Nominal strength prediction remains the main challenge in the field of design and manufacturing of composite laminates. An approximate model to study the stress distribution around a circular hole in composite laminates is derived in this study. This model is constructed using well-known cohesive zone models and mainly depends on the un-notch strength and in-plane fracture toughness. The model attempts to modify and extend the specimen size effect curves, extracted using two-parameter cohesive laws (linear, exponential, and constant), into a biaxial stress state. It successfully predicts the damage initiation, propagation, and fracture of multidirectional composite laminates. Moreover, the stress concentration factor for a composite plate under varying biaxiality is calculated.