Macedonia is one of the few countries in Europe where you can still open a non-resident corporate account without the need to travel. During these days of travel restrictions, this is surely a very attractive proposition.
One of the main benefits is that Macedonia does not automatically exchange tax information with other countries. This is one of the options for foreign businesses to have an offshore bank account in the middle of Europe and protect their confidential data.
Why is it worth opening a corporate bank account in Northern Macedonia?
- There are no requirements for minimum deposit
- No minimum balance on the account is required
- The Bank provides Home Banking system (Internet banking) for both transactions and balance review
- Support in English, Serbian, Macedonian
- Cards are available only for private individuals: VISA Electron Green, American Express Point, American Express Green, American Express Gold and Platinum.
- Easy and fast SWIFT payments
- Currencies available: EUR, USD, GBP, AUD, SEK, CHF
- Northern Macedonia is basically the only jurisdiction left in Europe that has not yet joined CRS. Therefore, more privacy can still be found in the middle of the Old Continent.
- Very cheap banking services. Account maintenance fee for private individuals can be as low as 3 EUR per month
- The bank offers a wide range of services: Loans, deposits, bank vaults and safety deposit boxes, bank guarantees, overdraft, securities trading;
Why Northern Macedonia?
Macedonia still holds the legacy of one of the most developed banking systems in the world from the 1990s – the Yugoslavian banking system. It is open to clients from south and north, east and west.
What services does a bank in Macedonia provide?
- Local and international payments;
- Internet banking and mobile banking
- Bank vaults and safety deposit boxes
- Bank guarantees
- Securities trading
- American Express pay cards
- Bank tariffs – set for every client individually based on profile.
- Incoming payments are free of charge
In order to set up a corporate account in this bank a preapproval procedure will make things really easy. No need to spend time and money collecting all the documents until you receive the nod. After that, the individual tariffs will be determined.
Documents required for account opening in Macedonia
As when opening any offshore bank account, really the most important part is that the owner should have a clear written business plan – at least 1-2 pages. If there is more than one owner, an ownership chart is also important. Then, depending on the company structures, some or all of gthe following documents might be required:
- Legalized foreign passport copies;
- Legalized proofs of addresses;
- Power of attorney (in case of remote account opening);
- The following corporate documents shall be supplied:
- A legalized copy of the company registration certificate;
- A legalized copy of the Articles of Association;
- Certificate of Good Standing or Commercial Registration Certificate;
- Certificate of Incumbency (original or legalized copy);
- Notarized copies of Share Certificates;
- A legalized copy of the Register of Directors;
- A legalized copy of the Register of Members;
- A legalized copy of the CEO/ director/ board member resolution or any other company document in which the company officially resolves to open the Macedonian bank account;
- A document of fiduciary management in case trustee shareholders are employed;
- A description of the company business activities made on the bank form and addressed to the bank.
All documents must not be more than three months old, notarized, and written or translated into English language. Documents obtained from state bodies shall be apostilled.
After all the documents are submitted to the bank, the account opening takes seven business days on average.
Please note that the bank may request some additional documents.
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