Overview
In Macedonia, a limited liability company is the most popular type of business structure within foreign investors and the locals due to the simple means of registering it. For instance, it has a reduced tax advantage and allows quick beginning of the activities after registration. It requires one or more shareholders, but they should not be beyond 50 in opening the Macedonian limited liability company. The minimum share capital is EUR 5000 and around MKD 310 000. Also, the Memorandum of Association and the Articles of the association are vital at the basis of establishing a limited liability company incorporation, especially in North Macedonia.
Formation process
In case you want to register the LLC company in Macedonia, here are the steps:
Start by registering the business name of your company in the Trade Register in R. of Macedonia North;
Secondly, submit the articles of association together with the memorandum of association and any other relevant document;
Apply for the company’s seal before you start any business activity;
The next step is choosing the bank and activating the banking account;
Register for VAT;
Finally, register with foreign investments and in the central registry.
Legal system
The Central Register is empowered to undertake all the registrations of the company as well as the institution to maintain all the company’s Trade Registers in Macedonia North. All foreign investors are allowed similar privileges and rights to those of Macedonian nationals, and they are qualified to start and run any kind of private and self-owned companies or even a joint-stock company.
Types of companies
There are many types of companies and according to the company law, that is, both in Macedonia and foreign individuals, all companies should have either of the outlined below forms of business entities: Sole proprietors; General partnership; Joint-stock company; Limited partnership; Limited Liability company (LLC); Limited cooperation by stock.
A foreign company is permitted to start a branch office in Macedonia if it has done the registration under the stipulated laws. The branch office can carry out similar activities to those of foreign domicile company. It can also execute duties on behalf of and in the name of the domicile company, including the address and name thereby, allowing the former to have full liability for running the branch.
However, if the foreign domiciled company starts numerous branches in Macedonia, there must be the main branch in the trade registry. The trade name of the available branches must include that of the Macedonian central department as well as the reference number of the other offices arranged in their order. A foreign sole proprietor is allowed to have only one branch. A foreign company appoints one or more representatives for every branch in Macedonia, which represents even other branches.
A representative office of the foreign company is not necessarily a legal entity. It’s permitted to perform the activities of research or even gathering information in nature. The registration of the representative office is carried out in the register of the representation office of the foreign company in Macedonia North. It is then maintained in the central registry.
Would you like to get more information on company establishment in North Macedonia, please contact our specialists.
Documentation package
The above documents must contain the following information.
The name of the company;
The major activities or the main business to be carried out by that company;
The headquarters that the company will use in North Macedonia;
The banking account and the name of the bank;
An authorized representative, say, a manager’s copy of ID and passport;
The availability of initial capital which should not be less than 5000 euro;
The information about the shareholder’s liability and how the paybacks are distributed according to the shares;
The shareholders or name of the owners. For instance, a physical person should have a name, location address, surname, and a copy of ID and passport.
For a legal entity, there should be the current status of the company, which is issued by Trade register in the native country, younger than 90 days.
Thanks to good practices, experience gained, qualified theoretical knowledge, the experts employed by the Private Financial Services will quickly and qualitatively help to open and register the business activity in North Macedonia.