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 NBRNM decision, including banking and payment rails.
Get an EMI license in North Macedonia.
The Balkans' newest PSD2 framework at the Balkans' lightest tax: the National Bank licenses e-money institutions under the Law on Payment Services and Payment Systems - the EU-modelled regime applied since 2023 - with 10% flat across the board.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
North Macedonia in brief
A brand-new EU framework, ten percent flat.
North Macedonia rebuilt its payments law from the European blueprint: the Law on Payment Services and Payment Systems - applied since 2023 - transposes the PSD2/EMD2 architecture into a candidate-country market, with the National Bank of the Republic of North Macedonia licensing payment institutions and e-money institutions, issuing the bylaws on licences and consents, and maintaining public registers of both. The capital logic follows the model: the denar equivalent of €350,000 for an e-money institution, payment-institution tiers below, safeguarding and fit-and-proper testing to the European standard. The framework is young, which is the point - there is no legacy layer, just the EU architecture applied fresh.
The fiscal frame is the lightest in the region: 10% flat corporate tax, 10% flat personal income tax, 10% on dividends - a founder stack nothing in the EU matches - with Skopje operating costs to match. The market itself is compact (1.8 million people), so the licence's logic is usually regional: a low-cost, EU-modelled base for Balkan corridors, paired with an EU EMI when the single market matures from aspiration to timetable. Realistic end-to-end: 8-14 months; we run the file from our Skopje office.
NBRNM licence under the Law on Payment Services and Payment Systems (applied 2023): PSD2/EMD2 architecture fresh, €350,000-equivalent capital, public registers, Macedonian file.
The stack: 10% corporate, 10% personal, 10% dividends - Europe's lightest - with Skopje costs to match. Regional corridor logic.
The two routes
Full EMI - or the payment-institution tier.
One fresh PSD2-modelled law, two entries: the e-money institution at the €350,000-equivalent floor, or payment-institution licences below. We fix the scope first, then build once.
EMI at the €350,000-equivalent floor - or PI tiers, at 10% flat.
01 - E-MONEY INSTITUTION
NBRNM EMI licence
The flagship authorisation under the 2023 law: e-money issuance plus the PSD2-modelled services list, €350,000-equivalent capital, safeguarding, and entry in the central bank's public EMI register.
The flagship authorisation under the 2023 law: e-money issuance plus the PSD2-modelled services list, €350,000-equivalent capital, safeguarding, and entry in the central bank's public EMI register.
- ✓E-money issuance and distribution
- ✓PSD2-modelled services list
- ✓€350,000-equivalent capital
- ✓Safeguarding of client funds
- ✓Public EMI register entry
- ✓The fresh 2023 framework
02 - PAYMENT INSTITUTION ROUTES
10% flat underneathPI routes
Payment-institution licences by service tier under the same law. Remittance, acquiring, transfers. With the region's lightest tax stack underneath and Balkan corridors around.
PI by service tier; remittance and acquiring; corridor structures; upgrade path.
- ✓PI licences by service tier
- ✓Remittance and transfers
- ✓Acquiring and processing
- ✓Regional corridor structures
- ✓Upgrade path to the EMI
- ✓Same NBRNM supervision
Costs and timelines are confirmed for your case before any work begins. NBRNM process follows the law and its bylaws; capital, safeguarding and substance costs are itemised in your quote.
Why North Macedonia
Fresh framework, lightest stack.
The EU architecture applied since 2023, under a central bank with public registers. At ten percent flat.
✓
A 2023-fresh EU framework
The law transposes PSD2/EMD2 without legacy baggage. Definitions, safeguarding and passport-style logic arrive pre-aligned with the acquis.EU architecture, no legacy.
✓
10% flat - everything
Corporate 10%, personal 10%, dividends 10%. The founder stack is the region's lightest, and the EU has nothing comparable.Europe's lightest stack.
✓
A central-bank licence
The NBRNM licenses directly, issues the bylaws and maintains public PI and EMI registers. A real supervisory stamp at boutique scale.Public registers, real stamp.
✓
Skopje economics
Operating costs among Europe's lowest with a capable technical talent pool. The burn matches an early-stage licence.Lowest costs, capable talent.
✓
The candidate trajectory
EU candidacy means the framework converges further with every negotiation chapter. Files built now age into membership, not against it.Converging by the chapter.
✓
Balkan corridor logic
Diaspora remittances and regional flows anchor the business case. A low-cost EU-modelled base for corridors the big desks ignore.The base of a regional structure.
How it compares
How North Macedonia differs from other routes.
North Macedonia trades market size for framework freshness and the lightest stack. The side-by-side comparison is below.
