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GuernseyNikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the Commission decision, including banking and payment rails.
Get an investment license in North Macedonia.
An investment 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. Initial capital depends on the services: MKD 3,050,000 if the firm holds no client assets, MKD 7,600,000 if it does, MKD 44,800,000 once it deals on own account or underwrites. The review fee runs from MKD 300,000 to 450,000 and the Authority has six months to decide. EU candidate, so 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
Investment license in North Macedonia: small market, real regulator, EU trajectory.
Since 1 October 2026 investment firms in North Macedonia are licensed under the Law on Financial Instruments (Official Gazette No. 66/2024; the start date comes from amending Law No. 188/2025). The regulator is the Capital Market Supervisory Authority. It grants an approval to operate as an investment firm to a joint-stock company or a limited liability company seated in the country (art. 8), and the Law writes the initial capital in denars (art. 9): MKD 3,050,000 where the firm holds no client money or instruments, MKD 7,600,000 where it holds them but neither deals on own account nor underwrites, MKD 44,800,000 for the full set of services. All of it is paid in cash. The decision is due within six months of a complete application (art. 11(5)). The Tariff of 2 October 2026 charges MKD 300,000, 400,000 or 450,000 for the review, matched to the same three tiers.
The commercial case is proportion and trajectory. This is a small, orderly market with a functioning exchange in Skopje, professional staff at wages far below union levels and a regulator small enough to talk to directly. The five brokerage houses on the register still hold licences granted under the old Law on Securities and have 18 months from 1 October 2026 to align their business and apply, so a newcomer goes through the same procedure at the same time as the incumbents. There is no EEA passport today - that is the hard limit, and EU client bases run through EU-licensed entities. For firms building a Balkan book, for groups positioning ahead of accession and for managers who want a supervised licence at a low European cost, Skopje earns a look. We build the Authority file end to end.
The smallest serious Balkan door: an investment firm approved by the Capital Market Supervisory Authority under the Law on Financial Instruments, applied from 1 October 2026. Initial capital MKD 3,050,000, 7,600,000 or 44,800,000 by services.
Review fee MKD 300,000-450,000, decision within six months. No EEA passport today; 10% flat tax at the region's lowest cost base.
The two builds
The investment firm - and the regional structure around it.
One approval, three capital tiers. Whether the firm holds client assets, and whether it deals on own account or underwrites, puts the line at MKD 3,050,000, 7,600,000 or 44,800,000. We scope before we file.
The investment firm. With the group built around it.
01 - INVESTMENT FIRM
The licensed core
A joint-stock company or LLC approved by the Authority for the services it actually performs: reception and execution of orders, portfolio management, advice, dealing on own account or underwriting. Initial capital follows that list.
A joint-stock company or LLC approved by the Authority for the services it actually performs: reception and execution of orders, portfolio management, advice, dealing on own account or underwriting. Initial capital follows that list.
- ✓Orders received and executed
- ✓Portfolio management, advice
- ✓Own account, underwriting: MKD 44.8m
- ✓Client assets held: MKD 7.6m
- ✓No client assets: MKD 3.05m
- ✓Authorised brokers on staff
02 - THE REGIONAL BUILD
The group around it
No EEA passport attaches, so EU client bases are served from EU-licensed entities while the Macedonian firm carries the domestic and regional book.
EU client bases served from EU-licensed entities while North Macedonia remains a candidate; the Skopje firm carries the regional book.
- ✓Domestic and Balkan clients
- ✓EU mandates - CySEC / Baltic
- ✓Accession positioning
- ✓Scope documented per market
- ✓One group, one working map
- ✓Migration planned, not assumed
Capital tiers are set in denars in art. 9 of the Law on Financial Instruments and are paid in cash. A firm limited to receiving and transmitting orders and giving advice that is also authorised to sell insurance products needs MKD 1,500,000 or professional indemnity cover (art. 9(9)).
Why North Macedonia
Six reasons firms look at Skopje.
✓
Proportionate scale
A framework sized for a small market. A real licence without the overheads a union authorisation carries.Real licence, small cost.
✓
A regulator you can reach
The Authority is small enough that applicants deal with people rather than portals. Questions get answered.People, not portals.
✓
EU candidate trajectory
The Law harmonises Macedonian rules with MiFID II and the IFD and switches on its ESMA-facing duties on the day of accession (art. 528). Firms with a long horizon position while entry is cheap.Position while cheap.
✓
Graded capital
MKD 3,050,000 for a firm that holds no client assets, MKD 44,800,000 for one that deals on own account. A broker is not capitalised like an underwriter.Scope sets the line.
✓
Cost structure
Professional staff and premises at Macedonian levels. Substance that costs a fraction of union equivalents.Substance affordable.
✓
Clear about limits
No passport today, a small domestic pool. We say both before you commit, and design the group accordingly.Before you commit.
How it compares
How North Macedonia differs from other routes.
Side by side: a supervised licence under an EU-shaped law, in the smallest market on this list.
