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.
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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, entities providing financial counseling services etc. The incorporation is simple, but it is important to verify all the requirements for obtaining the needed licenses and permits for the financial sector.
Financial companies in Macedonia can engage in various activities, depending on the type of financial services they provide. Some common activities include:
- banking services: providing deposit accounts, loans, and other banking products;
- microfinance services: offering smaller loans and credits to individuals or small businesses;
- leasing and factoring services: offering financing for equipment and factoring services;
- insurance and pension funds: companies can also engage in offering insurance and managing pension funds;
- investment and asset management: including managing mutual funds, securities, and investment advisory services.
Our company formation agents in Macedonia are at your disposal with any additional information in this matter.
Proper structure and requirements for a financial company in Macedonia
The limited liability company (DOO) is the preferred business entity for establishing approximately any kind of activity in Macedonia, the financial ones included. Such a structure can be formed by at least one shareholder and with 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;
- Depending on the type of financial company in Macedonia, a formal application must be submitted to the relevant authorities (such as the National Bank of the Republic of Macedonia or the Security and Exchange Commission);
- For financial institutions, demonstrating financial stability and meeting the required capital thresholds is a must.
Foreign entrepreneurs should know from the start that a name verification is needed prior the company formation. The support of our company formation agents in Macedonia consists of assistance in documents preparation, obtaining 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 grant us a power of attorney.
Business licenses needed for a financial company in Macedonia
Depending on the nature of the financial services offered, the required licenses and permits required in Macedonia will vary. Below are some examples:
- Banking license which is issued by the National Bank of the Republic of North Macedonia (NBRNM) for institutions providing banking services like: loans, deposits, and payment services;
- Insurance license which is provided by the Insurance Supervision Agency for insurance companies;
- Investment services license is suitable for companies offering services related to investments, such as brokerage firms or asset management companies. This is regulated by the Securities and Exchange Commission (SEC);
- Pension fund management license is required if operating a pension fund and a specific license must be obtained from the Agency for Supervision of Fully Funded Pension Insurance;
- Payment services license is required for companies offering payment processing services and they must acquire a payment services license from the NBRNM.
Authorities responsible for the financial companies in Macedonia
The National Bank of the Republic in Macedonia was established in 1991 and, among its purposes, we mention the issuance of licenses and permits for 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. More than that, the Ministry of Finance in Macedonia issues the necessary licenses for leasing companies in the country. Also, the Securities and Exchange Commission (SEC) supervises the financial companies involved in the capital markets or securities business, as this authority is responsible for regulating activities related to securities trading, market transparency, and investor protection.
Get support from our company incorporation agents in Macedonia in order to fully understand the operations conducted by these authorities.
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 as 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.
Data on the financial sector in Macedonia
Below we have gathered information about the financial sector and about the investments in Macedonia that might be useful when deciding for a company in this field:
- there are 12 private banks established in Macedonia, and among these, 9 of them controlling around 71.5% of the total banking assets in Macedonia in 2022;
- there are around 30 insurance companies in Macedonia, this market being quite appealing for small and medium entrepreneurs;
- the FDI inward flow for Macedonia increased by 103.5 USD million in September 2024, compared with an increase of 116.2 USD million in the previous month;
- Macedonia direct investment abroad expanded by 18.4 USD million in 2024.
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.