Nikolai Timofejev
15 years in fintech and payments. Matches your business model to the right brokerage house service set and carries the file through to the SEC decision, banking and the exchange included.
Get a brokerage license in North Macedonia.
The Balkan route with honest arithmetic: a brokerage house licence from the Securities and Exchange Commission (SEC) under the Securities Law - capital from €75,000 to €500,000 by service set, a decision inside the statutory clock, a flat 10% corporate tax and a Skopje cost base. The country is an EU candidate: there is no passport yet, and we say so plainly.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
licenses obtainedlicenses obtained
Updated
North Macedonia in brief
Balkan brokerage at a price you can see at a glance.
Brokerage in North Macedonia is licensed by the Securities and Exchange Commission (SEC - Komisija za hartii od vrednost, KHV) under the Securities Law: a brokerage house licence covers reception and execution of orders and trading in securities, and in its extended scope, dealing on own account, underwriting and portfolio management. Initial capital tracks the service set: from around €75,000 in denar equivalent for basic intermediation to around €500,000 for the full set with a book of your own. The checklist is finite, review times are set by statute and access to the regulator is direct: the realistic project horizon is 3-6 months.
Why founders come here: a flat 10% corporate tax is among the lowest in Europe, Skopje salaries and rents make real presence affordable, the company incorporates quickly, and EU candidate status means legislation is converging steadily on the European acquis. The honest limit: North Macedonia is not in the EU - the licence carries no MiFID passport, retail OTC forex has no regime of its own, and a brokerage house licence works on securities and regional flow. Global retail groups use it as a Balkan presence and back office alongside an EU MiFID licence - we build both ends and talk about the limits before the quote, not after.
A brokerage house licence from the SEC under the Securities Law: order execution and securities trading; in extended scope, own account, underwriting and portfolio management. Capital €75k-€500k by service set, 3-6 months realistically.
10% on profit, Skopje running costs, an EU candidate. No MiFID passport - for EU retail we build the pairing with a European licence and are direct about the limits.
The two routes
The full brokerage house - or basic intermediation.
One SEC licence in two calibres: the full service set with a book of your own at €500,000 - or agency intermediation at €75,000. We fix the service set before drafting: it drives the capital and the whole architecture of the file.
Full house at €500k - or basic intermediation at €75k.
01 - FULL BROKERAGE HOUSE
A book of your own
The extended SEC licence: dealing on own account, underwriting and portfolio management on top of order execution - a full market participant on the Macedonian cost base.
The extended SEC licence: dealing on own account, underwriting and portfolio management on top of order execution - a full market participant on the Macedonian cost base.
- ✓Capital of ~€500,000 in denar equivalent
- ✓Dealing on own account and underwriting
- ✓Portfolio management and advice
- ✓Membership of the Macedonian Stock Exchange
- ✓SEC supervision under the Securities Law
- ✓Regional flow - the Balkans and the CIS
02 - BASIC INTERMEDIATION
Lower entry pointThe agency model
Reception and execution of orders without a book of your own, from €75,000 in capital - a licensed Balkan presence: a registrar of flow, the group's back office and a legal anchor in an EU candidate country.
Order execution without a book of your own: a licensed Balkan presence, the group's back office and an anchor in a candidate country - paired with MiFID for EU retail.
- ✓Capital from ~€75,000 in denar equivalent
- ✓Execution of client orders
- ✓Skopje cost base - staff and office
- ✓Fast company incorporation
- ✓Service set upgrade - by extension
- ✓Paired with a MiFID licence for EU retail
Cost and timing are confirmed for your project before work starts - including the exact capital for the service set you apply for. Every amount is itemised in the quote.
Why North Macedonia
Arithmetic that adds up without a calculator.
North Macedonia competes on price, speed and tax - and does not pretend to be what it is not.
✓
10% tax - and that is it
A flat 10% on profit, with no bands or surcharges - among the lowest in Europe, and legible in any financial model at first glance.Among the lowest in Europe.
✓
Capital from €75,000
Basic intermediation opens at capital comparable to the lowest IFD tier in the EU - but without the cost of running a European MiFID firm.Cheaper entry than MiFID.
✓
A regulator within reach
The SEC is a compact commission with a finite checklist and statutory review times: questions are settled directly rather than over months of correspondence.Finite checklist, statutory clock.
