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Open Business in Macedonia, Opening Macedonia Business

Opening a business in Macedonia

Updated on Wednesday 27th May 2015

How easy is it to set up a business in Macedonia?

The process of company incorporation is one of the easiest processes in Europe, taking only 2 days and involving only two procedures: notarizing the company foundation acts and other documents necessary for registration and depositing those at the Central Registry and obtaining a company seal.
 
How easy is it to hire personnel in Macedonia?
 
The unemployment rate is very high in Macedonia due to the last year’s economic crisis so it’s not very hard to find suitable persons for the vacant positions in their companies. It is advisable to hire an employment agency in order to find these candidates or post announcements in the jobs newspapers. The foreign investors must be aware that the average salary in Macedonia is 497 EUR.
 
What are the main points of interest for foreign investors?
 
Macedonia is considered a target of the foreign investments since it began to take various incentives in order to attract foreign investments. Macedonia is an EU and NATO candidate so many measures are taken in order to support the economy and prove that it is a reliable country. 
The telecommunication system the most liberalized in the region this supporting high access to information. The trades are sustained by the modern infrastructure (13,278 km of roads, two international airports in Skopje and Ohri, a modern network of railroad)
The Macedonian government is supporting the foreign investments one of the most convincing fact is establishing of the Technological Industrial Development Zones providing favorable conditions both financial (support services and tax, customs and other incentives) and physical (by offering pre-built factories with completed physical infrastructure and prepared industrial sites).
Attracted by the advantageous conditions a number of international companies have started operations in the country (through privatization, assets acquisitions and various independendent projects)
 
What are the advantages of a holding company in Macedonia?
 
The main advantages of holding companies in Macedonia comes from the vast network of double tax treaties signed all over the years offering exemption on profit tax, minimized or exempt withholding taxes on dividends, interests and royalties. Even without these exemptions, the foreign investors must be aware that the incomes are taxed with a rate of only 10% the same as the withholding taxes on dividends, interests and royalties paid to non-residents, one of lowest taxes from Europe.