Entrepreneurs have varied business opportunities in the financial sector, and those interested in this field can activate in the banking system or have a business of their own by opening an exchange office, for example. The company formation process in Macedonia has been simplified in the past years, so it is quite easy for international entrepreneurs to start a business in this country. Below you can find information about how you can open a financial company in Macedonia, helped by our company formation specialists in Macedonia.
What type of financial company can I open in Macedonia?
Besides opening a branch or a subsidiary of a foreign bank in Macedonia, entrepreneurs can set up credit companies, investment banks, brokerage and insurance companies, loan associations, leasing companies, financial counseling services provided by professional advisors. The incorporation is simple, but it is important to verify all the requirements for obtaining the needed licenses and permits for the financial sector.
What is the proper structure for a financial company in Macedonia?
The limited liability company or the DOO is the preferred business entity for establishing approximately any kind of activity in Macedonia, the financial ones included. Such a structure car be formed by at least one shareholder and a minimum share capital of EUR 5,000. Below you can find important information about this business structure available in Macedonia:
- The incorporation starts with the Central Registry of the Republic of Macedonia where the Articles of Association are deposited.
- The company needs to have a business address, a valid name and a bank account for the share capital.
- A company cannot be incorporated without a representative and a board of managers.
- The registration for tax purposes and social contributions is made after the incorporation certificate is obtained.
Foreign entrepreneurs should know from the start that a name verification is needed prior the company formation, and that to be sure there won’t be any infringements. The support of our company formation agents in Macedonia consists of assistance in documents preparation, licenses and permits, incorporation, tax registration and many more. We can represent your financial company in Macedonia and act as legal representatives for your firm if you invest us with a power of attorney.
Licenses for financial companies in Macedonia
The National Bank of the Republic in Macedonia was established in 1991 and among the purposes of the central bank of Macedonia we mention the issuance of licenses and permits for all financial institutions in this country. Branches of foreign banks and other financial institutions must meet the licensing requirements and align with the regulations referring to exchange rate policies, price stability and other monetary policies. Also, the Ministry of Finance in Macedonia issues the necessary licenses for leasing companies in the country.
Activities of financial institutions in Macedonia
Financial companies can develop about the same activities of banks in Macedonia, with the mention that such firms will run with low assets and liquidities compared to banks. Nevertheless, small financial firms can serve to a specific market and clients, present confidence, are flexible and can offer long or short-term loans, even for newly formed companies in Macedonia. The good news is that such companies are not that restrictive as banks are and can have a more appealing tax structure. Whether you are interested in forming a branch of a foreign company or an exchange office in Macedonia, we recommend you get in touch with one of our agents in company formation in Macedonia and ask for support and assistance.
Below we have gathered information about the financial sector and about the investments in Macedonia that might find it useful when deciding for a company in this field:
- • there are 18 private banks established in Macedonia, and among these, 3 of them have approximately 60% of the total market operations;
- • there are around 30 insurance companies in Macedonia, this market being quite appealing for small and medium entrepreneurs;
- • approximately USD 737 million was the FDI inward flow for Macedonia in 2018;
- • USD 5.9 billion was the total FDI stock in Macedonia in 2018.
Those entrepreneurs interested in opening a company in the financial sector in Macedonia or start a company in any kind of field are invited to contact our team of company incorporation agents in Macedonia.