WE HELP INTERNATIONAL COMPANIES TO OPEN A BANK ACCOUNT IN SILK ROAD BANK AD SKOPJE, MACEDONIA
SILK ROAD BANK AD SKOPJE
Internet site: www.silkroadbank.com.mk
Silk Road Bank AD Skopje was founded in April 1993 as one of the first private banks in Macedonia under the initial name of Kreditna Banka AD Skopje.
In 2000, the Greek Alpha Bank A.E. became the main shareholder and the bank changed its name to Alpha Bank AD Skopje. In May 2016, SILK ROAD CAPITAL AG, Switzerland (a company owned by Swiss private investors) bought Alpha Bank AD Skopje, after which the bank changed its name to Silk Road Bank. The head office of Silk Road Bank AD Skopje is located in the capital of Macedonia, Skopje. The bank has 15 branches in Macedonia and employs about 164 employees.
We offer you the unique opportunities for banking services of international companies
Open a bank account for an offshore company
Open a bank account for LP companies and classical offshore jurisdictions
Remote account opening
Opportunity to open a bank account remotely without visiting the bank by the beneficiary of the company.
Pre-approval process takes up to 5 days
We get a firm preliminary decision of the bank to open an account for your company during 5 working days.
We help to open an account within 5 working days
After the submission of the full package of documents, the account is normally opened within 1 week.
We can help to open an account for clients from Latvian ABLV
We can open an account for your company, which was previously servised in the Latvian bank ABLV and which needs a new account to receive a refund according to the state deposit insurance system of Latvia from Citadele bank.
Opening an account for European jurisdictions
Silk Road Bank AD Skopje can open a bank account for European jurisdictions, as well as Hong Kong, UK LTD, Switzerland and other countries (except companies of CIS countries).
Silk Road Bank AD Skopje issues corporate cards, including ones for international clients.
The most reliable correspondent banks
The main correspondent bank of Silk Road Bank AD Skopje is the Deutsche Bank
PRICES FOR OPENING THE BANK ACCOUNT IN MACEDONIA
Opening of a current account for the company
Apostillation of documents (per one document)
Opening of an account for a business owner in Macedonia
Please note that the commission of the bank for opening an account is 200 Euro per one currency. This cost is an additional expense for opening an account
FEES OF THE BANK
THE LATEST FINANCIAL REPORT
LIST OF DOCUMENTS FOR OPENING ACCOUNTS AND LIMITATIONS
LIST OF REQUIRED DOCUMENTS FOR OPENING AN ACCOUNT FROM NON-RESIDENT LEGAL ENTITY
Documentation (original or notarized copy1) for the legal status of the legal entity:
Document for founding the legal entity or
Document for partnership or
Document for association (Memorandum and Articles of Association/Statute) or
Original or notarized copy of the extract from the trade/court registry where the legal entity has been registered in the domicile country issued in the previous 3 months, which confirms that the legal entity works and is not under liquidation1. The document should contain the following data:
- date of company establishment,
- name of the company,
- tax number - If the Trade/Court Registration do not contain description of the
companies’ tax number than Document proving the tax number of the legal entity
(certificate from competent authority) is mandatory
- permanent address, head office,
- the main activity - If the Trade/Court Registration do not contain description of the
companies’ main activity than document comprising confirmation and/or description
of the main activity of the legal entity is mandatory
- the capital of the company,
- owners, legal representatives, Board of directors and representatives.
The statement cannot be dated older than 3 months and should be submitted to the Bank ones per year.
Passport of the persons - legal representatives of the foreign company – stated as owners on the registration2
Written authorization3 signed by the legal representative of the persons authorized to operate with the account.
Data of the management body and the representatives authorized to arrange business relations on behalf of the entity.
Financial Reports - if necessary, based on risk assessment (upon Bank’s additional notification)
+ Application for identification/update of legal entity
+ Application for identification/update of physical person – for legal representative or authorized person on the account
The process of opening of account will finish with conclusion and signing of Account opening Contract.
In case the documents for account opening are in language different than English, then the customer will be charged for the translation of these documents.
*Please note that based on Bank’s assessment and client’s data documentation, the Bank could request additional supporting documents during the business relation with the customer.
1 The original documentation will be submitted in original on review, and the Bank’s representative will keep a true copy of the documents
in the client’s file.
2 True copy of the passport will be kept in case of physical presence. In case when the client is not physically present in the Bank, then a notarized copy of the passport is required to be submitted.
3 Written authorization through completion of Application for persons authorized to dispose with assets on the account of legal entity in case of physical presence. In case when the legal representative is not physically present in the Bank, then the template for power of attorney should be completed and notarized.
SILK ROAD BANK AD SKOPJE does not consider the following companies to open an account
The procedure for the opening of a bank account in Silk Road Bank AD Skopje, Macedonia
The following information and documents have to be sent to the e-mail address email@example.com:
Preparation of motivated statement for the bank
If the provided information is sufficient, we analyze this information and prepare a motivated statement for the bank regarding your company.
If the information provided is insufficient or there is a need to request additional information, we request it from you.
Receiving a preliminary acceptance from the bank
Upon receipt of the positive decision of the bank to open an account, we inform you of the necessary actions with regard to corporate documents of the company in order to bring them in line with the requirements of the bank.
Payment of legal services related to the preparation of the company for opening an account
After receiving a positive decision of the bank and after the client has firmly decided to bring the process to its logical conclusion, ie. before opening an account, we issue you an invoice for the payment of our services.
