Incorporation and obligations with the operations of a Trade Company
At the moment when the idea becomes a business activity that implements financial transactions, it is necessary for the startup to register a Trade Company in the Central Register of the Republic of Macedonia.
With the establishment of the Company, there are certain legal obligations that need to be respected. Some of the obligations apply to certain types of activity, some of them are applicable to certain stage of development, and part of them applies to all stages.
The procedure for establishing a Company is implemented by the Central Registry of the Republic of Macedonia, upon application filed by an authorized registration agent (lawyer or accountant).
Certain information you need to know before asking an agent to prepare and submit your incorporation documents is:
– Full and abbreviated name
– Address of head office
– Manager (his occupation and whether there will be restrictions in terms of management)
– Division of the share (if there are more founders)
– Main activity according to National Classification of the Activities
– E-mail address
– Bank in which the first account will be opened
– Information about the basic capital
In accordance with the Law on Trade Companies, the minimum of the basic capital is 5,000 Euros, which can be entered as a monetary or non-monetary deposit. The law provides an opportunity make a payment of the basic capital after 1 year of its establishment. This means that a trade company can be established with 0 denars in the first year, which is a significant relief for the companies. After the expiration of 1 year, it is necessary to enter the basic capital and register in the Central Register of the Republic of Macedonia. If it is a non-monetary deposit, an estimate is made by an authorized appraiser (it can be: bureaus, tables, computers, etc.) and is reported to Central Register of the Republic of Macedonia. If the contribution to the basic capital is not done in a period of one year, the company will be posted on the delisting list.
Obligations for the established companies
In accordance with the Law, with the establishment of the company, there are certain obligations that the manager of the company should fulfill:
-Notification to the Labour Department
This notice is sent at the moment when a company commences its business.
– Evidence on the working hours
This procedure is implemented in the Central Register of the Republic of Macedonia.
– Cash processing operations (mandatory cash register)
If the Company performs trade operation of goods and services for which payment is not carried out on a banking route (on the basis of issued invoice), they are obliged to introduce and use an approved fiscal system of equipment for registering cash payments and obligatorily to issue an account for the performed turnover, i.e. the service.
-Select an accountant
With the establishment, it is necessary for the company to choose an accountant who will take care of drawing up wages, writing invoices, preparing an annual final account etc.
– Submitting an annual final account
This obligation is mandatory for all companies. It is prepared by the accounting officer and submitted to the Central Register of the Republic of Macedonia.
-Registration of secrecy and protection of personal data
The companies are obliged to respect the Law on Secrecy and Protection of Personal Data. They are obliged to inform the Directorate for Personal Data Protection about the processing of personal data. If the collection of personal data is for up to 10 employees, they do not have a reporting obligation.