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Financial Support to Investments in Macedonia

The Government of the Republic of Macedonia, through the Ministry of Economy, is drafting a Law on Financial Support to Investments. The final draft of this law is expected to enter parliamentary procedure in the middle of April 2018.

The Government, within the framework of its activities for improving the existing state of the economic growth and competitiveness, concluded that there is a need for adoption of Industrial Policy Measures that will encourage the investments and will improve the competitiveness of the Macedonian economy.

Furthermore in this direction, the Government recognised the need for its inclusion and contribution to encourage economic growth and development in the Republic of Macedonia. This will provide equal framework and opportunities, under certain conditions, so that business entities will receive financial support that will improve their economic growth and which will consequently contribute to increased overall economic growth and development in the Republic of Macedonia.

Until now, granting financial support has been regulated by the Law on Technological Industrial Development Zones and the Law on establishing the Agency for Foreign Investments and Export Promotions, but it was necessary to address this issue, in the same way, for all business entities in the Republic of Macedonia.

The bill proposes that beneficiaries of financial support can be business entities which carry out production activities, show revenue grow and have the same average number of employees, i.e. have an increase in the average number of employees in the last year.  In the same time, the bill defines who cannot be a beneficiary of state financial support, whereby several categories of entities are listed: business activity of public interest determined by law; licensed business activity; regulated business activity; beneficiaries of the right to concession, if this is their dominant business activity; business activities related to dedicated production (armament and military equipment); and business entities which produce excise goods.  Financial support, under this Law, cannot be granted to entities: that use subsidies, which perform activities in the field of agriculture and fisheries; which carry out construction activities related to construction and sale of apartments and apartments buildings, and only specifically for the part of the activity, construction and sales of apartments; and who perform activities in the ICT sector, unless the activity is related to establishing organizational forms for technological development and research.

Two types of financial support are foreseen:

  1. Financial support for investments
  2. Financial support for improving competitiveness.

Types of financial support for investments are:

  • New employment support;
  • Support for establishing and promoting cooperation with suppliers from the Republic of Macedonia;
  • Support for establishing organizational forms for technological development and research;
  • Support for investment projects of significant economic interest;
  • Support for growth of capital investments and revenues;
  • Support for the purchase of funds from companies in difficulty.

Types of financial support for competitiveness are:

  • Support to increase market competitiveness;
  • Support for entering and penetrating new markets and increasing sales.

The procedure for granting financial support will be carried out by the Directorate for Technological Industrial Development Zones and the Agency for Foreign Investments and Export Promotions.

 

Disclaimer:  The information in this article is for general informational purposes and does not constitute legal advice.

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Apostolska & Partners promotes Svetlana Trendova and Ivana Kostovska to partners

Apostolska & Partners is proud to announce the promotion of two of our outstanding senior associates to partners, effective 09th of February 2018. Svetlana Trendova and Ivana Kostovska are the new partners in the firm. They have demonstrated superiority in their field of expertise as well as devotion to company’s prosperity.

Ivana Kostovska

Svetlana Trendova

“It is our distinct pleasure to announce Ivana’s and Svetlana’s promotion to partners. This comes as a testament of their hard work and determination as well as consistency in service quality and professionalism, high loyalty and motivation to succeed. We are lucky to have them both on our team.” said Emilija Apostolska Temov, a founding partner.

“As a result of having two more partners on board, it was inevitable to rebrand our law firm to Apostolska & Partners”.

Ivana specializes in corporate and commercial law, including M&A, private equity and joint ventures, with an industry focus on energy & infrastructure and pharmaceuticals & healthcare. She acts for international and domestic corporations and private equity investors and is particularly experienced in regulatory law and dispute resolution. Ivana is known for her knowledge and understanding of commercial law disputes. She integrates her in-depth knowledge of commercial law in daily advisory, taking a preventative approach in her work.

Svetlana specializes in corporate and commercial law and has wide experience advising on due diligence investigations, compliance, joint ventures and private equity transactions. She also has extensive experience advising on immigration, employment and labor law matters, including employment disputes, contracts and HR policies. Svetlana is known for her knowledge and experience in personal data protection, intellectual property matters and in entertainment games, with a particular focus on games of chance.

