legal and justice systems
- Comprehensive protection of property rights
- Comprehensive personal security
- Investment protection
Tax benefits
- Low corporate income tax rate of 10%
- Companies in North Macedonia are exempt from income tax for the first 10 years of their activities in the Technological Industrial Development Zone, subject to conditions and procedures established in the Law on Technological Industrial Development Zones
- Multiple double tax treaties
No strict foreign exchange controls
- Although Law on Foreign Exchange Operations established foreign exchange controls in North Macedonia, individuals and business entities, either resident or non-resident in North Macedonia may open bank accounts in local banks in any currency
Ease of establishing and doing business
- Remote company formation in North Macedonia is available for any foreign individuals
- 100% foreign ownership of a company is available
- Company registration takes just 5 business days
More about North Macedonia
North Macedonia is located in the central Balkans and shares common borders with the following countries: Albania to the West, Bulgaria to the East, Greece to the South and Serbia and Kosovo to the North. North Macedonia has a territory of 25,713 square kilometers. The capital city of North Macedonia is Skopje, the largest city and the location of key government institutions.
Population of North Macedonia amounts to around 1,84 million people.
Population of North Macedonia amounts to around 1,84 million people.
Official currency of North Macedonia is Macedonian denar (MKD).
North Macedonia has developed an open economy with trade amounting to more than 90% of GDP in recent years.
The GDP of North Macedonia grew by 4% in 2021 and amounted to USD 13,8 billion. In terms of GDP structure, the industrial sector constituted the largest part of GDP at 22%. The agricultural sector represents 9.09% of GDP. The services sector contributed to around 57%.
In terms of foreign trade, the largest sector contributing to the country's export is chemicals and related products, followed by the machinery and transport equipment sector. Most of the foreign trade is done with the EU which makes the Union by far the largest trading partner of North Macedonia. Among other primary trading partners are Serbia, the United Kingdom and China.
North Macedonia has developed an open economy with trade amounting to more than 90% of GDP in recent years.
The GDP of North Macedonia grew by 4% in 2021 and amounted to USD 13,8 billion. In terms of GDP structure, the industrial sector constituted the largest part of GDP at 22%. The agricultural sector represents 9.09% of GDP. The services sector contributed to around 57%.
In terms of foreign trade, the largest sector contributing to the country's export is chemicals and related products, followed by the machinery and transport equipment sector. Most of the foreign trade is done with the EU which makes the Union by far the largest trading partner of North Macedonia. Among other primary trading partners are Serbia, the United Kingdom and China.
Foreign investors establish business in this jurisdiction for wholesale and retail trading, logistics, maritime trading.
Restricted for foreign entrepreneurs are the following sectors:
Restricted for foreign entrepreneurs are the following sectors:
- operational activity of airports and seaports
- telecommunications
- production, transport and storage of oil products
- production, sale and transfer of natural gas and electricity
- postal services.
- Corporate income tax - 10%. Tax returns are filed on an annual basis. Advance income tax payments are made on a monthly basis
- Dividend withholding tax - 10%
- Interest withholding tax - 10%
- Royalties withholding tax - 10%
- Capital gains tax - 10%
- VAT - Standard tax rate 18% or reduced rates from 0% up to 10% or tax exempt. Tax returns are filed on a monthly or a quarterly basis
- Personal income tax - 10%.
Apart from such traditional business entity types as a limited liability company (Drushstvo so ogranichena odgovornost – d.o.o.) and a public limited company (Akcionersko Drushstvo – AD) corporate law in North Macedonia offers to establish a business as:
1. General partnership (Javno Trgvsko Drushtvo - JTD)
2. Limited partnership (Komanditno Drushtvo - KD)
3. Partnership limited by shares (Komanditno Drushtvo so Akcii – KDA)
To receive a detailed description of the company formation procedure in North Macedonia and information about documents necessary for company formation in North Macedonia please contact our experts.
1. General partnership (Javno Trgvsko Drushtvo - JTD)
2. Limited partnership (Komanditno Drushtvo - KD)
3. Partnership limited by shares (Komanditno Drushtvo so Akcii – KDA)
To receive a detailed description of the company formation procedure in North Macedonia and information about documents necessary for company formation in North Macedonia please contact our experts.
Send a request for company formation in North Macedonia
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128 City Road,
London, EC1V 2NX
Phone: +44 20 8157 4037
Email: request@pil-services.com
