Closing a sole trader in the commercial register is a legal procedure through which the sole trader formally notifies the relevant institutions in Macedonia of the termination of their business activities. This process involves several essential steps and requires the provision of appropriate documentation to successfully complete the procedure. In this blog post, we will outline how to go through the closing process for a sole trader registration, what documents are required, and what costs are associated with this procedure.
Reporting the termination of business activities
A sole trader wishing to cease operations must report the termination to the authority responsible for public revenues. This obligation includes promptly informing institutions and settling all necessary financial obligations. The sole trader must publish the notice of business cessation at least three months before filing the termination notice in a daily newspaper and notify known creditors in writing.
Closing the registration in the commercial register
Closing the registration of a sole trader is conducted by submitting Form PB – Application for Deletion of Registered Entities in the Commercial Register. Additional required documents for this process include:
- A statement of business termination;
- Proof of closure of the sole trader’s bank account
- Proof that all tax obligations and contributions for pension, health, and disability insurance have been paid.
Electronic registration system
The entire process for closing the registration can be completed electronically through the system of the Central Registry of Macedonia. This system offers 24-hour access, allowing all registrations, changes, and deletions to be made without physical presence. If you wish to complete the process more quickly and without complications, you can engage a registered agent to complete the procedure on your behalf. Electronic registration is a fast and efficient option for all traders who want to fulfill their obligations without visiting the Central Registry offices.
Costs for closing the registration
The costs for the entire registration procedure, including the closing of the registration, are determined according to the Tariff of the Central Registry of Macedonia. For accurate information on fees, we recommend consulting the officials at the Central Registry or visiting their website.
Closing arguments
Closing the registration of a sole trader is a formal process requiring the fulfillment of several administrative obligations and the timely submission of all necessary documents. For those wishing to close their businesses in Macedonia, this procedure is straightforward, and with electronic registration, the entire process is simplified and expedited.
