Comparative Guides

Welcome to Mondaq Comparative Guides - your comparative global Q&A guide.

Our Comparative Guides provide an overview of some of the key points of law and practice and allow you to compare regulatory environments and laws across multiple jurisdictions.

Start by selecting your Topic of interest below. Then choose your Regions and finally refine the exact Subjects you are seeking clarity on to view detailed analysis provided by our carefully selected internationally recognised experts.

4. Results: Answers
FinTech
9.
Talent acquisition
9.1
What is the applicable employment regime in your jurisdiction and what specific implications does this have for fintech companies?
North Macedonia

Answer ... The principal employment legislation in North Macedonia is the Labour Act 2005. Under the Labour Act, employees are entitled:

  • to equal treatment and pay;
  • to a statutory notice period of at least one month;
  • not to be unfairly dismissed;
  • to a safe and healthy work environment; and
  • to various types of leave, such as annual leave and maternity leave.

The Labour Act allows employees and employers to agree on a non-compete clause in the employment contract for a period of up to two years. During that time, the employee will receive 50% of his or her salary for observing the non-compete obligation.

For more information about this answer please contact: Gjorgji Georgievski from ODI Law
9.2
How can fintech companies attract specialist talent from overseas where necessary?
North Macedonia

Answer ... The employment and work of foreigners is governed by the Employment and Work of Foreigners Act 2015. Any foreigner who intends to work in North Macedonia must obtain a temporary residence permit from the Ministry of Internal Affairs. The temporary residence permit is a single integrated permit for both work and residence of foreigners in North Macedonia. Foreigners who have obtained a temporary residence permit for work are allowed to reside in North Macedonia for work only. A temporary residence permit for work may be issued to a foreigner only if the Employment Agency issues a positive opinion that he or she meets the requirements set out in the Employment and Work of Foreigners Act. A temporary residence permit may be issued for up to one year and may subsequently be renewed for up to two years.

A foreign company may temporarily transfer its employees from the location of their permanent employment abroad to a branch office or subsidiary in Macedonia for work. In such case the company must apply on behalf of each transferred employee and obtain a temporary residence permit for him or her. The issue of temporary residence permits to transferred employees is subject to quotas which are set by the government on an annual basis. Additionally, the government has a discretionary right to impose limitations on the number of temporary residence permits issued to foreigners in different categories (eg, job positions, industries or regions and municipalities), if it considers that such limitations would benefit the public and/or commercial interests of the Macedonian labour market. A foreign company that intends to transfer its employees in North Macedonia must also consider the following:

  • Temporary residence permits are granted only to employees who have been employed with the foreign company for at least one year.
  • The temporary residence permits of transferred employees may be renewed for an additional period of up to one year by applying for renewal at least 30 days before the expiry of the temporary residence permits.
  • The foreign company must register the start and the end of the work of the transferred employees with the Employment Agency. The registration should be carried out before the transferred employees begin working.

For more information about this answer please contact: Gjorgji Georgievski from ODI Law
Contributors
Topic
FinTech