Jersey
Liechtenstein
Montenegro
Norway
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SwitzerlandNikolai Timofejev
15 years in fintech and payments. Matches your business model to the right investment firm service set and carries the file through to the Authority's decision, banking and the exchange included.
Forex license in North Macedonia: investment firm approval.
A forex license in North Macedonia is an approval to operate as an investment firm, granted by the Capital Market Supervisory Authority under the Law on Financial Instruments, which applies from 1 October 2026. CFDs and currency derivatives count as financial instruments under that Law. Capital follows the services: MKD 7,600,000 for an agency broker that holds client money, MKD 44,800,000 with dealing on own account. The Authority decides within six months of a complete file, and corporate tax is a flat 10%. The country is an EU candidate, so there is no passport yet.
30 yrs
of experienceof experience
60+
in-house specialistsspecialists
400+
licenses obtainedlicenses obtained
Updated · Reviewed by the Prifinance team
North Macedonia in brief
Forex license in North Macedonia: Balkan brokerage at a price you can see.
Brokerage in North Macedonia is licensed by the Capital Market Supervisory Authority (Komisija za nadzor na pazarot na kapital) under the Law on Financial Instruments, which applies from 1 October 2026. The licence is an approval to operate as an investment firm. It covers financial instruments as the Law defines them, and currency derivatives and financial contracts for differences are on that list (art. 3). Initial capital tracks the service set (art. 9): MKD 3,050,000 if the firm holds no client assets, MKD 7,600,000 for order execution and portfolio management with client money held, MKD 44,800,000 once it deals on own account. The Authority must decide within six months of a complete application. The Tariff of 2 October 2026 puts the review fee at MKD 300,000, 400,000 or 450,000 by tier.
Why founders come here: a flat 10% corporate tax is among the lowest in Europe, and Skopje salaries and rents make real presence affordable. EU candidate status has already produced a Law built on MiFID II and the IFD. The hard limit: North Macedonia is not in the EU, so the approval carries no MiFID passport, and the five brokerage houses on the register are still moving off their old licences (they have 18 months from 1 October 2026). Global retail groups use Skopje 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.
An investment firm approval from the Capital Market Supervisory Authority under the Law on Financial Instruments, CFDs and currency derivatives included. Capital MKD 7,600,000 for agency execution, MKD 44,800,000 with an own book; six months to decide.
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
Dealing on own account - or agency execution.
One approval in two calibres for a forex or CFD broker. A market maker that deals on own account needs MKD 44,800,000; an agency broker that executes client orders and holds client money needs MKD 7,600,000. We fix the service set before drafting: it sets the capital and the fee, and the file is built around it.
Own book at MKD 44.8m - or agency execution at MKD 7.6m.
01 - OWN-ACCOUNT DEALING
A book of your own
Dealing on own account on top of order execution, with underwriting and portfolio management if you want them: the full-scope approval of art. 9(5) on the Macedonian cost base.
Dealing on own account on top of order execution, with underwriting and portfolio management if you want them: the full-scope approval of art. 9(5) on the Macedonian cost base.
- ✓Capital of MKD 44,800,000, paid in cash
- ✓Review fee MKD 450,000
- ✓Own account and underwriting
- ✓Portfolio management and advice
- ✓Investor Compensation Fund member
- ✓Regional flow - the Balkans
02 - AGENCY EXECUTION
Lower entry pointThe agency model
Reception and execution of client orders without a book of your own, client money held, from MKD 7,600,000 in capital (art. 9(6)(a)) - 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, client money held, MKD 7,600,000: a licensed Balkan presence and the group's back office - paired with MiFID for EU retail.
- ✓Capital of MKD 7,600,000, paid in cash
- ✓Review fee MKD 400,000
- ✓Execution of client orders
- ✓Skopje cost base - staff and office
- ✓Service set extended by application
- ✓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. The quote lists each amount separately.
Why North Macedonia
Arithmetic that adds up without a calculator.
North Macedonia competes on price 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.
✓
Agency capital MKD 7.6m
An agency broker that holds client money needs MKD 7,600,000 under art. 9. The figure sits in the Law itself, so there is nothing to negotiate.Set in the Law itself.
✓
A regulator within reach
The Authority is a compact commission with a six-month statutory clock (art. 11(5)): questions are settled directly rather than over months of correspondence.Six-month 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
The new Law harmonises Macedonian rules with MiFID II and the IFD, so a structure built today ages in the right direction.Law built on MiFID II.
✓
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.