North Macedonia vs other jurisdictions
| Feature |  North Macedonia | Other jurisdictions |
|---|---|---|
| Regime | PSD2-modelled · 2023 - NBRNM | EU or legacy regimes |
| Tax stack | 10/10/10 flat | Higher everywhere |
| Framework age | Fresh - no legacy | Layered |
| Market | 1.8M - regional logic | Larger home bases |
Regime
North MacedoniaPSD2-modelled · 2023 - NBRNM
Other jurisdictionsEU or legacy regimes
Tax stack
North Macedonia10/10/10 flat
Other jurisdictionsHigher everywhere
Framework age
North MacedoniaFresh - no legacy
Other jurisdictionsLayered
Market
North Macedonia1.8M - regional logic
Other jurisdictionsLarger home bases
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| North Macedonia | EMI (NBRNM) | 10% flat | 2023 framework, Macedonian file |
 Serbia | EMI (NBS) | 15% CIT | Anchor market, EU-modelled |
 Montenegro | EMI/PI (CBCG) | 9/12/15% CIT | Euro economy, small desk |
 Bulgaria | EMI (BNB) | 10% CIT | Euro area, EU member |
North MacedoniaLicense typeEMI (NBRNM)
Taxation10% flat
Requirements2023 framework, Macedonian file
SerbiaLicense typeEMI (NBS)
Taxation15% CIT
RequirementsAnchor market, EU-modelled
MontenegroLicense typeEMI/PI (CBCG)
Taxation9/12/15% CIT
RequirementsEuro economy, small desk
BulgariaLicense typeEMI (BNB)
Taxation10% CIT
RequirementsEuro area, EU member
Before you apply
Requirements for the NBRNM licence.Requirements for the licence.
The 2023 law and its bylaws define the file to the European standard. The craft is completeness the central bank can verify. The checklist below is what a passing application contains.
01
Macedonian entity. A DOO or AD with its head office and management in North Macedonia.
02
Capital. The denar equivalent of €350,000 for the EMI, evidenced and paid in; PI tiers below.
03
Fit and proper management and holders. Competence, clean records and ownership transparent to UBOs.
04
Programme of operations. Services, volumes and three-year financials the NBRNM can interrogate.
05
Safeguarding. Segregated client-fund arrangements with documented reconciliation.
06
AML/CFT framework. KYC, monitoring and FIO reporting with a resident compliance officer.
07
IT and security documentation. Architecture, resilience and incident procedures.
08
Internal governance. Control functions, outsourcing register and conflicts procedures.
09
Bylaw discipline. The licence-and-consent decision's document set complete at filing.
10
Macedonian-language file. The application and annexes drafted and defended in Macedonian.
01
Macedonian DOO, managed locally.
02
€350,000-equivalent capital.
03
Fit & proper holders to UBOs.
04
Interrogable programme of operations.
05
Safeguarding with reconciliation.
06
AML with resident officer (FIO).
07
IT and security documentation.
08
Governance and outsourcing register.
09
Bylaw document set complete.
10
Full file in Macedonian.
Reflects the Law on Payment Services and Payment Systems (applied 2023) and NBRNM bylaws as of 2026.Payment Services Law (2023) + NBRNM bylaws, as of 2026.
How it works
From first call to the NBRNM register.
01
Route and strategy
EMI or PI tier, corridor plan and pairings. Fixed in writing with capital and timeline.EMI or PI; corridors mapped.
02
Macedonian company and people
DOO formation, capital evidence and the resident officers the central bank vets.DOO, capital, officers.
03
The application file
Programme, safeguarding, AML and IT documentation per the bylaws. Complete, in Macedonian, before filing.Per the bylaws, complete.
04
NBRNM review
Central-bank rounds answered - 8-14 months realistic end to end.8-14 months realistic.
05
Licence and launch
The public register entry, safeguarding live, corridors running. At ten percent flat.Register, corridors, 10% flat.
Quick facts
RegulatorNBRNM
FrameworkPSD2-modelled · since 2023
Capital€350,000 equivalent
RegistersPublic - PI & EMI
Realistic timeline8-14 months
Corporate tax10% flat
Personal · dividends10% · 10%
File languageMacedonian
A fresh law read by its own central bank. A file built exactly to the bylaws is the entire game, and our job.
On the ground in North Macedonia
Run from our Skopje office.
Prifinance - North Macedonia
Skopje · North Macedonia
Skopje, North Macedonia
01
Macedonian company formation
DOO incorporation, capital placement and the corporate layer the NBRNM expects. Structured for the licence from day one.DOO + capital, structured.