✓
Skopje running costs
Salaries, premises and professional services are a fraction of EU prices: a real presence with staff costs what one employee costs in Frankfurt.Presence you can afford.
✓
An EU candidate
Legislation is converging steadily on the acquis - the jurisdiction is moving toward Europe, and a structure built today ages in the right direction.Law converging on the acquis.
✓
A Balkan hub
Between Greece, Bulgaria, Serbia and Kosovo - a natural place for regional flow and a group back office on an affordable economy.Between four markets.
Comparison
How North Macedonia differs from the other routes.
An honest comparison: this is an affordable regional route in a candidate country, not an EU passport - and the price reflects that.
North Macedonia and other jurisdictions
| Parameter |  North Macedonia | Other jurisdictions |
|---|---|---|
| Regime | Securities Law - SEC | MiFID desks or offshore |
| EU passport | No - EU candidate | Yes with EU licences |
| Timing | 3-6 months | 6-15 months in the EU |
| Tax | 10% flat | 10-30% headline |
Regime
North MacedoniaSecurities Law - SEC
Other jurisdictionsMiFID desks or offshore
EU passport
North MacedoniaNo - EU candidate
Other jurisdictionsYes with EU licences
Timing
North Macedonia3-6 months
Other jurisdictions6-15 months in the EU
Tax
North Macedonia10% flat
Other jurisdictions10-30% headline
By country
| Country | Licence type | Taxation | Requirements |
|---|---|---|---|
| North Macedonia | SEC brokerage house | 10% flat | €75k-€500k by services |
 Bulgaria | Investment intermediary | 10% flat · 5% withholding | IFD €75k-€750k, euro area |
 Georgia | NBG brokerage company | 0% · 15% on distribution | NBG capital, fast track |
 Cyprus | CySEC CIF | 15% from 2026 | IFD €75k-€750k, EU passport |
North MacedoniaLicence typeSEC brokerage house
Taxation10% flat
Requirements€75k-€500k by services
BulgariaLicence typeInvestment intermediary
Taxation10% flat · 5% withholding
RequirementsIFD €75k-€750k, euro area
GeorgiaLicence typeNBG brokerage company
Taxation0% · 15% on distribution
RequirementsNBG capital, fast track
CyprusLicence typeCySEC CIF
Taxation15% from 2026
RequirementsIFD €75k-€750k, EU passport
Before you apply
Requirements for the SEC licence.Licence requirements.
The SEC checklist is finite - the craft is in making capital, people and rulebooks match the service set you apply for before filing. This is what an application that gets through contains.
01
A Macedonian company - a joint-stock company incorporated locally, with management on the ground.
02
Initial capital by service set - from ~€75,000 for basic intermediation to ~€500,000 for the full set, in denar equivalent, paid in and evidenced.
03
Qualifying shareholders - disclosure down to beneficial owners, clean history and source of funds.
04
Directors approved by the SEC - officers with securities-market competence the commission can interview.
05
Licensed brokers on staff - employees holding SEC broker certificates for the services applied for.
06
Business plan - services, markets and financial projections the regulator can test with questions.
07
Internal rulebooks - trading, client asset handling and conflicts of interest under the Securities Law.
08
Client asset segregation - client money and securities held apart from the house's own funds.
09
AML/CFT system - KYC, monitoring and reporting under Macedonian AML law and FATF standards.
10
Operational presence - a real office in Skopje, staff and systems the SEC can visit.
01
Macedonian JSC, managed locally.
02
Capital €75k-€500k by services.
03
Clean shareholders, down to beneficial owners.
04
Directors approved by the SEC.
05
Licensed brokers on staff.
06
A testable business plan.
07
Internal rulebooks ready.
08
Client assets segregated.
09
AML/CFT to FATF standards.
10
Real presence in Skopje.
Reflects the Securities Law and SEC practice as at 2026. The exact capital for your service set is fixed before filing.Securities Law + SEC practice, as at 2026.
How it works
From the first call to the SEC register.
01
Service set and capital
Full house or basic intermediation, capital of €75k-€500k by service set - fixed in writing before drafting starts.€75k-€500k fixed.
02
Company and people
Joint-stock company incorporated, capital paid in, directors and licensed brokers prepared for SEC review.JSC incorporated, people ready.
