You have surely asked this question to yourself at least once – Should I start my own business? However, you always imagined this process as being complex.
Let us show you that it is much easier that you are anticipating. If you have a desire to launch something on your own, you can work on achieving your dreams, starting today! In this post we are exploring how you can open your company in Macedonia.
Where should I begin?
The idea is always the origin of everything, and the same is also the case when it comes to opening a business. You have to make a good analysis whether your idea can be adequately monetized and marketed to a target audience.
Managing your own business is a big and interesting challenge, but its development should always be approached by a responsible point of view.
Making a business plan is a good threshold into starting this journey. On paper, you can develop the next important elements:
- Goal of the business – Why the business should exist
- Mission and Vision – The long-term motive which will drive the business ahead
- Product or Service – What will the business sell to its customers
- SWOT Analysis – Strengths, Weaknesses, Opportunities and Threats in the internal and external environment of the company
- Strategy and Tactics – How can the goal of the business be achieved
- Allocation of Resources – Human and material resources needed so the business can properly function
- Budget and Financial Plan – How will the resources be provided, and what are the expected revenues and expenses
- Marketing Plan – How will the business be presented to the bigger audience, what will be the cost of the product/service, and what type of promotion and channels will be used
With the business plan, you will have a bigger picture which can be presented to the public or your potential investors.
What type of information is required in order to open a company in Macedonia?
When you will be sure about the type of business you want to open, and define your general strategy and financial plan, the next step is to register your company in the Central Registry of North Macedonia. This is a state-owned organization which represents the central informative base of legal entities in the country.
Information that should be delivered to the Central Registry about your company are:
- Company Name – The official legal entity name
- Company Address – Physical address where the company will execute its business activities
- Official Email Address – The official communication between the company and the government institutions will be done through this email
- Company Founder – The name of the person who is the owner of the business and guarantees with its monetary or non-monetary deposit
- Company Manager – The name of the person who executes all of the business activities in the company
- Company Type – Short description of the general field where the company operates
- Bank for Collaboration – commercial bank where the company will be doing all of its financial activities
What types of companies do exist?
Before you open a company, it is important to be aware of the legal possibilities available, and which type of company is the most adequate for your business. Main forms available in Macedonia are: Limited liability company (LLC) and sole proprietorship (individual entrepreneurship).
- Sole proprietorship (known in Macedonia as TP) is the smallest organizational structure by one person, who is guaranteeing with its private properties. There is no distinction between the owner and the business entity. Examples for this type are: taxi drivers, artists, craftsman, etc.
- Limited liability company (known in Macedonia as DOO/DOOEL) – Business entity launched by an owner (DOOEL) or several owners (partnership – DOO) who are guarantying only with the property of the company. This type of business usually has more employees. In order to launch an LLC in Macedonia, you need a 5000 euros as deposit in cash or inventory.
Why do you need an accountant?
Having an accountant is one of the most basic and important elements which are required for every company, so it can do its activities within the prescribed legal norms of the country. Every single company must be represented by a licensed accounting office, which will be its authorized representative in front of the official government institutions. The accounting office should guarantee for all the data that the company provides.
Also, the accounting office is the place where all the financial activities of the company are planned and executed, and therefore it gives additional support for the development of the business.
A lot of questions can appear when one is opening a new business:
- What should be in an invoice?
- What is the correct way to do payments?
- What is the limit of payment with a business card?
- What are recognized expenses of the company?
Also, the accounting office is responsible to answer professionally all the questions connected to the legal requirements, like:
- account balance for local and foreign currency values
- accounting of invoices
- determining all revenues and expenses
- determining the profit or loss of the company
- doing a yearly balance sheet
- information about all law updates in the country
- advices for correct financial working
- advices for correct way of doing financial books
- practical guide for better organizational work of the company
Why is Aleksandar-AK the ideal accounting partner for your business?
Aleksandar-AK as an accounting office was opened in 1999, and with 22 years of experience, we now operate more than 350 local and international companies. Our mission is to develop a strong relationship with every one of our clients, based on trust and confidence.
Our main goal is having satisfied customers, and we constantly invest in digitalization which increases our efficiency and information availability.
We provide a complete solution for your business. You do not need to worry anymore about administrative service and invoices. Our team is dedicated to provide you the best service possible. Now, you can really focus on developing and realizing your business ideas.
Do you want Aleksandar-AK to be your accounting office to your business in Macedonia? Make a calculation for your business, and we will contact you immediately.