 

 

Disclaimer:  The information in this article is for general informational purposes and does not constitute legal advice.

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Balkan Law Firms Expand Footprint with Strategic International Alliance

6 December 2016 – SELA, a new international alliance of leading Southeastern European law firms was formally launched in October 2016. The South East Legal Alliance was conceived and co-founded by the law firms Bojović & Partners of Serbia / Montenegro, Dimitrijević & Partners of Bosnia and Herzegovina and Žurić i Partneri of Croatia, and was joined by Apostolska & Aleksandrovski of Macedonia in the second half of November 2016. The member firms will collaborate on selected client matters to provide seamless legal support to clients, particularly when handling multi-jurisdictional transactions and cross-border work in a number of key areas including, energy and infrastructure, pharmaceuticals and healthcare, financial services, restructuring and regulatory work.
Recognised individually for their expertise and reputation in their own jurisdictions, the alliance offers clients a unified team with strong expertise in the countries of Southeast Europe and streamlined service.
Igor Aleksandrovski, Partner at Apostolska & Aleksandrovski reflected that “SELA will give our firm a sizeable new presence in the regional market and allow us to offer clients extensive international reach.”
Marija Bojović, Partner of Bojović & Partners commented: “This alliance reflects the strategic importance our firm has placed on having a breadth of reach for multi-jurisdictional work. Many of our clients are present in multiple countries in this region and a coordinated approach to client service is exactly what they are looking for.”
Stevan Dimitrijević, Partner at Dimitrijević & Partners said: SELA will bridge the regional gap while recognising the evolving needs of our client base which is increasingly operating in multiple jurisdictions in this region.”
Ratko Žurić, Senior Partner of Žurić i Partneri commented how “the focal motive for SELA’s formation was the firm’s desire to facilitate its clients with 1st tier legal service within the region, for which the firm has been recognised in Croatia consecutively for more than two decades. By forming SELA, the firm can guarantee the highest level of legal support in business ventures of its clients in all jurisdictions where SELA operates.”
More information on SELA is available at www.selegalalliance.com.

 

Disclaimer:  The information in this article is for general informational purposes and does not constitute legal advice.

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Apostolska & Aleksandrovski Joins the South East Legal Alliance (SELA)

A Coordinated Approach to Cross-Border Transactions
21 November 2016 – The South East Legal Alliance (SELA) welcomes another leading law firm among its members. The well-known Macedonian commercial law firm Apostolska & Aleksandrovski officially joined SELA in the second half of November 2016.
SELA is a regional network of leading independent law firms offering competitive, top quality legal and business services across multiple Southeastern European jurisdictions. The alliance was conceived and co-founded by the law firms Bojović & Partners of Serbia / Montenegro, Dimitrijević & Partners of Bosnia and Herzegovina and Žurić i Partneri of Croatia. By using the SELA alliance, clients will benefit from its integrated multi-jurisdictional legal teams, seamless service and specialised expertise. Each of the SELA member firms is a top commercial law firm with an established reputation in its jurisdiction. Currently providing coverage in five jurisdictions, SELA plans to further expand its membership. Participation in the alliance is exclusive and by invitation only.
More information on SELA is available on its website at www.selegalalliance.com.

About Apostolska & Aleksandrovski
Apostolska & Aleksandrovski is a modern, full-service commercial law firm in Macedonia. Taking a fresh approach to the provision of legal services, Apostolska & Aleksandrovski offers a client-focused service and tailor-made legal solutions. The firm handles matters in all key practice areas and across the most dynamic global industry sectors and works to gain an in-depth understanding of the industry and operations of its clients and to provide legal advice in line with their business strategy, mindful of how it will affect their overall business operations. Clients recognise Apostolska & Aleksandrovski for their commitment to quality, results oriented approach and dedication to client service and satisfaction.

 

Disclaimer:  The information in this article is for general informational purposes and does not constitute legal advice.

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The South East Legal Alliance – SELA Joins Nextlaw Global Referral Network

13 June, 2017 – The South East Legal Alliance – SELA has expanded its global reach with the membership of each of its member firms in the Nextlaw Global Referral Network. Nextlaw is the world’s largest legal referral network formed by the international law firm Dentons.

