The Republic of Macedonia, also known as Former Yugoslav Republic of Macedonia, is a landlocked country, located on the Balkan peninsula, in southeastern Europe. It borders on the north with Serbia and Kosovo, on the east with Bulgaria, on the south with Greece and on the west with Albania. Macedonia is an official candidate for access to the European Union. It is inhabited by 2 million people, 660,000 of which live in its capital, Skopje. Its official and most spoken language is Macedonian. Its legal tender currency is the Macedonian Denar (MKD), which has an almost-fixed exchange rate with the Euro, at a 61:1 ratio.
Macedonia is an export-oriented economy. A highly-competitive industrial producer due to its strategic location, its developed road and railway infrastructure, low wages costs, its highly liberalized foreign trade policy and its access to several free trade agreements, including the European Union. Its main industries are the garment, food and beverage, automotive, software and IT-related sectors.
Macedonia is pro-business country. According to the Doing Business 2016 ranking, Macedonia is the tenth economy with a more favorable environment to do business, and the second after New Zealand in ease of starting a business. Among other advantages, it is possible to register a company in 4 hours through a one-stop-shop system, it has a low tax burden, where personal and corporate income are taxed at 10% and several incentives, exemptions and subsidies for foreign investment in certain sectors.
At Flag Theory, we offer internationalization options in strategic locations to diversify your life, business and personal finances. Here, you can learn about why and how to invest in Macedonia, set up a company, open a bank account, and how to get residency and citizenship in this Balkan country.