The bank we are going to talk about is situated in the North Macedonia. It is one of the few banks that today is ready to work with the ‘classic’ offshore companies and open corporate accounts for such companies without the need for personal presence. This may be especially relevant for those businesspeople who have established their companies in Marshall Islands, Belize, Nevis, British Virgin Islands and Panama. In this regard, we would like to offer you the service of opening a corporate bank account in the Republic of Macedonia completely remotely!
It is important: A fee of 1000 EUR is required by the bank at the stage of preliminary review of the client’s profile. The fee is to be paid by bank transfer only. The cost of opening the account in a single currency is already included in this amount. (That is, no additional fee of 200 EUR will be required for opening an account).
Also, we strongly recommend that you study thoroughly the list of required documents (see the end of the article), and start the Pre-Approval procedure as soon as possible. After pre-approval, the bank gives the client two months to supply the original documents.
No minimum deposit or account balance will be required to open an account.
The bank opens accounts in the following currencies: MKD, EUR, GBP and CHF.
About the Bank in the Republic of Macedonia
The history of the bank dates back to April 1993, when one of the first private banks in the country, Kreditna Banka AD Skopje, was founded. In 2000, Alpha Bank A.E. (Athens) became its main shareholder.
The bank we are talking about, compares favorably with other banks in the Republic of Macedonia due to its compliance with all modern banking regulations. This in turn has means its correspondent banks have approved it to carry out international commercial banking operations. It has a client oriented approach.
The bank’s business strategy is aimed at developing modern tech aspects of banking, improving the products and introducing innovations. This serves as a confirmation of the image of a dynamic and modern European bank that follows the market demands and meets the needs of its clients.
Services for Corporate Clients
The bank in North Macedonia offers its corporate clients an array of the main banking services:
- Local and international payments;
- A special “My Business” account;
- Trading in the securities market;
- Internet banking;
- Mobile banking;
- Safe deposit boxes.
Bank Fees (as of July 2020)
|Non-refundable fee for considering the client’s application||1,000 EUR|
|Account opening fee in a single currency||200 EUR|
|Monthly account maintenance fee set by the bank for each client individually*||50 to 100 EUR|
|Internal transfers inside the bank||Free of charge|
|Incoming payments||For the amounts of 1 to 500,000 EUR (or equivalent): 0.50%For the amounts of over than 500,000 EUR (or equivalent): 0.30%|
|Outgoing payments||0.75%, minimum 350 EUR + fees of correspondent banksFree if the minimum average annual account balanceis 1,000,000 EUR|
|Connecting and activating online banking and mobile banking||100 EUR|
*After the client successfully passes the Pre-Approval stage, the bank will set the client’s monthly maintenance fee based on the company’s business assessment and its structure.
Domestic and International Payment Operations
The bank ensures safe, fast and efficient payment operations for all of its clients. Domestic payments between the banks are effected using the MIPS system (for urgent payments of over 1 million MKD) or the KIBS system (for payments up to 1 million MKD).
Since the Republic of Northern Macedonia is not part of the SEPA zone, foreign payment transactions are carried out worldwide via the SWIFT network.
An overdraft is a standard banking product for a certain amount in MKD and EUR. This loan is valid for a certain period of time during which the client can use all types of banking products. The overdraft limit is related to the personal savings or the real value of property accepted as collateral.
Purchasing of equipment, construction of buildings or financing of special projects are the matters that often require loans for more than just a year. Terms and conditions are determined in accordance with the projected future revenues, as well as the time required to complete the project. The bank, depending on the demands of the project, can provide a grace period during which the company may not repay the principal amount, but only pay the interest. Investment loans are issued in MKD and EUR.
The Internet banking service allows bank clients to carry out their financial transactions and check the current balance of their account. The service is available from anywhere where you have access to the Internet, regardless of the bank’s opening hours. Internet banking is available to clients in the 24/7 mode.
To be able to make payments via a digital banking application, the account signatory must be issued a KIBS digital certificate. The digital certificate replaces a written signature: any payment made via an e-banking service must be signed with a digital certificate.
