The work and reforms of the Central Register have contributed Macedonia for a second year in a row to take the top spot in Europe and to rank sixth in the world according to the World Bank and its parameter for central registry.

Consequently, Macedonia is ahead of its teacher Norway, which has provided assistance and offered its experience in the establishment of the Central Register. The next challenge is Macedonia to be the first in the world in coming years.

This was stated by Premier Nikola Gruevski at an event marking the 10th jubilee of the Central Register.

According to him, the Central Register in the past decade had become one of the leading institutions in the implementation of extremely complex projects that were of great importance for the business community in Macedonia.

All the projects launched and realised by the Central Register, Gruevski said, are a proof that the institution has succeeded in the system and addressed many challenges.

"Together we've managed to prove that a firm doesn't have to be registered in 48 days, it can be registered in 4 hours... There's no need of piles of documents, bureaucratic procedures and unpleasant proceedings to register a company, it can be done online from anywhere in the world... We've proved that Macedonia can be one of the best in the world according to the conditions for starting a business," Gruevski noted.

Director of the Central Register, Vanco Kostadinovski said that the institution was a significant factor in improving the business climate and facilitating business operations.

"By analysing data, a very precise picture can be obtained about the circumstances in Macedonia's private and public sector. We have an insight into the number of legal subjects filling annual accounts, their sources of financing, the total number of registered entities, etc. Amongst other things, the register provides precise data on adequate macroeconomic analyses and planning," Kostadinovski stated.

In an attempt to improve transparency, he added, an electronic keeping of files on bankruptcy procedures has been established, while the system allows court hearings and decisions to be available, as well as announcements for hearings and auctions. "The business community, lawyers, notaries, foreign investors can feel the benefits," Kostadinovski said.

Formed in 2002, the Central Register evolved as an institution after the Central Payment Office was transformed.