Nikolai 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.
The smallest serious door into the Balkans: a brokerage house licensed by the Securities and Exchange Commission under the Law on Securities - basic capital tiered by the services actually performed, in an EU-candidate market where the exchange and the depository themselves carry a EUR 500,000 floor.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
North Macedonia in brief
Small market, real regulator, EU trajectory.
North Macedonia licenses securities intermediaries as brokerage houses under the Law on Securities, supervised by the Securities and Exchange Commission. Basic capital is graded by the scope of services a house intends to perform - pure brokerage sits at the bottom, dealing and portfolio management above it, underwriting at the top - with the figures set in denar counter-value of euro amounts and confirmed against the Law and Commission regulations in force at filing. The scale of the framework is visible in its infrastructure requirements: the stock exchange and the central depository each carry a minimum basic capital of EUR 500,000 in denar counter-value, which tells you how the whole system is proportioned.
The commercial case is proportion and trajectory. This is a small, orderly market with a functioning exchange in Skopje, an EU-candidate legal framework being progressively aligned, professional staff at wages far below union levels, and a regulator small enough to talk to directly. There is no EEA passport today - that is the hard limit, and it means 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 genuinely supervised licence at the lowest credible European cost, Skopje earns a look. We build the Commission file end to end.
The smallest serious Balkan door: a brokerage house licensed by the Securities and Exchange Commission under the Law on Securities, with basic capital graded by the services performed and verified against the text in force at filing.
The exchange and the depository each carry a EUR 500,000 floor - a marker of the framework's scale. No EEA passport today; 10% flat tax at the region's lowest cost base.
The two builds
The brokerage house - and the regional structure around it.
One licence, tiered by services: brokerage, dealing, portfolio management and underwriting each move the capital line. We scope before we file.
The brokerage house. With the group built around it.
01 - BROKERAGE HOUSE
The licensed core
A brokerage house authorised by the Commission for the services it actually performs. Brokerage, dealing, portfolio management or underwriting. With basic capital graded accordingly.
A brokerage house authorised by the Commission for the services it actually performs. Brokerage, dealing, portfolio management or underwriting. With basic capital graded accordingly.
- ✓Brokerage services
- ✓Dealing where permitted
- ✓Portfolio management
- ✓Underwriting at the top tier
- ✓Capital graded by scope
- ✓Licensed brokers engaged
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 house carries the domestic and regional book.
EU client bases served from EU-licensed entities while North Macedonia remains a candidate; the Skopje house 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 the Law on Securities and Commission regulations, in denar counter-value of euro amounts, and are verified against the text in force at filing.
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 Commission is small enough that applicants deal with people rather than portals. Questions get answered.People, not portals.
✓
EU candidate trajectory
Legal alignment is progressing; firms with a long horizon position while entry is cheap.Position while cheap.
✓
Graded capital
Basic capital follows the services performed, so a brokerage-only house 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: the cheapest supervised European-shaped licence. In the smallest market on this list.
North Macedonia vs other jurisdictions
| Feature |  North Macedonia | Other jurisdictions |
|---|---|---|
| Regime | Law on Securities - SEC | MiFID or national law |
| Capital | Graded by services | IFD tiers |
| Passport | None - candidate state | 30 EEA states |
| Market size | Small, orderly | Regional to global |
Regime
North MacedoniaLaw on Securities - SEC
Other jurisdictionsMiFID or national law
Capital
North MacedoniaGraded by services
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 | Brokerage house - SEC | 10% corporate | Capital by service scope |
 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 typeBrokerage house - SEC
Taxation10% corporate
RequirementsCapital by service scope
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
Before you apply
Requirements for the Macedonian licence.Requirements for the licence.
The Commission licenses brokerage houses against the Law. The checklist below is what a passing file contains.
01
Macedonian company. Established as a brokerage house with management in the country.
02
Service scope. Brokerage, dealing, portfolio management or underwriting, chosen before filing.
03
Basic capital. At the tier the chosen services require, in denar counter-value, evidenced.
04
Fit-and-proper founders and management. Vetted to ultimate-owner level.
05
Licensed brokers. Individuals holding Commission authorisation for the services performed.
06
Business plan. Strategy, clientele and projections the Commission can test.
