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Registering a Company in North Macedonia

Registering a Company in North MacedoniaNorth Macedonia located in the center of the Balkan Peninsula, has an area of 25,713 square kilometres and a population of approximately 2.09 million people. It is a traditionally agricultural country with a low level of development in Europe. Despite this, the country has consistently opened up its economy to the outside world, attracting foreign investment and promoting economic development, so doing business in North Macedonia has a number of potential benefits.

 

Tax Incentives and Investment Haven Status in North Macedonia

To begin, Macedonia provides several tax breaks to attract foreign investors, such as a low corporate income tax rate and other incentives. Corporate income tax and personal income tax are both 10%, which is on the lower end of the scale in Europe and around the world. It is worth noting that foreign investors are not required to pay taxes on their profits if they reinvest them.

If a foreign company establishes itself in a technical and industrial development zone in North Macedonia, it can even benefit from a 10-year exemption from corporate and personal income tax, property tax and excise tax. North Macedonia can be described as a dream destination for foreign investors.

 

North Macedonia’s Business Advantages

North Macedonia has also signed free trade agreements with 41 countries, including the European Union, with which it has virtually no tariffs, and these markets cover over 650 million consumers. Foreign companies can use its geography to invest and reach the entire European market.

Secondly, the country’s business environment is relatively friendly, with the government encouraging foreign investment and taking steps to simplify business registration and operations. Its geographical location, which serves as an ideal gateway to the European market, can provide companies with more market opportunities.

At the same time, operating costs, including labour costs and cost of living, are relatively low in North Macedonia, with the country’s per capita pre-tax income in 2021 at around EUR 693/month, which is lower than in neighbouring countries.

North Macedonia has a proactive and open policy towards foreign investors, protecting foreign investment, encouraging technology transfer, and offering various benefits and incentives. As a result, many foreign companies see North Macedonia as an ideal investment destination and are looking to register their businesses there.

According to the Macedonian Company Law, there are six types of companies that can be established by a foreign company:

  • General partnership
  • Limited Partnership
  • Limited Liability Company (LLC)
  • Joint Stock Company (JSC)
  • Joint stock limited partnership
  • Sole proprietorship

The registration of a company in Macedonia can be completed at one-stop shops, where the entire process takes only four hours and can also assist the applicant in registering for VAT.

Foreign companies typically choose to register a limited liability company, which has the advantages of a quick registration process, tax benefits, and the ability to begin business operations quickly. Furthermore, at least one shareholder is required, with a registered share capital of 5,000 euros.

After submitting the registration documents, the applicant must apply for a company seal, open a bank account, register for VAT, and register the foreign investment in the Central Registry before beginning business operations.

 

StringBoard’s Expansion Journey into the European Market

As China strengthens its cooperation with Central and Eastern European countries, Chinese companies may consider establishing a company or investing in a factory in Northern Macedonia to capitalize on the country’s location, labour force, and other advantages and turn it into a springboard for the European market.

However, before entering the market, it is recommended that you seek professional advice and thoroughly research the legal, tax, and business environment. 3E Accounting can be your reliable partner in quickly entering the North Macedonian and European markets. Contact 3E Accounting

Registering a Company in North Macedonia