Membership in Nextlaw Global Referral Network is gained by meeting the highest standards in delivering quality legal services, which is ensured by fulfilling the Nextlaw criteria consisting of client feedback, independent third-party quality rankings, awards and accolades, and unique practice and/or sector expertise. The main goal of the network is to allow clients to reach the best providers of legal services in specific jurisdictions. The network provides a platform for SELA to connect clients of Nextlaw member firms across the globe and to put them in touch with the best lawyers with the appropriate experience in the locations where clients need legal counsel. Through Nextlaw membership, the SELA member firms have gained access to more than 400 member firms and 21,000 lawyers across 170+ countries.

 

Disclaimer:  The information in this article is for general informational purposes and does not constitute legal advice.

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SELA – the South East Legal Alliance Expands to Slovenia

SELA Extends its Reach to Slovenia

3 February 2017 – The South East Legal Alliance (SELA) welcomes another leading law firm among its membership. The leading Slovenian commercial law firm Kirm Perpar officially joined SELA on 3 February 2017.

SELA is a regional network of independent law firms advising clients on their operations across South East Europe, SELA’s membership now spans across six jurisdictions. The alliance members are amongst the top firms in their jurisdictions, providing the full range of legal and business services to local and international businesses. Members include Apostolska & Aleksandrovski of Macedonia, Bojović & Partner of Serbia / Montenegro, Dimitrijević & Partners of Bosnia and Herzegovina, Žurić i Partneri of Croatia and now Kirm Perpar of Slovenia.

About Kirm Perpar

Kirm Perpar is an independent, full-service commercial law firm based in Slovenia. The firm is committed to delivering top quality legal services and to providing excellent industry insight and in-depth knowledge of the local market. The firms’ top priority is its clients. To provide them with a truly bespoke service, the firm invests significant resources in understanding the clients’ business and their strategic objectives. This, combined with a dedication to professional integrity, is one of the fundamental factors that defines the firm’s strength and reputation and sets it apart from other law practices.

As a forward-thinking law firm, Kirm Perpar understands that legal expertise and commercial wisdom balance business strategy, which is why the firm strives to look at the bigger picture when advising clients, so that they can make sound business decisions and stay ahead of their competition. By taking a tailored approach to every matter, Kirm Perpar joins forces with clients to help them achieve sustainable growth. This is the key to delivering exceptional client service and achieving the results clients expect.

More information is available at www.k-p.si.

 

Disclaimer:  The information in this article is for general informational purposes and does not constitute legal advice.

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SELA Sponsors Smith Novak NPL Europe Conference

The South East Legal Alliance – SELA participated as a sponsor of the Smith Novak NPL Europe conference. The conference, which was held in London on March 9-10, 2017, took a look at the trends and developments in the European NPL market by bringing together key market players to discuss hot topics, deal flows and legislative developments across European markets.

The conference was attended by SELA representatives, including Duško Žurić of Žurić i Partneriin Croatia, Marija Bojović and Uroš Popović of Bojović & Partners in Serbia / Montenegro, and Jan Gorjup of Kirm Perpar in Slovenia.   Marija Bojović, a founding partner of Bojović & Partners and SELA, participated in the panel discussion covering the countries of South East Europe. The panel covered innovations in the regional market, expected transactions and lessons learned from recent experiences. The panel also discussed how NPL portfolio sales are increasing in the region and their management, resolution and prevention is among the top priorities of regional regulators. With numerous banks present in multiple regional markets, multi-jurisdictional transactions are inevitable, which has been evidenced by increased investor interest. Also following on with these trends, increasing interest and awareness is being given to different restructuring options and enforcement as a preventative measure.

 

Disclaimer:  The information in this article is for general informational purposes and does not constitute legal advice.

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Prominent Thailand journalist charged with sedition

Pravit Rojanaphruk [CPJ profile], a prominent Thai journalist, was charged Tuesday with sedition and violation of Thailand’s computer laws for making political posts online. Pravit, known for being a strong advocate of press freedom, allegedly made political posts on Facebook in February 2016, prompting the current charges [NYT report]

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