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 | Law on Financial Instruments | MiFID desks or offshore |
| EU passport | No - EU candidate | Yes with EU licences |
| Timing | 6-month statutory clock | 6-15 months in the EU |
| Tax | 10% flat | 10-30% headline |
Regime
North MacedoniaLaw on Financial Instruments
Other jurisdictionsMiFID desks or offshore
EU passport
North MacedoniaNo - EU candidate
Other jurisdictionsYes with EU licences
Timing
North Macedonia6-month statutory clock
Other jurisdictions6-15 months in the EU
Tax
North Macedonia10% flat
Other jurisdictions10-30% headline
By country
| Country | Licence type | Taxation | Requirements |
|---|---|---|---|
| North Macedonia | Investment firm approval | 10% flat | MKD 3.05m-44.8m 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 typeInvestment firm approval
Taxation10% flat
RequirementsMKD 3.05m-44.8m 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
Rest of Europe
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Before you apply
Forex license requirements in North Macedonia: what the Authority checks.North Macedonia forex license requirements.
The checklist is art. 11 of the Law on Financial Instruments and the Authority's rulebook on approval - the craft is in making capital, people and rulebooks match the service set before filing. Here is what a complete application includes.
01
A Macedonian company - a joint-stock company or LLC seated in the country, with its real business there (arts 8 and 12).
02
Initial capital by service set - MKD 7,600,000 for agency execution with client money, MKD 44,800,000 with dealing on own account, paid in cash and traced to its source.
03
Qualifying shareholders - anyone reaching 10%, disclosed up to the beneficial owners and approved by the Authority (arts 16-20).
04
Management approved by the Authority - at least one member full time and at least one fluent in Macedonian (arts 61-63).
05
Authorised brokers on staff - only brokers approved by the Authority, with the exam passed, may execute client orders (arts 126-127).
06
Business plan - three years of services, markets and projections the regulator can test with questions.
07
Internal rulebooks - compliance, risk management, internal audit, conflicts of interest and records (arts 26-40).
08
Client asset protection - client money and instruments kept apart from the firm's own (arts 71-72), Investor Compensation Fund membership (art. 148).
09
AML/CFT system - KYC, monitoring and reporting under the Law on Prevention of Money Laundering and Financing of Terrorism.
10
Fee and filing - the Tariff fee paid on the day of filing, the file lodged at the Authority's registry or sent by post.
01
JSC or LLC, managed locally.
02
Capital MKD 7.6m or 44.8m.
03
Holders of 10%+ approved.
04
Management approved.
05
Authorised brokers on staff.
06
A testable business plan.
07
Internal rulebooks ready.
08
Client assets segregated.
09
AML/CFT to FATF standards.
10
Fee paid on filing day.
Reflects the Law on Financial Instruments as applied from 1 October 2026, the Authority's rulebook on approval and the Tariff in Official Gazette No. 233/2026. The exact capital for your service set is fixed before filing.Law on Financial Instruments, from 1 October 2026.
Verify it yourself
Official sources
Regulator pages, legal texts and public registers the figures on this page are based on.
- RegulatorScope of work, objectives, functions and powers of the Authority, 1 October 2026 - Capital Market Supervisory Authority (in Macedonian and English)sec.gov.mk
- LawLaw on Financial Instruments, Sl. vesnik RSM 66/2024, applicable from 1 October 2026 - Capital Market Supervisory Authority (in Macedonian)sec.gov.mk
- LawLaw amending the Law on Financial Instruments, Sl. vesnik 188/2025: application from 1 October 2026, 18-month transition - Capital Market Supervisory Authority (in Macedonian)sec.gov.mk
- Rulebook on obtaining approval to operate an investment firm (4 October 2024), with the application form - Capital Market Supervisory Authority (in Macedonian)sec.gov.mk
- RegisterRegisters of market participants: brokerage houses, authorised banks, brokers - Capital Market Supervisory Authority (in Macedonian)sec.gov.mk
- FeesTariff of fees (Tarifnik), Sl. vesnik RSM No. 233 of 2 October 2026 - Capital Market Supervisory Authority (in Macedonian)sec.gov.mk
- GuidanceProfit tax: taxpayer, tax rate, taxation period and tax base (10% since 1 January 2008) - Public Revenue Officeujp.gov.mk
- GuidanceWithholding tax on revenues of foreign legal entities, dividends included (10%) - Public Revenue Officeujp.gov.mk
How it works
From the first call to the Authority's register.
01
Service set and capital
Agency execution or own-account dealing, capital of MKD 7,600,000 or 44,800,000 - fixed in writing before drafting starts.MKD 7.6m or 44.8m fixed.