03
The file
Business plan, internal rulebooks and the full dossier - complete on filing, delivered in person.Complete, filed in person.
04
SEC review
Questions cleared directly with the commission inside the statutory clock - 3-6 months end to end realistically.3-6 months realistically.
05
Licence and launch
Entry on the SEC register, banking live and exchange membership where required: a licensed brokerage house on the Balkan cost base.Register, banking, exchange.
The essentials
RegulatorSEC (KHV)
FrameworkSecurities Law
LicenceBrokerage house
Capital€75k-€500k by services
IncorporationFast
Realistic3-6 months
EU passportNo - candidate
Tax10% flat
North Macedonia rewards precision: a file where capital and people match the services applied for clears the SEC on a predictable clock. Calibrating the service set is where our first conversation starts.
On the ground in North Macedonia
We run Balkan files from Istanbul and Prague.
Prifinance - North Macedonia
Skopje · North Macedonia
Skopje, North Macedonia
01
Company formation in North Macedonia
Incorporating the joint-stock company, the capital structure and the corporate layer the SEC expects - built for the licence from day one.A JSC as the SEC expects.
02
The SEC file
Business plan, internal rulebooks, capital evidence and the licensing dossier - drafted end to end and filed in person with the commission.Filed in person.
03
People and certificates
Directors for SEC approval and licensed brokers on staff - sourcing, preparation and filing for the service set applied for.Directors and brokers ready.
04
Group structuring
The Macedonian house placed correctly inside the international structure - paired with a MiFID licence where EU retail requires it.EU pairing done right.
Our offices are also in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czechia
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Istanbul
Türkiye
Perpa Ticaret Merkezi, A Blok
Worth knowing
Taxation of brokers in North Macedonia.
One of Europe's simplest tax systems: flat rates you can see in the model straight away.
10% on profit
A flat corporate rate with no bands - level with Bulgaria and below almost all of Western Europe.Flat, no surcharges.
10% on dividends
Dividend withholding tax at 10% - and reducible under the double tax treaty network.Lower by treaty.
~45 treaties
The treaty network covers the EU, the Balkans and the key CIS corridors - the second layer of the structure is planned by treaty.EU, Balkans, CIS.
VAT 18% - finance exempt
Financial services are VAT-exempt; the 18% standard rate touches ordinary overheads only.18% on supplies only.
The Skopje cost base
Staff, rent and upkeep are a fraction of EU prices: the economics of presence work even for a small house.Skopje against EU prices.
Denar pegged to the euro
The MKD has been de facto stable against the euro for two decades - currency risk on the operating base is minimal.De facto pegged to the euro.
Tax at a glance
Corporate tax10%
Dividend withholding10% · lower by treaty
VAT on financial servicesExempt · 18% standard
Double tax treaties~45
*2026 figures per the Public Revenue Office of North Macedonia. Outcomes at group and founder level are modelled for the specific structure.
Full professional support
Experienced lawyers and international consultants.
We run the project end to end: company formation, file preparation, dealing with the regulator and compliance oversight - with an individual approach for every client.
Oleksii Kindratenko
Builds the application itself: the Macedonian company, the AML and KYC policy pack, the capital structure and the internal rulebooks. His files are why review runs inside the statutory clock.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole launch remotely, across time zones and languages - from the first call to a licensed broker in business.
Follow Prifinance
Active across our channels.
North Macedonia · SEC
Launch your brokerage project in North Macedonia with professional support.
Full support - from company formation to the brokerage house licence, banking and ongoing compliance - with an honest assessment of what this licence does and does not give you.
Get a consultation →Free legal opinion
Is North Macedonia right for your project?
Our lawyers will review your case free of charge and issue a written opinion: which jurisdiction, licence scope or route fits your business.
Written opinion within 2-5 business days
Request a free opinion →Questions and answers
Brokerage license in North Macedonia - your questions answered.
What licence does a broker need in North Macedonia?+
A brokerage house licence from the Securities and Exchange Commission (SEC) under the Securities Law. It covers reception and execution of orders and trading in securities, and in its extended scope, dealing on own account, underwriting and portfolio management.
How much capital is required?+
From ~€75,000 in denar equivalent for basic intermediation to ~€500,000 for the full service set with a book of your own. The exact figure follows the services applied for - we fix it with the regulator before filing.
