The AD is the form for larger ventures and capital-raising in North Macedonia. Most small and medium businesses choose a DOO or DOOEL instead, but if you plan to issue shares to many investors, the AD is the right structure for company formation.
What is an AD?
Suitable for larger businesses and those that may raise capital from many shareholders. Minimum capital is higher — broadly EUR 25,000 for a private AD and EUR 50,000 for a public AD — and governance requirements are more demanding.
Capital and governance
Compared with a DOO, an AD carries higher minimum capital and stricter governance: a management structure, shareholder meetings, and reporting obligations geared to companies that issue shares. The trade-off is the ability to raise equity from many shareholders and, for a public AD, to list and trade those shares.
How an AD compares
| Entity | Founders | Min. capital | Best for |
|---|---|---|---|
| Joint-Stock Company (AD) | 1+ shareholders | EUR 25,000 private / 50,000 public | Large / capital-raising businesses |
| Limited Liability Company (DOO) | 2–50 | EUR 5,000 (within 1 yr) | SMEs, partnerships |
| Single-Member LLC (DOOEL) | 1 | EUR 5,000 (within 1 yr) | Solo entrepreneur, subsidiary |