Establishing a Company in Macedonia

Setting up a Company in Macedonia 

Establishing a company in Macedonia offers tax advantages to foreign entrepreneurs and investors wishing to do business in the country. With World Company Setup, get professional advice for the company opening and registration process. Company formation in Macedonia can be completed quite quickly and easily if you follow the right steps. As the country offers various incentives to attract foreign investment, it can be an attractive option, especially for lower-cost business activities. However, it is important to make sure that you fulfill all legal requirements and familiarize yourself with the local rules.
 

Cost of Company Formation in Macedonia

The costs vary from 2000 to 4000 Euros according to different demands such as company type in Macedonia, Macedonia residence permit. Macedonia company setup time varies according to needs and demands. Official costs include official company incorporation fees, notary fees. There are also translation costs. The country's corporate legislation does not impose any restrictions on companies with foreign capital.
 

Tax Rates in Macedonia

The answer to the question of what advantages opening a company in North Macedonia brings is that it qualifies for low corporate tax rates and lucrative tax benefits.

The country applies a 10% corporate tax rate, one of the lowest in Europe. VAT is 18% and dividend tax is 10%. The following incentives are provided to investors wishing to establish local or foreign companies in Technological Industrial Development Zones:

Personal and corporate income tax exemption for the first ten years.
Customs duty exemption for machinery, goods, raw materials, etc.
Long-term land lease for up to 99 years within the economic zone.
VAT exemptions (subject to conditions).
Corporate Tax is applied as a flat tax of 10%. With this rate, Macedonia has one of the lowest tax rates in Europe. This rate is planned to be reduced to 8% in the coming years.
The income tax rate in the country is also 10%.
The general rate of Value Added Tax (VAT) is 18%, while 5% VAT is charged on food products, publicly supplied tap water, publishing and printing products such as books, newspapers and magazines, solar energy collectors, transportation, computer hardware and software.


 

Opening a Corporate Bank Account in Macedonia

Before opening a corporate bank account in North Macedonia, the online banking system is available by examining all options. Particular attention should be paid to services such as remote banking, online transactions, etc. To open a bank account in North Macedonia, you must present identity documents and a document proving your address in the country. Non-residents can open a bank account in North Macedonia. However, some banks may require you to have a local legal representative. The best and famous bank in Macedonia is NLB Bank Skopje. 
 

Obtaining a Residence Permit in Macedonia

All you need to visit Macedonia is a passport, no visa is required.
Your passport must be valid for at least 6 months. You can get a Macedonia residence permit as an owner/partner/employee of a company. In this case, your first residence permit will be valid for 6 months. Then you can get a residence permit for 1 year. If you renew your residence permit for 5 years without a break, you have the chance to stay for 10 years. After the company is established, the company partner starts paying insurance premiums. After that, the spouse and the child under the age of 18 can obtain a residence permit.
 

Macedonia Accounting Services

Accounting firm in Macedonia can be the right solution for your business. World Company Setup provides accounting services directly instead of an external firm dealing with such operations. Among the accounting services we can provide for your company, we support payroll services, bookkeeping, VAT registration. We also provide tax consulting and support for tax minimization methods if you want to reduce expenses in the company.

It is also necessary to ensure that the annual financial statements of your company in Macedonia are presented according to International Financial Reporting Standards.