FAQ

What banking services are available for new companies in North Macedonia?

Opening a company in North Macedonia is the first step to a successful business, and banking services play an important role in this process. Here are the main options available to new companies:

Opening a Corporate Account: Every company can open a corporate account in any Macedonian bank. This is necessary for running a business and handling all financial transactions.

Credit Lines and Corporate Cards: Many banks offer special credit products for new companies, including credit lines and corporate cards to simplify payments and manage finances.

Online Banking: Modern banks in North Macedonia provide full access to online banking, allowing you to manage your finances remotely, track transactions and make payments at any time.

International Transactions: New companies can easily make international payments and work with foreign partners thanks to flexible currency services.

Deposits and Investment Products: Banks offer opportunities to save and grow capital through deposit and investment accounts, which helps manage funds efficiently.

What documents are required to register a company in North Macedonia?

Registering a company in North Macedonia is an important step to doing business and obtaining a residence permit. Here is a list of the main documents you will need:

Memorandum of Association and Articles of Association: Describes the purpose, structure, and operating rules of your company.
Founders’ Documents: Copies of passports and, if necessary, other identification documents of all founders.
Proof of Legal Address: A document confirming the address where your company will be registered.
Proof of Payment of Share Capital: A document from the bank confirming that the share capital has been paid into the company’s bank account.
Application for Registration: A completed form to be submitted to the Central Registry of North Macedonia.
Taxpayer Identification Number (TIN): An application to obtain a tax number for your company.
Additional Licenses and Permits: Depending on the type of business, additional licenses and permits may be required.

How Long Does It Take to Register a Company in North Macedonia?

Registering a company in North Macedonia is a key step to legalization and obtaining a residence permit. This process is relatively quick and includes several stages:

Preparation of documents: Collection of all necessary documents, including the memorandum of association, the company charter and the personal documents of the founders. This stage takes from several days to a week.
Reservation of the company name: Usually takes 1-2 business days.
Submission of the application and registration: The process of submitting the application and obtaining the certificate of registration of the company in the Central Register takes approximately 5-7 business days.
Obtaining a tax number and registration with the tax office: This takes 1-2 business days.

On average, the entire process of company registration in North Macedonia takes about 2-3 weeks. However, with the professional support of Urban Consult, this period can be significantly reduced.

What next after registering a company in North Macedonia?

Registering a company is an important first step to a successful business. But what to do next? Here are the basic steps:

Opening a bank account: After registering your company, you will need to open a corporate bank account to conduct financial transactions.

Obtaining a tax number: Without one, you will not be able to legally conduct business in the country.

Obtaining a residence permit: One of the most important steps is obtaining a residence permit. It will allow you to not only legally reside in North Macedonia, but also fully manage your business.

Hiring employees: If your business requires staff, it is important to begin the process of hiring employees in accordance with local legislation.

Obtaining licenses and permits: Depending on the field of activity, additional permits or licenses may be required.

What taxes apply to companies in North Macedonia?

Are you considering starting a business in North Macedonia? It is important to know what taxes apply to companies in order to plan your activities effectively. Here are the main ones:

Income Tax: The income tax rate in North Macedonia is 10%. This is one of the lowest rates in the region, making the country attractive for entrepreneurs.
Value Added Tax (VAT): The standard VAT rate is 18%. However, a reduced rate of 5% applies to certain goods and services (such as basic food products, medicines and books).
Social Contributions: Employers are required to pay social security contributions for their employees. This includes pension, health and insurance contributions. The general rate is around 28% of the employee’s salary.
Dividend Tax: The dividend tax rate in North Macedonia is 10%.
Personal Income Tax: If you plan to also work in your company, it is important to know that the personal income tax rate is also 10%.
Other taxes: Depending on the type of business, other taxes may apply, such as property tax or vehicle tax.

With low tax rates and a simple taxation procedure, the country is becoming an attractive destination for new companies.

Is it possible to obtain a residence permit by opening a company?

Opening a business in North Macedonia is not only a great opportunity to develop your business, but also a chance to obtain a residence permit.

Here's what you need to know:

Legalization through business: Registering a company in North Macedonia can serve as the basis for obtaining a residence permit. This allows you and your family to legally live and work in the country.

Minimum requirements: The process of opening a company in North Macedonia is quite simple and requires minimal investment. For example, the authorized capital for an LLC is only 5,000 euros.

Stable tax system: The income tax rate is 10%, which makes North Macedonia attractive to foreign investors.