North Macedonia, a small country located in the Balkans, has been making significant strides in its economy in recent years. With a population of just over 2 million people, the country has managed to attract foreign investment and establish itself as a hub for business in the region.
The business settings in North Macedonia are diverse, ranging from small family-owned enterprises to large multinational corporations. The country has a well-educated population, making it an attractive destination for businesses looking to expand their operations. With its pro-business policies and growing economy, North Macedonia is poised for continued success in the years to come. Anyone planning to establish and file a business in the country should get themselves familiarize with the guidelines provided below.
Laws and regulations of company registration
Company registration in North Macedonia is governed by the Law on Trade Companies and the Law on the Central Register of the Republic of North Macedonia.
Law on Trade Companies
The Law on Trade Companies in North Macedonia is regulated by the Trade Companies Act. This law outlines the requirements for establishing a trading company, including the necessary documentation and filing procedures.
Law on Central Register
The Central Register of the Republic of North Macedonia is responsible for maintaining a database of all listed trade companies in the country. This database includes information on the firm’s legal status, ownership structure, and financial performance.
Process of company registration
The process of company registration in North Macedonia is a complex one. The most important thing you need to remember is that the process can be very lengthy and will take several weeks to complete. The company filing process involves the following steps:
Step 1: You must obtain a business license from your local government office. This can be done at the same time as you obtain your business registration certificate.
Step 2: You will then need to apply for a business registration certificate from your local government office.
Step 3: Once you have received your business registration certificate, it will be time to go through the application process with your bank so that they can issue a loan for you.
The final step before starting any activity is obtaining an official seal which is attached to documents to authenticate them as being genuine and official documents issued by authorized organizations.
Requirements for company registration
To register a company in the country, you’ll need to fulfill the following criteria
Company members
The firm must have a least two stockholders. These shareholders must be recorded with the Central Register. The firm must also have a management board, which must consist of at least three members.
Registered office
The firm must have a listed office in the nation. This office must have a physical address and must be registered with the Central Register.
Corporate License
The firm must have a valid business license. This license must be obtained from the Ministry of Economy and must be renewed annually.
Documents
The firm must send the following papers to the National Revenue Service:
- Certificate of incorporation
- Articles of association
- Memorandum of association
- Proof of recorded office address
- Tax identification number
- Business plan
- Bank statement
- Application form
Authorities to contact
When it comes to registering a firm in the country, it is important to know which authorities to contact. The first step is to visit the Central Register of the Republic, which is responsible for recording all legal entities in the country. In addition to the Central Register, it is also necessary to file with the Public Revenue Office for tax purposes.
Ultimately, it may be crucial to file with other authorities depending on the nature of the business. For example, if the firm is involved in the production or sale of goods, it may need to file with the State Market Inspectorate. Similarly, if the enterprise employs workers, it must file with the Employment Agency. It is important to research and understand all relevant authorities and requirements to ensure a smooth and successful enterprise registration process in North Macedonia.
