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Economic Chamber of North Macedonia, as a form of organization of the economy of the Republic of North Macedonia, by its activity and performing of its functions, has contributed immensely to the development of the Macedonian economy, mostly for vocational training of employees, the improvement of production quality and the development and affirmation of the country’s economic potentials through advertising, promotion and representing individual specialized organizations founded by the Economic Chamber. Chamber had particularly significant role the in the period of transition, when North Macedonia became independent, in organizing activities aimed at speeding up of the economic system’s reforms and building up of relevant institutions, as well as ownership and structural transformation aimed to increase the efficiency of the economy and to deal successfully with competition.
COFACE is a globally operating credit insurer, offering companies solutions to protect them against the risk of financial default of their clients, both on the domestic market and for export. Coface Adriatic is a local branch, offering a complete range of services. They include everything from client identification to complete credit report and claim management. This type of modular approach allows them to perfectly adapt the services to clients’ needs. Such services allow clients to focus their attention to their fundamental business. Coface does not have a local office in Macedonia, therefore credit risk assessment data is provided by a Croatian office.
The main purpose of the certificate, coinciding with EU directives is to promote successful small and medium companies, secure and safe business, good business practices and to increase market transparency. Additionally it will help customers and business partners to decrease financial and other risks when concluding business agreements.
The certificate enables local and international business partners to verify company’s existence, proper web address, and most importantly creditworthiness.
The basis for the certification is a credit report and daily monitoring from COFACE Adriatic. Concurrently the SafeSigned™ website technology prevents the «Excellent SME Macedonia« quality seal to be copied and used on any other website.
By installing and using the certificate potential and existing partners can differentiate between successful and less successful companies in the cyber world.
Classic seal shape: can be positioned anywhere on the recipient website.
Rectangle seal shape: is always positioned in the bottom right corrner of the browser.
NOTE: If the company loses the right to display Excellent SME Certificate then the "Verified by ECM" seals are displayed. The company is no longer an Excellent SME but the website is still verified and secure (phishing & copy-cat protected).
The Excellent SME certificate is issued, when and if the company meets the requested criteria. The first requirement is yearly turnover of at least 25.000 EUR in MKD equivalent and has to satisfy other local criteria for a SME classification. Additionally the company has to achieve a Coface assessment score of at least 6 to qualify for an Excellent SME certificate. Assessment score results from company’s business financial analysis, which takes into account also the payment morale evaluation and future business risk with an insolvency probability estimate for the period of the next 12 months. Constant monitoring provides the credibility in domestic and foreign business environment.
The certificate validity is 1 year and depends also on the constant financial data monitoring, provided by Coface. The certificate is revoked if assessment score falls below 6.
Yearly usage costs of Excellent SME Macedonia certificates amount to 197 EUR + VAT for the first website. Costs for certification of every additional website owned by the same company amount to 39 EUR + VAT.
By filling the form COFACE is able to create a credit report with provided information. In case of positive assessment, which is score of 6 or more, we will send an order form and by filling it you are able to receive Excellent SME certification. In case of a negative assessment we will inform you and you may perches the report for 35€. The process of evaluation is FREE.
The »Excellent SME« delivers up-to-date business performance certificate (‘good standing certificate’) issued to successful small and medium-sized companies. By using the certificate on their webpages, stationery, and promo materials, these SMEs demonstrate their credibility while existing and potential new partners are able to gain trust and decrease financial and other risks.
