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Denar and currency accounts of non-residents

1. General Information

According to the general definition, non-residents are individuals or organisations that work and live in another country, and not in their mother country, and realise a determined income in another country. Non-resident corporates are all those that according to the Law on Foreign Exchange Operations are not defined as residents. According to the decision on the manner and conditions for opening and managing non-resident accounts, the Official Gazette of the Republic of Macedonia nr.41/2007, also categorises diplomatic representative offices of foreign countries, or international organisations as non-resident corporates.

2. Types of transactions

According to the instruction on the manner of conducting international payment operations, non-resident corporates can conduct transactions in currencies and in denars:

  • Remittances in foreign countries;
  • Depositing and withdrawing foreign currency cash;
  • Forwarding currencies between residents;
  • Payment made by non-residents in domestic banks;
  • Payments made by non-resident corporates to corporates in domestic banks (currency and denars);
  • Payment of denar currency in cash;
  • Payment of non-residents in denars.

3. Documentation needed to be provided by the client

  • Request for opening a non-resident account signed by the legal representative of the company;
  • Extract from the trade registry or other registry where a record is kept of the corporates in the country in which the subject is registered, not older than six months, which states the date of its founding, name, address, seat, and activity that is conducts;
  • For persons authorised for working with the accounts – personal ID and written authorisation signed by the legal representative;
  • For a non-resident corporate – diplomatic office of a foreign country or office of an international organisation – document issued by the Ministry of
  • External Affairs of the Republic of Macedonia or extract from the Central Registry of the Republic of Macedonia, as well as a Power of Attorney of the responsible person in the office;
  • Authorisation of the responsible person that manages the non-resident account;

4. Documentation that needs to be provided by the bank

The bank provides:

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