02
The NBRNM file
Programme, safeguarding, AML and IT documentation drafted natively with Macedonian counsel to the 2023 law's bylaws, and defended through the rounds.To the bylaws, drafted natively.
03
Corridor structuring
Diaspora remittances and Balkan flows mapped onto the licence. The low-cost base of a regional structure.Low-cost regional base.
04
Substance and staffing
Resident directors, compliance officer and MLRO from Skopje's capable pool. Real substance at Europe's lowest cost.Skopje talent, real ops.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
London
United Kingdom
7 Bell Yard
Dubai
UAE
33 Level, Al Saqr Business Tower
Madeira
Portugal
Rua da Alegria 31, 1F
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of payment companies in North Macedonia.
Ten percent flat, three times over: corporate, personal, dividends. The lightest serious stack in Europe.
Corporate tax 10%
A flat 10% on an EMI's fee and float income - no bands, no surcharges, no municipal layers.Flat, no layers.
Personal tax 10%
Flat 10% personal income tax. Executive relocation maths only Bulgaria approaches within the EU's orbit.Relocation maths works.
Dividends 10%
A flat 10% on distributions. The full founder stack lands around 19%, the region's lightest.~19% founder all-in.
VAT 18% - exempt finance
Payment services are VAT-exempt financial services; the 18% standard rate touches only ordinary supplies.18% only on ordinary supplies.
Skopje cost base
Among Europe's lowest operating costs with capable technical talent. The burn matches the stack.Europe's lowest serious base.
Treaty network 45+
A functional treaty network across Europe. Group structures above the Macedonian entity model cleanly.Functional network.
Tax summary
Corporate tax10% flat
Personal income tax10% flat
Dividends10%
VAT on payment servicesExempt · standard 18%
Founder stack~19% all-in
Tax treaties45+
*Figures as of 2026 per the Public Revenue Office. Founder-level outcomes are modelled 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 DOO, 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 institution.
Follow Prifinance
Active across our channels.
North Macedonia · NBRNM
Launch your payment project in North Macedonia with expert support.
Full-service assistance - from DOO registration to the NBRNM licence, corridors and ongoing compliance.
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 EMI licence - what clients ask.
What licence does an e-money business need in North Macedonia?+
An e-money institution licence from the National Bank under the Law on Payment Services and Payment Systems - the PSD2/EMD2-modelled framework applied since 2023 - with capital at the denar equivalent of €350,000 and entry in the public EMI register.
How fresh is the framework really?+
Applied since 2023 with the central bank's licence-and-consent bylaws alongside - the EU architecture arrived in one piece, without legacy layers. The registers are live and public.
How long does licensing take?+
Realistically 8-14 months with the NBRNM's rounds in Macedonian. A file built exactly to the bylaws is the speed lever, and our job.
What substance is expected?+
A Macedonian DOO managed locally, resident fit-and-proper officers, AML reporting to the FIO, real safeguarding arrangements and documentation the central bank can verify.
How are payment companies taxed?+
10% flat corporate tax, 10% flat personal, 10% dividends - a founder all-in around 19%, the lightest serious stack in Europe - with VAT-exempt payment services.
Does the licence passport into the EU?+
Not yet - North Macedonia is a candidate. The logic is a low-cost, EU-modelled regional base paired with an EU EMI where the single market matters. We build the pairs.
What is the business case in a 1.8-million market?+
Regional: diaspora remittance corridors, Balkan flows and cost arbitrage - the licence is the base of a corridor structure, not a domestic consumer play.
Is the Macedonian-language file a real obstacle?+
It is the main operational one - we draft natively with Macedonian counsel rather than translating afterwards.
How does the candidate status matter?+
Each negotiation chapter converges the framework further - files built on the 2023 law age into membership. Early movers hold EU-modelled licences before EU pricing arrives.
Why North Macedonia rather than Serbia or Bulgaria?+
Serbia has the market; Bulgaria the euro area. North Macedonia has the freshest framework and the lightest stack - 10/10/10. Cost-optimised corridor models pick Skopje deliberately.
What's needed?+
NBRNM EMI - 2023 law, €350k equivalent.
Fresh framework?+
Applied 2023 - EU model, no legacy.
How long?+
8-14 months realistic.
Substance?+
Resident officers, real ops.
Taxes?+
10/10/10 - Europe's lightest.
EU passport?+
Not yet - pair with an EU EMI.
Business case?+
Corridors and cost, not domestic scale.
Macedonian file?+
Yes - drafted natively.
Candidacy?+
Converging chapter by chapter.
Vs Serbia?+
Their market; your stack and freshness.
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
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Google
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Google
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Google
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Google
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Google
Start today
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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 route 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 the National Bank of the Republic of North Macedonia (NBRNM) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.