Capital in the international financial zone in Macedonia will come from secure sources. Regulations should be completed in the first quarter of next year, with the zone operational in the summer. The first companies or financial institutions are expected in the zone in 2016, said Vice Premier and Finance Minister Zoran Stavreski.

"Financial zones are not intended to attract unidentified or corrupt capital. There are no plans for an off-shore zone, but one where capital will come from secure sources, renowned banks, applying all controlling mechanisms towards preventing capital coming from unidentified sources. Therefore, the jurisdiction of the Financial Police, the Public Revenue Office and other institutions will be valid in the zones too", Stavreski told a debate broadcast on the Macedonian Television.

He said the zone needs regulations that are attractive for investors, since financial institutions are sensitive.

"We will use a portion of the Anglo-Saxon law regarding the settlement of disputes among companies in the zone, regulations on investment funds in Luxembourg are good and will be upgraded with several other models, thus creating unique regulations in the Macedonian financial zone that foreign entities can easily recognize, protecting them from non-commercial risk and providing all rights as in developed countries, but with lower costs", stressed Stavreski.

He said Macedonian staff would be employed at positions with higher salaries, the zones would provide know-how by the financial institutions over products that are currently not available in the country.

"This will help domestic financial institutions in their growth and development, since Macedonian companies cannot enter the market partially because there is no help in the field of product development of proper promotion of their ideas", added Stavreski.

According to him, year-long analyses of experiences from other countries are ongoing.

"We are working on the draft-regulations, using foreign experiences and consultants with experience in launching such zones. I expect this process to be completed by the end of the first quarter of next year, followed by the launch of zone operations in the summer, accompanied by its promotion", emphasized Stavreski.

He said promotion is an arduous effort including communication with financial institutions, explanation of conditions and plans, similarly to the industrial zones.

"Nothing is easy in life and changes do not occur overnight. I expect the first companies or financial institutions to begin their operations in the Macedonian financial zone somewhere in 2016", said Stavreski.

He noted that once couple of banks or investment funds enter the zone it would be easier for others to follow suit.

"I expect a gradual increase and we will build the reputation as time goes by. The important thing is to demonstrate quality in performance, presentation of opportunities and consistency in policies. Prior experience has shown that investors value the maintenance of policies that produce excellent predictability", underlined Stavreski.