North Macedonia (formerly known as Macedonia) is a small country located in the Balkan region of Europe. It is a developing economy that offers a lot of potential for entrepreneurs looking to start a business. If you are interested in starting a business in North Macedonia, there are several steps you need to take to register your company. This article will guide you through the process of registering a business in North Macedonia.
Table of Contents
Choose the Type of Business Entity
The first step to register a business in North Macedonia is to choose the type of business entity that you want to establish. There are several types of business entities that you can register in North Macedonia, including sole proprietorship, limited liability company (LLC), joint stock company (JSC), and partnerships. You need to consider the type of business you want to start and the legal requirements for each business entity before making a decision.
Register the Business Name
Once you have chosen the type of business entity, you need to register the business name. You can check the availability of the business name online through the Central Register of the Republic of North Macedonia. The business name should not be similar to an existing business name in the country, and it should not contain any offensive or misleading terms.
Obtain a Tax Identification Number
After registering the business name, you need to obtain a tax identification number (TIN) from the Public Revenue Office. The TIN is required for all legal and financial transactions in North Macedonia, including opening a bank account, paying taxes, and registering for social security.
Open a Bank Account
To operate a business in North Macedonia, you need to open a bank account in a local bank. The bank will require a copy of your TIN, identification documents, and other business registration documents.
Register with the Trade Register
The next step is to register your business with the Trade Register at the Central Register of the Republic of North Macedonia. You need to provide the required documents, including the business name, type of business entity, address, and contact details. You also need to pay the registration fee, which varies depending on the type of business entity.
Obtain Business Licenses and Permits
Depending on the type of business you want to start, you may need to obtain additional business licenses and permits from various government agencies. For example, if you want to start a restaurant, you need to obtain a food and beverage license from the Ministry of Agriculture, Forestry, and Water Economy.
Register for Social Security
All businesses in North Macedonia are required to register for social security with the Pension and Disability Insurance Fund. You need to provide the required documents, including the business registration documents, identification documents, and TIN.
Hire Employees (if necessary)
If you plan to hire employees, you need to register them with the Tax Administration and the Pension and Disability Insurance Fund. You also need to provide them with a contract of employment, which includes their salary, working hours, and other employment terms.
In conclusion, starting a business in North Macedonia can be a complex process, but it is not impossible. By following the steps above, you can register your business and start operating legally in the country. However, if you need assistance with the legal part of your business journey in North Macedonia, Generis Global can help. We are a team of legal experts who can assist you in registering your business, obtaining licenses and permits, and complying with the legal requirements in the country. Contact us today to learn more.