North Macedonia vs other jurisdictions
| Feature |  North Macedonia | Other jurisdictions |
|---|---|---|
| Regime | Law on Financial Instruments | MiFID or national law |
| Capital | MKD 3.05m / 7.6m / 44.8m | IFD tiers |
| Passport | None - candidate state | 30 EEA states |
| Market size | Small, orderly | Regional to global |
Regime
North MacedoniaLaw on Financial Instruments
Other jurisdictionsMiFID or national law
Capital
North MacedoniaMKD 3.05m / 7.6m / 44.8m
Other jurisdictionsIFD tiers
Passport
North MacedoniaNone - candidate state
Other jurisdictions30 EEA states
Market size
North MacedoniaSmall, orderly
Other jurisdictionsRegional to global
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| North Macedonia | Investment firm approval | 10% corporate | MKD 3.05m-44.8m by services |
 Serbia | Investment firm - SEC RS | 15% corporate | Capital per the Law |
 Bulgaria | Investment intermediary - FSC | 10% flat | IFD tiers, EU passport |
 Georgia | Brokerage - NBG | 0% retained · 15% | Capital per NBG rules |
North MacedoniaLicense typeInvestment firm approval
Taxation10% corporate
RequirementsMKD 3.05m-44.8m by services
SerbiaLicense typeInvestment firm - SEC RS
Taxation15% corporate
RequirementsCapital per the Law
BulgariaLicense typeInvestment intermediary - FSC
Taxation10% flat
RequirementsIFD tiers, EU passport
GeorgiaLicense typeBrokerage - NBG
Taxation0% retained · 15%
RequirementsCapital per NBG rules
Europe outside the EU
Investment licences in neighbouring jurisdictions
All 113 investment licence jurisdictions →
Investment license cost: capital, official fees and timelines by country →
How to get an investment license: types, requirements and process →
Asset management and fund management license: regimes compared →
Broker-dealer and securities dealer license: regimes compared →
Before you apply
Investment license requirements in North Macedonia: what the Authority checks.Investment license requirements in North Macedonia.
The Authority approves investment firms against art. 11 of the Law on Financial Instruments, on the application form of its Rulebook of 4 October 2024. The checklist below is what a passing file contains.
01
Macedonian company. A joint-stock company or LLC with its seat and real business in North Macedonia (arts 8 and 12).
02
Service list. The investment and ancillary services applied for, and whether the firm will hold client money or instruments.
03
Initial capital. MKD 3,050,000, 7,600,000 or 44,800,000 by that list, paid in cash, with proof of where the money came from.
04
Qualifying holders. Anyone reaching 10% of capital or votes, approved by the Authority down to the beneficial owner (arts 16-20).
05
Management. At least one member full time and at least one fluent in Macedonian; every member approved by the Authority (arts 61-63).
06
Authorised brokers. Only brokers approved by the Authority, with the exam passed, may execute client orders (arts 126-127).
07
Business plan. Operations and projections for the first three years of a new company.
08
Organisation. Compliance, risk management, internal audit, conflicts of interest and records under arts 26-40.
09
Client assets. Money and instruments kept apart from the firm's own (arts 71-72), and Investor Compensation Fund membership where the firm holds them (art. 148).
10
AML/CFT programme. Built to the Law on Prevention of Money Laundering and Financing of Terrorism; the Authority supervises capital market firms on it.
11
Fee and auditor. The Tariff fee paid on the day of filing and the auditor named in the file.
01
JSC or LLC, seat in country.
02
Service list fixed.
03
Capital paid in cash.
04
Holders of 10%+ approved.
05
Management approved.
06
Authorised brokers engaged.
07
Three-year business plan.
08
Control functions built.
09
Client assets kept apart.
10
AML programme in place.
11
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.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
How it works
From first call to the Authority's register.
01
Scope and tier
Services chosen, the capital tier identified and the markets the approval cannot reach named upfront.Real coverage.
02
Company and capital
Joint-stock company or LLC established, initial capital paid in cash at the required tier.Paid in cash.
03
People
Qualifying holders and management prepared for approval, authorised brokers engaged for the services performed.Holders, managers, brokers.
04
The application
The art. 11 file, with the Tariff fee paid on the day of filing. The six-month clock starts once it is complete.Six-month clock.
05
Licensed and live
Approval granted, the firm entered in the Authority's register of investment firms, reporting calendared.Reporting calendared.
Quick facts
RegulatorCapital Market Supervisory Authority
FrameworkLaw on Financial Instruments
LicenceInvestment firm approval
Initial capitalMKD 3.05m / 7.6m / 44.8m
Approval feeMKD 300,000-450,000
Decision6 months from complete file
PassportNone - candidate state
Realistic timeline6-12 months
The five brokerage houses on the register still work under licences granted by arts 94 and 99 of the old Law on Securities. They have 18 months from 1 October 2026 to align and apply for the new approval (art. 521, as amended by Law No. 188/2025). A house that does not apply, or is refused, may no longer provide investment services.
On the ground in North Macedonia
Run from our Skopje office.
