The North Macedonia bank this article dwells on is one of a kind. It is among the few financial institutions servicing classic offshore companies. It is there that you can remotely open a corporate account if you need one. If you happen to be a business person with a company in Belize, St Kitts and Nevis, BVI, Panama or a business in any other offshore jurisdictions, the said North Macedonia bank may be of special interest to you. For this puprose, a remotely opened corporate account with the above North Macedonia bank may fit the bill.
A foreign company about to open a corporate account with the North Macedonia bank will pay the Q Wealth expert and partner expenses together with the North Macedonia bank tariffs and rates.
At Q Wealth, we encourage you to take a look at the list of documents to be submitted (please refer to the document list below) and only proceed with bank pre-approval procedures if you have met all the North Macedonia bank requirements and politics. The term set to submit the required documents makes 2 months. At the expiry thereof, your application for corporate account opening will be cancelled.
Those willing to open corporate accounts in any other jurisdictions are welcome to study the Q Wealth recent offers on the corporate website or fill in the corresponding form to apply for a comprehensive consultation as to account selection and opening with the Q Wealth seasoned industry experts. Using a case-by-case approach, we will cherry-pick the account well-tuned to your corporate needs.
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Corporate banking in North Macedonia bank
The North Macedonia bank comes with a wide range of banking services for corporate customers:
- international and domestic payment transactions
- deposits
- My Business account for special purposes
- securities trading
- Internet banking
- mobile banking
- safety deposit boxes, etc.
For the full list of the North Macedonia bank tariffs and rates, please refer to the table below.
Tariffs and rates of North Macedonia bank for foreign companies and/or legal entities (as of November 2022)
| Account opening and/or closing | |
| Non-refundable registration fee, including, inter alia, when opening 1st foreign currency account | EUR 1000 |
| Account opening fee | EUR 200 per account and currency |
| Account maintenance with North Macedonia bank | |
| Monthly account maintenance fee (subject to active account turnover) | EUR 50 to EUR 100 per month |
| Account maintenance fee for inactive or blocked account (due to being inactive over 2 years or outdated account documents) | EUR 25 per month |
| Account closing fee | |
| At customer’s request or as authorized by North Macedonia bank | up to EUR 5000 |
| As provided for by law or internal regulations of North Macedonia bank (due to no turnover within 2 years and no account balance) | no charge |
| Cash transactions | |
| Deposit to customer’s account | 0.1% to 5% of deposit amount |
| Withdrawals | |
| Payment transactions (money transfers) | |
| Incoming payments | EUR 1 to EUR 500,000 or equivalent amount in different currency – 0.5% EUR 500,000 or equivalent amount in different currency – 0.3% |
| Outgoing international or domestic money transfers | 0.75% (with minimum amount of EUR 300) + correspondent bank commissions no charge, if account in question comes with minimum average annual balance of EUR 1,000,000 or equivalent amount in any other currency |
| Intra-bank transfers | no charge |
| Payment order amendment | EUR 100 |
| Chargeback | EUR 200 |
| Ls/C | |
| IMPORT Ls/C ISSUED BY NORTH MACEDONIA BANK | |
| Issuing unconfirmed Ls/C collateralized with foreign currency | 0.5% per quarter, with minimum fee of EUR 250 + EUR 100 as SWIFT fee |
| Issuing unconfirmed Ls/C, with fees depending on collateral | 0.6% – 1.8% per quarter, with minimum fee of EUR 250 + EUR 100 as SWIFT fee |
| LC amendment | EUR 150 + EUR 100 as SWIFT fee |
| Fees for Ls/C certificate storage and maintenance, with over 90-day deferred payment | 50% of regular issuance fee per each consequtive quarter |
| EXPORT Ls/C RECEIVED BY NORTH MACEDONIA BANK | |
| Notice with receipt unconfirmed | 0.5%, with minimum fee of EUR 250 |
| Notice with receipt confirmed | 1%, with minimum fee of EUR 500 |
| Unconfirmed L/C transfer | 0.3%, with minimum fee of EUR 250 + EUR 100 as SWIFT fee |
| Confirmed L/C transfer | 1%, with minimum fee of EUR 500 + EUR 100 as SWIFT fee |
| Expert review of documents | 0.4% of document cost, with minimum fee of EUR 500 |
| Modification of terms | EUR 100 + EUR 100 as SWIFT fee |
| Fees are paid on an upfront quarterly basis The last quarter fee is calculated and paid on a monthly basis Where the L/C in question is valid for no more than 5 days within the current month, no fee is charged. For Ls/C valid longer than 6 days, the fee is calculated and paid for the whole month. The fee is non-refundable if the L/C in question is not used in full, whatever the reason. For standby Ls/C, fees are calculated and charged as provided for under the corredponding agreement. |
