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Business Climate in North Macedonia

Introduction

North Macedonia, officially the Republic of North Macedonia, is a country in the Balkan Peninsula in Southeast Europe. North Macedonia has a population of 2,077,132 citizens living on an area of 25,713 km2 . The country’s capital is the city of Skopje in which around 506,926  million North Macedonian reside.

North Macedonia is divided into 80 municipalities and 34 cities. Municipalities usually have more than 10,000 inhabitants.

The national currency is the Macedonian denars and around 61.7 Macedonian denars make 1 EUR. 

Some basic economic stats include: 

  • Inflation rate: 0,8%
  • Direct investments in 2018:  737 million euros.
  • The growth rate of the Gross Domestic Product (GDP): 2.7%
  • GDP: 32.6 billion American dollars
  • Unemployment: 21.6%

Index of Economic Freedom Rank: 41

The distinguished Index of Economic Freedom, an annual guide published by The Heritage Foundation, gives North Macedonia economic freedom score of 69.5. This gives the country an overall worldwide rank of 41 and puts North Macedonia 23rd among 45 countries in the European region. The overall score is approximately equal to the regional average and well above the world average.

World Bank, Doing Business Rank: 17

The World Bank, Doing Business Report ranks North Macedonia in 17th place for doing business on the world ranking. The country is given a score of 80,7 and a ranking of 78 for starting a business in 2020.

Basel Institute, AML Index Rank: 122

The Basel Institute of Governance ranks North Macedonia on 122 rankings position. Please note that the highest-ranking position shows that the country is having a higher risk of money laundering and terrorist financing.

Do you think North Macedonia is a good place for your business?
If yes, we will help you establish your business in North Macedonia. All you need to do is to follow these steps:

Step 1: You send us an email

on contact@thybusinessguide.com

Hi….
I want to open a company in North Macedonia.
Refer me to someone that will get the job done, fast and professionally.

Step 2: We get back to you with a referral

We will contact you immediately with a couple of options and what price to expect. This way you won’t get overcharged. Also, we will provide you with a special code for which you will get a discount. This code will also let our referral know that if he/she is not acting as they presented us, they will lose a major leading source.

Step 3: You contact the referral

When asking details about the fees, timeline and other aspects for the professional engagement, it is very important to present our referral with the code we give you. We also strongly suggest cc’ing’ our email as we can follow if our referral is professional as he/she promised to be. 

Step 4: You let us know how it went

This is the only thing we ask. By giving us a review of how our referral worked for you, we will be able to know if we should give them more business, or take them from our list. They know that if they get bad reviews from our clients, they won’t get new clients from us. This is how we make sure that they do what they told us they will. 

Thy Business Guide, 2020