Preparation of bank forms
After receiving full payment, we proceed to prepare the bank forms and on the basis of the information received from you we fill them in the way the bank requires.
Personal visit of the bank by the UBO
In order to open a bank account, the beneficiary of the company or our authorized representative representing the beneficiary must visit the bank pesonally.
WE ARE PROFESSIONALS AND WE TAKE CARE FOR OPENING A BANK ACCOUNT OF YOUR COMPANY
General partner of the company
Vita Liberta Limited
2012-2016: Bank of Asia, Russia, Vice President of international Business (responsible for the development of two departments: international correspondent banking department and international corporate clients’ department).
2016 - present - founder and General partner of Vita Limirta Limited company.
Excerpt from the speech of Mr. Konon Sergey at the IV-th annual conference "Practice of international tax planning. Actual issues ", 2011.
Brief economic profile of Macedonia
Since independence in 1991, Macedonia has made progress in liberalizing its economy and improving the business environment. Low tax rates and free economic zones helped attract foreign investment, which is still not high compared to the rest of Europe.
Macedonia focuses on its foreign policy goal of European and Euro-Atlantic integration. Full participation in the EU single market is a key priority when it comes to international and regional economic agreements. Although the country has made some progress in this regard, integration has been complicated since 2009 due to a dispute with Greece regarding the name of the country. The Stabilization and Association Agreement (SAA) between Macedonia and the EU entered into force in April 2004. The objectives of this agreement, among other things, were to promote the development of economic relations and gradually develop free trade between Macedonia and the EU. In December 2005, the European Council granted Macedonia the status of a candidate country for membership in the EU. In October 2009, the Commission recommended that the Council begin negotiations with Macedonia for the first time and moved to the second phase of the implementation of the SAA agreement. These recommendations were repeated every year since 2010. Since the two countries recently signed a dispute on the name of a country with a very strict timetable, which must be completed within one year, Macedonia received a provisional date to begin negotiations on EU membership in June 2019, provided that the country changes its name to the Republic Northern Macedonia and pay more attention to the agenda of reforms.
At the same time, the EU continues to support Macedonia through its financial assistance in the framework of the Instruments for the Promotion of Accession to the European Union. The IPA II program for the period from 2014 to 2020 provides funding of 664 million Euros for programs in the 8 priority sectors relevant to the functioning of the Macedonian economy, namely: democracy and governance, the rule of law and law, the environment and climatic conditions , transport, competitiveness and innovation, social development (education, employment, social security), agriculture and rural development, and regional and territorial cooperation.
Although full participation in the EU single market is a key priority for Macedonia, the country also concluded trade agreements with a number of other countries, including. free trade agreements with Ukraine, Turkey and the European Free Trade Association (EFTA - Switzerland, Norway, Iceland and Liechtenstein). In January 2007, previously concluded bilateral agreements with Albania, Bosnia and Herzegovina, Serbia, Montenegro, Kosovo and Moldova were replaced by members of the Central European Free Trade Agreement (CEFTA). Macedonia has been a member of the World Trade Organization (WTO) since 2003.
Despite membership in the CEFTA, regional economic trade is far from effective integration. There are non-transparent customs barriers to trade between CEFTA members, such as complex procedures at border crossings due to inspection work, as well as technical barriers such as sanitary and phytosanitary measures and veterinary control. Despite the general market of government purchases among the CEFTA countries, there is still a lack of transparency in public procurement. In the field of investment, Macedonia has concluded agreements on the promotion and protection of direct investment with 32 countries: Albania, Austria, Bosnia and Herzegovina, Bulgaria, Belarus, Belgium, Luxembourg, Germany, Egypt, Iran, Italy, India, Spain, Serbia, Montenegro, People's Republic of China Republic of Korea, Malaysia, Poland, Romania, Russia, Slovenia, Turkey, Ukraine, Hungary, Finland, France, Netherlands, Croatia, Czech Republic, Switzerland and Sweden.
Corruption and weak rule of law remain serious problems. Some enterprises complain about non-transparent rules and unequal observance of the law.
Unemployment remains at a consistently high level - about 23%, but it can be exaggerated because it does not take into account the presence of a vast gray market, which is estimated at between 20% and 45% of GDP, which is not fixed by official statistics.
Macedonia is working on the creation of a nationwide gas pipeline and distribution network. At present, Macedonia receives small amounts of natural gas from Russia through Bulgaria. In 2016, Macedonia signed a memorandum of understanding with Greece on the construction of a distribution hub that could be connected to the Trans-Adriatic pipeline that will pass through the region after completion, or to the Greek LNG import port.
Macedonia maintained macroeconomic stability during the global financial crisis by conducting a reasonable monetary policy that keeps the domestic currency tied to the euro and inflation at a low level. However, in the past two years, the domestic political crisis has hampered economic performance, slowing GDP growth in 2016, and domestic private and public investment has declined.
In 2017, public debt stabilized by about 47% of GDP, which is relatively low compared with the Balkan neighbors and the rest of Europe. In 2016, Macedonia issued Eurobonds in the amount of about 495 million dollars. The USA for financing 2016 and a part of requirements of the budget of 2017.
Economy of Maedonia in figures
GDP (at purchasing power parity):
GDP - growth rate:
GDP per capita:
GDP - composition by sector (estimate 2017):
GDP - composition (estimate 2017):