02
Company and people
Company incorporated and capital paid in; management and authorised brokers prepared for the Authority's review.JSC or LLC, people ready.
03
The file
Business plan, internal rulebooks and the full dossier, with the Tariff fee paid on the day of filing.Complete, fee paid.
04
Authority review
Questions cleared directly with the Authority, which has six months from the complete file to decide.Six months by law.
05
Licence and launch
Entry in the Authority's register of investment firms, banking live and exchange membership where required.Register, banking, exchange.
The essentials
RegulatorCapital Market Supervisory Authority
FrameworkLaw on Financial Instruments
LicenceInvestment firm approval
CapitalMKD 7.6m agency · 44.8m own book
Approval feeMKD 400,000 / 450,000
Decision6 months from complete file
EU passportNo - candidate
Tax10% flat
North Macedonia rewards precision: a file where capital and people match the services applied for clears the Authority inside its six-month 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
The joint-stock company or LLC is set up for the approval from day one: capital paid in cash, the corporate layer built to what the Authority expects.JSC or LLC, cash capital.
02
The Authority file
Business plan, internal rulebooks, capital evidence and the application on the Authority's form - drafted end to end and lodged at its registry.Lodged at its registry.
03
People and approvals
Management members and qualifying holders for the Authority's approval, authorised brokers on staff - sourcing, preparation and filing for the service set applied for.Managers and brokers ready.
04
Group structuring
The Macedonian firm placed correctly inside the international structure - paired with a MiFID licence where EU retail requires it.EU pairing done right.
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Gedimino pr. 2
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Vlkova 532/8, Žižkov
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33 Level, Al Saqr Business Tower
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7 Bell Yard
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Portugal
Rua da Alegria 31, 1F
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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. Group and founder-level results are modelled for each structure separately.
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.
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North Macedonia · Investment firm
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Request a free opinion →Questions and answers
Forex license in North Macedonia - your questions answered.
What license does a broker need in North Macedonia?+
An approval to operate as an investment firm from the Capital Market Supervisory Authority under the Law on Financial Instruments, applicable from 1 October 2026. The approval lists the services: reception and execution of orders, dealing on own account, portfolio management, advice, underwriting and placing.
How much capital is required?+
Art. 9 sets it in denars: MKD 7,600,000 for a firm that executes orders and holds client money without dealing on own account, MKD 44,800,000 once it deals on own account or underwrites, and MKD 3,050,000 for a firm that holds no client assets. The capital is paid in cash before the file goes in.
Does the license cover retail forex and CFDs?+
Yes, if the approval lists the right services. The Law counts currency derivatives and financial contracts for differences as financial instruments (art. 3), so a CFD broker is an investment firm like any other, and clients are classed as retail or professional investors (arts 89-91). EU retail still needs an EU licence, and we say so up front. The same regime for securities business is set out on our investment licence page for North Macedonia.
How long does a forex license in North Macedonia take?+
The Law gives the Authority six months from the day it receives a complete application (art. 11(5)). The company, the paid-in capital, the people and the rulebooks come first, so the clock starts only when the file is whole.
Does the Macedonian license give an EU passport?+
No - North Macedonia is an EU candidate, not a member, and there is no MiFID passport. The Law switches on its ESMA-facing provisions on the day of accession (art. 528), and even an EU firm needs the Authority's approval for a branch in Skopje (art. 6).
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?+
Management members approved by the Authority, at least one of them full time and at least one fluent in Macedonian (arts 61-63), and authorised brokers on staff: only they may execute client orders (art. 126). Each broker approval costs MKD 15,000 and is renewed every five years. We source and prepare both.
How is client money protected?+
Client money and instruments are kept apart from the firm's own (arts 71-72), and a firm that holds them must join the Investor Compensation Fund (art. 148), which covers client claims up to MKD 1,230,000 (art. 152). 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 with agency capital of MKD 7,600,000 - usually alongside an EU licence rather than instead of one.
Why Prifinance for North Macedonia?+
We calibrate expectations first - what the approval does and does not give - assemble a file where capital and people match the services, and build the EU pairing under one roof.
Which license?+
Investment firm approval.
Capital?+
MKD 7.6m or 44.8m.
Retail forex?+
Yes: CFDs are instruments.
How fast?+
Six months to decide.
EU passport?+
No - an EU candidate.
Tax?+
10% profit · 10% dividends.
People?+
Approved managers + brokers.
Client money?+
Segregated by law.
Who is it for?+
Region, back office, anchor.
Why you?+
Calibrated expectations, both ends.
Client notes
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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 Capital Market Supervisory Authority 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.