Macedonia

Financial Reporting Obligations for Companies in Macedonia

1. Registry for Submitting Financial Statements

In Macedonia, companies must submit their financial statements (annual reports) to the Централен регистар на Република Северна Македонија (Central Register of the Republic of North Macedonia) (https://www.crm.com.mk/). This submission is mandatory for all companies that are legally required to prepare and publish financial statements. The reports can be submitted electronically through the Central Register’s online portal.

2. Legal Forms Obliged to Publish Financial Statements

In Macedonia, the following legal forms are obliged to submit and publish their financial statements (annual reports):

  • Друштво со ограничена одговорност (ДОО)
    Translation: Limited Liability Company
    Notes: Must submit annual financial statements to the Central Register.
  • Акционерско друштво (АД)
    Translation: Joint Stock Company
    Notes: Must submit annual financial statements and undergo mandatory audits regardless of size.
  • Јавно трговско друштво (ЈТД)
    Translation: General Partnership
    Notes: Must submit annual financial statements but is exempt from audit unless thresholds are exceeded.
  • Командитно друштво (КД)
    Translation: Limited Partnership
    Notes: Must submit annual financial statements but is exempt from audit unless thresholds are exceeded.
  • Задруга
    Translation: Cooperative
    Notes: Must submit annual financial statements subject to audit if thresholds are exceeded.
  • Установа
    Translation: Institution
    Notes: Must submit annual financial statements as per Macedonian law.
  • Подружница на странско друштво
    Translation: Branch of a Foreign Company
    Notes: Must submit financial statements following both Macedonian and parent company’s reporting rules.

Legal Forms Not Obliged to Publish Financial Statements

The following legal forms are not required to publish their financial statements but must maintain financial records for tax purposes:

  • Занаетчиска дејност
    Translation: Craft Activity
    Notes: Exempt from publishing financial statements but must maintain financial records for tax purposes.
  • Здружение
    Translation: Association
    Notes: Exempt from publishing financial statements unless engaged in economic activities above certain thresholds.
  • Физичко лице кое врши дејност
    Translation: Natural Person Engaged in Business Activities
    Notes: Not required to publish financial statements but must maintain financial records for tax purposes.
  • Самостоен занаетчија (СЗ)
    Translation: Sole Proprietor (Craftsman)
    Notes: Not required to publish financial statements but must maintain financial records.
  • Самостоен земјоделец
    Translation: Independent Farmer
    Notes: Not required to publish financial statements but must maintain financial records.
  • Организација на работодавачи
    Translation: Employer Organization
    Notes: Exempt from publishing financial statements unless engaged in economic activities above specific thresholds.
  • Политичка партија
    Translation: Political Party
    Notes: Exempt from publishing financial statements as per Macedonian regulations, unless specific activities dictate otherwise.
  • Верска заедница
    Translation: Religious Community
    Notes: Exempt from publishing financial statements unless engaged in economic activities above specific thresholds.

Notes:

  • Non-profit organizations (Здруженија, фондации): These entities have reporting obligations, but the requirements are typically less stringent compared to for-profit companies. They may only need to submit simplified financial reports unless they exceed thresholds of economic activity.

3. Companies Requiring Audited Financial Statements

In Macedonia, companies must have their financial statements audited if they meet certain conditions governed by the Закон за ревизија (Auditors Activities Act) (https://www.ujp.gov.mk/en/plakjanje/page/356). The criteria typically include turnover, total assets, and number of employees. Below is a detailed table listing the legal forms, audit rules, and specific criteria that trigger the need for an audit.

Legal Form Audit Rule Criteria (must meet at least two of the three)
Друштво со ограничена одговорност (ДОО) Mandatory audit if thresholds are exceeded Turnover > MKD 60 million
Total assets > MKD 30 million
More than 50 employees
Акционерско друштво (АД) Audit always required No minimum thresholds; audit is always mandatory
Јавно трговско друштво (ЈТД) Audit required if thresholds are exceeded Turnover > MKD 60 million
Total assets > MKD 30 million
More than 50 employees
Командитно друштво (КД) Audit required if thresholds are exceeded Same as ЈТД
Задруга (Cooperative) Audit required if thresholds are exceeded Turnover > MKD 60 million
Total assets > MKD 30 million
More than 50 employees
Едноставно друштво со ограничена одговорност (ЕДОО) Mandatory audit if thresholds are exceeded Same as ДОО
Подружница на странско друштво (Branch of a Foreign Company) Audit depends on parent company obligations Follows parent company rules + local thresholds

4. Local Stock Exchange and Financial Statements Publication

Companies listed on the Македонска берза (Macedonian Stock Exchange) (https://www.mse.mk/) must publish their financial statements in accordance with exchange regulations.

5. Deadline for Submitting Financial Statements

The deadline to submit financial statements to the Central Register is typically within six months after the end of the fiscal year for most legal forms. For listed companies, stricter deadlines apply as per the Macedonian Stock Exchange regulations.

6. Companies Submitting Partial Financial Statements

Certain smaller legal entities with lower turnover or total assets (below MKD 30 million) may submit simplified financial statements.

7. Consequences for Late Submission of Financial Statements

Failure to submit financial statements on time can result in penalties, including fines ranging between MKD 5,000 and 50,000, and potential strike-off from the Central Register.

8. Requirements for Foreign-Owned Branches and Newly Established Companies

Foreign-owned branches operating in Macedonia must submit financial statements in line with both Macedonian law and the regulations of their parent company. Newly established companies have until the end of their first fiscal year to submit their initial financial statements.

Sources

Source Link
Central Register of the Republic of North Macedonia https://www.crm.com.mk/
Auditors Activities Act https://www.ujp.gov.mk/en/plakjanje/page/356
Macedonian Stock Exchange https://www.mse.mk/
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