Macedonia’s small, open economy make it vulnerable to economic developments in Europe and dependent on regional integration and progress toward EU membership for continued economic growth. At independence in September 1991, Macedonia was the least developed of the Yugoslav republics, producing a mere 5% of the total federal output of goods and services. The collapse of Yugoslavia ended transfer payments from the central government and eliminated advantages from inclusion in a de facto free trade area. An absence of infrastructure, UN sanctions on the downsized Yugoslavia, and a Greek economic embargo over a dispute about the country’s constitutional name and flag hindered economic growth until 1996. (CIA World Factbook)
Currency: MKD
Key exchange rates:
Interest rate:
Current inflation:
Inflation target:
Tax rate: 18%
FIRST STOP
Banking
National Bank of the Republic of Macedonia The National Bank of the Republic of Macedonia is the central bank of the Republic of Macedonia, located in the capital city, Skopje.
Tutunska Banka Tutunska Banka is a leading banking institution in the Republic of Macedonia with a steady trend of development and positive results since its establishment through to the present day. It was founded in 1985 and since 1993 it has operated on the market as a commercial bank offering all financial and banking services to clients in the country and abroad.
Legal
Savic Law Office Savic Law Office is a high profile law firm, based in Skopje, Macedonia, which offers legal solutions and advice to our domestic and international clients. Their dynamic team of attorneys adheres to the highest standards of legal excellence and the highest standards of service.
Polenak Law Firm Today, we are one of the leading law firms in the Republic of Macedonia in many practice areas. Polenak Law Firm’s practice comprises major mergers and acquisitions involving international investors, preparation of legal due diligence reports, creation of banks, establishing insurance and leasing companies, trade and production companies, commercial, civil and criminal litigations, and many more.
Accounting
KPMG Macedonia KPMG has been operating in Macedonia since 1997. Since then KPMG has built a strong national practice in Macedonia, employing Macedonian nationals and expatriates to combine local expertise with international quality and know-how. They now have more than 48 professionals working in our office in Skopje.
Pricewaterhouse Coopers Macedonia PricewaterhouseCoopers has a long-term significant dedication to the region of Central and Eastern Europe. They are among the highly appreciated providers of professional services in Macedonia and the world. Their services are used by the biggest and the most successful companies in Macedonia.
Eurochambres, the European Association of Chambers of Commerce and Industry, is one of the key representatives of business to the European institutions. It voices the interests of over 19 million member enterprises in 45 European countries through a network of 2000 regional and local Chambers represented by 45 national - and one transnational - organisations. More than 90% of these enterprises are small or medium enterprises, with chamber members employing over 120 million employees.
Eurochambres is the sole European body to serve the interests of every sector and size of European business - due to the multi-sectoral membership of Chambers - and the only one so close to business, as a result of the Chambers’ regional focus.
The Economic Chamber of Macedonia is a referent institution of the business in our country with around 15.000 members on voluntary bases out of which most are small and medium enterprises. Members of the Economic Chamber of Macedonia have dominant participation in establishing of all the macroeconomic indicators on state’s level (GDP, foreign trade exchange, employment, settlement of obligations towards the state, etc.).
