
Will the higher minimum wage cause a new wave of bankruptcies?
Data from the Central Registry show that in the past twenty days, 328 companies have been established, or 11 fewer than those that have closed down. Last year was unsuccessful for 3.775 companies, whose owners, seeking the most painless way out, decided to close the door, which is less than half of all those who started a business in the country (8.247).
The new year has started ingloriously for 339 companies. Data from the Central Registry show that in the past twenty days, 328 companies have been established, or 11 fewer than those that have closed down. Last year was unsuccessful for 3.775 companies, whose owners, seeking the most painless way out, decided to close the door, which is less than half of all those who started a business in the country (8.247).
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In 2024, the number of active companies in the country was 122.602, of which over 30.000 were engaged in trade in all forms. According to experts, as the new calculation of the minimum wage approaches, a new surge in company closures is possible, as small and medium-sized businesses can hardly bear the burden of taxes to the state.
In 2023, 4.330 companies declared the end of business, which compared to the previous two years was not such a bad result, as 2022 went out of business in 6.857, and 6.993 companies closed in the year before.
From the statistics of the Central Registry, it can be seen that business is mainly conducted in Skopje, where there are the most open, but also closed companies. The Central Registry has the ability to delete companies in accordance with Article 477 of the Law on Trade Companies, for which the Public Revenue Office has determined by decision that they have an inactive status for three consecutive years. The Law on Amendments to the Law on Trade Companies published in the Official Gazette No. 115 of 2021 repeals Article 552-b, according to which deletion occurred in cases where companies did not submit annual accounts and financial reports for the last business year by the last working day of the current year, and did not report the registration of an email address.
– By deleting Article 552-b from the Law on Trade Companies, the double sanctioning of commercial entities for failure to submit annual accounts and financial reports for the last business year by the last working day of the current year will be abolished, while the misdemeanor provisions of the law will remain in force, which for this misdemeanor provide for a misdemeanor sanction in the form of a fine for the commercial entity and the responsible person, as well as a temporary measure of prohibition from performing activities and duties for the commercial entity and the responsible person – explained the legislator in the explanation of the amendments.
According to experts, in Macedonia, starting a business is a fairly quick process and if all the documentation is in order, the company can be established in one day. Anyone can be an owner and register a company in Macedonia, and all persons over 18 years of age can be registered as a manager. The founding deposit is standardly 5.000 euros and can be paid within one year, and with the latest amendments to the Law on Trade Companies, a company can be established for one euro as a founding deposit.