|
| Renting safe deposit boxes with North Macedonia bank (fees depend on safe size) | |
| 7.80х25.50х61.10 | EUR 100 |
| 13.10х25.50х61.10 | EUR 150 |
| 26.50х25.50х61.10 | EUR 200 |
| Internet banking | |
| Access to e-banking and mobile banking | EUR 150 |
| Password re-issue | EUR 4 |
| Password unlock | no charge |
| Re-issue of KIBS digital certificate due to loss thereof (for legal entities) | EUR 16 + VAT 18% |
| KIBS DIGITAL CERTIFICATES FOR INTERNET BANKING | |
| Initial issue of PKI Verba Sign token with a 1-year validity for legal entities ———————————- Re-issue |
EUR 52 ———————————— EUR 26 |
| Initial issue of PKI Verba Sign token with a 2-year validity for legal entities ——————————— Token reissue |
EUR 70 ———————————— EUR 44 |
| Initial issue of PKI Verba Sign token with a 3-year validity —————————————— Re-issue of PKI Verba Sign token with a 3-year validity |
EUR 86 ———————————- EUR 61 |
| Other services of North Macedonia bank | |
| Issuing reports in North Macedionia bank office | no charge |
| Issuing reports per e-mail and/or fax | EUR 10 |
| SWIFT МТ-940 | EUR 50 |
| Due diligence review | EUR 200 |
| Document-related operations (export and import) | |
| Document due diligence and sending documents for collection (export) | 0.5 %, with minimum fee of EUR 500 |
| Express delivery (export) | Actual fee + VAT |
| Shipping advice o/d (import) | 0.2%, with minimum fee of EUR 500 |
| Payment deferral notice | 0.3%, with minimum fee of EUR 500 |
| Bank guarantees | |
| Guarantee letters (Ls/G) and SBDC issued by North Macedonia bank | |
| Unconfirmed Ls/G collateralized with foreign currency | 0.3% per quarter, with minimum fee of EUR 500 + EUR 100 as SWIFT fee |
| Unconfirmed Ls/G, depending on collateral amount | 0.6% – 1.50% per quarter, with minimum fee of EUR 500 + EUR 100 as SWIFT fee |
| Issuing confirmed Ls/G and SBDC | |
| collateralized with foreign currency | 0.6% per quarter, with minimum fee of EUR 500 + EUR 100 as SWIFT fee |
| hypothecated | 1.5% per quarter, with minimum fee of EUR 1000 + EUR 100 as SWIFT fee |
| other instruments | 1.8% per quarter, with minimum fee of EUR 1000 + EUR 100 as SWIFT fee |
| modification of terms | EUR 100 + EUR 100 as SWIFT fee |
| document due diligence | 0.3% of document cost, with minimum fee of EUR 500 |
| Letters of guarantee and SBDC from other banks | |
| Notice with receipt unconfirmed | 0.5%, with minimum fee of EUR 500 |
| Modification of terms | EUR 250 + EUR 100 as SWIFT fee |
| L/G activation | EUR 250 + EUR 100 as SWIFT fee |
| L/G transfer to any other domestic bank | 0.5%, with minimum fee of EUR 500 |
With the pre-approval stage completed, the North Macedonia bank imposes a monthly service tariff for each customer on a case-by-case basis, guided by their business and company structure evaluation.
Domestic and international payment transactions
With a corporate account in the North Macedonia bank, you can be sure your transactions remain fast, safe, and effective. To make domestic interbank payments, either the MIPS system (for express payments above MKD 1,000,000) or the KIBS system (for payments below MKD 1,000,000) is used.
The Republic of North Macedonia not being a SEPA member, SWIFT is used to make overseas payments.
Overdrafts
A standard banking product, overdrafts are issued by the North Macedonia bank for certain amounts in MKD and EUR. The loan is available for a certain time period and for the duration thereof a bank customer is free to use any bank products. The overdraft limit shall correspond to the customer’s personal assets or cost of the real estate used to collaterize the loan.
Investment loans in Macedonia
If you need to purchase equipment, implement a construction project, or finance a special-purpose project, you will most likely need to get an investment loan for over a year. Depending on your projected income and time necessary to complete the project, loan terms will vary. The North Macedonia bank may come with a grace period for your loan and for the duration thereof the company may only pay interest and not the loan principal. The North Macedonia bank issues investment loans in MKD and EUR.
Internet banking
When connected to Internet banking, the North Macedonia bank customers are free to carry out financial transactions and check their day-to-day account balance. Accessible anyplace with Internet access, the service is functional 24/7 regardless of the North Macedonia bank business hours.
To make payments via the bank app, the account holder shall receive a KIBS digital certificate. The latter is used instead of the holder’s signature and any payment via e-banking shall be signed with the above digital certificate.