07
Organisation. Compliance, risk and internal control functions established.
08
Client-asset arrangements. Segregation and safeguarding per the Law.
09
Reporting. The supervisory returns the Commission prescribes, live from day one.
10
AML/CFT programme. Macedonian framework with a named responsible officer.
11
Market discipline. EU client bases routed to EU-licensed entities.
01
Macedonian house formed.
02
Service scope chosen.
03
Capital at the tier.
04
Founders vetted to UBO.
05
Licensed brokers engaged.
06
Testable business plan.
07
Control functions built.
08
Client assets safeguarded.
09
Reporting live day one.
10
AML officer named.
11
EU clients routed out.
Reflects the Law on Securities and Commission regulations as of 2026. Capital tiers are verified against the text in force at filing.Law on Securities + Commission rules, 2026.
How it works
From first call to the Commission register.
01
Scope and tier
Services chosen, the capital tier identified and the markets the licence cannot reach named upfront.Real coverage.
02
Company and capital
Macedonian brokerage house established and basic capital evidenced at the required tier.Evidenced at tier.
03
People
Management vetted and licensed brokers engaged for the services performed.Brokers authorised.
04
The application
The Commission file with plan, organisation and procedures. Complete at submission.Complete at filing.
05
Licensed and live
Authorisation granted, reporting calendared, the house operating on the Skopje market.Reporting calendared.
Quick facts
RegulatorSecurities and Exchange Commission
FrameworkLaw on Securities
LicenceBrokerage house
CapitalGraded by service scope
Exchange floorEUR 500,000
Depository floorEUR 500,000
PassportNone - candidate state
Realistic timeline6-12 months
The EUR 500,000 floors for the exchange and the depository show the scale of the framework. Brokerage-house tiers sit below them, verified at filing.
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 tiers, capital verified against the Law actually in force.Verified at filing.
02
The Commission file
Business plan, organisation and procedures assembled to the regulator's requirements.Assembled to rule.
03
Licensed brokers
The individuals the service set requires, engaged and authorised 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
Tallinn
Estonia
Roseni 13
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 brokerage house, 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.
Follow Prifinance
Active across our channels.
North Macedonia · SEC
Launch your investment firm in North Macedonia with expert support.
Full-service assistance - from scope and capital verification to Commission licensing and launch - run through our Skopje office.
Get a consultation →Free legal opinion
Is North Macedonia the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Macedonian investment licence: frequent questions.
What licence does an investment firm need in North Macedonia?+
Authorisation as a brokerage house from the Securities and Exchange Commission under the Law on Securities, scoped to the services performed - brokerage, dealing, portfolio management or underwriting.
What capital is required?+
Basic capital is graded by the scope of services, expressed in denar counter-value of euro amounts. Because the tiers move with amendments, we verify them against the Law and Commission regulations in force at filing.
What do the EUR 500,000 floors tell me?+
The Law sets minimum basic capital of EUR 500,000 in denar counter-value for the stock exchange and the central depository. It is a useful scale marker: brokerage-house requirements sit below institutional infrastructure, not above it.
Is there an EU passport?+
No. North Macedonia is an EU candidate, not a member, so no passport attaches today. 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 - the Commission authorises brokers individually, and the services the house performs determine which licensed individuals it must engage. That workstream runs alongside the corporate file.
How long does licensing take?+
Realistically 6-12 months including preparation, driven by the completeness of the organisational documentation.
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 verified against the Law in force 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 licence?+
Brokerage house - SEC.
Capital?+
Graded; verified at filing.
EUR 500,000?+
Exchange and depository floor.
EU passport?+
No - candidate state.
Or Bulgaria?+
Passport vs cost.
Brokers licensed?+
Yes, individually.
How long?+
6-12 months realistic.
Taxes?+
10% flat.
Market size?+
Small - said plainly.
Why you?+
Law read at filing.
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 away from your Macedonian investment licence.
Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: which Macedonian scope fits your project and what it will cost.
✓Written legal opinion within 2-5 business days - free of charge✓A clear recommendation on the right licence scope, not a sales pitch✓Transparent fixed fees, confirmed up front✓EN · RU · ES speaking team
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 Securities and Exchange Commission or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.