Among entities suitable for most types of activities in Macedonia, the limited liability company is recommended for foreigners who want to expand and make profits in this state. DOO (Drushtvo so Ogranichena Odgovornost) as it is known can be established in compliance with the requirements of the Central Registry of the Republic of Macedonia and the Companies Act. Even if the registration process is simple and less bureaucratic, it is suggested to ask our company formation agents in Macedonia for support and complete details in this direction.
Conditions to set up an LLC in Macedonia in 2021
A limited liability company in Macedonia is the most common business structure for both local and foreign investors because of the simple registration, the tax advantages and the fast start of activities. One or more shareholders but not exceeding 50 can open LLCs in Macedonia with a minimum share capital of EUR 5,000 or about MKD 308,000. The Articles of Association and the Memorandum of Association stand at the base of an LLC incorporation in Macedonia. These documents must comprise information about:
- • the name of the business and the name of the owners;
- • the appointed board of directors and the representative agent of the company;
- • the activities of the company, and details about the business address;
- • the minimum share capital and details about the capital contribution of each member.
Complete information about how to open a DOO in Macedonia in 2021 can be offered by one of our specialists in company formation in Macedonia.
What additional information is necessary for opening an LLC in Macedonia?
Additionally, the above-mentioned documents must contain information about the owner’s liabilities and how the profits are distributed, in accordance with the shares. Please bear in mind that these must be provided to the authorities in charge in a notarized form, and as soon as the certificate of registration is issued, the company seal must be obtained. A bank account must be opened in order to deposit the minimum share capital. If you would like to know more about the necessary documents and forms related to a limited liability company and the registration procedure, you may talk to our specialists in company incorporation in Macedonia.
Steps in registering the LLC in Macedonia in 2021
Having a registration process far from complex, investors can set up their companies in a fast and reliable manner with comprehensive support offered by our team of advisors. The following steps are involved in an LLC registration:
- • register the business address for your company in Macedonia;
- • submit the Articles of Association and open a bank account;
- • register for VAT and other taxes in Macedonia (including social contributions);
- • apply for company seal before commencing any business activity.
It is good to know that foreigners do not need to come to Macedonia to set up an LLC, as our team of advisors can take care of such aspects by acting as legal representatives of your business in this country. A power of attorney is necessary in such case.
A business bank account for a DOO in Macedonia
Yes, companies in Macedonia, including limited liability companies require opening a bank account for depositing the minimum share capital of the firm. This can be a temporary bank account, or it can turn into a permanent one that will serve the company’s financial operations. If you would like to know more about the conditions of opening a business bank account in Macedonia, we suggest you talk to our team of company formation agents in Macedonia.
Establishing a subsidiary in Macedonia
Running a subsidiary in Macedonia means setting up a DOO and respect the general rules of such structure as imposed by the Company Act and its provisions. A subsidiary in Macedonia is an independent legal entity which can be established with a minimum shareholder of EUR 5,000 and by at least one shareholder, Just like for any kind of business form available in Macedonia, the Articles of Association are the main documents of the subsidiary that offer information about the owners, the board of managers and their responsibilities. The subsidiary can perform the same operations as the parent company.
Establishing a branch in Macedonia
Companies from abroad interested in establishing their activities in Macedonia may do so by creating a branch. Just like in the case of a subsidiary, a branch will be created as a limited liability company and the same minimum share capital of EUR 5,000. Besides the Articles of Association, an agreement which shows the intention of creating the branch is necessary at the time of registration, an important document which is issued by the parent company. In matters of company formation, notwithstanding of the chosen structure, we suggest you address your inquiries to our team of company incorporation specialists in Macedonia.
Purchasing a ready-made company in Macedonia
Many business persons are interested in commencing their activities in a relatively short period of time, without waiting for the registration formalities. A ready-made company is often the suitable business decision for this type of entrepreneurs because it runs in the simple form of the DOO and it is already registered in Macedonia. The advantages of a shelf company involve the fast transfer of ownership, no debts, no registration formalities and the possibility of obtaining a credit from the local banks in Macedonia. The accounting history of a shelf company plus the credibility on the market will weigh in a large amount when deciding for a bank loan for your firm. We remind that if you would like to start a business in Macedonia and find out the conditions imposed by the legislation, we invite you to address your concerns to our team of consultants.
What are the taxes for LLCs in Macedonia?
Companies with establishments in Macedonia are subject to a 10% tax rate on the incomes registered, one of the lowest in Europe. The same rate is applicable for dividends of companies in this state. As for the value added tax, this is set at 18% in Macedonia on certain activities, services, and goods. Because the government offers incentives and encouragements in the country’s significant sectors, small and medium businesses can easily develop in Macedonia and can benefit from several tax exemptions. It is suggested to hire an accounting firm which can take care of the financial operations of your firm, whether it is a local LLC or from abroad. Please feel free to talk to our company fromation agents in Macedonia and find out more about business in Macedonia in 2021.
Economy facts about Macedonia
Macedonia is open for foreign investments and business in varied important industries, considering the appreciated business environment that sustains the development of this country. Having an excellent infrastructure and a proper fiscal regime, low inflation, and macroeconomic stability, Macedonia welcomes investors from abroad who want to expand their activities through limited liability companies or other important business forms. Skopje, the capital of Macedonia is a significant financial center extremely appreciated for the business conditions by foreign entrepreneurs worldwide. The Macedonian government continues to implement varied economic policies and to maintain the fiscal discipline in order to attract the foreign investments in this country.
Please do not hesitate to contact our team of company formation representatives in Macedonia for support in registering a limited liability company in this country.