The North Macedonia bank customers enjoy an opportunity to use telephone banking. Financial transactions to be made via telephone banking include checking your account balance, obtaing a list of recent transactions, paying e-bills, invoices, and transferring funds between customers’ accounts.
You are welcome to study the North Macedonia-related services Q Wealth provides and where necessary have the best expert advice from our seasoned bank experts on every aspect that interests you
Persons and entities not accepted as customers by North Macedonia bank – limitations
Below, you will find customer categories that the North Macedonia bank does not open accounts for:
- UNO, EU, or US (e.g., OFAC) sanctioned persons as well as persons under domestic sanctions
- natural or legal persons that do not provide complete information and details necessary to identify them and verify their identity
- customers that are impossible to assess due to lack of information
- private and corporate customers whose transactions or business profiles do not match the information they provided when opening an account and undergoing compliance checks
- shell companies and banks
- companies and invividuals engaging in prohibited and/or illegal activities like unauthorized arms and weapons manufacture and trade, porn industry, gambling, betting, and unlicensed insurance businesses, etc.
- customers sanctioned due to their involvement in terrorism financing
- customers that make unofficial payments
- crypto companies cooperating with cryptocurrency exchanges and the like
- forex platforms, gambling platforms, and loan-based transactions.
The North Macedonia bank does not accept customers from Iran, North Korea, Syria, and Vaunatu.
FYI: non-resident bank customers may make EUR transactions only. No incoming money transfers from payment system accounts are accepted and no transfers are made thereto. The same regulations apply to private bank accounts with the Macedonian bank.
Documents required to open corporate accounts with North Macedonia bank
Below, you will find the requirements for bank forms that shall be filled in, printed out, and signed for the North Macedonia bank to open a corporate bank account for you.
If you are a beneficiary and/or an authorized person:
- notarized copy of your foreign passport
- notarized residential address confirmation (e.g., a utility bill). The North Macedonia bank also accepts ID cards or driver licenses where the latter have the holder’s residential address on them
- power of attorney to open and manage the corresponding account, unless the right to open and/or manage the said account is provided for the company’s constitutional documents.
NB: if a notarized document is not in English, both the document and the notary statement shall be translated into English by a certified English translator.
Corporate documents:
- notarized copy of the Incorporation Certificate
- notarized copy of the Articles and Memorandum of Association or the By-Laws and/or the Operating Agreement
- original or notarized copy of the Certificate of Good Standing that shall be issued within 3 months before the account opening date, with annual submission provided for
- original or notarized copy of the Incumbency Certificate that shall be issued within 3 months before the account opening date, with annual submission provided for
or
- original or notarized copy of the Extract from the trade or court register issued in the company’s incorporation jurisdiction to confirm that the legal entity in question is incumbent, operating, and not in liquidation. The said document shall be issued within 3 months before the account opening date, with annual submission provided for. The information the above document shall contain is mentioned below:
- company incorporation date
- company name
- tax ID (NB: if the company tax ID is not provided for, the document issued by the corresponding competent authority to certify the legal entity’s tax ID shall be submitted)
- company headquarters and permanent address
- principal activities (NB: if the document does not describe the company’s principal activities the document certifying and/or describing the legal entity’s principal activities shall be submitted)
- company assets
- full names of company owners, legal representatives, and BOD members.
- notarized copy of the Share Certificates
- notarized copy of the Register of Directors
- notarized copy of the Register of Members
- notarized copy of the director’s, manager’s, BOD member’s resolution, or any other constituent document authrizing the account opening
- trust deed (for nominee shareholders)
- financial accounts for the previous periods (1 to 2 previous years, as a rule). They are requested by the bank where necessary, based on the company risk assessment.
- description of the company’s business activities shall be submitted to the North Macedonia bank as a letter to the bank on the company’s official letterhead signed by the company’s director. It shall be a detailed description mentioning the names of the company’s business partners.
The North Macedonia bank will open a corporate account for your company remotely. The customer’s personal presence in the country is not necessary therefor. You shall submit either original document copies translated into English or translated notarized document copies to the bank for that purpose. After the corporate account in question has been opened and activated, the submitted documents remain in the North Macedonia bank.
Procedure to open corporate accounts with North Macedonia bank
This is what you shall do to open a corporate account with the North Macedonia bank:
- Contact the Q Wealth seasoned professionals for assistance with corporate account opening via in**@***********rt.com.
- Pay the Q Wealth commissions and fees for corporate account opening. FYI: it will cost you 3999 EUR to open a corporate account with the North Macedonia bank should you apply to Q Wealth for help. Feel free to pay by a bank transfer, bank card, WebMoney, PayPal, or Western Union.
- Prepare the documents required by the North Macedonia bank to open a corporate account therein.
For any questions or comments you may have, you are welcome to contact the Q Wealth team or use our online chat therefor. Our seasoned consultants are always here to help.
21 August 2020 