Prifinance - North Macedonia
Skopje · North Macedonia
Skopje, North Macedonia
01
Scope and capital
Services chosen against the three tiers of art. 9, capital paid in cash and evidenced in the file.Tier fixed before filing.
02
The Authority file
Business plan, organisation and procedures assembled to art. 11 and the Authority's rulebook.Built to art. 11.
03
Licensed brokers
The brokers the service set requires, approved by the Authority alongside the corporate file.Alongside the file.
04
Group and horizon
The EU leg built where clients are, with accession positioning treated as a plan rather than a hope.EU leg planned.
We also have offices in
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of investment firms in North Macedonia.
One of Europe's lowest headline rates, at one of its lowest cost bases.
10% corporate tax
A flat headline rate matching the region's lowest. Applied without regional surcharges.Region's lowest tier.
Dividend withholding
Charged on distributions to non-residents and reduced under the treaty network. Planned per shareholder map.Treaty-reducible.
VAT with financial exemptions
Core financial services sit outside VAT; the standard rate touches overheads only.Core services out.
Treaty coverage
Agreements across Europe and the region. Outbound flows routed with relief where structured properly.Europe and region.
Payroll economics
Salaries at Macedonian levels make real compliance staffing affordable rather than aspirational.Compliance affordable.
Small-market pragmatism
Total operating cost, not the tax rate, is what makes the arithmetic work here. Modelled in full.The real lever.
Tax summary
Corporate tax10%
Dividend withholdingTreaty-reducible
VATExempt core services
TreatiesRegional and European
Cost baseLowest in Europe's tier
*Figures as of 2026. Rates and reliefs are confirmed against the Public Revenue Office's current schedule per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Macedonian investment firm, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed house.
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North Macedonia · Investment firm
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The Macedonian investment licence: frequent questions.
What license does an investment firm need in North Macedonia?+
An approval to operate as an investment firm from the Capital Market Supervisory Authority under the Law on Financial Instruments, which applies from 1 October 2026. The approval lists the services: reception and execution of orders, portfolio management, investment advice, dealing on own account, underwriting and placing.
What capital and fees apply?+
Art. 9 sets the initial capital: MKD 3,050,000 if the firm holds no client money or instruments, MKD 7,600,000 if it holds them but neither deals on own account nor underwrites, MKD 44,800,000 once it does either. It is paid in cash. The Tariff of 2 October 2026 charges MKD 300,000, 400,000 or 450,000 to review the application, by the same tiers, and MKD 30,000 for each management or supervisory board member approved.
What happens to the brokerage houses already licensed?+
The five houses on the register hold licences under arts 94 and 99 of the old Law on Securities. Art. 521 gives them 18 months from 1 October 2026 to bring their business into line with the new Law and apply for the approval; the period was 12 months until amending Law No. 188/2025. A house that misses the deadline or is refused may not provide investment services.
Is there an EU passport?+
No. North Macedonia is an EU candidate, not a member, so no passport attaches today, and the Law switches on its ESMA-facing provisions only on the day of accession (art. 528). Even an EU investment firm needs the Authority's approval for a branch in Skopje (art. 6). EU client bases are served through EU-licensed entities and we build the group around that.
Why license here rather than in Bulgaria?+
Bulgaria has the passport and a 10% rate; North Macedonia has a lower cost base, a smaller and more accessible regulator and the same 10% headline without union obligations. If you need EU distribution now, Bulgaria; if you want a cheap supervised Balkan base, Skopje.
Are individual brokers licensed?+
Yes. Only authorised brokers who have passed the securities exam may execute client orders (art. 126). The Authority approves each broker (art. 127) and the approval is renewed every five years (art. 128); brokers approved under the old Law have 18 months from 1 October 2026 to apply again (art. 525).
How long does an investment license in North Macedonia take?+
The Authority has six months from a complete application to decide (art. 11(5)). Before that clock starts, the company has to exist, with its capital paid in and its organisational documents written. Plan on 6-12 months in total.
How are Macedonian firms taxed?+
10% flat corporate tax, withholding on outbound dividends reduced by treaty, VAT with exemptions for core financial services, and a regional treaty network.
Is the market big enough to matter?+
On its own, no - this is a small domestic pool, and we say so. It matters as a low-cost supervised base for regional business and as accession positioning, not as a destination market.
Why Prifinance for North Macedonia?+
Capital checked against art. 9 rather than quoted from a summary, licensed brokers arranged with the corporate file, and the group's EU leg planned from the start - from our Skopje office.
What license?+
Investment firm approval.
Capital?+
MKD 3.05m / 7.6m / 44.8m.
Existing houses?+
18 months to re-apply.
EU passport?+
No - candidate state.
Or Bulgaria?+
Passport vs cost.
Brokers licensed?+
Yes, individually.
How long?+
Six months to decide.
Taxes?+
10% flat.
Market size?+
Small.
Why you?+
Law read at filing.
Client notes
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Capital Market Supervisory Authority of North Macedonia or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.