Does the licence cover retail forex?+
The licence works on securities and exchange flow; Macedonian law has no separate regime for retail OTC FX/CFDs. For global retail, groups use it as a regional presence and back office alongside an EU MiFID licence - we are direct about that limit.
How long does licensing take?+
Realistically 3-6 months end to end: the company incorporates quickly, the SEC checklist is finite and review times are set by statute.
Does the Macedonian licence give an EU passport?+
No - North Macedonia is an EU candidate, not a member. There is no MiFID passport; legislation is nonetheless converging steadily on the European acquis and the jurisdiction is moving toward the EU.
How are Macedonian brokers taxed?+
A flat 10% on profit, 10% withholding on dividends (lower by treaty, a network of ~45), and financial services VAT-exempt. One of the simplest systems in Europe.
What are the requirements on people?+
Directors with securities-market competence for SEC approval, and licensed brokers on staff - employees holding the commission's broker certificates for the services applied for. We source and prepare both.
How is client money protected?+
Client money and securities must be held apart from the house's own funds under the Securities Law and SEC rules - segregation is designed and documented before launch.
Who typically chooses North Macedonia?+
Regional brokers serving Balkan flow, groups placing an affordable back office and a legal anchor in an EU candidate country, and founders who need licensed standing at capital from €75,000 - usually alongside an EU licence rather than instead of one.
Why Prifinance for North Macedonia?+
We calibrate expectations honestly - what the SEC licence does and does not give - assemble a file where capital and people match the services, and build the EU pairing under one roof.
Which licence?+
An SEC brokerage house.
Capital?+
€75k-€500k by services.
Retail forex?+
No regime of its own - pair it.
How fast?+
3-6 months realistically.
EU passport?+
No - an EU candidate.
Tax?+
10% profit · 10% dividends.
People?+
SEC directors + brokers.
Client money?+
Segregated by law.
Who is it for?+
Region, back office, anchor.
Why you?+
Honest calibration, both ends.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
“As a software development crew at FewMoreTaps OÜ, we've had the pleasure of working with Prifinance on some key financial moves.First of all, navigating the world of corporate banking and finance can be a maze, but Prifinance made it feel like a walk in the park. They helped us set up a corporate bank account without the hassle of jumping on a plane or drowning in paperwork. Everything was done remotely, smoothly…”
Google
“I had their assistance in company registration and I would recommend them. They were answering all my clarification during the process and offering all their supportThank you Daniel and Irinia”
Google
“We found PRIFINANCE COMPANYvia the Internet and asked for help in organizing the opening of their company in Estonia. PRIFINANCE COMPANY specialists helped us a lot with this. Their professional, competent approach and knowledge of their business left us with only the best impressions.”
Google
“I'm thrilled with my experience with PriFinance! They helped me obtain a crypto license in Estonia without any hassle. The team was super understanding and always available to answer my questions and assist. It was great to see how they put effort into preparing the documents to ensure everything went smoothly. I'm delighted with the outcome and highly recommend PriFinance to anyone looking to get a license…”
Google
“Opening an account with Prifinance in a Swiss bank was such an easy and quick process that I was shocked. It all started with the first call, where I received detailed guidance on the required documents and the entire procedure.One of the key highlights was their attention to detail. As someone who usually gets tangled up in paperwork, I was pleasantly surprised when they sent me all the documents and…”
Google
“I recently had the pleasure of working with Boris.. and I must say, it was a fantastic experience. Boris went above and beyond to assist me with my residency needs. His professionalism, knowledge, and dedication truly stood out. I highly recommend working with Boris and the team!”
Google
Start today
One message stands between you and your Macedonian licence.
Get a free legal opinion on your project - our lawyers will review your case and set out which jurisdiction, licence scope or route fits your business.A free legal opinion: whether North Macedonia fits your project and which service set to apply for.
✓A written legal opinion within 2-5 business days - free✓A clear recommendation on licence scope, not a sales pitch✓Transparent fixed fees, agreed up front✓The team speaks English, Russian and Spanish
Prifinance is an independent legal and consulting firm. We are not a regulator, we are not affiliated with the Securities and Exchange Commission of North Macedonia or any other government body, we do not act on their behalf and we are not endorsed by them. Licences are granted by the competent authorities and are obtained directly from them.