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Macedonia

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„Macedonia is the new investment paradise for Europe“ was the slogan of the campaign launched by the government in 2014 to attract foreigners to invest in Macedonia. The Republic of Macedonia has grown from one of the poorest countries in Europe to one of the strongest in the Balkans. It is now ranked as the twelfth easiest country to do business by the World Bank. Are you also interested in how Macedonia did?

Advantages of establishing a company in Macedonia

  • The lowest operating costs in Europe
  • Free access to Europe – a market with more than 650 million consumers
  • 0% tax on retained earnings and 0% tax on reinvested earnings
  • The corporate tax rate is 10 % on business profits, capital gains and dividends
  • Three multilateral (SAA, EFTA, CEFTA) and two bilateral (Turkey and Ukraine) free trade agreements
  • Export center for the transport and distribution of goods between Asia and Europe

Disadvantages of doing business in Macedonia

  • High level of corruption among public administration officials and politicians
  • Difficult opening of global corporate bank accounts

Why complicate your life when Macedonia offers you one of the simplest ways to do business? Simple is not simple. Simple is genius.

Macedonia has implemented follow-up measures to make life easier for entrepreneurs:

  • Facilitated company settlement („one-time system“ for registration within 4 hours)
  • Implemented a tax reform whereby corporate income and personal income tax rates were set at 10%
  • It allowed for full exemption from profits earned on reinvestment in tangible and intangible assets in the country for the development of business and the creation of technological development zones
  • Profits from the sale and sale of shares of direct investments can be freely transferred abroad.
  • Provided corporate income tax exemption for 10 years and 50% income tax reduction for 5 years on certain investments
  • Eliminated VAT and duty on raw materials and equipment
  • Provided exemptions from tariffs for website preparation
  • It allowed free connection to water networks, sewerage, heating, gas and electricity
  • Enabled subsidies for the construction of factories up to EUR 500,000

Macedonia has a stable macroeconomic situation. Government forecasts indicate GDP growth at 2.3 % by the end of 2017, inflation at 1 %, government deficit at 3 % of GDP, debt to GDP at 40 % and its Denar currency having a monetary policy almost identical to the EURO.

Macedonia is strategically located at the crossroads of two major European transport corridors. A highly liberalized foreign trade policy, free access to the European Union, Turkey, Ukraine and low labor costs make Macedonia a highly competitive industrial producer.

Macedonia is becoming an export hub for the transport and distribution of goods between Asia and Europe in sectors such as clothing, food and beverages and the automotive industry.

Invest in real estate in Macedonia

Foreign individuals and legal entities may invest in real estate in Macedonia under conditions of reciprocity and upon approval by the Ministry of Justice. Regarding land, foreign individuals and legal entities can own or lease land intended for construction (up to 99 years). However, they cannot directly acquire ownership of agricultural land unless the authorities grant them a special permit

Start a company in Macedonia. There is no restriction for foreigners to establish and own 100 % shares in a company in Macedonia. Government permission is not required, except in cases involving banking, insurance and investment funds. We will establish a company for you in Macedonia and simplify your business.

Basic information

  • Type of legal entity: Limited liability company (DOO)
  • Establishment time: 7 working days
  • Number of shareholders: minimum 1, maximum 50
  • Shareholders: they can be FO or business entities
  • Share capital: minimum EUR 5000, maximum not defined
  • Shares on bearer: not allowed
  • A registered address in Macedonia is required
  • Local registered agent is not required
  • Directors: the minimum is 1, a natural person
  • Resident function of director: directors do not have to live in Macedonia

Taxation

  • The corporate income tax rate is 10 %
  • Branch tax rate 10 %
  • Capital gains tax is 10 %
  • The interest rate of dividends, interest, royalties is 10 %
  • The standard VAT rate is 18 %, a reduced rate of 5 % applies to many goods and services (food, books, drinking water, PCs, personal transport)
  • Net operating losses can be carried against income for 3 years forward
  • Double taxation agreements with 30 countries have been applied, determining tax rates on dividends, interest and royalties
  • Accounting. Accounting and preparation of accounts is necessary, filing of tax return is necessary
  • The audit is not mandatory
  • Anonymity and privacy. Information about administrators and shareholders is published in the company register.

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