macedonia.company

Business formation timeline in North Macedonia

Do you possess the readiness to fulfill your dreams of becoming a business owner? It is crucial to navigate through the process of establishing a company in order to have a successful start, and North Macedonia offers a positive setting for business initiatives. This detailed manual guides individuals from the initial idea stage to the official formation of a company, providing approximate timelines and valuable advice to help in making well-informed choices.

A step-by-step guide

We have outlined the essential procedures for creating a company, including an approximation of the time needed and our comprehensive methods to simplify the process for you. It is important to note that the timeframe for starting a business can vary greatly, as each company’s registration process is individual and dependent on its specific circumstances and demands.

Define your business plan (1-2 weeks)

Before beginning the formalities, it is important to have a well-defined strategy in place. Our team of experts is ready to provide professional guidance and help tailor a comprehensive corporate plan to meet your goals. Schedule a meeting with us to kick-start the process.

Reserve your company name (1-2 days)

Choosing a unique and enduring business name is a crucial part of the marketing strategy. Our name reservation services are efficient and hassle-free, ensuring that your desired name is promptly reserved and available for use.

Draft and sign the articles of association (1-2 weeks)

Our team of legal experts will help you create and review the important documents known as the Articles of Association, which specify the legal structure and regulations of your company in North Macedonia.

Opening a business bank account (1-2 weeks)

In order to facilitate financial transactions for your company, it is necessary for you to open a business bank account. You will need to provide identity documents, proof of company registration, and any other necessary documentation. Typically, this process takes between one to two weeks.

Deposit share capital (1-2 weeks)

In North Macedonia, companies must deposit a minimum share capital based on the legal structure chosen. Our team will help you prepare the necessary documentation and assist you in depositing the required funds into your newly established bank account, making sure to adhere to all legal obligations.

Register your business (1-2 weeks)

Enrolling your business in the Trade and Companies Register is a crucial part of setting up. Our team of experts takes care of the paperwork, communicates with the relevant bodies, and speeds up the registration process, allowing you to save time and energy.

Obtain necessary permits and licenses

The type of permits or licenses needed to operate legally in North Macedonia will vary depending on your corporate activities. Our team of regulatory experts will help navigate this complex process, identifying the required permits and facilitating their efficient acquisition. The timeline for obtaining the necessary permit will depend on the type of license required.

Tax registration (2-3 weeks)

Registering for taxes is a crucial part of establishing a business. This involves obtaining a special tax ID number, which can take different amounts of time but typically takes two to three weeks to complete.

Set up payroll and employment contracts (1-2 weeks)

It is essential to create legal payroll and employment contracts if you intend to hire staff. Our HR experts will help you with setting up payroll processes, creating employment agreements, and ensuring adherence to labor regulations, so you can concentrate on assembling a skilled team.

Establish accounting and bookkeeping practices (2-4 weeks)

It is crucial for any business to keep precise financial records. Our team of accounting professionals will assist you in setting up strong accounting and bookkeeping procedures to meet the standards set by North Macedonia accounting regulations.

Starting operations

Once all necessary regulatory procedures have been completed, your company is ready to begin operations. The timing of this step can vary based on factors such as the type of company, market conditions, and level of preparation for entering the market.

Form a company with us

If you’re ready to kick off your business venture in North Macedonia, contact us for a consultation and our experienced team will guide you through the process. We collaborate to achieve your corporate objectives.

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