The bank also offers telephone banking services to its customers. The types of financial transactions that the clients can effect via telephone banking include account balance information obtaining, the list of recent transactions, payments of digital invoices, and transfers between the client’s account and the other user’s accounts.
Bank cards are not currently available to corporate clients.
The bank in the North Macedonia does not open accounts to clients and companies from Uzbekistan, Iran, North Korea, Angola, Ecuador, Ethiopia, Pakistan, Turkmenistan, São Tomé e Príncipe, Vanuatu and Venezuela.
Also, the bank does not open accounts to those companies whose activities are related to the arms industry, entertainment programs for adults, gambling, virtual currencies, as well as to the entities under sanctions, and financial institutions.
The bank does not accept or allow transfers to and from any payment systems, such as Skrill, Netteler and PayPal.
Procedure for Opening a Corporate Account
In order to open a corporate bank account in the republic of Macedonia, you will need to do the following:
- Seek professional assistance offered by our experts by sending an email to: firstname.lastname@example.org. Please write in the subject line: New Corporate Account in North Macedonia
- After consulting with our experts, pay for the professional assistance in getting your account open. The cost of this service is 3999 EUR (not including banking fees). The payment can be made by bank transaction, card, via the WebMoney, PayPal or Western Union systems.
- Prepare the necessary documents in accordance with the bank’s requirements.
Documents Required for Opening a Corporate Account
Filled out, printed, signed and notarized bank forms for opening a bank account. If you need help and advice with the notarization, we can assist. We can also recommend online notary services.
Beneficiaries and authorized persons must present the following:
- Notarized copies of their travel documents;
- Notarized confirmation of their latest address (a utility bill). The bank also accepts ID cards or driver’s licenses if they specify the address.
- The Power of Attorney for opening/disposing of the account if the person’s right to do it does not result from the company’s founding documents.
Note: If the document or text of the notary’ certification is not in English, the translation of this notarized document by a certified translator is required.
- Notarized copy of the company’s Certificate of Incorporation;
- Notarized copy of the Articles and Memorandum of Association or By-Laws/ Operating Agreement;
- Original or notarized copy of the Certificate of Good Standing. The document must be no older than 3 months at the time of the account opening and re-submitted annually.
- Original or notarized copy of the Certificate of Incumbency. The document must be no older than 3 months at the time of the account opening and re-submitted annually.
- The original or notarized copy of the Extract from the trade register/court from the company’s incorporation country confirming that the legal entity is indeed operating and is not in the process of liquidation. The document must be no older than 3 months and re-submitted annually. The document must contain the following data:
- Date of the company’s incorporation;
- Company’s name;
- Company’s tax number; Note: if the company’s tax number is not specified, you will need a document confirming the tax number of the legal entity (certificate from a competent authority).
- Company’s permanent address, head office;
- Company’s core business activity; Note: If the document does not describe the company’s core business, a document containing the confirmation and/or description of the legal entity’s core business is required.
- Company’s share capital;
- Names of owners, legal representatives, members of the Board of Directors and representatives.
- Notarized copy of the Share Certificates;
- Notarized copy of the Register of Directors;
- Notarized copy of the Register of members;
- Notarized copy of the decision of the director/manager/board member or another founding document authorizing the opening of a bank account;
- Copy of the document establishing the trust property (in the case of nominee shareholders);
- Financial statements for the previous years (as a rule, 1 to 2 years). It is usually requested by the bank as needed, based on the company’s risk assessment.
- The company’s business description must be provided in the form of a letter on the company’s letterhead addressed to the bank. The description must be detailed, with the indication of the company’s business partners. The letter must be signed by the company director.
Opening of the account will take place remotely (that is, without your presence in the country), after you send all the necessary originals translated into English to the bank by courier. You can also submit notarized copies of documents translated into English. Upon opening and activating your account, the bank will keep your documents. The whole procedure of opening the account, starting from the moment the bank receives your documents, takes about 7 working days.
Documents issued by an official government agency or institution must be apostilled. For other papers, notarization will be sufficient. If you need help and advice with the notarization, we can assist. We can also recommend online notary services.
The bank reserves the right to demand additional documents.
Are there any questions left? Please feel free to ask your questions by emailing to: email@example.com. Our professional experts will be happy to assist you.