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Albania

Company Formation and Related Services

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Guide to Company Incorporation in Albania

August 16, 2011, 11:39 pm
BridgeWest

 

1. What is the minimum share capital for a Limited Liability Company in Albania?

 

A Limited Liability Company is the most common and cheapest to set up in Albania, used mainly by small or minimum sized companies. The minimum share capital required for incorporating an Albanian limited liability company is 100.000 Albanian LEK, which will be divided into shares of a minimum value of 1.000 LEK. All capital must be paid up prior to registration.

 

2. What is the minimum share capital for a Joint Stock Corporation (Sh.A.) in Albania?

 

An incorporated Joint Stock Company in Albania can be with private offer, for which the share capital is minimum 2 million LEK, or with public offer with a minimum share capital of 10 million LEK. This capital is divided into stocks and can be registered at the stock market (for a company with public offer) or not (joint stock companies with private offer).

 

 3. Are there any special requirements for establishing a Limited Liability Company in Albania?

 

The establishment of a Limited Liability Company in Albania does not require any special permission from the state or other institution, with the exception of some business segments such as oil, construction, telecommunications, media, tourism or food. Any company is considered legal after it has been registered in the Commercial Registry during a procedure that takes about 30 days. The minimum share capital has to be divided into equal shares with a minimum value of 1000 LEK; otherwise the company must be incorporated as another type of entity.

4. How can I register for VAT?

 

The VAT rate in Albania is 20% and in order to register for VAT, the company has to submit several documents. The court decision regarding the establishment of the company, Articles of Incorporation, Statute, Contract with Institute of Social Securities, membership certificate issued by Chamber of Commerce, final statement on the payment of local fees are necessary for the registration procedure. Besides, the company must also forecast an approximate turnover for the current fiscal year and declare it. After the registration is complete, the company will have a VAT number and a Fiscal Certificate.

 

5. How can I open a bank account in Albania?

 

Opening a bank account in Albania requires the presentation of two forms of identification documents. In addition to that, the bank where the account will be open can ask for other documents, such as a copy of the Albanian company’s Articles of Association, a copy of the company’s Certificate of Incorporation issued by the Albanian Trade Register, Trade Register Extract, Specimen Signatures of Directors and an application form. 

6. How can I recruit personnel in Albania?

 

There are several programs developed for the recruitment of young persons in Albania. Moreover, a newly set up company can find employees directly or through recruitment and employment agencies. There are also many websites and newspapers where the request for hiring personnel can be made.

It’s advisable though to beneficiate from the help of a specialized agency.

 

7. What is the average salary in Albania?

 

The average salary for an employee with bachelor degree is approximately 650 EUR per month.

 

8. What is the overall economic situation in Albania? 

 

Albania has gone through numerous reforms and policies recently, raising the Gross Domestic Product and turning it into a profitable market for foreign investors. The segments that deserve special attention for investment are real estate and tourism. It has a strategic geographical position and it is a rich country in natural resources. The workforce is professionally trained and most of the workers speak English. Investments in infrastructure were made in order to ease the trades so we can definitely say that Albania is a promising country for investors.

 

BridgeWest offers company formation in Albania, including virtual office and other related services.




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Company Formation in Albania

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