COMPANY FORMATION IN NORTH MACEDONIA

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September 26, 2016

General conditions about the country:

North Macedonia is located in southern Europe ( Balkans and borders with Bulgaria,Greece Serbia and Albania) . The average salary is 300 EUR and the local currency is Denar .Roughly the exchange rate between Denar and Euro is 1 EUR ; 61.50 MKD .That rate is from 1997 without significant changes . The banks are stable and the National Bank which is main regulator of the financial system in the country guarantees for all deposits of all physical and legal persons which hold account in Macedonian banks . International transfers are processed very fast and there are no restrictions on the countries. The tax on income is levied at 10 % . VAT is 18 % for all products and services except : publishing books and newspapers 5% , computers and computer equipment 5 % ,primary food production 0 %, educational services 0%. North Macedonia did not sign OECD agreement for automatic exchanging of information between countries (see the link ) and therefore the jurisdiction is counted as pretty attractive for conducting business because there are no international controls on the companies in the country and the country does not cooperate with other countries public revenue offices for foreigners having business in the country. On the other hand the jurisdiction does not have reputation of financial center ( offshore) and therefore invoicing from North Macedonia is not deemed as offshore invoicing. Also the country did not sign agreement ( like most countries signed) with USA about reporting US persons having accounts in the country .

-gate4business.com can incorporate company in North Macedonia, provide you with registered address (which is a must in order to incorporate a company, we will give you detailed advice on taxation and give you monthly accountancy support . Also you will be advised on double tax agreements North Macedonia has with other countries .For more specific questions contact us.

The procedure of company formation in North Macedonia is pretty straight away through our company .You do not need to visit North Macedonia in order to incorporate.The company needs to have : -at least 1 director ( must be physical person) -at least 1 shareholder (can be other company,companies or physical persons) -registered address in Macedonia The director can be from any nationality .The stages are as follows: 1.You provide us with proposed company name and we check if the name is available ,give us valid passport copy of the director and shareholder .If shareholder is a company than we will need company registration documents not older than 3 months . 2.We prepare the documents and send to you for signing 3.You sign the documents and send scan copy of signed documents 4.We incorporate the company in 5 working days in addition : 5.we can open bank account for you in North Macedonia ,both company bank account and your personal Nominee services are available. If you need more specific information contact us .

There are also possibilities of opening representative office of foreign company in Macedonia and in that case this entity can not conduct business in Macedonia but only with abroad.The representative office is not subject of accountancy and annual report therefore and no taxes appear.We strongly recommend opening representative office if :

-you not intend to conduct business within the country

-if your incomes are derived from abroad

-if you need access to multi currency bank account with pretty low maintenance fees ( very often only 5 EUR per month)

-there are no restrictions of country where the legal entity is incorporated ( you can open representative office of company incorporated anywhere )

In addition : we can open non-resident bank accounts in North Macedonia for both legal or physical persons without limitation on the country of origin .

Also foreign income in not subject of VAT.