According to the conducting trade survey, Macedonia has a very good ranking for launching a corporation. Another incentive for entrepreneurs to create a firm in Macedonia may be the country’s straightforward incorporation process. The country’s Corporate governance, which went into effect in May 2008, oversees the procedure for forming businesses. This text provides some guidance for entrepreneurship development in Macedonia concerning registration, administration, initial capital, and other requirements associated with the establishment of companies.
Joint Stock Company
It offers businessmen many corporate structures, just like the majority of nations. In the nation, one may create an LLC, partnerships, branches, and a joint stock company. The National Registrar oversees the documents necessary for firms to be registered there.
JSC, which can be either public or private, is recognized in Macedonia. The basic share capital for a public joint stock firm is fixed at EUR 50,000. For the private business to be formed in the country, the investors must contribute EUR 25,000.
Corporate act in Macedonia
The corporation in Macedonia and how they operate in the industry are under the scrutiny of the country’s corporate statute. The statute provides comprehensive data about the kinds of businesses you can establish in the nation, the documentation criteria, and specifics about the licenses and permissions required. Additionally, it tells about the legal obligations and privileges of the compliance officer, the board of directors, and the company’s owners.
The organizational contract, an administrative record, its proprietors, and basic equities, should also be maintained as per the law. The Ordinance provides information about the data that must be recorded in the firm. Foreign businesspeople should be aware of business regulations and select the appropriate company entities to accommodate their prospective activities and commitments.
Requirements for JSC registration
The proprietors of companies that are incorporated in the country are specifically responsible for the firm’s holdings and liabilities. The shareholders are only responsible for the extent of shares they hold in the firm. The conditions for establishing the JSC are listed below.
Activities
It is vital to describe the firm’s activities and the extent of its services in the application form. Additionally, information regarding the founder’s professional endeavors must be included.
Name
A corporation must produce three titles for it and present them for approval to the appropriate state officials to incorporate an enterprise in the nation. Authentication typically doesn’t take very long. The names should reflect the goal of the venture and not be deceptive.
Capital
The sum of capital contribution, which is typically € 5000, must be paid at the time of incorporation or within a year of the filing date.
Manager
The company shall choose the administrator. Any person can hold the position of supervisor or management in the firm, irrespective of nationality or ethnicity.
Legal address
The owner must apply for the corporate address, which is where all business transactions would be made. The corporate headquarters must be in the country.
Details of founder
The regulators must get all required information concerning the creators, executives, directors, and shareholders. To register, the owner must provide the contact details, position within the organization, legal standing, and financial standing.
Bank account
To carry out any legal operations, the corporation needs a corporate account in its name. The account needs to be legally distinct from the owner’s bank account.
Documents
The following are the documents required for JSC registration in Macedonia:
- Name of the venture;
- Corporate operations;
- List of directors and shareholders;
- Bank statements;
- Tax statements;
- Details of the managers;
- Evidence of submission of initial capital; and
- Legal procedures fee.
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