ECONOMIC PARAMETERS OF THE REPUBLIC OF NORTH MACEDONIA AND DYNAMICS OF INTRODUCTION

(source: foreign and domestic economic analyzes)

2019

Dealing with Construction Permits: Macedonia made the construction permitting process less costly by reducing the land development fees.

2017

Getting Credit: Republic of North Macedonia strengthened access to credit by amending its laws to implement a functional secured transactions system, provide modern features for the collateral registry and allow parties to grant non posessory security rights in a single category of assets with general descriptions.

Protecting Minority Investors: Republic of North Macedonia, strengthened minority investor protections by increasing shareholder rights and role in major corporate decisions, introducing greater requirements for immediate disclosure of related-party transactions to the public, allowing greater access to corporate information during trial and clarifying ownership and control structures.

Enforcing Contracts: Republic of North Macedonia made enforcing contracts more difficult by adopting amendments to the Law on Civil Procedure that mandate mediation before filing a claim, thus lengthening the initial phase of judicial proceedings.

Resolving Insolvency: Republic of North Macedonia made resolving insolvency easier by changing voting procedures for the reorganization plans and allowing creditors greater participation in insolvency proceedings.

2016

Starting a Business: Republic of North Macedonia made starting a business simpler by introducing compulsory online registration carried out by certified agents.Protecting Minority Investors: Republic of North Macedonia strengthened minority investor protections by providing for both fines and imprisonment of interested directors in prejudicial related-party transactions.

Employing Workers:

1) Republic of North Macedonia introduced amendments to its Labor Relations Act relating to social contributions, employment contracts, independent contractors, annual leave, overtime work, health inspections and labor disputes. 

2) Republic of North Macedonia increased the minimum wage.

2015

Starting a Business: Republic of North Macedonia made starting a business easier by making online registration free of charge.Protecting Minority Investors: Republic of North Macedonia strengthened minority investor protections by requiring prior review of related-party transactions by an external auditor.

Resolving Insolvency: Republic of North Macedonia made resolving insolvency easier by establishing a framework for electronic auctions of debtors’ assets, streamlining and tightening the time frames for insolvency proceedings and the appeals process and establishing a framework for out-of-court restructurings.

2014

Dealing with Construction Permits: Republic of North Macedonia made dealing with construction permits easier by reducing the time required to register a new building and by authorizing the municipality to register the building on behalf of the owner.

Getting Electricity: Republic of North Macedonia made getting electricity easier by reducing the time required to obtain a new connection and by setting fixed connection fees per kilowatt (kW) for connections requiring a capacity below 400 kW.

Registering Property: Republic of North Macedonia made property registration faster and less costly by digitizing the real estate cadastre and eliminating the requirement for an encumbrance certificate.

Getting Credit: Republic of North Macedonia strengthened its secured transactions system by providing more flexibility on the description of assets in a collateral agreement and on the types of debts and obligations that can be secured.

Protecting Minority Investors: Republic of North Macedonia strengthened investor protections by allowing shareholders to request the rescission of unfair related-party transactions and the appointment of an auditor to investigate alleged irregularities in the company’s activities.

Paying Taxes: Republic of North Macedonia made paying taxes easier for companies by encouraging the use of electronic filing and payment systems for corporate income and value added taxes.

2013

Starting a Business: Republic of North Macedonia made starting a business easier by simplifying the process for obtaining a company seal.

2012

Dealing with Construction Permits: Republic of North Macedonia made dealing with construction permits easier by transferring oversight processes to the private sector and streamlining procedures.

Registering Property: Republic of North Macedonia made registering property easier by reducing notary fees and enforcing time limits.

Getting Credit: Republic of North Macedonia improved its credit information system by establishing a private credit bureau.

Resolving Insolvency: Republic of North Macedonia increased the transparency of bankruptcy proceedings through amendments to its company and bankruptcy laws.

2010

Starting a Business: Republic of North Macedonia made starting a business easier by integrating procedures at a one-stop shop.

Dealing with Construction Permits: Republic of North Macedonia reduced the time required for dealing with construction permits through changes in the permitting process.

Registering Property: Republic of North Macedonia made registering property easier by setting new time limits for registering a title deed at the real estate cadastre and by making it possible to obtain a nonencumbrance certificate from the real estate registry rather than through the court.

Getting Credit: Republic of North Macedonia’s public credit bureau improved its database and expanded its coverage by including more information and lowering the minimum threshold for loans reported.

Protecting Minority Investors: Republic of North Macedonia strengthened investor protections by introducing regulations on the approval of related-party transactions, increasing disclosure requirements in the annual report and making it easier to sue directors in cases where related-party transactions harm the company.

Paying Taxes: Republic of North Macedonia made paying taxes easier and less costly for companies by clarifying social security payments and reducing employers’ social security contribution rates.

Employing Workers: Republic of North Macedonia allowed the use of fixed-term contracts for permanent tasks and reduced mandatory paid annual leave. In addition, it repealed the retraining or reassignment obligations and priority rules for reemployment that apply in cases of redundancy dismissals.

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