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Obtaining a license for financial activities in Macedonia
Benefits of obtaining a license in this jurisdiction:
- It is the EU applicant state;
- Macedonia is on the list of states with a visa-free regime with the EU;
- A stable economic and political situation;
- You can obtain licenses for a financial company, banking and EMI license in Macedonia;
- A banking license is the only one providing the right to carry out payment transactions;
- Banking and EMI licenses are issued by the National Bank of the Republic of Macedonia, that increases their regulatory basis.
In order to obtain the EMI license in Macedonia, to obtain a banking license in Macedonia or to issue a license for financial activities in Macedonia, it is necessary to understand, what conditions and benefits the state provides.
- Is a candidate for EU membership;
- located in the southeastern part of Europe;
- has a stable economic and political situation;
- according to the World Bank estimates for 2019, it ranks 10th in terms of ease of doing business.
The income tax
- A corporate tax in Macedonia is 10%.
Possible business solutions
For activities, related to the opening of financial institutions in Macedonia, the state has developed three licenses. Each corresponds to a different type of organization, so if you decide to register a company in Macedonia and carry out financial activities, you can consider the following solutions:
- To obtain a license for a financial company.
- To get a banking license.
- To issue an EMI license (to obtain an electronic money institution/electronic money license).
Features, that provide data for a license:
Names of licenses correspond to the types of registered organizations. Below you can familiarize yourself with the possibilities, that these types of licensing provide.
- To obtain a license for a financial company in Macedonia. This financial license requires permission to:
- apply for loans for individuals and legal entities;
- to obtain a license for the issuance and administration of credit cards;
- to offer factoring services;
- to get the opportunity to issue guarantees;
- the advice on issues of the above activities;
- to issue a license for crediting movable and immovable property, including operating leasing.
The license for a financial company does not allow activities related to payment transactions.
- To obtain a banking license in Macedonia. A banking license here is the only one granting the right to a financial institution to carry out activities related to payment transactions. In addition, it includes a permit for the following activities:
- the provision of deposits;
- an implementation of lending operations;
- the conducting banking activities within the framework of regulation of stock exchanges and financial markets.
This type of license is issued by the National Bank of the Republic of Macedonia. In order to obtain a banking license in Macedonia, it is especially important to pay attention to the following requirements:
- the license is issued only for joint-stock companies;
- the founder of the bank can only be a trustworthy person;
- a mandatory full compliance with all requirements of AML and KYS.
- To obtain an EMI license. A separate, comprehensive license, supported by the law since 2007, is a payment system license. This license:
- allows the issue of electronic money and financial instruments within the existing authorized capital and available assets;
- it is not allowed to engage in other activities, then the issuance of electronic money;
- does not imply permissions for any type of lending.
A license for activities related to electronic money is also issued by the National Bank of the Republic of Macedonia, the emission is permitted only for the Macedonian Dinars.
The authorized capital for obtaining licenses in Macedonia:
- A financial company from 98 000 Euro.
- Banks is from 5 050 000 Euro.
- EMI is from 1 140 000 Euro.
Macedonia is demanding enough to comply with AML & KYC conditions, respectively, in order to successfully obtain a financial license in Macedonia, to issue a banking license in Macedonia, or to get an EMI license in Macedonia - it is necessary to provide a package of documents of an economic and financial nature, as well as qualified lawyers to monitor compliance with all mandatory requirements of the licensing process.
How to register an EMI license in Macedonia?
In order to obtain an EMI license in Macedonia, to issue a license for a financial institution in Macedonia or to register a banking license in Macedonia, as well as to receive comprehensive support services in licenses registration from IQD Consulting specialists, contact us in any convenient way.